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.''

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.

You've read  of  free articles. Subscribe to continue.
QR Code to US attorney general to review his tax return
Read this article in
QR Code to Subscription page
Start your subscription today