Newspapers / The Kings Mountain Herald … / Oct. 25, 1973, edition 1 / Page 12
Part of The Kings Mountain Herald (Kings Mountain, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
I$isaask.j^ f-Tf' itr 1 MSE SIX THE KIN9S MOUNTAIN HfilAU^. KINGS MOUNTAIN. N. C Thur^fly. OctaBir iTTf TAXPAYERS ASK IRS This column of questions and butlon to a political party. How -nswers on federal lax matters If provided by the local office of the U. S. Internal Revenue Serv ice and is published as a public tervice to taxpayers. The column answers questions most frequent- ij' asked iby taxpayers. Q.—I gave my son and daugh- ter-ln-law $2,000 as a wedding gift. Will they have to pay tax on this gift? A No, gifts are not taxaole to bution up to $12.50 on a single re turn, $25 on a joint return or alternatively,.as an itemized de duction of up to $50 on a single return, $100 on a joint leturn. Remember, you must pay the contribution for it to be eligible I year paid. Unfulfilled pledges are the recipient. A donor does not' for the deduction or credit in the f have to file quarterly gift lax re- ^ ence taxvvise whether payments 3 turns until his total gifts to any j not deductible. * one person for the year exceed i $3,000. much of this political contribu tion is tax deductible? A A political contribution is eligible as a credit against your in a divorce decree? A Yes. Alimony or separate maintenance payments are de ductible by the person making the payments and taxable to re re cipient. The reverse is true of child support payments. They are not deductible by the payor and arc tax free to the recipient. Q.—I use my car to drive back income tax of one-half the contri I to work. Can I deduct Q.—I pledged $50 Q—Does it make any differ- ] to an ex-iwife or ex-husband are as a contri- labeled alimony or child support THE LONGHORN CAFE NOW OPEN UNDER NEW MANAGEMENT ANN GREENE. MANAGER Serving Breakfast, Lunch, Dinner 7 DAYS A WEEK We are open on Mondays and Tuesdays from 7 a.m. until 3 p.m. and on Wednesdays, Thursdays, Fridays, Saturdays and Sundays from 7 a.m. until midnight SPECIALIZING IN Steaks * Fish * Chicken * Sandwiches Take>Out Service On Oak Grove Road between Kings Mountain and Shelby (near Buffalo Lake) NEW DINING ROOM HAS BEEN ADDED ^ WE BOOK PARTIES CALL 739-7686 my automotive costs as a business expense? A.—No. The cost of repairs, gas and similar items Incurred in connection with n auto used to and from work are nondoductible commuting expenses. Q. iMij- daughter was married in August. Can I still claim her as a dependent for 1973? A.—^Yes, under the following circumstances: 1) if she does not file a joint return with her hus band for .1973 ; 2) if you furnish more than one-half of her total support lor 1973; and 3) 11 she has gross income of less than $750 for the year. The $750 rule doesn’t apply ilf she is under 19 at the end of the year or a full time student during some part of each of five months of 1973. Q.—Next aJanuary, I plan to give my nephew a new car as a wedding gift. The car valued] at more than $3.0'''' nd I know | I’ll have fo fi'-' RKleral gift tax return . ' make the gift in .In’- .., will I have a whole year I have to file a ’eturn? A.—'No. A federal gift tax re turn (Form 709) is due by the 15th day of the second month following the close of the calen dar quarter in which a gift is made in January, February or March of 1974, a return is due by May 15, 1974. Q.