'^HE^TRIBUNAL AID WEDNESDAY, DECEMBER 24,1976
BUSINESS AND FINANCE
;ninv5
1040
igJM!
New Law Demands Action
RALEIGH -- All North degeneration caused by drugs or alcohol.
Carolinians who believe advanced age, or due to The county director of
This column of questions and answers on federal tax your job and your travel expenses ® disabled adult is conditions inpurred at any social services is required
matters is provided by the local office of the U.S. Internal considered personal expen- being neglected abused or age which are the result of to evaluate every case
Revenue Service and is published as a public service to more^m?ormation se^IRS Publi^'^ exploited are required by a accident, organic brain reported as soon as
taxpayers. The column answers questions most frequently tion 463, Travel, Entertainment, 8°es into damage, mental or physical possible but not later than
WHAT IS YOUR
QUESTION
Dying—Death—Estate Planning
A. J. WOLFE
asked by taxpayers.
and Gift Expenses, available free effect on January 1, 1976 to illness, or continued con- 72 hours after the
at your IRS Office.
Q. I am 65 years oW and have tion must be made by both taxpay- Q- I made a down payment on a
iust sold my home. I've heard that ers if the property is jointly owned, home I wanted to have built, but
because of my age, I may not have If the adjusted sales price is more tf>* construction company has just
to pay tax on some ol the profit I
made from the sale. Is this true?
than $20,000, you may still be able
to exclude part of the profit. For
more information, see IRS Publica-
A. Yes. If you were 65 or older tion 523, Tax Information on Sell-
before the date of the sale or ex- ing Your Home. It's available free
change of your house, you may be from your IRS Office,
able to exclude from your income
declared bankruptcy. I am told I
have no chance of recovering my
report such information to sumption or absorption of reported,
their county director of
Less Taxes
social services.
The report may be made
orally or in writing and
Wit h
all or part of the gain from the
sale However, you are allowed to
do this only once ih your life, and
you must have owned and used
the property as your principal res
idence for at least five of the eight
years immediately before the date
of the sale.
If you meet these requirements.
Q. I have a full-time job In one
city, but I live with my family In a
dty 100 miles away, and I must
travel back and forth each week.
Are any of the travel and living ex
penses deductible?
A No. In a case like yours, your
home, for tax purposes, is consid-
money. Is there some kind of loss anyone who makes such a
which I can declare on my tax
return?
A. When a construction com
pany becomes insolvent and fails
to perform under the terms of a
contract, the unrecoverable de
posit made for the construction of
a residence is considered a non
business bad debt.
'75 Return
report shall be immune
from any civil or criminal
liability unless they acted in standard deduction, per-
bad faith or with a sonal exemption credit,
malicious purpose. housing credit-these are
According to the law, a some of the changes on the
disabled adult is any person 1975 tax return that will
to, .he
physically or mentally majority of taxpayers.
Greensboro - Liberalized filed the 1040 form may
subject to the limitations on de-
ered to be your principal place of ductions for capital losses. Report incapacitated due to mental
ana ii tne aoiusted sales price ot business, employment or post of the loss on Schedule D, Form retardation cerebral naUv Take the chanee in the
your home is $20,000 or less, you duty, regardless of where you 1040. For more details, see IRS ‘^etaraation, cerebral palsy, uie tnange in tne
may elect to exclude the entire maintain your family residence. Publication 548, Tax Information epilepsy, organic brain standard deduction. On last
gain from your income. This elec- Your food and lodging while at ^n Deduction for Bad Debts. damage or other physical year’s return, taxpayers
were limited to 15% of
adjusted gross income to a
This
iivMi jrwui iMwmc. IIM3 luuf iwu aiiu wuiie di ueaUCuon igr 030 ueDib. ‘lamagc Or C
Former Editor Reappointed By Govenor
Raleign - Holt McPher
son, former editor of the
High Point Enterprise, has
been reappointed as chair
man of the N.C. Medical
Care Commission by Gov
ernor James E. Holshou-
■r, Jr. McPherson has
been chairman of the
commission since 1972.
Governor Holshouser al
so appointed Dr. David
Stephen Nelson, an emer
gency room physician at
Forsyth Memorial Hospital
in Winston-Salem, to fill an
unexpired term on the N.C.
Medical Care Commission, loan program. It also sets •^®**’num of $2,000. This
licensing standards for ^^e percentage has
commission sets hospitals, establishes
,. been increased to 16% with
CONSUMERTIP
policy for several of the teria for the certification of ^ "laximum of $2,600 for a
Department of Human Emergency Medical Tech- "’^fried couole filine ioint-
Resources’ programs in- nicians and adopts regula-
cluding health facility tions for certifying ambu-
construction grants and lances,
loans and the educational
ly, or $2,JU0 for a single
person ($1,300 for a
married person filing se-
perately).
YOU CAN BE YOUR OWN
□
BECOME
Many taxpayers who
have always itemized and
;mtroh!i»
Tlie TuSlen Pwducfo Siiwii 9» yww OwiioiisH
TO BELIEVE IN YOURSELF.. .
TO BE INDEPEi\IDENT - TO BEAT UNEMPLOYMENT
TO MAKE THE MOST OF YOUR ABILITIES
FOLLOW THIS PLAN, IVIAKE $360.00 A WEEK
See 40 people a ijay - 240 people a week - 960 people a month!
Collect no less than an average of $3.00 per person a day.
Your total sales will be $120.00 a day ■ $720,00 a week.
The part that you are really going to love - "INCOME"
$360.00 a week
$1,440.00 a month (4 wks.)
$18,720.00 a year
A New Name
In High Point
Hoovef-Seni
General Steel
Products
Division
Better Pay.
