Oakland Tribune from Oakland, California • 11

11 Oakland Tribune, Thursday, Jan. 22, 1959 Two Fire Exits Urged to Avert JAPAN STUDY SAVING ON INCOME TAX How Investors, Dunked Water Skier Seeks $25,000 CENTER SET Portable Classroom Tragedies In Injury Suit Against Boat Firm A second door to provide an UPATU.C. i BERKELEY, Jan. 22 The Retired Returns In other matters: 1 Bids were approved on A Walnut Creek woman who University of California has assertedly was ducked while People Prepare established a research unit to emergency exit for Oakland portable classrooms has been recommended by the Buildings and Grounds Committee of the Board of Education and the Citixens School Construc King Junior High School and Horace Mann Elementary School. Low bidder on the junior high project was Mar water skiing has filed suit throwing Mrs.

Manise violently into the water, causing her severe nervous shock, severe muscle damage and rope burns of the left arm resulting In a permanent scar. i study Japanese history, economics, politics and sociology. charging the motor of the tow vin E. Collins with a bid of ing boat was defective and This is the seventh of a series of articles on federal tion Committee. $1,394,000 below the and California income tax filing.

This information asking for $25,000 damages for sllrged personal injuries. been provided by the Committee on Taxation of the California Society of Certified Public Accountanti in cooperation ttnth the American Institute of Certified mm, The unit, known as tha Center for Japanese Studies, is administered by the U.C. Institute of International Studies. The Japanese research program, under the chairmanship of Donald H. Shlvely, an associate professor of oriental languages, is supported by Ford Foundation funds.

budget estimate. The figure includes a snack bar, landscaping and sprinkling systems in addition to the base bid. The Horace Mann bid was awarded E. H. Moore and Sons for $479,000 $21,210 above Public Accountants.

At yesterday's joint committee meeting, members voted to have a second exit built in 32 portables soon to be constructed at Lockwood-IIigh-lands and Casllemont High School. Business Manager Spencer D. Benbow said placing two doors in the remaining 600 portables Income received as a reduction or losses if property sold was The auit was filed in Alameda County Superior Court on behalf of Mrs. Angela Maniac, 1049 West Holly St, Walnut Creek, and is directed against Andy McNair and Andy's Boat Center, Berkeley, from whom the motor allegedly was purchased. The suit charges defective the budget estimate.

A lower of the cost of the annuity un til the entire cost has been re held over two years, but less than five years. Susumu Nakamura, lecturer bid of $438,000 was rejected be cause it arrived too late. covered. Thereafter all Forty per cent of the gains or amounts received are taxable used by the school system losses if property sold was held in oriental languages, went to Jspan for the fall semester to study Buddhism in the medieval period under sponsorship income. This is different from could be considered along with over five years, but -leas than Thit article desls with in-veitort in general and retired people In particular.

Many people can itop fillna federal income tax returns when they have retired, be-esuse no return la required from person who ii 65 or over and had less than $1,200 income, not including Social Security or Railroad Retirement Act benefit, which don't count But when retired penom re required to file, their returns can be quite complicated. First, let's look at some provisions that affect people with Investments, whether they are retired or not. DIVIDEND CREDIT Anyone who owns stocks needs to know about the dividend exclusion and credit. This applies to dividends from corporations which art aubject to United States corporate income tax; It does not include dividends from savings the federal income tax method other budget requests from Architect E. D.

Cerruti's estimate on the Melrose Elementary School was accepted for $357,314. This is 4.9 per cent above the budget estimate. 10 years. of reporting explained above year to year. Thirty per cent of the sains sparkplugs in the motor caused it to stop functioning suddenly of the center.

Other areas under study include attitudes toward ar The instructions that come or losses- if property, sold was Dr. Benbow said the extra exit was recommended by the The project calls for a multi held over 10 years. with your tax forms give further information. Help is also purpose room, library, offices BOND INTEREST City Fire Marshal even though the present single door meets ranged marriage, by Gorge A. De Vos, lecturer Jn social welfare; national Income, by and eight classrooms.

