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The other class of partners received all of the partnership's tax write offs though. Ken was planning on bringing in fixed income pensioners with a need for a high, almost certain return, and high income investors interested primarily in tax write offs and asset appreciation. I thought it was brilliant, and made maximum use of catering to the diverse needs of people with money to invest. In essence, the income partners were loaning money to the risk partners, who, in turn, agreed to subordinate their claims to the income partners claims in the event there was any loss of principle. I'm not sure who invented this in my other lifetime, but I'd seen something like it in the mid sixties, as a way of funding building projects. Ken planned on using it to fund numerous tax shelter programs, bringing the write offs above 170% for the risk partners, and yielding 9% annually for the income partners.We finally found a young tax attorney who was bright and hungry for new business. He and Ken. “Great. I’ll see you next Saturday,” Tim said with a friendly smile. He shook Mike’s hand and then left.Standing at the door of their house, Mike and Karen watched Tim drive off. Once the car had turned the corner, Karen looked at Mike and asked, “How well do you know him?”“I’ve only met him a couple of times before today,” Mike answered. The entire day didn’t make sense to him.“That was really strange,” Karen said.“I know. We didn’t even talk about anything other than working on the house,” Mike said. Shaking his head, he said, “I really expected him to tell me something important, but the most personal thing he said was to ask for another beer.”“I noticed that,” Karen said.“It looks like we are going to have a Democrat in the White House,” Karen said looking over at her husband and her father. The two men were drinking a scotch and listening to the news. The polls leading up to the election were not good.The early front runners of the Democratic Party had withdrawn from the race.
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