Carrol Daily Times Herald from Carroll, Iowa on June 12, 1974 · Page 5
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Carrol Daily Times Herald from Carroll, Iowa · Page 5

Carroll, Iowa
Issue Date:
Wednesday, June 12, 1974
Page 5
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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. Question — My uncle died and left me his house. I just sold the house at a loss. Can I deduct the loss as a capital loss? Answer — No. Although property held for personal use, such as a residence, is capital asset, the loss on the sale of such property is not deductible. For more information on capital gains and losses, see IRS Publication 544, "Sales and Other Dispositions of Assets." It's available free from your nearest Internal Revenue office. Question — Is it against the law for a tax return prcparer to reveal a client's Federal tax information? , Answer — Yes. The law provides that any tax return preparer who discloses or uses Federal tax return information for any purpose other than to prepare or assist in preparing a return can be, upon conviction, fined up to $1,000, imprisoned up to one year, or both. Question — 1 purchased a certificate of deposit for $10,000 from my local bank. The certificate is redeemable 'in five^years for $13,600. Do I report this interest at maturity or each year? Answer — The $3,600 is deferred interest of "original issue discount" must be reported each year on a monthly pro rata basis. In your case, you are considered to have received as interest Program Ends Bible School ARCADIA — The Arcadia Zion Lutheran Bible School- was held June 3-6 with a total of 58 in attendance. Theme of the four-day session which closed with a program Thursday evening was "God's People Today". Mrs. Ray Lee Hosts Visitors AUBURN - Mr. and Mrs. Carl Anderson of Loveland, Colo., Mrs. Reva Case and her granddaughter of Ava, Mo. were recent visitors in the Mrs. Ray Lee home. Mr. and Mrs. Paul Kelly of Carroll were hosts to members of the G.N. Club at Auburn. Pinochle was played with Mrs. Catherine Reiting, Mrs. Victor Wernimont of Carroll, Florence Ellerbroek, Mrs. Kelly and Mrs. Herbert Garnatz receiving prizes. Mrs. Garnatz will be the next hostess. Mr. and Mrs. Cleo Ribprdy of Amerit, Minn, were visitors Tuesday in the home of Mrs. Ann Schulte. They had come to attend the funeral services of Mrs. Theresa Schulte at St. Mary's Church. Teachers and their families with the Rev. and Mrs. L. Sawhill and the Rev. and Mrs. Theo Tews as guests, held a supper prior to the program. Carla Ehlers, music director, accompanied various classes in singing with her guitar. A film which depicted the theme was shown. Teachers and helpers were Mrs. William Jentzen and Mrs. Eddie Holsworths. co-leaders; the Rev. Sawhill, daily devotions and films; nursery, Mrs. Dave Miller assisted by Bette Andersen; Grade 1, Sylvia Wenzel assisted by Von Holsworth; Grade 2, Rose Marie Jurgens assisted by Kim Grundmeier; Grade 3, Darylis Maasen assisted by Cindy Dixon; Grade 4 and 5, Mrs. Duane Meggers; Grade 6, Rodney Lenz; Grade 7, Gloria Witt; Junior High, Mrs. Don Nobiling. Kitchen helpers who served refreshments furnished by the Ladies Aid and parents were Mrs. Minnie Ehlers and Mrs. Merlin Brockman. Mrs. Wilbert Ehlers was secretary. The week's offering was designated for the Lutheran Deaf Mission at Des Moines. one-sixtieth of the deferred interest or $60 for each month of the five-year holding period. Thus, you must include 12x$60 or $720 (or a prorated portion for less than full years) as interest on your tax return. For more information, see IRS Publication 581. "Questions and Answers Regarding Original Issue Discount on Savings Deposit Arrangements." available free from your IRS office. Question — I just bought a house. At settlement, I paid the seller's property taxes for the year. Are these taxes deductible? Answer — No. Real estate taxes which are the obligation of the seller, but which you agree to pay, are part of your cost of the property. They may not be deducted by you as taxes paid. If you reimburse the seller for taxes he paid on your behalf, those taxes are ordinarily deductible by you and may not be added to the acquisition cost of the property. Q — I filed my return in March but have not yet received my refund. What should I do? A — If you have not received your refund or a letter explaining