North Carolina Newspapers

By Benue Johnson
E.F. Hutton k Company
Account Executive
Bomle Johnson
»e ware Of Tax Bite
To quote a court decision
authored by Judge Learned
Hand, “Any one may so arran
ge one's affairs (so) that taxes
shall be as low as possible".
In short, you have no moral or
legal obligation to pay Uncle
Sam any more taxes than are
due. With proper planning
and continual awareness of
taxes, you can substantially
pare your tax bite
First, develop a tax con
sciousness and secure th*. best
advice. In addition, know
what you are paying in taxes,
and keep detailed expense
records because Uncle Sam
pays part of your bill. For
imgance, if you are in the 40
pCTcent tax bracket and have
a $10 deductible expense such
as lunch, the government pi
cks up $4 of the tab.
The Tax Reform Act of 1976
and the Tax Reduction &
Simplification Act of 1977, whi
ch refines' the Tax Code fur
ther complicates your task.
Though it’s not the intent of
lliir 4_ rr a
—vviwiitiidV IU U11CI UlA
advice, (I would strongly reco
mmend that you consult your
tax specialist on questions
concerning the tax consequen
ces of specific transactions)
the following tax consequen
ces, as they relate to the
securities industry, should be
of interest.
The first $100 of qualifying
stock dividends you receive
each year is tax free.
Consider investing in com
panies that pay stock divi
dends since .stock dividends
are not generally taxable in
The income trom municipal
bonds, including General Obli
gation and Revenue Bonds, is
exempt from tax.
Bond premiums, payments
in excess of the bond’s face
value are deductible in certain
Qil and gas investments
offtr continued opportunity -
shelter since intangible drill
ing cash deductions will be
subject to the minimum tax.
Consider investing in com
panies that pay tax free divi
dends, but remember that you
should reduce the cost of your
stock by the amount of the tax
free dividend
With few exceptions, the
amount of a tax shelter loss
you can take cannot exceed
the amount you have "at risk"
in such activity, t The amount
"at risk" is generally the cash
and property you contribute
plus any loans that are related
and for which you are person
ally liable
Interest and dividend in
come for a deferred annuity
accumulate tax free. You are
not subject to taxes for such
accumulation until you draw
upon these earnings.
Long term capital gains are
taxes at one half your tax
Long term capital losses
should be used to offset short
term capital gains.
It still takes $2 of long term
Incc In nffcol Cl _ -
- w ;
If you bought stock of one
company at varying prices,
keep a record of each stock
lot. When you sell a part of
your holdings you can control
the amount of your gain or
For tax years beginning in
1977, gain or loss on a sale or
exchange on an asset that is
held for more than nine mon
ths will be long term (up from
6 months). For the tax years
beginning in 1978, it will take
more than one year before
gain or loss will be long term.
As a matter ot policy E. F.
Hutton does not offer tax
guidance to its investers and
strongly recommends that you
consult your tax specialist on
questions concerning the con
sequences of specific transca
What we can do is work with
your legal and tax advisors in
developing a financial pro
gram that would defer or
minimize your tax burden.
INew Screening Law For
Females Go Into Effect
RALEIGH-A rubella (Ger
man measles) screening law
for all female marriage licen
se applicants will go into
effect January 1, 1978.
The law, passed by the 1977
General Assembly, was enac
ted to reduce the risk of
pregnant women getting the
disease and delivering babies
with severe mental and physi
cal defects, according to Dr.
J.N. MacCormack, head of the
Department of Human Re
sources’ Communicable Di
sease Control Branch.
MacCormack estimated
that about 20 percent of wo
men of child-bearing age are
not, immune to rubella. He
sajf the rubella vaccine shou
ld not be given to pregnant
women and that a woman
should not get pregnant for at
least three months after get
ting it.
"If a pregnant woman gets'
rubella, particularly during
the first three months of preg
nancy,” MacCormack said,
"chances are good the baby
will be born dead or with birth
defects such as congential
heart disease, blindness, deaf
ness or mental retardation.”
The public health officials
said the incidence of rubella is
low at present probably be
cause of the emphasis placed
on vaccinating children since
1969. He pointed out, however,
that if there is a slackening off
of immunization efforts the
incidence of the disease is
likely to increase.
TIwk'i mMiIh wwi with |wit km«hi« Imh.
!«• • n»< mM t««i to wait* M n*t pat ta m*.
If you know someone who could qualify, the Navy
knows the way to train him in one of 60 skills while
he’s earning decent pay. The rewards are as great as
the training is demanding; while he earns, he learns,
so hia mind is still expanding. We also pay for room
and board, plus 30 days vacation. And he’ll have the
opportunity to continue his education. The Navy has
the answer he’s trying to find, ’cause in the Navy he
can make good use of his mind.
■ NAVY '
■ Holiday Fashion Highlights ’77
The 1977 holiday season is a
nightlife celebration from coa
st to coast. Whether you'll be
dancing in the hottest new
discos or partying with frie
nds, you'll want to do it in
style. Here are the season's
fashion highlights according
to GLAMOUR Magazine
Dancing is the news Discos
all over the country are alive
with lights, music, and some
of the most danceable fashions
in years. The mood is definite
ly soft and sexy with lots of
skirts that swing and pants
that shine Disco dresses, tops
and pants are silky, satiny,
and have a life of their own
They're body-following, yo
ung-body flattering
Colors range from incande
scent pales to neon brights.
from bold stripes to gold stri
pes and metallic touches Fab
rics like crepe de chine, wool
challis, velour, silk, satin, vel
vet and taffeta glide over your
body while they give off" the
softest sheen There are lots of
ruffles, tiers, pleats, smock
ings, raglan sleeves, bare sho
ulders and flirting skirts.
