Thinking Like Warren Buffett  By David Henry One way Warren E.
Buffett became the world's most successful investor was by
understanding how putting off tax payments can build wealth.
Every year in the "owner's manual" he includes with Berkshire
Hathaway (BRK-A) annual reports, he spells out the advantages of
deferred tax liabilities over ordinary debt. His essays show how
Berkshire boosts returns by keeping cash invested as long as
practical until sending it to the U.S. Treasury.  Now, with his
Jan. 28 backing of Procter & Gamble's (PG) novel two-step, tax-
free deal for Gillette (G), Buffett is again seizing an
opportunity to exit a position without triggering a giant tax
bill. Berkshire's gain on the 96 million Gillette shares it has
held since 1989: $4.3 billion. Yet because it is plowing all of
that gain into shares of the new company, Uncle Sam will have to
wait for his piece of the profits.  MODEL APPROACH. Exactly who
suggested the deal structure is not clear. Neither Buffett,
Gillette's largest shareho