Fort Worth Star-Telegram from Fort Worth, Texas • 23

wwnrpommuummmoinnmonImmonwommm111 TUESDAY APtilL 13 1999 Highlights Cheney LEARNING ON THE JOB Faced with a tight labor market and a rising need for better-skilled applicants companies are offering remedial programs or like First Chicago infusing job training with basic skills lessons according to a study released yesterday by the American Management Association OIL OUTLOOK Halliburton Co the w9rld's largest oil service provider doesn't expect oil price increases to lift industry profits until late this year or early next year Chief Executive Dick Cheney said yesterday YOUR GUIDE TO TAXES one in an occasional series Gary Kinn Tribune Media Services a THE MARKETS NOTING DEDUCTIONS As you work on your 1998 income tax return you may find it worthwhile to jot down some notes to remind you next tax season of expenses that you couldn't fully deduct on your 1998 return but which may be deductible on your 1999 return A common example are "points" paid in a mortgage refinancing which usually must be written off gradually over the life of the loan If you took out multiyear subscriptions to professional or investment publications only a portion of the costs are eligible for a deduction on your 1998 return But the remainder can be deducted on future tax returns People with home-based businesses should make note of any home-office expenses that can't be deducted because they exceed income from the business Such excess expenses can be deducted in a future year DOW JONES 103395 I 16567 OIL FUTURES MAO -17 cents Contract for May POSTED PRICE North Texas Crude Oil $14 00 75 cents GAS FUTURES $2128 12 cents Contract for May its liability to $47 million By DAN REED Star-Telegram Stall Writer DALLAS The Allied Pilots Association sought again yesterday to minimize damages it could be forced to pay because of a sickout at American Airlines two months ago arguing that the union should be held liable for no more than $47 million That amount is a fraction of the ININmolotikalloolo01010001011060r PAR 1nookftevot Alopw! mo Mallierth01i1000160 $587 million that American's lawyers say the sickout cost the airline during a three-day period in which the airline says the union was defying US District Judge Joe Kendall's Feb 10 order to return to work The union argued it should be held liable only for the actions of 233 pilots who called in sick within the first 24 hours after YOUR TAXES: A PROCRASTINATOR'S SPECIAL Information that taxpayers should know before filing Bv Jim FUQUAY Star-Telegram Sian Writer mot that you need to worry yet Thursday's an eternity away right? But just for the sake of planning here are some things about your 1998 federal income tax return that you might want to know before you file Do something! Can't get it together by Thursday? File IRS Form 4868 Application for Automatic Extension available at IRS offices and some banks and post offices and the Internet (wwwirstreasgov) Like the name says approval is automatic Just remember to do it the penalty for failing to file a tax return is 5 percent of the balance due per month up to a maximum of 25 percent You still need to pay an estimate of taxes due or as much as you can scrape together It's probably not worth it to get a cash advance on your credit card to pay your taxes The IRS charges 8 percent per year on the amount still owed plus a penalty of a half- percent per month or a total of 14 percent per year The late penalty drops to a quarter percent per (More on TAXES on Page 4C) TODD MASON COMMENTARY Remember the premiere of last year's capital gains tax Nightmare on Schedule Prepare for the equally scary sequel: Form 8606 What the IRS Roth You probably shouldn't put off your '98 tax return a minute longer if you converted a traditional Individual Retirement Account to the tax-free Roth variety It's never a good sign when the Internal Revenue 1 Star-Telegram i-1144161kNoWVA4do0e'VeAdAks Kendall's order The airline has countered that the union's liability is broader and should include the 2300 pilots who did not take their names off (More on PILOTS on Page I IC) Allied Pilots Association Vice President Brian Mayhew left President Rich LaVoy center and Jim Phi loot talk to esterday esterday Service issues supplemental instructions in midstream And it's not like the new Schedule is a snap either Investors above all Other taxpayers must accept the fact that the job isn't done until the paperwork is complete Many a heedless investor pays taxes twice on some shares of mutual funds or stocks Form 8606 can be costly too The IRS can hit you with a $50 penalty just for failing to ROullf W114-10411a44 N1w Stair-Telegram Jim AriiitioN file it Let's start there Dedicated retirement savers will recognize 8606 as the form used to report nondeductible IRA contributions It's easy to forget because it has no bearing on your current taxes It will eventually Once you start taking contributions from your IRAs you won't owe taxes on your nondeductible contributions because you (More on MASON on Page 4C) wwwstar-telegramcom Star-TelegramRALPH LAUER Gaylord is selling station for $485 million ad time BY MITCHELL SCHNURMAN Star-Telegram Staff Writer FORT WORTH CBS Corp said yesterday that it will buy its