Reno Gazette-Journal from Reno, Nevada • Page 10

I i i II Bysoini(SSS 10A Friday, January 21, 1983 Gazette-Journal Bryan session touts benefits of tourism nomic Development funded by a Vi-percent increase in the room tax. The state's present promotional budget is $40,000 a year. The investment return for tourism promotion varies widely, according to states and regions which have measured its value through surveys. But most of these surveys indicate a strong return, as high as 130-1, Sluman said. Tom Ohliger, vice president and marketing and research director for Sunset, agreed.

"From the studies we've made, the return is high sometimes very high," Ohliger said. "States in the West (Sunset's circulation area) know this and they all seem to be looking to tourism as a strong answer to the recession. The fact of the matter is that we're up to our keister in travel promotions." Give us more money, Nevada Magazine Editor Caroline Hadley said, and in a couple of years "we'll blow your minds." However, at least one legislator in attendance questioned the return that the state would receive if By TIM ANDERSON and LEE ADLER CARSON CITY Tourism promotion provides the opportunity for a high-yielding investment in Nevada's future. And unless Nevada taps tourism's full potential, other states will quickly move to realize its benefits. That was the message Gov.

Richard Bryan, aides and tourism industry representatives delivered Thursday Thursday during a briefing for legislators at the governor's mansion. "But if we're not extremely aggressive in marketing and promoting tourism, we won't realize that opportunity," State Tourism Director Leslie Sluman said. She and the others emphasized the need for the state to act as an umbrella organization for tourism promotion in which state-sponsored action would complement private industry's role. Bryan proposed on Wednesday a two-year, $6.7 million budget for a Department of Tourism and Eco more money was pumped into tourism. State Sen.

James Bilbray, D-Las Vegas, was particularly skeptical of the value of Nevada Magazine. "The fear is that we'll spend a lot of money and not get a good return. The question that I hear being asked is whether the state has the ability to do a professional job of promotion," Bilbray said. He compared Nevada Magazine with Arizona Highways, a publication he said was far superior. Hadley immediately defended her nearly self-supporting publication, noting that the Arizona counterpart is in "deep financial trouble" despite a great deal of state support.

"Besides that, their own surveys show the magazine isn't helping attract tourists." Timing is also crucial, noted Robert Sullivan, a consultant for the Travel Industry Association. "If you're going to promote tourism, do it now," Sullivan urged. "Don't wait until we're back to normal growth because everyone else will have their programs in place by then." Circus Circus gets nod to buy Laughlin resort LAS VEGAS (AP) Circus Circus Hotels Inc. won approval from the state Gaming Commission Thursday for the purchase of the Edgewater Hotel and Casino in Laughlin. Circus Circus, which operates resorts in Las Vegas and Reno, paid an estimated $15 million for the 162-room resort on the Colorado River south of Las Vegas.

Along with the purchase of the Edgewater, the company has also tenatively agreed to buy the Colorado Belle casino, adjacent to the other resort. Circus Circus also bought a nearby 18 acre parcel. Southern Pacific earnings down SAN FRANCISCO (AP) Southern Pacific's unaudited net income for 1982 declined 28 percent to $120.1 million, or $4.31 a share, the company reported Thursday. The previous year, net income was $167.7 million, or $6.18 a share. Operating revenues for 1982 were $3.1 billion compared to $3.3 billion the year before.

Southern Pacific's communications subsidiaries reported operating income of $104 million for last year, nearly triple the $38.9 million reported in 1981. But Southern Pacific's rail units, affected by the depressed vehicle, housing and related industries, reported operating losses of $51.9 million. Dunes, Riviera financing approved sees housing slump ending HOUSTON (AP) Declining interest rates would have to foreclose on the Riviera Hotel," Sawyer argued. Riviera Hotel President Isadore Becker said the Chicago bank had agreed to discount the loan by 40 percent, or $3.2 million, to Rapid American with the condition that it be paid by Feb. 1.

Becker said the Riviera's immediate concern was that it would lose a $1 million letter of credit it had to file with the bank to guarantee the payoff. The Gaming Control Board had voted 2-0 to reject the request, saying it had not received enough information from the Riviera. And, although commissioners approved the request, Chairman Carl Dodge said Riklis could still face disciplinary action by the state for failing to notify the board about some of his financial transactions. Commissioners voted 4-1, with Stuart Engs dissenting, to allow former Caesars World owners Clifford and Stuart Perlman to infuse another $10 million into the ailing Dunes Hotel despite warnings from Dodge that the Perlmans were placing their money in jeopardy if they are not licensed. LAS VEGAS (AP) The state Gaming Commission approved a $10 million cash infusion to the Dunes Hotel Thursday and also agreed to restructure a loan agreement for the Riviera Hotel.