Better Benefits
Apply Or Call
1151
Blandwood Cir.
883-9101
Dear Mr. Wolfe:
Can you tell me why when my older sister died the
funeral parlor didn’t tell her son that she had already
made arrangements and that the arrangements had
been paid for in advance before she died? I know the
funeral parlow people knew because I was with her
when the arrangements were made. But I live out of
town, and when I got there, her son had made
find it to their advantage to arrangements with the help of the people at the funeral
use the simpler Form parlow as to where she was to be buried, etc.
1040A this year and take Cgn we get any of that money back that my sister
the standard deduction. It’s fo]- fier funeral. She also paid for a plot that she
a good idea to work out the didn’t use, what happens to it?
tax liability both by (Beatrice)
itemizing and by taking the
standard deduction. While Dear Beatrice:
it may take a little longer to Your sister was certainly thoughtful and loving to
go through the process make all the arrangements ahead of time. It is just
twice, it just may mean unfortunate that those living nearest to her were not
saving a considerable aware of those plans. To answer your first
amount. question...the person handling the matter at the
funeral home probably was not aware of the pre-need
arrangements your sister had made, and her son
obviously didn’t know. However, it has been known to
be overlooked on purpose, but usually this is an honest
mistake. When one does make arrangements ahead of
time it is wise to advise more than just one person of the
plans. In this case you knew about the plans, but then
you might have died before she did, then there
wouldn’t be anyone to even bring the situation to
attention today.
Secondly, if she, in fact, had pre-planned and
pre-paid the expenses then there is definitely due a
refund to her estate, from the funeral home. That is if
the same funeral home was used. If a different one was
used, then you better check the terms of the
agreement.
Thirdly, the cemetery plot can be sold. Of course this
property is now part of the estate and whoever is
handling it will have the authority to decide on that. In
order to do this you will have to have a deed to the
property or a paid in full contract...at least something
to show ownership. Of course there are other
alternatives that could be considered.
Dear Mr. Wolfe:
If a person dies without leaving a will, what happens
Giving baby the oest
need not cost alot.
The Office of Child
Development believes that
“baby totes” or back packs
are as efficient as expen
sive strollers and carriages.
Nor do you need costly
“bathinettes,” since the
kitchen table and cabinets
are adequate for bathing
and changing.
Baskets and drawers are
considered equally as good
accomodations as small
cradles.
Regular juices, apple
sauce, etc. are said to be as
nutritious as special infant
preparations.
And doing diapers your
self will save over $2 a week
in diaper service bills.
Denture
problems?
OraFix holds
dentures better because
it spreads better.
Tests prove OraFix’ spreads better
than the other leading denture
adhesives — cream or plastic.
Other adhesives can leave gaps
between dentures and gums. So
food particles and air can get in
causing dentures to slip. But OraFix
spreads better so it can fill 6ven tiny
gaps. Result? OraFix seals and
holds dentures tight.
to his estate?
(Robin)
Dear Robin:
If a person dies intestate (that is, leaving no will) our
state legislature has provided one for you by directing
that your assets be distributed in a certain manner. In
general, distribution is as follows:
1. If you die leaving a spouse and child or children
the estate is divided in a certain manner among them.
2 1*' ;/!u die leaving a a:.d no ciuiu or
chilairn. or descenJents of cfiuare^i surviving, the
estate will be divided uj k cer^asr, between the
spouse and the parents of the deceased.
3. j-pu with no spouse *^ 'rvivir?; ^ut with
children or descciiucnis of ciicitjij.i :,u.\ .'ing, the
ORAFIX, EVERYDAY, FOR
THE SEAL OF CONFIDENCE.s
NEEDED
Experienced Barbers
[FuU or Part Time]
Good Work Conditions. Contact
John Ix>vette, Jr.
LOVETTE’S BARBER SHOP
417 Brentwood St.
High Point, N.C.
885-S221
2. If you die leaving a spouse and no child or
children, or descendents of children surviving, the
estate will be divided in a certain manner between the
spouse and the parents of the deceased.
3. If you die with no spouse surviving but with
children or descendents of children surviving, the
estate is divided among the children or their
descendents.
4. If you die without spouse surviving and without
children or descendents of children surviving, the
entire estate passes to the decedent’s parents. In the
event there is no parent surviving it then passes to
brothers and sisters equally.
5. If there is no spouse, child, grandchild, parent, or
brother or sister, or nieces and nephews surviving, then
the property passes to the University of North Carolina.
You can see that such a statutory distribution may
not be your wishes at all. It may be exactlv the opposite-
of your personal wishes.
***•«•**
in df V/vii* sMj] n 1 '
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FULLER PRODUCTS COMPANY
50 East 26th Street
Chicago, Ii 60616
AC 312-DA 6-5600
717 E. Market St.
Greensboro, N.C.
919 275-3067
mNTumm mavetodayu
DAILY COMPOUNDED INTEREST
Am fh* Suvingt Sp9cittU$t»’‘
To I10.0M tr nUC N« NMm KhiUk4 For Wlihdnwat
PLENTY OF FREE PARKING
DRIVE-IN WINDOW /
CALL 883-41L6 * i
,?00 NORTH MAIN STREET
Td Buy Or Build
More than one-fifth of all
owner-occupied priv«t« resi
dences today were built und
er the GI home loan program
administered by the Veterans
Administration.
Helps;S]ipj^
Sw^UingOf
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Tissues
c«iia«d by inflaaimtioB
Have (evad • qMdie*-
aon that in oiMy omm* livt*
prompt. Wraponry i«Uit from
in hwDor-
i^dal^uca. Ttan U aetiiaUy
help* ahrink aw«Uiii( ot thoa*
oaui^ by iiUtoiMnaSw^