Hope Star from Hope, Arkansas on December 27, 1977 · Page 7
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Hope Star from Hope, Arkansas · Page 7

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Hope, Arkansas
Issue Date:
Tuesday, December 27, 1977
Page:
Page 7
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T.irsday. Drcrmher 21, 1977 AUK STAH Pago Seven KEY WITNESS in the congressional probe of South Korean influence buying on Capitol Hill, Kim Hyong Wook, former chief of the Korean CIA, says alleged payoffs of tens of thousands of dollars to many congressmen began in 1969 with much case. r , i f Watcr gU " against a brilUa "' West Texas sun creates an n Trlv i• a PUr , ( L ly P ractjcal Purpose - irrigating a field of hav on the dry ";;' Trsn . cll . n 6 »»« than a quarter of a mile on each sweep and spewing up to 600 niLTTr*' ?•?"/ «f ™ anu '»ct««d of Goodyear irrigation hose by San Angelo, lex., plant of Consolidated Pipe and Tube. rade treaty with Britain ises tax storm in U.S. WASHINGTON (AP) — Angry state tax officials are writing President Carter to protest a trade treaty with Great Britain that could deprive states of hundreds of millions of tax dollars from multinational corporations. At issue is a treaty provision that would prohibit state auditors from considering the costs and profits of foreign subsidiaries in determining a company's taxes. W.C. Strickland, Georgia state revenue commissioner, said this would allow multinationals to avoid state income tax payments by shifting profits to overseas affiliates. The treaty, negotiated by the Treasury Department and now pending in the Senate Foreign Relations Committee, would apply to British-based multinationals operating in this country. But state officials say that if British firms are granted the tax break, it soon will apply to all multinationals. Most states now use some form of the so-called "unitary business doctrine," which considers all operations. But Treasury Department officials say the unitary doctrine is unfair to corporations because most taxing jurisdictions around the world use the "arms length" approach, in which a company reports only the income and costs that the firm considers relevant to its local operations. State officials argue that many corporations habitually underreport their tax liabilities under the arms-length system. The unitary method has increased corporate tax liabilities wherever it has been used, indicating significant disagreement between tax officials and corporate officers as to what is taxable at a state level. State officials concede that the current unitary method needs refinement. But "any valid disagreement between the states and the multinationals must be resolved with compromise from both sides, not a total federal cave- in to the desires of the multinationals," Strickland argued in a letter to Carter signed by officials from 12 states. The state officials are not the only ones lobbying on the issue. The multinationals are working for approval of the treaty and have mounted a campaign in California to repeal the unitary approach there. In his letter, Strickland told the president that, "There is a movement afoot in your administration which will effectively tie the states' hands in coping with taxation of multinational corporations. "This proposal is inconsistent with your administration's stated goals for tax reform, especially when major beneficiaries would be multinational oil companies." California, Oregon and Alaska rely heavily on the unitary approach, and the Western Governors Conference says the treaty would cost these three states an estimated $150 million a year. Strickland's letter carried signatures from tax or revenue officers from Colorado, Florida, Georgia, Idaho, Maryland, Montana, New Mexico, North Dakota, Oregon, South Dakota, Utah and Vermont. Additional letters to Carter were sent by officials from California, Minnesota, Washington and West Virginia, and from the governors of New Hampshire and South Dakota. ANNUAL LADIES SHOES IE$TQ*29 WURALIZER-EASYSTREEf II 65 TO for the whole family STARTS AT 9AM MEN'S * SHOES * VALUES TO MO NUNN f BUSH, MORGAN QUINN DRESS & 14 56 CASUAL 22° 33 *29 VALUES TO *32 DEXTER, MORGAN QUINN I-! 