A first-rate and up-to-date (i.e., post-Revenue Act of 1978) guide to tax shelters, unconventional investments which offer individuals a chance to create assets using dollars that otherwise would go to the IRS. Of necessity, McQuown treats her complex subject in general terms; tax-shelter commitments must be tailored to personal financial needs, and tax law as well as the judicial decisions defining it can change rapidly. Nonetheless, she manages to hit the high spots, explaining basic concepts (e.g., how depreciation is calculated for tax-shelter purposes), while discussing the pros and cons of more than a dozen major marketplace opportunities. The author first tells prospects how to examine and select suitable vehicles, noting that they should retain competent legal and/or accounting counsel. Particularly useful are step-by-step directions on reading between the lives of prospectuses and case studies, complete with filled-in tax forms, that illustrate how various sorts of shelters work out in different circumstances. McQuown also distinguishes between conservative and high-risk ventures, and cites numerous examples of each--including, among the latter, Broadway shows. (As areas where even angels should fear to tread, McQuown points to movie, book, record, and cable TV deals, which, thanks to Congressional closure of gimmicky loopholes, no longer provide much writeoff.) As the wage/price spiral and the growing number of two-paycheck households pushes more families into upper-income brackets, this responsible handbook could prove valuable to a wide audience.