In approving the application by the Riviera to transfer an $8 million debt its parent corporation, AITS, owed a Chicago bank, the commission reversed an earlier Gaming Control Board recommendation against the hotel. Riviera attorney Grant Sawyer argued before the commission that, without the transfer of the loan to Rapid American, a company also controlled by Riviera owner Meshulam Riklis, the Riviera could be forced into bankruptcy proceedings by the First National Bank of Chicago. If that happened, Sawyer said, the state Public Employees Retirement System, which loaned the Riviera $56 million two years ago and has a first mortgage on the Strip resort, could go ahead and foreclose on the hotel. "The consequences are that the state of Nevada ASSOCIATED PRESS PHOTO MEET BOB: Androbot Inc. president Tom Frisina on Wednesday introduces B.O.B.

(Brains on Board), a robot with "artificial intelligence" designed for the home, soon to be available for $2,500. Jobless could owe tax on unemployment benefits it for fun if the enterprise showed a profit in at least two of five consecutive years. Check Publication 535. Profits from the sale of property are taxable, but if the asset was owned for more than a year, the tax usually is at the lower capital-gains rate. If you sell your principal home, you avoid any current tax by investing all the proceeds in another one within two years.

If you're 55 or older, you have a once-a-life-time exemption for the first $125,000 of profit from your home. Non-taxable income includes Social Security benefits, welfare, workers' compensation, gifts, life insurance proceeds that resulted from the death of a person, inheritances, and (in limited cases) a portion of disability benefits. NEXT: Deductions should help pull the housing construction industry out of a three-year slump this year, the president of the National Association of Home Builders says. "The trend over the last three or four months has been on the upside," Fred Napolitano said as his group prepared for its 40th annual convention, which begins Saturday. "If interest rates and prices continue to stablize, then 1983 will be the year that turns the corner of the most devastating recession since World War II." Napolitano said interest rates on loans for new houses now are fluctuating between 10 percent and 12Vfe percent, down from I6V2 percent a year ago.

Bethlehem cuts 14,000 salaries PITTSBURGH (AP) Bethlehem Steel the nation's second-largest steelmaker, said Thursday it is reducing the salaries of 14,000 of its salaried employees effective Feb. l. The reductions, which affect employees in the Bethlehem, Pa. -based corporation's steel group and general offices, are expected to save the troubled producer $20 million a year, said spokesman Gary Graham. The base salaries of 6,000 salaried employees will be permanently reduced by $160 a month, while 8,500 other salaried employees will receive a 22 percent permanent pay cut, Trautlein said.

Oil imports at 10-year low NEW YORK (AP) U.S. oil imports dropped 15.6 percent last year to the lowest level in a decade, an oil industry association said Thursday. Imports of crude oil and petroleum products fell to a daily average of 4.8 million barrels from 5.7 million in 1981, the American Petroleum Institute said. That was the fifth consecutive yearly decline and the lowest average since 1972, when oil imports averaged 4.7 million barrels a day. Imports as a portion of total U.S.

oil supply dropped to 32 percent from 35 percent the year before and 45 percent in 1979. Etcetera Nominations are being accepted through the end of the month for the annual SIR awards to be presented by the Nevada Chapter of the Associated General Contractors. The awards recognize individuals who have made "outstanding contri butions" to the construction industry during 1982. SIR is an acronym for the business association's motto: Skill, Integrity and Responsibility. The award originated with the Nevada chapter 16 years ago.

Nomination forms are available at the AGC office, 300 S. Wells Ave. Sunmagic Enterprises, a Reno-company handling Solarmagic hot water heaters, recently opened for business at 441 Cheney St. Sunmagic owner James Macres said the solar appliances he sells feature non-toxic freon, which cannot freeze. Macres said the units don't have pumps or compressors, moving parts or electric wires.

A demonstration of the units is scheduled Saturday from 10 a.m. to 4 p.m. at Flanigan's on East 4th Street. The Greater Reno-Sparks Chamber of Commerce's monthly social gathering for January is scheduled Tuesday evening at Maytan Music Center, 777 S. Center St.

The event will be from p.m. The mixers are aimed at providing a better opportunity for businesspeople to meet each other and share ideas. A seminar on log-home living is scheduled next Wednesday evening at the Airport Plaza Hotel. Sierra Log Homes in Carson City, manufacturer of precut log homes, is sponsoring the seminar, aimed at highlighting the advantages of buying and living in a log home. The seminar, to begin at 7:30 p.mjs fie ff charge.

Reservations EDITOR'S NOTE This is the third in a series of five articles written to help taxpayers prepare their 1982 tax returns. WASHINGTON (AP) Many workers who lost their jobs for a time in 1982 may face another shock when they file their tax returns. They may have to pay tax on some of their unemployment benefits. The level of unemployment compensation subject to tax was raised, retroactive to all of 1982, when Congress passed last year's big tax-increase bill. In general, you must list as income whichever is smaller: your unemployment compensation or one-half the amount by which total income (including these benefits) exceeds $12,000 for a single person or $18,000 for a couple filing a joint return.

