The Charlotte Observer from Charlotte, North Carolina • 13

Speedway Pr2sidellt Tax Claim Charlotte's Largest Most Complete Home Furnishers OPEN TONIGHT UNTIL 9 PM THE CHARLOTTE ASEVER Fri444y Aii 1 174r) 11A -0 4---1 1 1 I THE CHARLOTTE OBSERVER Fri444y Ai 111 174r) 11A Speedway p0 ry1077do 11 JP Furnishers 1 tLi ti ii rt 1 Charlotte Largest Most Complete Home Furntshers OPEN TONIGII i UNTIL 9 PM Tax claim 1 -tiir fl 'TT CIORY itt ilk 11 in lit PI I ci- I 1 lift tip 11 14 return would have to be checked by the Revenue Service's audit division before settlement of the taxes could be made Turner said he hoped settlement could be made within a few days THE SPEEDWAY'S estimate of its admission tax bill is contained in a supplement to a stock prospectus The supplement is dated Aug 5 p0 three days after the goyernment filed its tax lien By JACK CLAIBORNE Observer Staff Writer The Charlotte Motor Speedway Inc contends it owes $19- 54932 to the government for admission taxes on its June 19 "World 600" stock car race The Internal Revenue Sent Ice on Aug 2 filed a lien against the company's assets for $40200 in admission taxes for the race Curtis Turner president of the pe sv ay said here Thursday the government's estimate of taxes due is ton high and is based upon (T roneous Information Turner said the government computed its estimate from a report printed in The Charlotte Observer on July 17 stating the race's gross proceeds totaled $402000 David Mallon group supervisor of the federal tax office here said the estimate was "not entirely" based upon information appearing in The Observer ALFRED IIURT of Concord an ReCOMIIRril who keeps the Speedways books said the Internal Re enue Service made its assessment just after The Observer story appeared By JACK CLAI13011 Observer start Wrirel The Charlotte Motor way Inc contends it 04 54932 to the gas" for admission on 1 19 "World 600 stock The Internal Revenu Ice on Aug 2 filed against the company's for $40200 in admissio for the race Curtis Turner presil the pe ay sal Thursday the goverr estimate of taxes due high and is based ur roneous Information Turner said the goy computed its estimate report printed in The rOabcseersv egr oo sns 1 uplryo cle7e sdt $402000 David Mallon gt pervisor of the fede office here said the 1 was "not entirely" bas information appearing Observer ALFRED HURT cord an accountant vvl the Speedways books Internal Re venue made its assessment ji The Observer story a The supplement stales "Gross proceeds from the race and time trials aggregated approximately $300000 Including ticket sales parking program advertising sale of programs and souvenirs and concessions Disputes 1 e) st trt Disp I4 i 0 4 i 1 1 -0-- 1 i Disputes "Expenses attributable to staging the race as distinguished from capital expenditures aggregated approximately $150000 leaving a balance or approximately $150000 all of which has been expended in payment of general obligations of the company "Approximately 45500 tickets were sold including 31750 for the race itself and 13750 for the time trials" $IT CLASSIC STYLING 155 Sq Inch Rectangular Picture Tube THIS OFFER ONLY WHILE 11 SETS 1ST! L27IIL7Z7 Modcl F1805 ONLY 11 SETS TO SELL 7r 7799 TROUBLE FREE La I 11 PORTABLE TV 10005- ONLY 11 9 9 TROUBLE FREE SETS TO SELL" 4 PORTABLE TV 0 007777777---7--177-- -0 -I 4-" ''A fr l'' '1 ''7: T'f: A '7 'Z '''i'' 4'''-''' 'a4-Vkik4itng'''43A )''' '1 I '''-4 11t: I 0 4i -N i 0''' 4 t'i '41-34 1 443 '-'43 I -1I :47: lit 11 fik 1 li I 10 '3'' STYLItilc I II 8 114 i hli lpirtoDli La1110 0 :110:11:: k'-: ttk el 0 4 i '4 0 At 'i'' 1 So ''''''4s' '0 s''''' A 4 nc Zenith i -t90 '10 A 4 DelUXe 'I '4'0101101 -'3 i': 1 I -it 0 (1 a 1 i itt Rectangular OUND' OUT Fitri it ---44 itIT w5b'Ir42101 ii: I 'pio7wAn--romvr 1" SPEAKER Picture Tube for rich 6411altiottitiote 1 Tuner tone ne ''r''' lc 'r 1 'r 1 2' '4ilr C16' 1'' 12 ''i 0 filmy viHILE li rni100" ''''4 1 4'4-4444ii: wp p-4-- -'s 'o tr r'' '''3'' 011iiiK4-41 V'' 32' 3 ri i e' k- ok4 SETS 1: ST! Modcl F1805 I' lit 7: i 5 41 i' 11 0 by sportswriter George Cun- ningham said its figure was based upon information given by Robert Morrison stock broker for the Speedway Vacationing at his parents' home in Florida Cunningham said by telephone Thursday night that Morrison gave him the information saying it was the same information he'd give to any stockholder and he saw no reason why he couldn't give it to me" "Morrison has admitted