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These Millionaires Tried Turning a Yacht Into a Tax Break. The IRS Sank Their Plan.
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wsj.comJR and Loren Ridinger wanted a new yacht. First, they needed to get rid of the old one.
The 116-foot Utopia II wasn’t selling, so the Ridingers and their lawyers hatched an alternative plan: Donate it, and reap a big tax deduction.
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