TAXES: One Gloat Over the Line

One Gloat Over the Line

His excesses have become so routine that few people were shocked when publishing tycoon Malcolm Forbes flew 600 guests to Morocco for a $2 million "party of the century" to celebrate his 70th birthday. But many taxpayers were outraged to hear Forbes suggest in a comment to reporters that he might try to claim a deduction for some of the party's expenses. His rationale: the guests included advertisers in his business magazine.

In the end, the publisher, perhaps smelling a gust of bad publicity, declared that "not a penny" would be deducted. But he straight-facedly maintained that a "case could be...

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