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Letter -- John Leuthold

Regarding Robert Morrison’s May 9 letter to the News-Press (“Other

letter writer ...”), I must continue my literary dalliance with him at

least one more time.

Mr. Morrison, you state that Gregg’s property went through a “period

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primarily of depreciation” over the past dozen years. This must come as a

great shock to developers everywhere, not to mention appraisers and the

city of Glendale. The Greggs’ careful accumulation of properties in order

to present a unified development plan could have only appreciated in

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value, and at many multiples of the “four times” you keep citing. And

please check with your CPA -- land cannot be depreciated, only the

improvements on the land.

Also, I am sorry you did not accept my offer to purchase your house

for “four times” its cost. I have in my possession an official document

verifying that you paid $103,500 for your home on June 16, 1978. Since

you claim that you actually paid 75% more, or $181,125, it appears the

shortfall in property taxes due over the past 24 years approximates

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$20,000. I am sure a man of your integrity will do the right thing. The

address of the county tax collector is 225 N. Hill St., Los Angeles.

JOHN LEUTHOLD

Glendale


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