Loophole in One

From the Wall Street Journal this week

ANN ARBOR, MICHIGAN OCTOBER 15, 2004

The 650-page tax bill that the US Congress sent to President Bush this week contains a lot of goodies.  Within the section designed to limit the use of corporate deferred compensation plans, it states that the limits do not apply to plans "established or maintained by an organization incorporated on July 2, 1974."

So what organization was incorporated on July 2, 1974?  The Pro Golfers Association (PGA), Inc.  Way to go Tiger, Davis, and the rest of the good old boys.

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