Page 4
^ -
Taxpayers
Ask IRS
This column of questions and
answers on federal lax matters
is provideii by the local offi[*e
<a the U.S. Internal Revenue
Service and is publishef.l as a
puibllc service to taxpayers.
The column answei-s questions
most ftxxiuenHj’ asked by tax
payers.
Q—Can 1 deduct the contribu
tion I made to one of the eandi-
%t«*es running for office here?
'A-’No, contributions to politi
cal candidates and campaigns
are not deiductible.
Q—As part of my job I work
at home a lot and have a little
office for myself. How do I (han
dle my deduction for this?
A—To qualify for a deduction
you must show you arc re(]uired
THE KINGS MOUNTAIN HERALD. KINGS MOUNTAIN. N
to provide your own s-pace and
^ facilities as a coni.iition of your
employment and you u.se it reg
ularly for business purposes.
You must al.so show the por
! tion of your home used for this
I purpose and the time it is so us-
ed.
I For example, if the office
I space accounts for 10'/< of the
space in youir home, you may
I take lO'A bf such items as rent,
depreciation, heat, light, insur
ance, real estate taxes and mort-
g-.age interest. If you use the^ of
fice portion only half the time
tor business purposes, then you
may deduct only 57r of the ex
penses as a business deduction.
Q—If I give pri’sents to some
of my customers can I deduct
the cost as a business expense?
A -Yes, business gifts are a
deductible expense as long as
they do not exctx'd $25, to any
one cu.stomer during the year. If
gifts total more than $2.5, only
I $25 may be deducted. A gift to a , ital losses are dct-wtlbie
oustomer’s wife or child must!from ordinary income only one
generally be includeli with any .half Of net long term losses are
• gift to tho customer himself in I net long term capital loss is
figuring the $25 limit. : $1,000 and there «re no other
^ ^ I gains t>r losses, then half of lit or
Note that gifts Which cost $4 ^ jsqq can 'be used to offset your
I or less are subject to this li-1 other income,
mit if your name is clearly and |
' print^ on the item and is one |
I of a number of identical items
I distributed by -you. This would
cover calendars, pens and simi-
Gaston Students
On Dean's List
Dr. George S. McSwaln, Dean of
InatrucWon at Gaston College, an
nounced (that the following Bings
lar items.
hea-
Heiald Sets New Picture Policy
The Heiold is setting a new policy on pictures to be pub
lished In the future euid seeks the cooperation of Its readers
and customers in making the change.
Beginning next week, only black and white photographs
wUl be accepted since only poor reproduction can be expected
from colored photographs.
For birthday pictures and other single-column pictures,
only wallet-sire (2x3) photographs wUl be accepted, and for
brides and brides-elect, 5x7 pictures are requested.
Also, all brides pictures and birthday pictures must be jn
the Herald office no later than Mondoy for Inclusion in that
week's editioii«
The new rules have been necessitated since a change has
been made in engraving oompaniqs serving the Herald. We
hope you will not ask us to make exceptions and will request
the proper sires when ordering from your photographer.
Q_My brother had som^
vy m0.1loAl expenses last year
and I helped him out with them.
Can I deduct this on my return?
A—As a general rule, only
' medical expenses paid for a de-
I pendent may be deducted with
I your other me'lical expenses.
This rule wo-uld not apply if you
cocJd have claimed your brother
as a dependent except for tJie
fact that he bad income of $625
or over or filed a joint return
with his wife.
If you think this exception ap
plies in your , case, ibe sure to
[ have a good record of what you
contributed to your brother’s
support for the
Q—if took a loss on some stock
shares I sold this year. Is there
0—IMy dentist is doing some' Mountain student* have ibeen
bridgework tor 'me. Can '1 lucduct j placed on -the Dean’s List for the
the full cost on my 1970 return? Fall Quarter, 1970.
ject iandge | Division: Jaoque
A—Dental expenses are sub- \ Causby, Michael <5. Causby, Don-
ject to the same provision as na G. Chamiplon, Sara S. Jones,
medical expenses. The total of Mack Lefevers, Jr. Barbara 'Lou
the expenses that qualify may be Logan, John D. Logan, Donald L.
deducted to the extent it exiceeds ! Roberts, Hubert H. Seism, artd
3 percent til your adjusted gross
income.
Retjecca A. Summltt.
Teohnioal Division: Bay E. Mor
Include dental expenses only U . gan and (Gary E. Nolen.
