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23 Prac. Law. 1 (1977)

handle is hein.ali/praclaw0023 and id is 1 raw text is: THE PRACTICAL LAWYER VOLUME 23 JANUARY 15, 1977 NUMBER 1 CONTENTS 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.