local affiliate KMCharnel 11 from Gaylord Entertainment Co for $485 million in stock and $1 million of annual advertising time for 10 years CBS said the deal if regulators approve it would make it the largest media player in North Texas because it already controls mt eight radio stations and an outdoor advertising company here IA It would also give CBS ownership of stations in eight of the 10 largest US markets 04 including New York Los Angeles and Chicago The Metroplex is the nation's seventh-largest broadcast market CBS chief Mel KTVT is based in Fort Karmazin says Worth and has about 250 stations in top employees markets are "the Gaylord which bought most rare KM in 1963 has been sell assets' ing its TV and cable holdings throughout the decade The company based in Nashville Tenn has been focusing on its tourism and other businesses including the Grand Ole Opry Opryland Hotel and Christian music ventures The company said yesterday that it will use the proceeds from the KTVT sale to help the growth of its core business including an Opryland Hotel planned for Grapevine "The sale of KTVT is good for all of the parties involved" said Terry London Gaylord's chief executive "We have achieved a good value for our shareholders" Gaylord's stock gained $4875 to close at $2825 yesterday on the New York Stock Exchange CBS slipped 25 cents a share to $446875 The deal had been widely anticipated in the (More on CBS on Page I2C) lomornm-ok ATAkoir Friday's parent plans 2 downtown Fort Worth spots By WORTH WREN JR Star-Telegram Staff Writer FORT WORTH Carlson Restaurants Worldwide the parent of TGI Friday's plans to open two of its eight restaurant brands in downtown Fort Worth by the end of 2000 officials said at a meeting here yesterday "We're working diligently on a couple of sites for downtown" said Wallace "Wally" Doo lin president and chief executive of the Dallas-based owner-operator and franchiser of 545 restaurants "I won't say which of our brands at this time We've got to keep our competitors guessing about something" Additionally he said two TG1 Friday's restaurants are planned for other Tarrant County locations by the end of 2000 In the Dallas area Carlson Hotels Worldwide plans to open one of its luxury Regent Interim-(More on RESTAURANTS on Page I2C) USINESS DIGEST 2C MARKETS 5-11C MUTUAL FUNDS 5-IOC AMEX IIC 1 i 1 mUSINESS MARKETS 5-1 1C MUTUAL TUESDAY APRIL 13 1999 Star-Telegram wwwstar-telegramcom DALLAS Allied Pilots lability is broader and 4 l''t 1 ('''' Highlights Pilots union hoping to limit 0 11 e' Aga 1 I v7 clktr''''' 1 By DAN REED liability $47 million Star-Telegram Staff Writer ai5118i: million a that three-day da American's rpi cear period the nudna li Ls' os rlde 0 1 lawyers say the sickout cost the The airline has countered that 4 Association sought again yester- in which the airline says the union should include the 2300 pilots ''4 t- day to minimize damages it could was defying US District Judge who did not take their names off -I yr tni K) 41-' I It 1 1 4 I '1 4 tt Cheney be forced to pay because of a Joe Kendall's Feb 10 order to (More on PILOTS on Page I IC) 1 1 sickout at American Airlines two return to work OIL OUTLOOK months ago arguing that the The union argued it should be Allied Pilots Association Vice 1 t' I tr (41''''' union should be held liable for no held liable only for the actions of President Brian Mayhew left Presi- Halliburton Co the more than 547 million 233' pilots who called in sick dent Rich LaVoy center and Jim provider doesn't expect oil world' largest oil service That amount is a fraction of the within the first 24 hours after Philpot talk to reporters yesterday Star-TelegramRALPH LAUER price increases to lift indus- try profits until late this year or early next year Chief Executive Dick Cheney said YOUR TAXES: A PROCRASTINATOR'S SPECIAL yesterday 2C CBS plans c--- i 0 oN to LEARNING ON THE JOB 22117119 gl1111 acquire Faced with a tight labor market and a rising need for Amok 000 better-skilled applicants its affiliate companies are offering reme- dial programs or like First Information that taxpayers Chicago infusing job Channel 11 training with basic skills should know before filing lessons according to a study released yesterday by the BY Jim FUQUAY Star-Telegram Stall Writer American Management Association ot that you need to worry yet Thursday's Gaylord is selling station 2C an eternity away right? But just for the sake of planning here for $485 million ad time 8 are some things about your 1998 federal income tax return that you might want to know BY MITCHELL SCHNURMAN before you file Star-Telegram Staff Writer GUIDYOUR Do something! FORT WORTH CBS Corp said yesterday TO Can't get it together by Thursday? File IRS that it will buy its local affiliate KMChannel aForm 4868 Application for Automatic Extension 11 from Gaylord Entertainment Co for $485 mil- available at IRS offices and some banks and post lion in stock and $1 million of annual advertising klirr4v offices and the Internet (wwwirstreasgov) Like time for 10 years vfJ' the name says approval is automatic Just remem- CBS said the deal if regulators approve it 1 ber to do it the penalty for failing to file a tax would make it the largest Q1 CI fi return is 5 percent of the