For example, a single person who received $3,900 benefits during six months without a job last year and earned $10,000 the rest of the year had total income of $13,900. Subtracting $12,000 leaves $1,900, half of which must be listed as income subject to tax. The instructions for filling out your return include a worksheet for determining what part of your benefits is taxable. It is on page 16 of the Form 1040A booklet and on page 10 of the Form 1040 instructions. The most obvious examples of taxable income are wages and salaries, which your employer must total for you on a W-2 form by Jan.

31. Here are some others: Tips. Sick pay and disability pensions financed by your employer. Fees for services as a juror or election official. Interest on your savings, including U.S.

Savings Bonds. There is no longer a $200 exemption. However, during your lifetime you may receive up to $1,000 ($2,000 for a couple filing a joint return) in tax-exempt interest from an All-Savers Certificate. The portion earned in 1982 must be reported on Schedule of 1040 or 1040A. Dividends, but you may exclude up to $100 of certain dividends ($200 for a couple on a joint return).

There's a special exclusion for up to $750 in dividends reinvested in certain public utilities ($1,500 for a couple). IRS Publication 550 has the details. Note that amounts you earn on money-market mutual funds are dividends, although sometimes identified as interest. Conversely, earnings on your deposits in savings and loan associations or credit unions must be reported as interest, although they often am identified as dividends. Any state or local tax refund you received in 1982 but only if it was for a year in which you deducted such taxes on your federal tax return.

A federal tax refund is not income. Many types of pensions, including military retirement pay, as well as withdrawals from your Individual Retirement Account. In general, a pension is fully taxable if you did not help pay for it or if you recovered your entire cost before 1982. Publication 575 is helpful. Gambling winnings, including raffles and lotteries.

If you itemize deductions, you may deduct gambling losses up to the amount of winnings. You may not subtract your losses from your winnings and report only the remainder as income. The value of services or goods received in a barter arrangement. Alimony received, but not child support. Income from any activity that you don't expect to produce a profit, such as a farm operated for pleasure.

Some expenses are deductible from that income if you itemize. IRS generally assumes you are not in BEN Kcjl RICHARD Certified Public ntant, Acoaj ACE ENGINE REBUILDING Removed Reconditioned Rebuilt Installed faf hfc at 350 South Ceiet Reno, Nevada 89501 Suite 580 322-8911 Long Engln Woe prtdm Not IntlMWO Call 1or InttMUd pne Chy 28 307 327-J50' from 550 Chovy 39M02-454' from MOO Dodo 318 1 Ford 260-289-302'a from 550 Ford 351-400 360-390't from 1600 C777 rmiot, loyotat uatsun from 500 Ford. Crwvy 6 4 othort from tSOO MOtnt 331 -2292 Alto Ring 4 Vthra Job Eeh. Cyl. Haadi 2 Mocks touth of 180 2 Wodis ma tt Glenort (Cut oft Rock T-Dills coming Due? ioou riuman a V01 are requireaenacan ueinpue dv cauing zio-uoau.

BEST ON THE MARKET COME SEE FOR YOURSELF 1 II (GUARANTEED l6dTto 40 off Sf RATE 7 PAID MONTHLY R3 Li. 1 ft. COMPUTERS a SOFTWARE for IBM, Apple, Atari, Tim ex, Commodore, Radio Shack Texas Instruments COMPUTER tlOUSE On 1st or 2nd Trust DeeCMecured by prime Nevada a Arizona properties, ideal for private investors, trusts or pension plans. NO FEE MINIMUM AMERICAN Canons Qjlssoatfts a ISSGIendale Ave. 14 SAVINGS Sparks Open 7 Days 10-6 356-7216 oo Tax (249 "437 Seuth Stern Street Reno.

Nevada 702522-775 3909 s.exarylaad Rfcwr, Las vegas. Nevada 702737-564 AND LOAN ASSOCIATION 7107 E. Thomas Rd, scottsdaie. Arizona sozMa-scn II Self -Corrective Impression Control Chiangable Type Quiet Fas Triple Pitch Reliable Compact Please send me your mt Information package for 12 Personal investment Trust Funds Pension MA ID Keogh Arso Ptease caff wttft mformationv 12 TAX DEFERRED Let EF Huttton tell you about a 7 year Guaranteed 12 Tax Deferred Return with Liqufdrty Call George H. Mathews IFHutton.

51 W.Liberty, Suit 1150 Pnon9 157 IV. Liberty Reno Address. Crty Reno, Nevada 89501 702-322-8484. 437 south Sierra Street Reno. Nevada 702322-7765 323-31135 Ext.

33 3909 s. Maryland Pkwy, Las vegas. Nevada 702737-5664 1 1 1 fx teed by First Pyramid Life Insurance Co. Moana East Shopping Center 595 E. Moana Ln.

825-3800 Moo-FrL 9 a.m.-6 p.m. Sat 10 a.m.-3 p.m. 7107 E. Thomas Rd, Scottsdaie. Arizona wzvee-sesz II I One Financial Cntr 50 Shacktofox) Road LHtw Rock.

Arkansas 72203.