.... I g ^ A 1 TXIakI
they were paid wi
year. If the expenses oomfl M
$350, but you paid oirly $175 of
that in 1970, just list the 9175
when adding up medical <uid
dental costs.
Q—My income will be lower
than 'I expected this year, and I
don’t think I’ll have any addi
tional tax to ipay|. Can I J'UJSt 'for
get albout my next estimated tax
payment?
A—Ilf you now estimate that
you will have no additional tax
Vooa'tional Division: iDennis B.
Buff, Willlaim Cline, Stephen a
Farnsworth, Bonald C. Miller,
Tonxmy W. Patterson, Clarence T.
Plonk, and Billy G. Bd>bs.
snares i sifnu mis . ,,, -.oro
any change in the way I handle I to pay when you file your 1970
this for tax purposes? return, it is not necessary to
make further estimated tax pay-
A—Yes, the Tax Reform Act ments for 1970. Us^ your estim-
• 4 -1A 4-Via tOV —a. —J
of 1969 (made changes in the tax
treatment of capital losses.
Capital losses Scontinue to be
deduct iblp and can be used to
offset capital gains. In addition,
capital losses can be used to off-
j set other in'come up to a maxi-
I mum of $1,000 a year.
I However, wihile short term cap-
ated tax (worksheet to figure out
the revised amount of tax liabil
ity and whether this will be met
without making an estimated tax
payment as scheduled in Janu
ary.
Q—^If I pay someone to take
care of my baby while I’m work
ing can I deduct the cost?
A—^Thio may qualify as a child
care expense. In that case you
may deduct uip to $600 of the a
mount you spMid for the car^ of
a dependent while you are wortt-
ing or looking 'fdr tvoilt. The de
duction is raised to $900 When
care is paid 'for 'two' or more de
pendents.
Note that the tax law limits
the ideductlon when the combing
income of a! worW^ (CoUple is
©■ver $6,000. Then the deduction is
red'uced by the aiitount their In
come exceeds $6,000. This and o-
ther rules are explained in Pub
lication 503, Child Care and Dis
abled Dependent Caret available
free from your IRS (District Of
fice.
An investment
opportunity
for you at
Firet-Citizens Bank
& Trust Company:
8.50%
subordinated
capitai notes
THESE NOTES DO NOT REPRESENT DEPOSITS
AND ARE NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR BY ANY
OTHER GOVERNMENT AGENCY.
OFFERING: $5,000,000 of an authorized
$1 5,000,000 issue
DENOMINATION: $500 minimum with any amount
above in multiples of $ 100
MATURITY: December 1 5, 1 990
INTEREST: Payable June 1 Sand December 1 5
REGISTRATION: All notes will be fully registered as
to principal and interest.
Payment of these notes is subordinated to the claims
of depositors of the bank and of its other creditors
except those holding securities on a parity with this
note or expressly subordinated to this note. In the
event of insolvency or liquidation of the bank these
notes cannot be paid until the claims of all depositors
and of all other creditors of the bank (with the excep
tions aforesaid) have been satisfied in full. These
notes are unsecured and are ineligible as collateral
fora loan by First-Citizens Bank&Trust Company.
SALE OF NOTES: These notes will be sold directly
by First-Citizens Bank & Trust Company. For a copy
of the Information Circular, visit your nearby office
of First-Citizens Bank & Trust Company, or mail the
coupon below.
The offering may be limited or withdrawn at'any
time. This offering is-as of December 15. 1970.
’A
First-Citizens Bank & Trust Company
Corporate Trust Department
20 East Martin Street
Raleigh, North Carolina 27602
Gentlemen: Please send me an Information Circular containing details on the 8b0V9
8.50% subordinated notes. I am interested in a note in the amount Of -9
(minimum $50Q|
OOMFLETBS TIIAIMIMG — Alt-
own Gary D- Xandernoii. son of
Mr. and Mrs- Emmltt Honder-
soo. Hb il. hod ncsitrad his Hzst
O. S, Afi Force duty assignment
oftM complstlM basic trednlng
ed Loddond An, Tea., Son An-
todie. Texas. The ainnan has
baea ossigned to a unit el the
Stxaiagtc Air Command <R
Qtoitd Forks An, N. D» for
tifdhtBS ond'dnty in tho civil
•ngiiifohng structural ondbcme-
mSUts field. Airman Henderson
ie,« )97l) groduMe of Bings
Mbnirtata higb.sehdoL'
SMgU Was
BioiBeStai
U. & iABMY, VIETOAM (AMT-
NCV 'Dm. 3 — Army Sergeant
Cherlto Seagle, i25, son o< Mrs.
