(FORTUNE Magazine) – As another step in the malling (or is that mauling?) of America, The Donald is taking Trump Tower downscale. The building, located on New York City's pricey Fifth Avenue, will soon be home to slightly declasse Tower Records, which is leasing 8,000 square feet. Word also has it that sweat shoe purveyor Nike is hungrily eyeing the space now occupied by tres chic department store Galeries Lafayette. Lest the wealthy grow faint: The most productive store in the complex is still said to be Cartier. . .Ely Callaway is taking a swing at the I.R.S. The 74-year-old who resigned as president of Burlington Industries and went on to found Callaway Golf took space in his annual report to lament his stock option transactions. Seems he recently exercised some options, converting them to stock. The multimillionaire feels handicapped because he had to take a huge tax hit though he hasn't sold the stock. . . Speaking of taxes, one celeb CEO we know received a letter suggesting that he ''buy'' an airplane once used by Steve Wynn, CEO of Vegas's glitzy Mirage Resorts. The plane, a DC-9 from the Sixties, comes with marble baths and calfskin conference seats. The letter suggests it can also be used as a complex tax shelter. Asking price: not specified. Wynn has now traded up, up, and away to a pair of Gulfstreams. . . The GM board has run some complicated drills before, but nothing like the team-building program given by their Saturn folks in Phoenix. GM directors, including Anne Armstrong and John Smale, took the course. One of the exercises offered was the ''low V,'' where a pair of executives do a tightrope act, walking on divergent ropes, to find they do better when they lean on each other. The GM directors presumably learned lessons in cooperation. -- A.R.