Step to the music in a
crayon-striped taffeta skirt,
black-flounced around the bot
tom, or a swishy dirndl in jade
green panne velvet. Look
vibrant in straight-legged je
ans of red satin', or hammered
satin pleated-front trousers in
a pizazzy purple. Top these
show-stoppers with classic
and bare leotards in all the
colors of the rainbow.
You can set the mood for
romantic touch dancing in a
soft, satiny pastel dress with
various combinations of femi
nine trimmings - flounces,
tiers, drawstring sleeves, tou
ches of lace.
The accessories to wear
with these dancing-party looks
include pretty ankle strap sho
es or slinky high-heeled sand
als in shiny patents, satin
Tea dancing, touch dancing,
and ballroom dancing are mo
ving into the hottest discos
You can do them all and look
smashing when you wear a
dance dress like this one with
its soft dirndl skiTt and top
with gentle drawstring slee
ves Created for Equations by
Julie Isles of polyester crepe
de chine Medusa's Heirloom
haircombs Shoe Strings san
fabrics, metallics. soft suedes
and leathers-to be paired with
shadowv-sheer stockings, f lat
ballet slippers in bright pas
tels or metallics to team with
.the swingy, flouncy skirts.
Tiny shoulder bags, glinty
pouches, and small envelope
bags in rich satins and shim
mering metallics i gold, silver,
copper and bronze»; shinnv
buckle belts, tie belts and
shiny cords; small, jazzy neck
scarves with metal-threads
and fringed, lacy shawls.
The jewelry is delicate and
very feminine-fine gold cha
ins, plain or with glass and
crystal ornaments, diamond
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stud earrings and notched
bangle bracelets Hair is ador
ned with pretty combs, barret
tes. hairpins, shiny cords and
slender threads to wrap or tie
tiny braids, wisps and tend
Soft lights Quiet evenings
Tender looks for toasting the
holiday season now. and for
w earing all through the spring
days and nights to come. The
news is in soft touch sportswe
ar with colors flattering as |
candleglow w inter w hite, pe
ach. pale pink, mauve, mocha,
pale blue, yellow and pale '
green Look lor quietly sensa
tional fabrics in solid tones,
stripes, tiny prints and floral
chailis: cozy fur-blends, flan
nels. corduroy velour, luxu
rious silky surfaces and lacy
knits ‘ i
The little details that flatter
these lovely. easy-to-wear clo
thes are baby collars, draw
string ties. Pierrot-style col
lars i ruffle tie-necki. fringed
hems, tucks, tiers, touches of
embroidery and pale lace-ed
ges. Pair the soft sweater
tops, camisole blousons and
silky shirts with pleated-front
pants, tiered, deep pleated or |
gently gathered skirts I
Among the accessories lor I
these soft sensations flat bal |
let slippers in suede pastels. I
with or without ankle wrap I
ties; sweatery-textured or op
aque tights; soft shoulder ba- l
gs and tiny pouch bags; silky
cords and skinny metallic-col
ored leather belts for empha
sis at the waist. Jewelry inclu
des crystal necklaces, gold
and silver chains with glittery
ornaments, single flowers on
metallic cords, dainty drop
earrings, and braclets-metal
lic or pastel bangles fashioned
in wide bands to be worn alone
or as narrow bands to be worn
in multiples.
—__^li-1*'*- 1 ’• ^"-THK lH.AKLuTTK POST Page 11
Merchants Who Advertise In The
Post Are Telling You They
v Appreciate Your Business.
Patronize Them.
Holloway’s Men Store f? 1
---c C\ k 1
Boys Pants 810.00 I p
Boys Sweater 813.99
Bovs Top Coats 851.99
Boys Corduroy Suits Reg *66.09 Non 849.99
Boys Pin Stripe Suits Reg *60.00 Our Price 8 19
! Mens
Mens Jeans 88.00 «*P
1 Mens Nylon Shirt 89.99 up , ■, !
Mens Pants 81 1.00 »P |
Leather Coat Low Low Price Top Coats In The Lastest Style
, Sweater All kinds - Leather Trim Suede Trim
Cologne S.K.X. I II • Musk Oil. Grass) Braura Musk) >
Gloves. Jewelrv I
T* 0 1
Hour Moil - Sal 10-9 Sun - |-/> ft [
Trvon Mull 4500 N. Trvon Si
Oidsmohile Cutlass Supreme for ’78.
Affordable good looks you can identify with.
C'..m you appreciate7i r« ii Ivautv ’ Then take a Rtxx.t kx>k at the _
^ new Cutlass Supreme -
C-l.isstV profile Porinal ■ . >t I lundsome uriHe Trim new st\le
Now step inside 'vreic!’. out an».l relax in luxurious comli >n
Theres actualh more e«»rix*m and headnx>m than last war
Notice the beautiful new instrument panel. Start the engine * >
H\perience the peaci t u! ;iu'ti< >n ihe sim x >th rule
Cutlass Supreme has tuner Ivon more exciting. So don't end
\pur dream here. Set \our Oidsmohile dealer tor a test drive
Oidsmohile l an lass Supretiie. iVe Ivautitul dreamcometrue
t an vve build one tor you?
- ■ ■

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