The Billings Gazette from Billings, Montana on January 13, 1988 · 22
Get access to this page with a Free Trial

A Publisher Extra Newspaper

The Billings Gazette from Billings, Montana · 22

Publication:
Location:
Billings, Montana
Issue Date:
Wednesday, January 13, 1988
Page:
22
Start Free Trial
Cancel

2-0 Wed., Jan. 13. 1988 The Billings Gazette landlords h if wif h fax change By PAUL J. HOLLEY Of The Gazette Staff Some Montana taxpayers no one knows just how many will lose a deduction because of a change in federal income tax regulations. The change applies to married couples who own rental property that loses money. Federal tax law allows couples to deduct losses of up to $16,250 (65 percent of $25,000) from their reported income if they file a joint return. A loss deduction of up to $8,125 (65 percent of $12,500) apiece is allowed if the couple files separate returns. However, tax regulations now require the couple filing separately to have lived apart for the entire year "This has greatly complicated the tax return for anybody who has rental units." Becky Benedict Billings tax preparer to be eligible for the deduction. Because Montana's income tax form parallels the federal form, married couples who file separate returns won't be allowed to take the deduction. "This has greatly complicated the tax return for anybody who has rental units," said Becky Benedict, a Billings tax preparer. Benedict said she and other tax practioners learned about the change while reviewing new income tax regulations. "It isn't going to hurt lower incomes or the higher incomes, but itll hit the middle-income taxpayers," she said. Benedict said of the taxes that she prepares, nearly all of the dual-wage earner married couples file separate state returns. Harley Warner of the Montana Department of Revenue said that unless income tax rules are modified by the Legislature, changes in state income tax laws follow the federal rules. "It's not a situation we have control over. We didn't see it nor did the Legislature,'' he said. Warner said that DOR officials won't know the effect of the rental property loss deduction until all income tax returns are filed. Benedict estimated that the change will affect about 200 to 300 of her 3,000 tax clients. The affected clients could pay about $250 in additional taxes although a worst case scenerio may be $1,200, she said. A married couple can still get the rental loss deduction on their state income taxes if they file a joint return, but Benedict said that the tax bill will probably still be lower for dual income married couples who file separately. KOOK, KBIT under new ownership By PAUL J. HOLLEY Of The Gazette Staff Billings radio stations KOOK-FM and KBIT-AM will have a new owner later this month. The new owner, Citadel Associates of Phoenix, promises aggressive promotion and possible format changes. "Both (stations) are excellent technical facilities," said Fritz Beesemyer, Citadel president. "We are prepared to make a substantial investment in programming, promotion and sales." Citadel, which also owns stations KBOZ AM and FM in Bozeman and an FM outlet in Colorado Springs, plans to take over the Billings stations on Jan. 25. "We think the acquisition in Billings complements our property in Bozeman," said Beesemyer. "We've Simon announces candidacy By JIM GRANSBERY Of The Gazette Staff Tax reform is the centerpiece of the next legislative session, and Rep. Bruce Simon, R-Billings, uante tn ho thara W Tuesday. Simon announced his candidacy for a third term in the Montana Legislature from House District 91. Simon, a Billings consultant, said the central element in any tax reform is a sales tax that replaces property taxes. "There is only one way to replace property tax," he said. "The only logical replacement is a sales tax." Simon placed two conditions on his support for a sales tax: That it be limited bv the Consti tution, and that SIMON the proceeds go running again . for "genuine" property tax relief. Simon said exemptions from the sales tax should be limited to food and prescription medicines. "Tax reform and economic development are closely related," he said. "Without new jobs for our people, fewer and fewer taxpayers will be left to pay for government services." He promised to be a watchdog against other tax increases. Simon, 45, represents a district in central Billings that was created by statewide reapportionment in 1983. First elected in 1984, he won re-election in 1986 by a margin of 1,671 to 1,362 over Democratic challenger Chuck Tooley. During the 1985 session, Simon served on the Business and Labor, Natural Resources and Human Resources and Aging committees. For the past two years, Simon has served on the Legislative Audit Committee that oversees financial audits of all state agencies. Because there will be a number of vacant seats in the next session, Simon stressed his experience in Helena. Several legislators have died, retired or are running for other offices. "It is real important look at the people who are not going to be back in Helena there is a void in experienced people there," Simon said. "I believe that I can step forward to help provide new leadership for Mon- . tana." He promised to continue to get the state out of the retail liquor business, a project he began in his first term. "If they are moving toward privitization to stem the loss of profits, why not go all the way?" he asked. The Department of Revenue, which oversees Montana's liquor monopoly, has moved toward "agency stores" or stores operated by private individuals rather than by its Uquor Control Division. 