Interest from state' and mu available from the Internal Revenue Service, which urges The Dec. 31 budgetary all state and city requirements nicipal bonds is tax exempt on DIAMONDS 20 ti 60 Oltcinnt TO QUALITY CASH OR IAST PAYMINT1 Mlllir'iDliraindCinUr 1703 TetefaaJi Henry Rosovsky, aaaistant pro control report shows that $1, you to consult a properly qual your federal return, but any 1724 Broadway GL 2-2731 Aw Urn fitmtUm feasor of economics, and the labor movement by Robert A. ified advisor if you need outside assistance. But in view of recent fire tragedies, committee members approved the changes which would cost about $100 for each 018,143.43 has been saved in the projects underway in the $40,000,000 school building pro Next article; Savings en Cat Scalapino, professor of politi cal science. portable.

gram. lforola Income Taxes. gain or loss from selling these bonds or United States bonds must be included in your federal and California tax returns, as a capital gain or loss. However, losses from redemption of United Ststes series bonds are reported as ordinary shop Male's MONDAY and Fill AY nights 'til 9 and loan associations, credit unions for foreign corporations. It does not apply to the (fully deductible) losses on the federal return, but are not de- California return.

PARK FREE 10th md Clay Uth and Clay 12th and Jefferson (1 hour with validation) ductable in the California re 1 Your first $30 of qualified dividends is tax free, and turn. Interest on United States and California bonds is exempt should be subtracted from your total dividends in a special schedule on the tax form. Husband and wife are each en from California personal in come tax. There is a provision for "re titled to exclude the first $50 tirement income credit," which of dividends from stocks each own. If dividends are received pays to buy.

at Male's IsJdDW! may reduce your federal tax on pensions and investment from stocks which are com income in some circumstances. munity property, then each There is no similar credit al spouse may exclude $50. On joint return a maximum of lowed on California state tax returns. You may be entitled $100 may be excluded. to this credit if you are able to answer "yes" to all four of If you received dividends beyond this amount, you are these questions: entitled to a "dividends re 1 Did you (or your de special purchase! proof you save ceived credit" This credit is per cent of the remaining divi ceased husband or wife) earn fashion dollars at Hale's more than $600 in each of any dends, but it cannot be more than 4 per cent of your taxable 10 calendar years before 1958? Income, or more than the 2 Did you receive less than mount of tax otherwise due.

$1,200 in tax exempt pensions This credit is not just a deduc or annuities in 1958? 3 If you are under 85, did tion from your taxable income it is actually subtracted from you earn less than $2,100 in spring -fresh sMirtts your tax. 1958? or For example, if you received 4 If you are at least 85 and in dividends, you can ex under 72, did you earn less than $2,400 in 1958? (When you are 72 or over, elude $50 from your taxable income, and subtract 4 per cent of $500 or $20 from the tax you would otherwise have- to pay. If you filed a joint return you can have any amount of earned income without affect ing your retirement income with your wife and you re credit.) ceived $550 in dividends which COMMUNITY PROPERTY Was community income, you fh. answering the above could exclude $50 or a total of questions, the taxpayer is CI Ifornia should remember that La1v; Jo 'T i 'J I t-V "rising California is a community $100 excluded which, means you would report only $450 as taxable dividends. In addition you tan subtract 4 per cent of this $450, or $18 from the tax you would otherwise have to property state.

Therefore, one half of the income earned by all regularly 12.95 to 19.95! fine flannels, mohair loop tweeds! exciting muted plaids, fresh solids! knife pleats, unpressed pleats! full-cut flares, seat-lined slims, easy-to-wear wraps! prettiest pastels, beautiful brights and dark basic colors! many, many styles sizes 10-18! one a. spouse, as well as one half of the spouse's Social Se curity benefits and pensions at CAPITAL GAINS, LOSSES tributable to his earnings, are If you made a profit on the treated as the taxpayers in ale Of stocks, bonds or other come. property you must report it as The space for computing your don't miss this skirt hurry retirement income credit takes a capital gain on a special fdrm. The same form is used up most of the last page of the bonanza! Htlt't Sportiwttt, flttr for capital' losses tax form. It is not too difficult to work out if you read the in Detailed instructions are printed on the back of this structions carefully." form.

