TAXES: Lower Capital Gains

At a time when most Americans are engaged in the annual exercise of procrastinating on filling out this year's income tax returns, some very high-earning people and their accountants are already taking prudent looks ahead to the returns due in 1973. Reason: after a series of changes over the past two years, their earnings on Jan. 1 became fully subject to important new anti-loophole laws. These were passed by Congress primarily to crack down on a few persons with incomes of more than $200,000 who legally, through various gift and investment devices,...

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