Carrol Daily Times Herald from Carroll, Iowa on May 28, 1974 · Page 6
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Carrol Daily Times Herald from Carroll, Iowa · Page 6

Carroll, Iowa
Issue Date:
Tuesday, May 28, 1974
Page 6
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Answers to Federal Income Tax Questions This column of questions and answers on federal tax matters is provided by the local office of the U.S. Internal Revenue Service and is published as a public service to taxpayers. The column answers questions most frequently asked by taxpayers. Q. As part of the property settlement of my divorce. I'm transferring stock to my wife. Will I be taxed on the difference between my basis in the stock and its appreciated value on the day of the transfer? A. Yes. You realize a taxable gain equal to the difference between the appreciated value and your basis in the stock. Q. I filed my return just before the April 15th deadline. When can I expect my refund'.' A. If there are no mistakes on your return that might delay processing, it normally takes about six weeks after a return is filed. It might take a little longer to get your refund, however, due to the large volume of returns filed in April. Q. I'm a doctor. I recently received a brochure promoting a Caribbean cruise during which professional matters are to be discussed. Is the cost of the trip deductible as a business expense? A. If your primary purpose in taking the cruise is a Times Herald, Carroll, la. » Tuesday, May 28, 1974 O vacation, the cruise is considered personal in nature and the expenses incurred are not deductible. However, if you engage in business activities while on such a vacation trip, any expenses incurred specifically for business activities are deductible. For example, the properly allocable cost of a series of lectures on business or professional subjects you actually attend on the cruise may be deductible. Whether a cruise is primarily personal depends upon the facts in each case. An important factor is a comparison of time spent on business affairs and time spent on personal activities. Deductions claimed for cruises where little time is devoted to professional or business activities are checked carefully by IRS examiners to determine whether the expenses are properly deductible. You are required to substantiate the amount of time spent on business activities. Q. What interest does IRS charge on taxes that are not paid when due? A. Interest at the rate of six per cent a year is assessed on the unpaid balance from the date the tax is due until it is paid. In addition, a penalty of one-half of one per cent of the unpaid taxes is imposed for each month, or part of a month, beyond the due date that the tax remains unpaid, up to a maximum of 25 per cent. Artist Is Guest At PEG Parly MANNING - Chapter IS P.E.G. Club members and their husbands met at the Country Club on May 16 for a party for their husbands preceded by a barbeque potluck dinner. A special program for the evening was presented by Virginia (Lee) MicKunas a portrait painter. Open Wide — 'Say please' chides four-year-old Malcolm Grissom, the son of a keeper at the San Francisco Zoo where Puddles, a two-ton hippo, anxiously awaits a treat with cavernous mouth wide open. This Ad In Effect One Full Week ••• ^H| i nib Ma in crrecr vjne run weex & H "Parade of Values" B & H QUALITY GROUND BEEF FRESH CHICKEN Legs —Breast —Thighs Lb ELF SLICED BACON CENTER CUT HAM SLICES Lb. ARMOUR STAR SAUSAGE SLICED LARGE BOLOGNA KAPS TwinPak por ATO CHIPS Lb. FOSTER FARM Meat Patties Beef, Pork, Chuckwagon • ^^ t^^^^P^^^^P' For M M OREGON TRAIL PURPLE PLUMS GALLON 2% 1-Lb. BUTTER-NUT 5-Lb. BEET LAND-O-LAKE SUPER VALU COFFEE BUTTER SUGAR WITH EACH FILLED GOLD BOND SUPER DISCOUNT BOOKLET WITH EACH FILLED GOLD BOND SUPER DISCOUNT BOOKLET WITH EACH FILLED GOLD BONO SUPER DISCOUNT BOOKLET WITH EACH FILLED GOLD BOND SUPER DISCOUNT BOOKLET J'<? 10< Bars Butterfinger Baby Ruth PARKAY MARGARINE 1-Lb. RIMI 1 5 C Bars Butterfinger Baby Ruth PARKAY FROZEN FOOD SPECIALS STRAWBERRIES $100 Flav-o-rite 10-Oz. For REAL WHIP TOPPING . Pitcher Pride Pint COFFEE CREAMER Flav-o-rite 3'/2-Lb. Shoestring Potatoes .. Swanson 1-Lb. PRE FRIED CHICKEN . Swanson 2-Lb. PRE FRIED CHICKEN . Schlitz BEER DEMONSTRATION SALE "New" TOMBSTONE PIZZA Demonstration Friday & Saturday 10 a.m. to 6 p.m. 79 Reg. $1.99 The Best Tasting Pizza We've Ever Sold

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