Logansport Pharos-Tribune from Logansport, Indiana on March 15, 1988 · Page 13
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Logansport Pharos-Tribune from Logansport, Indiana · Page 13

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Logansport, Indiana
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Tuesday, March 15, 1988
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Page 13
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Pharos-Tribune, Logansport, Indiana, Tuesday, March 15, 1988 Page 13 Business State Neutral On Plant Site Selection INDIANAPOLIS (AP) - Indiana officials hoping to attract BASF Corp. to the state pledged to remain neutral in the site selection process so long as the plant is built in the state. Sites near Mount Vernon and Terre Haute, Ind., are among the top contenders for the West German chemical, company's newest manufacturing facility, but a spokesman for Lt. Gov. John M. Mutz said Monday the state Department of Commerce, which Mutz heads, would never recommend one Indiana site over another. "We present all the available sites and all the available incentives to the company, and then it's the company's decision," said spokesman Jan Powell. A site near Dayton, Ohio, also is being evaluated by BASF, and Ms. Powell said state officials will "compete like the dickens" against any out-of-state location. "We just want them to locate in Indiana, "she said. Chamber Board At Royal Center Royal Center farmer Gene Barr, (L), speaks with Logansport/Cass County Chamber of Commerce board member Greg Fassett during a reception following the board's meeting at Community State Bank in Royal Center Monday evening. The Chamber board also plans to hold meetings in Galveston, Twelve Mile and Walton this year. Tax Forms Harder To Read Than Wall Street Journal WASHINGTON (AP) - Almost nine of 10 Americans with less than a high school education can't understand the instructions for the simplest tax form, and IRS forms in general require greater reading skill than the Wall Street Journal, a study concludes. Even more reading ability is required to comprehend an Internal Revenue Service notice of taxes owed, says James W. Childs, director of the tax-clinic program at the University of Akron School of Law. "If the taxpayer cannot read the instructions, how can the government expect compliance?" Childs asked Monday as State Banks Move To Cut Latin Loans INDIANAPOLIS (AP) - Indiana's big banks are selling off loans to Latin American countries because of mounting costs and fears of non-payment. "Now, after 5% years of rescheduling, coupled with the economic situation that exists in many debtor nations, many banks decided it was prudent to sell off rather than hold onto loans," said John Jordan, a senior vice president of Huntington National Bank of Columbus, Ohio. Jordan said the bank, which has become involved in Indiana banking in recent years, has contracts to sell off $9 million of its Latin American loans — reducing its outstanding Latin loan balance to $58 million. The Indianapolis News reported Monday that: •Indianapolis-based Indiana National Bank took an $11 million loan provision in the fourth quarter of 1987 — making possible a sale into the secondary market, to be completed by the end of March, of nearly all of its $66.8 million in outstanding loans to Latin American countries. •Bank One Indianapolis late last year sold all but $3.5 million of its $42 million in outstanding foreign loans. •Ameri-Trust Corp., which has 12 banks in Indiana, sold $33 million in Latin loans last year and now has $155 million outstanding. •Merchants National Corp. of Indianapolis is owed $68 million by Latin countries. the Senate Finance subcommittee that oversees the IRS took testimony about the maze of tax penalties that Americans may encounter. These penalties range from $1 for failing to file a statement on dividends paid, to 25 percent of the tax owed for failing to pay on time, to $10,000 for helping a corporation understate its tax liability. IRS Commissioner Lawrence B. Gibbs and 0. Donaldson Chapoton, assistant secretary of the treasury for tax policy, pledged support for the subcommittee's investigation into whether the number of penalties should be reduced and en- forcement changed. Sen. David Pryor, D-Ark., chairman of the subcommittee, vowed a change. "We've created some sort of a monster here," he said. He noted IRS statistics that in 1987, the agency assessed 27 million penalties totaling over $14 billion and waived 4 million totaling $4 billion. Pryor cited one business that underpaid employment taxes by 2 cents and was hit with a penalty for $400.29. Gibbs noted that many of the levies were enacted by Congress over the past seven years in an effort to increase compliance with the tax laws. RETIRED? Do You Know Which Tax Laws Benefit You? H&R Block knows how to put the tax laws to