he gave Cunningham that information" Turner said "but he said he waS guessing" TURNER Smith and Account- ant Hurt said it was impossible at that time (July 10) for Morrison to know what the race proceeds were "since the management itself didn't even know" Hurt said Cunningham's story said Morrison had based his information on an audit of the Speedway's books by Haskins and Sells an independent accounting firm here William Stewart Jr a member of that firm said Thursday Ilaskins and Sells has performed no services for the Speedway since last May TURNER said the Speedway is continuing to sell tickets to the National 40e stock car race which the Speedway proposes to stage on Oct 15 lmo The tax lien against the Speedway is one of several liens held against the company McDevitt and Street Co has filed notice of a llcii of U04000 for money owed on construction of the race track Notices of liens in the amount of approximately $10000 have been filed by various other contractors NOTICE nf a lien in the amount of $54115353 was also filed against the company by Propst Construction Co hut this suit was terminated on the issuance to the Propst Co of 28000 shares or the Speedway's common stoek In addition the Speedway is involved in a dispute over payment of final indebtedness to Owen Flowe and Sons for grading and landscaping of the race track The amount of indebtedness has been estimated at approximately $100000 according to the Speedway's Hurt said he and Bruton Smith Speedway 1 ire president had filed a "tax return" on "World 600" admissions "four or five days before the July 31 deadline" Hurt said he and Smith Speedway Viet dent had filed a turn" on "World 600" sinns "four or five fore the July 31 dea Mallon said the Speedways Mallon said the Sp THE prospectus also bears a statement reading "These securities have not been approved or disapproved by the Secruities and Exchange Commission nor has the commission passed upon the accuracy or adequacy of this prospectus Any representation to the contrary is a criminal offense" In discussing the case Thursday President Turner said the time trials' tickets were not subject to federal admission taxes because the admission charge was only $1 per person The law says that the first dollar of an admission is nontaxable and all charges above are taxed at 10 per cent" he said City Police Arrest Escapee City Poll( Arrest ee 2scat Choose world famous Zenith quality Best in picture Best in sound Best in performance Only Zenith slim classic has horizontal Handcrafted TV chassis Using only standard circuitry You will enjoy more operating dependability less service headaches all parts are easily accessible And so beautifully styled for any room in your home Choose world famous Zenith quolity Best in picture Best in in performance has horizon ce Only Zenith slim classic I tsoo sound nHdo parts enjoy clc Brafetsetd TV chassis Using only standard circuitry You will are more operating accessible de pe nAdanbd i i I si ty less service headaches all beautifully styled for any room City police arrested an escapee from Huntersville Prison Cam!) on a Charlotte street corner Thursday afternoon The man Herman Hooks of A08 Mt Olivet St Concord was one of two prisoners who jumped off a prison camp truck near Huntersville and escaped Aug 12 police said Prison camp authorities said the other escapee Wade Neal 39 of 407 Poplar St was still at large Thursday City pollee arrested eapee from Huntersvil' Camp on a Charlotte ner Thursday afternoon The man Herman of A08 Mt Olivet St was one of two prisol jumped off a prist truck near Huntersvillt caned Aug 12 police i Prison camp author the other escapee Wad 39 of 407 Poplar St at large Thursday USING this law Turner said the government's $40200 lien figure could not possibly be correct even if the Speedway as reported by The Observer had taken in a gross gate of $402000 "which we did not do" The Observer story written 5 BEILii-VERRS TOAST THE WAY YOU WANT IT EVERY TIME NOW ONLY SORRY ONLY ONE TO THE CUSTOMER ypeCUSI 6 POSITION CONTROL A REALLY FINE TOASTER AT A LOW LOW PRICE AUTOMATIC TOASTER MAKES TOAST AS YOU LIKE IT LIGHT MEDIUM OR DARK NO MORE BURNED FINGERS WITH EXTRA HIGH LIFT OPEN FRIDAY NIGHTS 'TM 9 O'CLOCK 50c DOWN 50c WEEK OPEN AN ACCOUNT -1111letr OH THIS GENUINE HAND CRAFTED ALL NEW 1960 LIBERAL TRADEINS ON MANY OTHER MODELS! 110 DOM PAYMEHT II YOU TRADE! 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