The Nation - News from Nov. 4, 1988

President and Nancy Reagan will not have to amend their tax returns to reflect the high fashion wardrobe the First Lady has borrowed from designers during her years in the White House, a spokesman said. Marlin Fitzwater said the Reagans’ financial disclosure statement and tax returns will not be amended to report the clothing loans to the First Lady. “There are no tax consequences,” Fitzwater said, referring to revelations that Mrs. Reagan borrowed dresses and gowns to the tune of $1 million from American designers to wear to White House functions. He said the opinion came from the White House counsel’s office.