Tucson Daily Citizen from Tucson, Arizona on March 5, 1968 · Page 9
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Tucson Daily Citizen from Tucson, Arizona · Page 9

Tucson, Arizona
Issue Date:
Tuesday, March 5, 1968
Page 9
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TUESDAY, MARCH 5, 1968 T U C S O N D A I L Y C I T I Z E N PAGE The Reluctant Taxpayer By William L. Raby, CPA Inventors get a special capital gains tax break. If they license a manufacturer to use a patent, the royalties received can be only half income if the royalty contract is written to comply with tax law. An author, I can assure you, gets no such break. He must pay ordinary income tax on all the royalties he receives. Many things can be set up so as to produce capital gain when they might otherwise produce ordinary income. Taxpayers and the tax collectors are engaged in a constant battle -the taxpayer trying to find new capital-gain gimmicks and the tax collector trying to nullify them. For instance, owners of small corporations often would like to ·get money out oE the reserve and pay tax on only half of it. .The IRS would like the dis- -tribution to be treated as a dividend, and all of it subject to tax. At one time taxpayers were using a three-layered cake called the "preferred stock bailout." The corporation gave its own preferred stock shares to the stockholders. This was and is tax-free. The stockholders then sold the preferred stock to an insurance company. The corporation then bought the preferred stock back from the insurance company. Sale of the preferred stock by the stockholders to the insurance companies produced capital gain. IRS had the law changed so that such a transaction would produce ordinary income results .to tiie selling stockholders. On the other hand, when new corporations are formed, there is no reason why preferred stock and common stock can't both be issued right at the start. This same type of three-layered cake can then be used later to get · some of the earnings out at capital-gain rates. The problems of capital gains get quite complex and usually require help from a tax lawyer or a CPA. But the savings open t o y o u when substantial amounts achieve capital gain instead of ordinary income treatment, make it worth your while to take the trouble of learning as much about it as possible. Pickuptrtgutration coinmodatiotis uesic. r/« » excbtimeyoit shop at the store can win a fabulous $200. from Levy's' Sfiopeariy for best selection! r »w^TM^»res«5!*5f**W ^·'^fe^^Ba^Siaa U.S. To Move Snow Tainted By H-Bombs WASHINGTON (AP) -- The Pentagon says snow which was contaminated when a B52 bomber carrying four hydrogen bombs crashed will be removed from an area near Thule, Greenland, and shipped to this country for disposal. It's "a matter of good housekeeping," said Air Force Maj. Gen. Richard 0. Hunziker, who is in charge of the operation, Project Crested Ice. The Defense Department, in response to questions by The Associated Press, said that Denmark, which governs Greenland, is cooperating in the project. The radioactive snow at the crash site is on a frozen bay off the Greenland coast where the bomber crashed Jan. 22. The crew survived. The snow will be stored at nearby Thule Air Base in sealed metal containers, and after the bay thaws, will be shipped to this country. By that time, of course, the cargo will be water. The Pentagon says there is no way to estimate the tonnage involved. Officials did not say where the melted snow would be disposed. Symphony Sign-Up Night Stars Pianist Annual renewal night for Tucson Symphony Orchestra season ticket holders will be March 12 and 13 when concertgoers may sign up for the 1968-69 season. The concert will be held at 8:30 p.m. on those dates at Palo Verde High School auditorium, with pianist Philippe Entremont as soloist. · Tickets for the concerts next week at $4 and $3 are available . it trie Tucson Council of the Arts-2720 E. Broadway. ingS for BOYS! | Vqfues *«Men's Furnishings Boys'Reg. $3. No-Iron Sport Shirts New For Spring! 2for $ 5. Button-down collar style with tapered tails in most wanted Spring '68 solids, wide track stripes, plaids, tattersalls. 50% polyester/50% cotton. Sizes 8-20. Buy 2 or more! Boys' Reg. 4.50 No-Iron Slacks 2 for 7 75 Trim-fitting cotton/polyester oxford slacks; navy, gold or olive. Permanent press with new soil release finish. 6«16 slim, 8-20 reg. Reg. 3.50 Rugged No-Iron Jeans 2 for $ 6. The dress-up jeans that take rough, tough wear! Double knees. Cot- ton/Vycron polyester. Bronze, blue, avocado. 6-12 reg. or slim. Reg. $10. Sport Coals How.. ...... .,,,,,, 7. 99 For sizes 7-12! Galey Lord 'Tarpoon' cloth is ·washable. Checks, plaids, window panes. Also reg. S 14. styles; sizes 1 3-20 ................................ ... 