A good loophole is getting harder to find these days, but the Tax Reform Act of 1986 has one for your Christmas stocking. It retains the exemption for "certain income . . . derived directly from the sale of reindeer or reindeer products," as provided in the Reindeer Industry Act of 1937. So if you're worried about the effect of tax reform on your business, maybe you should think about getting into the reindeer racket.