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Article: Treasury to Cancel Tax Breaks in 1988-89 S&L Deals;Action to Nullify Billions of Dollars in Deductions
- Article from:
- The Washington Post
- Article date:
- March 7, 1991
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The Treasury Department yesterday said it would cancel more than
$2.5 billion worth of unusual tax breaks that were given to
investors who took over failed savings and loan associations from
the government in 1988 and 1989.
The tax breaks had allowed S&L buyers to claim several billion
dollars in federal income tax deductions for real estate losses that
were later reimbursed by the government.
Recipients of the tax breaks include some of the nation's
richest investors, among them Revlon Corp. Chairman Ronald Perelman,
Texas oil heiress Caroline Hunt, the Bass brothers of both the
District and Texas and investors in 95 other S&Ls.
The S&L buyers are virtually the only taxpayers in ...