balance due per month up media player in North Texas to a maximum of 25 percent because it already controls 0 0r 1 9 9 8 You still need to pay an estimate of taxes due or eight radio stations and an out- as much as you can scrape together It's probably not i door advertising company here 102 7tAN TA worth it to get a cash advance on your credit card to It would also give CBS on In an pay your taxes The IRS charges 8 percent pef year ownership of stations in eight 410i occasional series on the amount still owed plus a penalty of a half- of the 10 largest US markets percent per month or a total of 14 percent per year including New York Los NOTING DEDUCTIONS The late penalty drops to a quarter percent per Angeles and Chicago The As you work on your (More on TAXES on Page 4C) 1' Metroplex is the nation's sev- 1998 income tax return you enth-largest broadcast market CBS chief Mel 1 I may find it worthwhile to LLLf' 0 KTVT is based in Fort Karmazin says i jot down some notes to 4 Worth and has about 250 stations in top remind you next tax season 0011' I III pm i -r employees markets are "the of expenses that you could- Gaylord which bought most rare n't fully deduct on your C) tt 1 II KM in 1963 has been sell assets" 1998 return but which may It 4 lx 7 ing its TV and cable holdings be deductible on your 1999 3 throughout the decade The company based in return Nashville Tenn has been focusing on its tourism A common example are kiiii- II and other businesses including the Grand Ole "points" paid in a mortgage Opry Opryland Hotel and Christian music ven- refinancing which usually tures must be written off gradu- The company said yesterday that it will use the ally over the life of the -414 proceeds from the KTVT sale to help the growth loan If you took out multi- Nil 4 11144'1 1 ill ngshareholders" of its core business including an Opryland Hotel pinnaed for Grapevine year subscriptions to profes- -------z- 111 i-7-71 "The sale of KTVT is good for all of the parties itio Willt-- sional or investment publi- m'srsigNolov involved" said Terry London Gaylord's chief cations only a portion of roottooto le executive "We have achieved a good value for the costs are eligible for a ---r-77----'7447 deduction on your 1998 )N -------L 1 our Gaylord's stock gained $4875 to close at return ------------7 tsh a remain $E2x8ch2 a5yee 9 scteBrdsasylipopnedth2e5NceewntsYaorskhaSretoctk But the der can be deducted on future tax S000) 4' $446875 returns People with home- The deal had been widely anticipated in the based businesses should ---'------A (More on CBS on Page I2C) I make note of any home- office expenses that can't be 77i-Q4Z--- deducted because they exceed income from the 1 business Such excess Friday's parent 1 expenses can be deducted in 1 a future year Gary Klatt plans 2 downtown Tribune Media Services 1 I-1- Star-Telegram Fort Worth spots a THE MARKETS --7 Jim ArmatoN 1 i By WORTH WREN JR Star-Telegram Staff Writer 'ICDOW JONES FORT WORTH Carlson Restaurants World-1033931 Roth starts with an i 76 wide the parent of TGI Fliday's plans to open 16567 as in Rough two of its eight restaurant brands in downtown OIL FUTURES Fort Worth by the end of 2000 officials said at a 0 $1640 Rerfern4rars the instructions ct i issues )n i midstream supplemental file it Let's start there meeting here yesterday -17 cents Dedicated retirement savers We re working diligently on a couple of sites Contract for May gains tax Nightmare on And it's not like the new will recognize 8606 as the for downtown" said Wallace "Wally" Doolin 'Ltvl Schedule Prepare for the Schedule is a snap either form used to report nonde- president and chief executive of the Dallas-based POSTED PRICE '''S equally scary sequel: Form Investors above all other tax- ductible IRA contributions owner -operator and franchiser of 545 restaurants North xas I r- What the IRS I las payers must accept the fact It's easy to forget because it won say which of our brands at this time 4EN11' Crude Oil Roth that the job isn't done until the has no bearing on your current We've got to keep our competitors guessing about 75 cents S1400 It CV You probably shouldn't put paperwork is complete Many taxes something" i TODD off your '98 tax return a minute a heedless investor pays taxes It will eventually Once you Additionally he sad two TGI Friday's GAS FUTURES MASON longer if you converted a tradi- twice on some shares of mutual start taking contributions from restaurants are planned for other Tarrant County 00 $2128 Ilona! Individual Retirement funds or stocks your IRAs you won't owe locations by the end of 20 'IC 31 cents IN Account to the tax-free Roth Form 8606 can be costly taxes on your nondeductible In the Dallas area Carlson Hotels Worldwide Contract for May variety It's never a good sign too The IRS can hit you with a contributions because you plans to open one of its luxury Regent Interim- com ENTA It (More on RESTAURANTS on Page I2C) when the Internal Revenue $50 penalty just for failing to Nom on MASON on Page 4C) 4 i 1 i 1 I '44 Pv 0 --40Sto oqter-r 'Plw01iottsmwpm00rr 1r 4INI' tVvol- oprr' pe fewin- leN0W" -0111181W100111110401110110000rWl140knrn0140 "0" 10414111001111144 dr141 VLOokA0444 4 4 A k--ct ak 444i -1004V4 4 Wr4044144ax t146444441o4 444'1'4 I.