Generally speaking, The most any individual tax payer can save from this pro your profit on the sale of an asset which you held more than six months is taxed at vision is $240, but husband and wife can each save this amount halt the. rate of ordinary in if they are both eligible. In come and never more than California the wife is often 25 per cent regardless of the eligible even though she did not work, because she reports tax bracket you are in. one-half of her husband's earn In California state returns your capital gains are subject ings, as her share of commun to tax on a somewhat differ 4ty income. ent basis.

Instead of using six If you have an annuity from months holding period as life, insurance, pension, plan, or other source, the portion which basis for reducing the amount of capital gains taxable, for you may receive tax-free, for California returns you 'report federal income tax purposes, as gain or loss the' following depends on your life expectancy. The Internal Revenue portions Service will furnish actuarial One hundred per cent of the gains or losses if property sold tables upon request to help you Was held less than one year, figure this out In California state income i. 'Eighty per cent of the gains loses if property sold was held over one yesi, but. less tax returns you must report 3 per cent of the original cost of the annuity as income, and wan two years, Sixty per of the gains treat the remainder of annuity 1 1, U.S. Offers Income Tax Help proof of savings! escciting reg.

6.98 spring white orlon all year 'round youll love the drip-dry eae of Gail ByrorCs screen printed -41- At Offices in 4 Eastbay Cities WW Oakland The Main Post Of fice, 13th Ttnd Alice Streets, Room 207, from 8:15 a.m. to p.m Mondays Fri days. v- sale! Richmond The Post Office Building, 11th and Nevin 98 Streets, Mondays only, 8:15 a.m. through 6 p.m. Berkeley The Internal Revenue Office in the Tioga federal taxpayer assistance furnished by qualified Interna "Revenue agents will be sivailablis in 'four Eastbay cities to aid citizens in the filing of their .1958, income tax returns; it was announced to-' day- A spokesman for the Internal Revenue Service said1 self-help wjll again be stressed during the 1959 filing period, whereby the taxpayer completes as much.

of. the return as possible before asking for aid. V' The four Eastbay offices of assistance will supplement the service With telephone aid to -enable taxpayers with problems to call for a quick an- "gwttt. Building, 2020 Milvia Room 150. This service, is available on Mondays only from 8:15 a.m.

to 11:30 a.m., and from 12:30 p.m. to 8 p.m. Versatile season spanner! Flattering shirtwaist style, roll-up sleeves, jewel buttons. No cleaning bills just suds it, let it drip 7 dry and forget the iron! Retains size and shape always. For now for any season ahead, choose yours at Hale's in turquoise, red or lilac with white.

Sizes 12-20, 14Vt-24Vi. Mail orders, please state second color choice! Halt's Daylimt Drtttts, second flour San Leandro The Internal Revenue Office in the American Trust Building, 1280 E. 14th Room 202. Here, too, assistance will be on Mondays only from 8:19 am. Jo 11:30 a.m., and from 12:30 p.m.' to Breath-taking new styles never before at this low, low price! Plunge, bateau, and collar necklines.

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1-16-TR-22-36-37 have all of their 1958 financial records in hand and to have If YOU HAD A NECK I Size Color Price Item Quantify- At IONO AS THIS HUOW ANO HAO when seeking assistance. 'I'hnco nsmiirintf neeiaronoA I SORE THROAT it was pointed out, will get DUE TO COLDS faster service by filing early rilher "than- waiting until the vtisi namt late stages of the filing period IS when facilities are jammed. address. City i Assistance may be obtained stat i we iouowing sastDay iocs tions: xowb ewent wutvs charoe cash eharga-matlc.