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- -
Paying back taxes
blow to Nixon
By JANE DENISON
WASHINGTON (UPI) - The
$467,000 tax debt President
Nixon owes will leave him
“almost totally wipped out”
financially and may force him
to obtain a loan to pay the bill,
according to the White House.
Offering a gloomy assessment
of the President’s financial
picture, a presidential spokes
man hinted Thursday Nixon
may also have to consider
selling one of his homes to
meet his back-tax obligation.
“He has to completely
reassess his financial position,
which has been almost totally
wiped out by this,” deputy
White House Press Secretary
Gerald Warren told reporters.
While Nixon worried about
where the money would come
from to settle with the Internal
Revenue Service, a potentially
bigger headache was building
on Capitol Hill.
Checking Report
There, House impeachment
investigators began plowing
through the 784-page report
from a congressional tax
committee which concluded
Nixon and his wife Pat
underreported their income and
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exaggerated their deductions
during his first term in office,
1969 through 1972.
That report is believed to be
a near duplicate of the
conclusions reached by the IRS,
which slapped the Nixons with
an assessment Tuesday for
$432,787.13 plus interest for
extra taxes due for the four
year period.
The IRS, which had audited
some of the same Nixon returns
once before and had taken no
action, said the case was now
closed.
“The IRS did not assert the
civil fraud penalty for any of
the years involved in the audit
because it did not believe that
any such assertion was warran
ted,” the agency said in a
statement.
Expected Total
It was expected the total tab
would come to about $467,000,
nearly half of Nixon’s total net
worth, the bulk of which is tied
up in real estate.
Warren said Nixon would
meet the obligation with “cer
tain cash and probably borrow
some money to pay the
remainder.”
He did not indicate whether
Nixon might seek a bank loan
or turn to wealthy friends who
have helped him financially in
the past.
According to Warren, Nixon
will not consider selling his San
Clemente, Calif., estate because
he has pledged to leave it to the
nation after he and wife die.
But Warren made no such
claim about their Key Bis
cayne, Fla., vacation villa.
Both Nixon properties figures
prominently in the staff study
of the congressional Joint
Committee on Internal Revenue
Taxation made public on
Wednesday.
Owes Extra Taxes
In it, auditors concluded he
owed extra taxes on a $117,836
capital gain realized in a San
Clemente land transaction and
on $92,298 in improvements
made with tax dollars
“primarily for the President’s
personal benefit” at both
homes.
The committee undertook its
investigation of Nixon’s taxes
at his request last December.
Its staff report was made
public Wednesday, apparently
prompting the White House to
announce the IRS action —and
Nixon’s compliance with it —
four hours later.
Reaction to the latest deve
lopments was sparse and
cautious. Most members of
Congress who did comment
simply noted that Nixon had
“kept his promise” made
publicly last December to pay
any extra taxes assessed.
Offered pants
LONDON (UPI) - When
Mrs. Violet Sterling tried to get
her husband out of a local bar,
he pulled off his pants and
handed them to her.
“If you want to wear the
trousers, you wear them,” he
told her, a family division court
was told.
Mrs Sterling told the court
she left home in June 1972 when
her husband came home from
drinking and offered her sl2 to
sleep with him.
The judge granted Mrs
Sterling a divorce and ordered
Patrick Sterling to pay costs.
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Page 3
Griffin Daily News Friday, April 5,1974