US attorney general to review his tax return
Although Attorney General William French Smith insists his 1981 tax shelter was proper, he plans to reexamine it following a published report in which experts described it as ''questionable.''Skip to next paragraph
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The Washington Post reported that Mr. Smith invested $16,500 in the risky oil and gas venture that gave him about $66,000 in deductions.
Since then, an Internal Revenue Service ruling placed the maximum deduction at less than $33,000. Mr. Smith and other investors, who were required to sign statements saying they were aware of the risks of the venture, reportedly plan to challenge the ruling.