65 CASUAL & TO DRESS 22 33 _ VALUES TO *17 STORYBOOKS, POLL PARROT '76 TO 11 65 SSI IJWE ALL SHOES ARE ON RACKS FOR ASY SELECTION AND FAST SERVICE STARTS PROMPTLY AT SAVE CASH 9AM WESTERN & DINGO Weds. BOOTS »•"•»•«•» DECEMBER MEN'S D SAVE AS MUCH AS 75% SAVE AS MUCH AS 75% LAY-A-WAY Martin Shoe Store Three Locations Hope and Prescott More rain for California SAN FRANCISCO Three solid storms have damped rain and snow across thirsty California since Thanksgiving, but the two-year drought may not be over yet, a forecaster says. A wet weather depression meandering in the eastern Pacific funneled another storm into the state Monday, sending added snow to the Sierra slopes and widespread rains to lower elevations. More of the same was expected today. Despite the storms, National WeatherService forecaster Ray Williams says: "So far this year precipitation Is normal, but we don't know what the rest of the year really is going to do." Williams noted the water table is still far below what It should be and that water rationing is still the rule In many areas. Three of the largest reservoirs in California are still at critically low levels, the state Drought Information Center in Sacramento points out. Shasta Dam, which has a capacity of 4.5 million acre-feet, has only 914,000 acre-feet in storage. Folsom Dam, with a million-acre-foot capacity, has 182,000-acre-feet; Orovllle Dam has a third of its 3.5 million- acre-foot capacity. A fair weather high pressure system had hovered over northern California for two years, diverting storms from the state. But the system has broken up and there is little evidence on weather charts to indicate any new high pressure formation in the offing, Williams says. California utilities do not have enough water on hand to talk about an end to the drought. But they do have hope. The East Bay Municipal Utility District last weekend reported 60 inches of snow at 8,000 feet, while normal for this time of year at that elevation is 30 inches. Last year at this time, there was no snow at all. The Holland Tunnel, the first ventilated underwater vehicular tunnel ever built, links New York City and Jersey City, N.J., under the Hudson River. It was named for Clifford M. Holland, its first chief engineer. , • -sO- •••••*»« J€mi-nnnuflL- SHOE SALE '••Famous Brand Names For Ladies ••"* LIFE STRIDE, TOWN & COUNTRY & FOOTWORKS STARTS WEDNESDAY, Dec. 28 ON TABLE FOR EASY SELECTION IMoa.se-no exrhnngo or refunds on sale i alnojH lo 830.99 NOW ladies shoes Values to $20.99 NOW 00 Values to $24.99 Values to SI 8.99 Values to 823.99 GROUP of ladies HANDBAGS SMALL GROUP OF MEN'S SHOES PRICE ALL MEN'S SHOES 10% OFF FOSTER'S SEMI-ANNUAL SHOE SALE EVERY SHOE A NAME BRAND AND CURRENT STYLES ¥EN T SSHO s CLEARANCE OF QUALITY SHOES FROM OUR REGULARSTOCK NOW $] 3<>0..$2()00 VALUES TO'35.00 RAND-FREEMAN-HUSH PUPPIES CHILDREN'S SHOES POLL-PARROT AND JUMPING JACKS LOAFERS LACEOXFORDS VALUES TO'19.99 NOW $700$!]00 * SHOE BARGINS FOR THE ENTIRE FAMILY ^^^SALEJTARTS WEDNESDAY MORNING, DEC. 28th AT 9:OOAM «DCRO^njoJjgjiJQiJ MISS WONDERFUL CONNIES JACQUELINE FAMOLARE cnriAimtc CALIFORNIA COBBLERS SOCIALITIES VALUES TO'33.00 COBBIES NOW $ 10 00 - $ 13 00 - $ 14 00 -*18 ooRISQUi BOYS SHOES AND TENNIS SHOES VALUES TO'20.00 SIZES3'/2to6 NOW $ 13°° CHILDRENS TENNIS SHOES USKEDi „ VALUES TO $OOO '14.99 HAND BAGS SPECIAL GROUP VALUES TO $QOO NO REFUNDS NO EXCHANGES A Family Shoe Store 115 Eqtt 2nd Struct

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