A Cute Number For the Taxman

The bill for Nancy Reagan's dresses may come from the IRS

Nancy Reagan struggled in her memoirs to explain why some people had objected to her "borrowing" designer dresses while she was First Lady. "One reason may be that some women aren't all that crazy about a woman who wears a size 4, and who seems to have no trouble staying slim," Mrs. Reagan wrote. The IRS has a more plausible explanation that has nothing to do with weight envy: the clothes and jewelry -- over $1 million worth -- may be considered taxable income.

As part of its required audit of the Reagans' taxes during their White House years, the IRS's...

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