Parniti' V. Seagle, 106 Sadie. St.,
Kli^..jMou«tliln, N. C:, recently
reii^yed the Bronze Star Medal ta
Vtd^alm
‘He was\ iwusejited. the Oteonze
Star MMal > for distisgutehing
hJiitaeilHSiiiouBh mefiWridus serv
ice -tfi -oontiewon with military
operktlpns ai^nst ' hostile ,iton;de
in' ^e«iani.;TO'?-leddal,. adopted
reeaghiaif dhtdandhtg* a-
dii^irieivt.
Sgt. 'Seagle received the (award
while assigried as a squaid leader
In Coihpany A, lAt Battalkm, 8th
Cavali^, IjK Cavalry Division
(Airaneblle).
0
in Maiiph^**^!, ccmipleted .basic
tralhlijg at Pt. Brass, N. C., and
wSsia^tiondd: at- Ft Jackson, S.
C. 'beiere- arflvihg’ gvei^as. He
alio:- $tidS .lihe, Amiy Oomlnenda-
the Aitj-MfedAl attd
th^Xinnbdit- InfAottynian Ba^e.
j. —jiant is k 1969 grad-
uAiie -.(k,' ICiriks, Motmtain High
Sdli^./.tte'ibccfy^1ils &A. de-
grM.M-lS^S'lirMh ffe-Unlwetslty
of NbiAh c^lina at Ohartotte.
Vi^,Piano
Leaining Camp
Tryoub Invited
Next summer, during the wedt
of June 03 to iie, at lUie 'Beauti
ful WILDACBBS estate qear Lit-
tie Switzerland, a leadership
training camp will bf held for
prospective singers and accom
panists grades nine through 11.
Sponsored by the DUiworth Ro
tary Club of Chatlbtte, the Rotary
Music Camp will be under the
direction of Harvey L. Woodruff,
known throughout the Southeast
as voice teaoher, choral director
and music eduicator. Last summer
he conducted the Dilwoirth Rotary
“Youth on the .Move” Singers in
a concert. tour through Western
North Carolina, appe«ring before
fifteen different Rotary Clubs and
their (conunuhity atidleiilces. ‘
Applicants (or the Music Camp
at WILIDACRE? will be apditioned
during the cairislmas, holidays,
and those selected (WlM receive
$30 grants from" dartidlpdiing Ro
tary Clubs thrbuiEKodt District
767, the westenrpart.dt the state.
These' represent naHkeholarshlps
tor the total tqgl 0^'tbb week;
• Audition times akd'places are
these, and students may bring
their own aoionnpdnists' if they
Ttiundayr DBC6iTib#r-17i J$7(»
wish. They will sing (or play) qhe
selection. . ' , '
Sunday Dec. 37, 2:00 IW*
and Monday Dec. 28, 10:00,|o
12:00 noon, at the Woodruff voice
Studio. IRlfi Eocl Eighth St., CHM-
lotte (2 blocks from Hawthorne
Lane). , .
Monday Dec. 28, 3:00 to
Music Room, First Baptist chu|d||,
Shelby.
Application blanks and furthei
Information may be obtalnM by
wrlring Dr. Homer Justls, Fr6#l*
dent, Dilworth Rotary Club,
3050, Charlotte, N. C. 28203; or
from Harvey L. Woodruff, Dlrcclof
Rotary Music Camp, 1816^BMt
Eighth St., Charlotte, N. C. 282004.
The United Nations (OhiMiretf*
Fund is well-known lor its life-
saving activities in the ‘fields ^
child nutrition, mother-and-bsw
care, control of epidemic cWlfl-
hood a-iseascB, and disaster .rg;
lief. But it is not enough to jw
tect children 'from disease or dis
aster; they .must also ibe prots^
ed from ignoranloe. So about Ihlp
ty per cent uf UNHaBTs rCsetf-
ces go into the fields of edlupatiotl
and (vocational 'trainlnf.
«4iiM needs thel right kit
schooling, so that 'he,can Rrjw UP ^
to become a productive Adtflt, ^
le to make ConsVh-““*“ *-
tiohs to the world’!
UNUCEIF help
world!
their own aoionipdnists' if they world. .i!
Name
(please print)
Street
City .
-State .
-Zip .
. When you give a ^
Bulova watch-any occasion
beopm^ a special event -
silectrA*.Watch’From the Excellence Collectionr ^
SHOP HIPPY'S JEWELRY C(L
depot AMD SAVE
^ : foil YOUH CHRISTMAS GIFTS
• •
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