—Are there any limits on how much interest I can deduct on a loan to purchase investment property? generally would not affect the average taxpayer. For tax years beginning after 1971, there is a limit of $25,000 ($12,500 for mar ried persons filing separate re turns) on the deduction of inter est paid on a loan to purcha.se or carry property held for in vestment. For more details, seei IRS Publication 50, "Tax Infcxr-! mation on Investment Income j and Expenses.” It’s avallaible; free from your nearest Internal Revenue office. Q.—I’m a building contractor. I gave my teen-age son a summer job as a laborer. Can I deduct the wages I paid him as business expense? A.—(Reasonable wages paid by a father to his minor child for personal services actualy render ed as a bona fide employee in the course of a trade or business are deductible as a business ex pense. Wages paid to a child un der 21 employed by a parent are subject to Income tax withhold ing but not social security federal imemployment taxes. Tar Heel Spotlight The North Carolina Historical Review, written by Dr. Thom as C. Parramore of Meredith college, will be published one of the '74 Issues. A cumulative index covering the first fifty years, be ing prepared hy Miss Beth Crab tree of the Historical Publications secdon, will be of great value in that it will enable researchers to find quickly and easily the valu- al)le informaton on North Caro lina history which has l.ieen po lished over the years. Publication is scheduled tor 1975. Several states have older his torical journals, among them South Carolina, Maryland, Ten nessee and Georga. Professor Wil liam K. Boyd of the Department of -History of Trinity college pro posed in 1922 tha tthe North Car olina Historical Commission pub- Ish a magazine. Money was ap- p'ropriatde in 1923 and the first issue appeared in January, 1924. Since that time the Review has ■been published without interrup tion though there were times in years long gone when issues were behind scehule by several months. Robert B. House, at that time secretary of the commission was named managing editor of the new periodical. Dr. Parramore’s study details the struggle the editor had in obtaining material and getting the frst numbers pub lished. The first issue, in addition to an address on Walter Hines Page, contained an article hy Gil bert T. Stephenson of Raleigh, “The War Savings Campaign in 1918," and the first pact of the ® J Wry ' I IC:E CAPADES to open — it's colorl It's nuisicl It's taugh- terl It's spectaclel It's sheer entertainment, as Ice Otpades opens its 34th edition at the Charlotte Coliseum oti Octo ber 30 through November 4 (or 8 performances. Ice Ca- pades opens with the aptly titled "BEFLECTIONS." as the ice comes Hive with a shimmering display of multi-images reflected off a montage of mirrors. Giomt mirrors make up the set. and the costumes of the entire cast are emblaz oned with tiny mirrors that Hash tnd sparkle as they skim the ice. recent articles on North Carolina ended with a listing of publica- Seaman Toney -lions issued by agencie.' of st.''.'p| government. (One of these, pub- Hgg GfOduated lished by the state auditor. entitled Plan of Reorganization of State Department, Boards and Commission.) Evonutally the material began to come in, circulation increased, ] and the Noth Carolina Historical I cal Review earned a place as one j of the leading state historical i ORLAN'DO, Fla.— Navy Seam-an William A. Toney Jr., son of Mr. and Mrs. .Avery M. Gardner of Grover, -N. C., graduated from recruit training at the Naval Training Center here. Herald Want Ads Pay If •*’'4 LODGE MEETING I journals. Thanks to Drs. R. D. W.;, Emergent communication of Fairview Lodge 339 AF&AM will Connor, R. iB. House, Albert R.