1 0.99 Boys' Reg. 1.99 Knit Shirts J » w 7* · · · · · · · » · · · · ' · « · · * · · « · · · · jffj t3 · £» Combed cotton mesh knit with short sleeves, piped collar. Great solid colors. Sizes 8-18. Boys'3/2.'59Armcrest BriefsTM 3/J.99 Hi-cut leg, long-lasting 1%" elastic waist. In soft, absorbent white combed cotton. 6 to 20. Also reg. 3/2.59 T-shirts; 6-20 ........ , .......................... 3/1 .99 Boys' No-Iron Walk Shorts Only., ....... 3 . 3 9 5056 cotton/ 50/6 polyester in popular taeicrsal patterns of blue or ecru. Sizes 8 to 20. Jr.Boys'$3.No*onSlacks~.2/4.50 Cotton/polyester casuals in navy, brass, medium blue, Hugtex back. Sizes 4-7 reg. or slim. Jr. Boys' Reg, 2^0 Short SetsTM.. 1.99 Cotton knit tops in solids or stripes with co-ordinating cotton boxer shorts. Sizes 4-6. Jr. Boys' Reg. $2. Shirts ......... -------- J . 69 Short sleeve styles in conons knit or No-iron woven cottons; spring colorings. Sizes 4-7. Reg. $5. $6.! Men's fine coffan KHIT SHIRTS 3.99 2 for 7.50 Snap up these short sleeve styles great for spring 'n summer! Regular or mock turtle collars; white and colors. Sizes to 17. Reg. $7. Group! Men's Fine Ban/on KNIT SHIRTS 4.99 2 for Better quality group v inclades both regular · collar and mock turtle styles! Great color choice, too. In sizes 14% to 17. Men {Levy's Quality Suits Now at Sale Savings! 58.88 78.88 Brand* P.B.M. Suits Reg. $90.495. Check these suits before you select your Spring wardrobe! You're sure to find a favorite while you save dollars!! The new forward pitch shoulders as well as traditional styles. 1-2 or 3 button coat models. And the colors? Those wanted ones for spring. Regulars, shorts, longs, x-longs. Hart Schaffner Marx Suits in Two Big Value Groups 93.88 103.88 100% wool or Dacron polyester/wool blends in one and two button models ... solids, checks, window panes in new Spring colors. Famous HSM tailoring and fit are yours in regular, short, long or extra long. Come in, see what HSM does with a suit. And save! V Men's Reg. $5.-$6.Paiamas- m ««.«,,,TM. m , n » 3.99 Conservative solid colors or colorful prints; long sleeve, long leg style. All terrific values for sleeping comfort! Sizes A-B-C-D. Men's Reg. $8.-$12.Robes reTOmm ...5.99-8.99 Look what variety: cotton terries, prints and Dacron polyester/cotton blends. Group includes all sizes. Be early! Men's 1.50 pr. AMCSportHose m .,TM. 6 prs. $7, Stock up on these while you save! Orion acrylic in a tremendous selection of colors: brown, loden, red, oxford grey, maize, whiskey, blue or camel. One size fits all. Men's Reg. 1.25 AMC Underwear-TM. 6 for $6. Group includes both cotton knit briefs and athletic shirts. Fine combed cotton brand-tailored to exacting specifications. Shirts in sizes S-M-L-XL; briefs in sizes 28 to 44. 1.29-1.50 AMC T-SHIRTS, BOXER SHORTS. 6/$7. T-shirts in white combed cotton, sizes S-M-L-XL; boxer shorts in solids and prints, one size fits all. Regularly$6. Walk Shorts.,.,,^,4.99, 2/$11. Perma-press 65% Dacron polyester/35% cotton in solids and plaids to coordinate with sports attire! 30-42 waist. Men's Regularly 7.50-$10.WaHeis m ,TM,.^.3.99 You won't want to pass up this tremendous sale-priced group! Exceptional variety of both colors and styles. Men's $30. All-Weather Coats no op XZ.OO Levy's famous AMC style with zip-out Orion acrylic pile liner. Olive, black, beige. Washable. 36-46 regular. Also longs, shorts. Young Men's $60.-$65. Suits $53. Jixccuieen, [he natur.il shoulder suit; whiskey, navy, jiray, olive. 7056 Dacron polyester/30 % wool or iouSo-wool. 35-42 reg.,37-42 long. Men's Regular $8. Casual Slacks 6.48 Permanent-press finished fabrics in colors and sizes for every man! Hurry for your favorite! Also reg. $9. Levy's own label casual slacks,.«.....»7.48 Men's Regular $20. Fretz Slacks 75.88 100% wool or 55?odacron/45S6 wool in the traditional plain front, belt loop model. 29-50 regular, also short and long sizes. Men's $55. Sport Coats 44.88 Muted multi-colors to blend with Spring's new colors in slacks! lOOSo wool or 5556 Dacron polyester/4 5 ?o wool. Regular, short and long. Men's Reg. $75. HSM Coats 64.88 Choice oJ two-button, side vented or 3-button, natural shoulder model; great Hart Schaffner Marx touches. Reg., short, long and x-Iottg. Levy's Men's Wear--Street Floor Reg. $5. $6. Dress and Sport Shirts in No-Iron Fabrics 3.99 Box of 4 for $15. ' W««r-5«ond Floor MEN'S REG. 19.95 GUARDSMAN SHOES Hearty brogues of selected English leathers. Fully leather lined, double soles and strom welts. Built for long wear in antique brown or black * Amcrest permanent press dress shirts (long or shore sleeves) in white, colors, stripes; 65% Dacron polyester/35% cotton; sizes 1416-17. Short sleeve Ivy sport shirts in sonds and novelties, sizes S-M-L. Or select Ivy dress shirts in white, blue, maize or linen stripes. Sizes Come in and see them all!!

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