§11221

reasing the prices ofnew yachts as compared to used yachts, but that the repeal frustrated his original plan. However, the tax was enacted in 1990, after he purchased the Spellbound. See Omnibus Budget ReconciliationAct of 1990, Pub. L. No. 101-508, sec. 11221(a), 104 Stat. at 1388-438 (imposing a 10% luxury tax, effective January 1, 1991, on the first retail sale ofpassenger vehicles, boats, aircraft, and furs andjewelry). His trial testimony was sincere but evidently mistaken about.this almost

reasing the prices ofnew yachts as compared to used yachts, but that the repeal frustrated his original plan. However, the tax was enacted in 1990, after he purchased the Spellbound. See Omnibus Budget ReconciliationAct of 1990, Pub. L. No. 101-508, sec. 11221(a), 104 Stat. at 1388-438 (imposing a 10% luxury tax, effective January 1, 1991, on the first retail sale ofpassenger vehicles, boats, aircraft, and furs andjewelry). His trial testimony was sincere but evidently mistaken about.this almost

ed against petitioner on a few occasions in the sale of large diamonds and precious stones. In 1991, there was an industrywide recession induced by the 10 percent luxury tax on jewelry. See Omnibus Budget Reconciliation Act of 1990, Pub. L. 101-508, sec. 11221(a), 104 Stat. 1388, 1388-441 to 1388-442. 6 For example, 25 percent (in this survey 2) of the companies compensated their officers greater than 3.2 percent of annual sales. - 1 1 - Petitioner deducted Mr. Haviv's salary for 1991 and 1992 a