work for you and that means you could save money, Don't pay more tax than necessary. Come in and see us today. CALL US AT 753-7387 OR 753-0181 H&R BLOCK THE INCOME TAX PEOPLE OR VISIT US AT OUR NEW LOCATION: 113So.5thSr. DEBT PROBLEMS?! NOTICE LOGANSPORT CEMETERIES SPRING CLEAN-UP MARCH 14 thru MARCH 18 (Includes Wit. Hope, St. Vincent, Mt. Calvary) Anyone wishing to save any of their winter flower arrangements on or off headstones, please do so by March 14, 1988. Any questions call 753-7082. Office hours: 7:00 a.m. to 3:30 p.m. Thank you, Tom Morehead j Cemetery Sexton, Zoning Variances Requested For Planned Food Businesses ByMARGOMAROCCO Business Editor Two petitions involving food businesses have been filed with the Logansport Board of Zoning Appeals. Two Logansport residents are seeking a use variance to permit the operation of a restaurant and carry-out business at 815-15th St. C. Forest Spencer, 910 W. Melbourne Ave., and Ivan H. Davis, 416 A St., owners of the two-story brick structure at 815-15th St., filed a petition with the board requesting the variance. The property in question, and all surrounding properties, are now zoned R-3 (Medium Density Residential.) Spencer said preliminary plans call for remodeling the T-Bill Rates Fall WASHINGTON (AP) - Interest rates on short-term Treasury securities fell in the latest auction, with six-month bills dropping to the lowest level since last July. The Treasury Department sold $6.5 billion in three-month bills at an average discount rate of 5.65 percent on Monday, down from 5.74 percent last week. An additional $6.4 billion was sold in six-month bills at an average discount rate of 5.78 percent, down from 5.93 percent last week. The rates were the lowest since three-month bills sold for 5.62 percent on Feb. 29 and six-month bills averaged 5.54 percent on July 13,1987. building and leasing or selling it as a restaurant specializing in barbecue chicken and ribs. Although some seating would be available, the business would be 90 percent carry-out, he said. The building has been vacant for the past two years. It previously housed Archie's TV Sales & Repair for 35 years and was last used as a vacuum cleaner sales and repair business. In another petition, Herbert and Joyce Purtee, 17 Cliff Dr., are requesting a special exception to operate a drive-in or walk-up carry-out food service for workers during construction of the new Third Street bridges. The food service would be located in a lot on the southwest corner of Burlington Avenue and Cliff Drive. The property, across Cliff Drive from where the Dutch Mill was located, is currently zoned B-3 (Planned Business.) Joyce Purtee said the food service would be operated out of a portable "concession stand type" trailer. The Purtees plan to sell sandwiches, rolls, chips, coffee and soft drinks to workmen during the bridge construction, scheduled to begin April 15. The request is only for the bridge construction time period. The Board of Zoning Appeals will conduct a public hearing on both petitions at 4 p.m. Monday, March 21, in the council chambers of the City Building. Logansport's Sue Rothermel Is 434th's NCO Of The Year GRISSOM AFB — Air Force Reserve Tech. Sgt. Sue E. Rothermel, Logansport, has been named 434th Air Refueling Wing's Outstanding Noncommissioned Officer of the Year. Sgt, Rothermel has been the NCO in change of the wing medical laboratory for the past seven years and also is a registered laboratory technologist. A 1966 graduate of Logansport High School, she also has earned an associate degree in general studies from Indiana University and is working to complete a bachelor's degree in behavorial sciences. She is employed as a laboratory technician at the Logansport State Hospital. Her duty area received an excellent rating during the last health services management inspection. A member of the Air Force Reserve for eight years, Rothermel was the outstanding 931st Air Refueling Group Airman of the Year in 1980 and was awarded the Air Force Commendation Medal in 1984. AGRICULTURE SPECIAL EDITION PERSONAL BANKRUPTCY $10 r FORGIVE & ELIMINATE DEBTS-GET A FRESH START "">« * I 7 3 DEBT ADJUSTMENT PLANS CONSOLIDATE YOUR BHLS INTO ONE LOWER MONTHLY PAYMENT SO. BEND 1 113 Scomdok Moll (219)291-3779 LYNN CHASE ATTORNEY PERU 206 N. GRANT (317)473-4473 Advertisers-Plan to have your important message H included in the Pharos-Tribune's Annual Agriculture Edition. This edition contains new ideas, local and national K news, plus much much more. Reach those people who need YOUR products or services! Advertising Deadline Fri. March 18th To Run Thur. March 24th Contact Your Advertising Sales Rep. or Call 722-5000 For More Information jwt«w»*.sau»*wtJW«wr«^«rta«3»^ HIGHEST R ATE OF INTEREST AVAILABLE IN LOGANSPORT ON A 36 MONTH CD FDIC Logansport Walton-Galveston CIRRUS,

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