|lJe held Monday night at 7:30 p. I m. for work in the third degree. ..r .... ^, Newsome , Christopher Critten-, a third degree team from Cleve- V J I III 11 wei e .niwK I e I ■ • f ’duct the degree Work, Said Thom- riews and a historical news sec- editor. D. L. Corbitt, high stand-1 Tindall, secretary, tion. Finally, a bij:liography ofards were set and maintained. i can help with /MEDIOIL BILLS- Call US. Today. Otir budget planning eoeperfanoe can help find a way for whatever you need or want Medical bills? Stop wonyingf Cat repairs? Home fIx-up? An unexpected emergency? Count on usi Want to clear up old bills and Instaltment debts? That's good money management*** the real key to the art of living. So—start livingl Call us today or drop in anytbnet. We want to help—with CASHI LIBERTY LOAN CORPORATION OF KINGS MOUNTAIN 12A W. GOLD ST^R. FL—HWWB 789 6441 At Cherokee Street i ' Kings Mountain, North Caronm 28086 Open Friday 'til 6:30, Wed. A Sib ‘til 1 Ftt - 1899 1973 LAST SIX DAYS PLONK’S 74th Anniversary Sale 1839 -Till Sale Ends Wednesday, October 31 — YOU ARE INVITED TO USE OUR FREE LAYAWAY PLAN — "Dickies" SHAPE SET - NO-IRON MATCHING WORK PANTS & SHIRTS PANTS $6.50 VALUES $5.39 • Long Sleeve Shirts $5.00 VALUES $4,39 Short Sleeve Shirts $4.49 VALUES $3.99 LONG TAIL TWO'pocket COTTON PLAID FLANNEL SHIRTS $4.99 10% OFF All Men's JACKETS & CAR COATS Choo.so From a Largo ' O ’ o. Nylo.'..-- T ivlll.s - Cor'l'jrot’.': - Wools Sizes Up To 5,9 10% OFF AH Boy's WINTER JACKETS & CAR COATS Many Styles in Nylons - Cordui'oy.s and Twills To Choose From With or Without Hoods Sizes 3 to 20 10% OFF ALL LADIES DRESSES PANT COATS DRESS COATS ALL NATIONALLY KNOWN BRANDS O.K. TO LAYAWAY 10% OFF ALL GIRLS DRESSES COATS SPORTSWEAR Wont! W’’ Srl'-c'^’on To Clion.':'' I roni Sizer lip To 14 LADIES NANCY & CAROLINA MAID POLYESTER & COTTON DRESSES REGULAR & HALF SIZES $7.99 Values . $6.99 : $8.99 Values $7.44 FREE! Dress Shirt with eoch man's FALL SUIT Choose From Wide Selection of the Newest Styles - Colors - Patterns and Materials. Tailored By “'Mountaineer" - "Ourlee" “Crickateer” - “Griffon" Regulars - Longs - Shorts Sizes Up To 50 Layaway For Christinas 10% OFF All Men's New Fall SPORT COATS FAMOUS BRANDS SOLIDS - PLAIDS - CHECKS i:.,zes 86 to 48 R'gulai’s & T.ongs Lnynwrv For C’tristmns 30" BELL BOTTOM BLUE DENIM JEANS Sizes 28 to 38 $6.99 ONE GROUP CHILDREN’S “RED GOOSE" OXFORDS& LOAFERS Values to $10.99 $5.00 RIBBED NYLON TURTLE NECK RODY SUITS White - Brown - Black - Navy Sizes S-M-L $199 10% OFT ALL MEN'S HUBBARD & BERLE DRESS PANTS Choose From Hundreds of Solids, Cliecks and Plaids **V^, .kA* iY A Ui A— •SivoF 29 to 50 BIG GROUP LADIES FASHION ROOTS Stretch & Zipper Values to $15.99 $5.00 Pi. LADIES NYLON RIKINI PANTIES Whites - Colors - Fancies 4 Prs. $1.00 MEN’S “MISTER 365” - Zip Out Lined - Water Repellant JACKETS Navy or Brown Sizes 36 to 46 Regulars & Longs $22.00 Values $18.99 10% OFF ALL LADIES NEW FALL DRESS SHOES “PATRICIA NUDE Waist To Toe PANTY HOSE 89c VALUE 2 PRS. “PATRICIA” CANTRECE II Reinforced Panty and Toe Sheer Knit in Heel PANTY HOSE $1.69 VALUES 2 Prs. 100% WOVEN POLYESTER SUmNG Plaids & Matching Solids 56” Wide $3.99 Values $229 45 ” WIDE Printed & Solid Color COTTON FLANNEL 79cYd. aoo 100 PERCENT POLYESTER DOURLE KNIT 60 Inches Wide Wide Selection of Solids Stripes - Checks - Patterns $3.99 VALUES $229&$229Yd. 100% ACRYLIC SCREEN PRINTED PRINTS 45 Inches Wide Reg. $2.00 Value S1.49Yd. 45" WIDE KNITIQUE PRINTS 50% POLYESTER - 50% AVRIL $1.00 Yd. ^ PERMANENT PRESS POLYESTER & COTTON PRINTS If On Bolts Would Be $1.00 59c Yd. 56” WIDE STRIPED Bonded Acrylic SUITING $2.00 Yd. Value 79c Yd.
The Kings Mountain Herald (Kings Mountain, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Oct. 25, 1973, edition 1
12
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75