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23 Prac. Law. 1 (1977)

handle is hein.ali/praclaw0023 and id is 1 raw text is: THE PRACTICAL
VOLUME 23    JANUARY 15, 1977    NUMBER 1
11        Some Income Tax Reforms in the Tax Reform Act
of 1976-Part II
deals with the provisions affecting tax shelters. The
article begins with an explanation of various tax
shelters and then indicates how the 1976 Act changed
the rules regarding at risk investments, retroactive
and special allocations, syndication and organization
fees, construction period interest and taxes, farm
production costs, depreciation recapture on real estate,
prepaid interest, points, excess investment interest, and
intangible drilling and development costs.
James M. Roche is a partner in a Chicago, Illinois,
law firm. He is a graduate of Harvard Law School and
a member of the Chicago, Illinois State, Michigan, and
American Bar Associations.
Robert E. Kolek is associated with a Chicago, Illinois,
law firm. He is a graduate of the Loyola University
School of Law and a member of the Chicago and
American Bar Associations.
29        Agreements for Buying and Selling a Business
discusses the differences between purchase of the
assets of a business and its stock. The distinctions
become apparent in two complete sample
agreements-one for the purchase of stock, the other,
for the purchase of assets. Most of the paragraphs of
the agreements are followed by comments.

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