1 looked at Billings carefully and believe in it as a regional trade center. The economy has been down but when it bounces back, we want to be there." The Billings AM station was launched in 1951, and the FM was started in 1979. KOOK Associates Ltd. bought the pair in 1983 for $2 million, according to Federal Communications Commission records. Beesemyer said that Citadel is paying $800,000 for the stations. KOOK led Billings radio listener-ship in the 1970s and early "80s, but its audience, as measured annually by the Arbitron rating service, has dropped in recent years. In late 1985, KOOK and KBIT switched radio dial locations. KOOK became an FM station and KBIT appeared on the AM diaL KOOK-FM, with an adult contemporary music format, regained some of its lost ratings in the 1987 Arbitron book. The station's audience share doubled from 3.6 percent in 1986 to 7.2 percent last year. But, KBIT-AM, which features country music and some sports, stumbled to just a 1.2 percent share of the Billings audience last year. Beesemyer said that steps are being taken to correct the listener losses. A national research firm last month launched a telephone survey of the Billings market to determine what radio listeners want, he said. The results are expected later this month. "I don't know if what we're doing is right or wrong," said Beesemyer. "There are several opportunities and we'll try to determine what the best ones are. We want to come out of the box right" feSLAGE paps nnn i in mm mmmnu,m moemmmm wmmm&mam mamm The Stage Right Players performing at Independence Square 1116 Grand, present "A Return to the 50's" Fine Food & Entertainment accompany the show Running weekends through January 30th Starring Allen Peters Lore Sherbo Lynda Kaye McCleary Lysa Fox ; Shawna Hill Wilson TroyBohrer Please call for reservations 252-3631 O -CSS' y Vv A ... Xv If How would YOU like to be in Dublin, Ireland for the ST. PATRICK'S DAY PARADE? Leaving Montana March 12 Galway Killarney Dublin Limerick Full Irish breakfast every morning, four full dinners St. Patrick's Day parade in Dublin Ring of Kerry near Killarney Cliffs of Moher RESERVE NOW! $1199.00 per SEATS ARE LIMITED! person Blarney Castle Bunratty Castle and Folk Park and much, much more! Major credit cards welcome e Visa e Mastercard American Express call us today 248-5520 Grand ravel Inc 1201 Grand Ave. Billings, KIT 59102 RUN A STUDENT EXCHANGE PROGRAM IN YOUR TOWN. Discover the rewards of student exchange. Work with educators and families, and make friends with teenagers from all over the world. Educational Foundation for Foreign Study, the world's leading student exchange organization, is looking for a volunteer Area Representative in your community now. Training and expenses paid for by Educational Foundation for Foreign Study. 7 Educational Foundation for Foreign Study A Non-Profit Organization 1-800-44-SHARE Call today. Please ask for Connie. Any changes as the result of the survey will probably occur by early March, he said. The radio executive said he's not concerned by the number of radio stations in Yellowstone County. The county now has 12 commercial radio outlets including three which started broadcasting last year. "It all depends on your perspective," he said. Skiing Karate You tH Sports SKIING One day trips to Red Lodge Ski Resort Ian. 16,1988 Feb. 20, 1988 Two day trip to Big Sky & Bridger Bowl Ian. 22-24, 1988 (School Holiday) Spring trip to Grand Targhee March 3-6, 1988 (School Holiday) KARATE Boys & Girls 8-15 Years Instructor: Curtis Ferrins 1st degree black belt Dates: Ian. 19-Mar. 17 Cost: $30 members $40 non-members YOUTH WRESTLING 3rd-6th Grade Dates : Ian. 18-Mar. 9 Time: Monday & Wednesdays 6:00-7:15 p.m. Cost: $14 to $20 BOYS' VOLLEYBALL 7th-12th Grade ' Dates: Jan. 18-Mar. 14 Time: Mondays 6:45-8: 1 5 p.m. Cost: $12 to $16 For More Information Call 248-1685 402 N. 32nd BILUNGS FAMILY YMCA Win a trip to the inter Olympics w You could win an expense paid vacation for 4 people to the 1988 Winter Olympics in Calgary, worth over $7,000 or one of 51 other exerting prizes. It s easy to enter and win. How to Enter Fill out the entry form in this ad and mail it in. How to Win: Read The Gazette every day. If your name is printed in the box that reads "Today's Winners" call The Gazette. Two winners will be printed each day. A random drawing will be held from all of the winning entries to select the winners of the first and second prizes. Please read the contest rules for more information .and important details. A Canadian Olympic vacation in Calgary, February 13-19. This fabulous vacation for 4 people includes: Fly to and from Calgary on a chartered flight from Corporate Air in an all-weather, . pressurized aircraft. 7 days and 6 nights lodging in one of Calgary's most historic homes. . Tickets to 4 Olympic events: Men's Luge, Men's Downhill Skiing, Men's Slalom and Hockey -Norway vs. Czechoslovakia Rental car to use during your stay. $1,000 cash for meals and expenses. CORPORATE AIR I I Vc; rv . Hi"' This prize worth over $7,000 SsrjaiTiirjfcte? ( Y . Ktt A limited edition bronze sculpture of the Torch Run that marks the opening of the Big Sky State Games. The sculpture was designed hv Montana artict A R F Rainc It ctanHc II 12 inches high I 1 ; 1 -a ,v t coincide with SJW thtOdth Olympic Games. Big Sky State Games $1,000 Retail Price Retail Price 50 winners win ici-eive d tupy or Cames of the XXXIIIrd Olvmniad a" commemorative book from the 1984 Los Angeles Summer Olympics. This 288 page, full-color book is officially sanctioned by the International Olympic Committee. r i Olympic Contest Mail this entry form to: Olympic Contest P.O. Box 2512 Billings, Montana 59103 Name- -Age- Address- City. State Zip. L Phone(DaysL -(Evenings)- Please check the appropriate box: I am a 7-day home delivery Gazette subscriber. I am a Sunday-only Gazette subscriber. I am not a Gazette subscriber. I J Complete contest rules printed every Sunday, Tuesday and Thursday. II . Betty Lou Sweeting Charles Kegel l

Clipped articles people have found on this page

Get access to Newspapers.com

  • The largest online newspaper archive
  • 22,300+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Publisher Extra® Newspapers

  • Exclusive licensed content from premium publishers like the The Billings Gazette
  • Archives through last month
  • Continually updated

Try it free