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Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
30 August 2000
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Where All The Power Is; The Life In The City.

1. Some people like NBA Basketball and some like politics.

The MCI Center in Washington, D.C. is at 601 F. Street N.W. 20004 which is in the Washington, D.C. Enterprise Community which is a Capital Gains Free Zone under IRC Section 1400. This is a hop skip and a jump from Ninth and D Streets home of the Caucus Room, which opens this week in the Enterprise Community. What is the Caucus Room? See: "Steak and Politics" By MARIAN BURROS "Washington lobbyists and high-tech executives are so close they have opened a steakhouse together".

Could the Venture Capitalists be far behind? Try the Capital City Brewery at 1100 New York Ave., N.W. 20005, which is near the Convention Center and the MCI Center, all of which are in the Enterprise Community. The Washington Post is at 1150 15th St. N.W. 20071 which is in the Washington, DC Restricted Zone.

What is the point here? Tax incentives do work, and the Washington, D.C. Capital Gains Free Zone, the Enterprise Community and the Enterprise Zone with $15M in Tax Exempt Facilities Bonds are bringing in capital and business. Ten years ago Ninth and D Street was not the place to be after dark in the Capital, now it is the place to be seen.

Will D.C. be as high-tech as the Bay Area? Who knows, but it is booming. "...Vacancy rates for office space in the District are at an all-time low of less than 4 percent. The city has 6.8 million square feet under construction or renovation. Brokers and researchers said it won't be enough to quiet demand and bring down rents..." Downtown Los Angeles and San Diego take heed!

"...The Internet will employ 10 million people by 2002 in the United States and major European economies, according to a report released yesterday by Andersen Consulting. In 1998, there were 2.6 million Internet-related jobs. The projection for 2002 would represent 4 percent of the U.S. workforce, approximately the same as today's transportation industry. The service industry employs 28.2 percent of the workforce..." See the full article.

If you do not believe how fast this is moving see how you can get "FREE" lessons from Apple on how to do professional editing on a Power Book [total pre tax cost is about $4,000+camera] The Blair Witch Project goes digital. This ought to be a must for EVERY teacher who then turns his or her home into a home-based business.

Next comes Universal Studio's new broadband website.; the entertainment world will never be the same, you are either high speed internet or you're not, and most college students are into high speed.

2. School was never like this before, the old meets the new.

"...All of this makes the School of the Art Institute project slightly infuriating. The building looks like it arrived on the scene 100 years too late, yet on the inside there are some interesting, modern Chicago things happening that conflict with its retro skin. Rooms, large and functional, are more like apartments than the monastic college dorms of the past. There are private kitchens, baths and direct high speed Internet access. Furniture was created by designer Michael Heltzer."

"...The first three floors are typical downtown retail: a Borders, an AT&T mobile phone store and a Jamba Juice with the new Gene Siskel Film Center. The school retained the landmark Germanic exterior of the Old Heidelberg restaurant on Randolph--this was the old Ronny's Steak Palace--as the entrance to the Noble Fool Theater that will be located below ground level..." See the full article.

Is it possible that energy is coming back to the cities, as it was in the late 1800's? How about an urban home-based business? If the Small Business Tax Cuts pass then entertainment deductions will go to 80%, IRC Section 179 deductions will go to $35,000 annually [furniture, equipment and fixtures], and hiring credits for inner city youth will be increased, add capital gains roll over and there we are in a tax-favored area. If you entertain on the business premises it is 100% deductible.

Jim Schneider, LL.M.

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