the delay within ten weeks after mailing your return, contact your IRS district office. The IRS will need to know approximately when your return was filed, your social security number, name and present address and the address on your tax return if it is different from your present address. Q — I received an extension of time to file my return. Will I be charged interest on any tax Times Herald, Carroll, la. r Wednesday, June 12, 1974 D I owe? A — Yes. Interest at an annual rate of six percent will be charged from the original due date of the return. However, the filing extension will excuse you from penalties for failure to file or pay during the period of the extension. Develops a Basic Nursing Program ByEVESHARBUTT N.EW YORK (AP) Innovation is nothing new to Dr. Marguerite C. Holmes — she thrives on building new programs. The dean of the Hunter College-Bellevue School of Nursing came to the City University of New York in 1954 to develop a basic nursing baccalaureate program for Hunter. Since that time, she has instituted programs to upgrade licensed practical nurses (LPNs) to registered nurses; to train fire fighters and policemen for second careers in nursing and now a continuing education program for city employes who wish to obtain a nursing degree. "We started our first class in 1955 with 44 students in nursing. Now there are 1,500 basic day session students. We have had as many as four fathers of students in police-fire classes, and the fathers and daughters studied together," Dr. Holmes said. The dean pushed aside her glasses, brushed back her grey-blonde hair and admitted that successful programs. though rewarding, cause problerrr The first fleet of motorized taxis in the United States made its debut in 1907. Hemlock timber has many unfavorable commercial qualities but its cheapness makes it useful as coarse lumber and rough dimension stock. The rarest dog in the world is the lowchen or lion dog, of which only 52 were reported in October 1971. The breed was a famous lapdog of the nobility of southern Europe during the Renaissance period. BRAND NEW TWIN NOW THRU SAT. June 12-15 -> 3^0,^-0 ! sassinati »"... accomplish^ George Glenda Segal Jackson lbuchOfCIass SUN., MON., TUBS. June 16-18 7:00 & 9:00 SUN., MON., TUES. June 16-1 8...Starts at Dusk WED., THURS., FRI., SAT. June 12-15...Starts at Dusk I give you fast-fast-fast relief! PLUS CO-HIT NO. 2 "THE NIGHT CALL NURSES STARTS FRIDAY Thru June 19th THE POSEIDON ADVENTURE" Eves, at 7:00 & 9:00 Sun. Matinee Once at 2:00 P.M. RONALD NEAME Mm OPEN WED. and FRI. till 9 - SUNDAY! -5 SBRNBTT WESTGATE MALL Carroll, Iowa the sporting way of life SHOP FOR DAD IN OUR MEN'S DEPARTMENT Bath Robes for Dad LONG TERRY ROBES and TERRY JACKETS $£98 $1449 6 to DRESS SHIRTS and SPORT SHIRTS Choose from our large selection of sleeve shirts. Permanent press. Knits. short YELOUR ROBES $ 1149 Luxurious 12 Fancy Patterned SOCKS From Interwoven. For that unusual gift give some socks. Choose from Argyles, Dots, Stripes. to 2 $498 4 to MEN'S LEATHER BELTS 30" — 46" waists. All colors, sizes and styles. 50 $000 For perfect match with our shirts we suggest THE MIRACLE TIE by Belle 100% Polyester - machine washable — stain resistant 3 to 8' BUXTON LEATHER BILLFOLDS gift give him leather. Good $£50 $1100 to For a special '"selection. 5 r.» c 11 Shop Our Popular Sporting Goods Dept. MacGregor Flightmaster TENNIS RACKET $4.98 Light and easy to handle. It's built solidly for rugged play. Attractive brown finish with white trim. Leather grip. 6 fjorelco' 40 VIP SHAVER Adjustable tripleheader. TENNIS BALIS $029 WILSON Tube of 3 MacGregor Nicklaus Golden Bear IRONS 3-9, 1 wedge GOLF CLUBS Special for your Dad WOODS 1-3-4 80 Series. Tour flight, steel shafts, permawood laminated wood heads. Precision weighted, sandblast face on irons. The step to a better game. GOLF BAGS SCHICK STYLING DRYER $»99 Super 500 watts. Special for Dad . 15 Reduced 20% off our everyday prices just for Dad's day. Many colors and sizes. Reg. From $8.95 to $21.9$ NOW to BERKLEY ROD COMBO BRUT 33 SPLASH-ON LOTION 7-Oz. 412 Spin Reel with 8 Ib. monofiiament line. B20 6'6" 2 pc. fiberglass rod. Electric Shoe Shine Kit Deluxe model with applicators, polish brush, lambswool buffer and polish. HAI KARATE AFTER SHAVE LOTION $018 4-Oz. 2 OLD SPICE COLOGNE FOR MEN $450 9!/2-Oi. 2 in*.-

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