I
Itauridajr. M»]r 19, 1977-MIRROB-HEBAU>-P»g» |
Eaton Declares Dividends
Superior Court Jurors Selected
CUEVELAND, Ohio - ahares. and 67Hc per serial Cleveland County Sweezy, Jimmy Thomas Smith, Delores McSwaln lamln, flobert Douglas
. Hie Board of Directors of These dividends are as preferred share, sertes A. Superior Court Jurors for Williams Adams, Martha Bowen, Victoria Browning Bridges, Ralph Woodrow
Baton Corporation today foUows: BOc per common These dividends wlU be the week at May 28. Oantt Cash, Delclna Cash, William Alvin Justice, Jr., Eleanor
quarterly ^e| 29.*W8c per 4% ^^We on », 1977 to Roy l. Buff, Oeorge Guyton Moore, Frances S. Jones and Buster Brackett Buse, Betty
Camp Greene, Martha
Mauney Ben- Brown Haynes, Lawrence
injrsuis I noy u. HUH, ueorgs uuyion Moore, rrances o. Jones
dividends on the com- percent cumulative con- shareholders of record wsshlngton Clark, Bobby White, Lecn L. Adams, Sr., Packard,
pany’s three classes of vertlblo preferred share; May 9. 1977. " Jo^ey, James Edward James W. Jonas. Joann Wlllen
SALE
CUTS OF MEAT EVERY WEEK
SALE
B. Murphy, Mary Jane
Beam Noblltt, Grayson
Waldrop Revllle, Faye
Sperling Spake, Joann
Shields Vaughn, Jack W.
Dover, WUa Ray HaskeU,
Gerald Michael Ruffin and
Jack WUUam Barrett
Douglas Wilson Moes,
Jessie Mae Hunt, Betty
Lew Washburn, Gwen
dolyn Smith, Doris
Jeanette Davis, Charles
Heavner, Almee J.
Campbell, Robert Eugene
Bridges, Barbara Dixon
Dayberry, Douglas Randle
Accor, Don Everett#
Bridges, Bobble Nash
Chastain, Kenneth Lee
Dingier, Evelyn Smith
Drayer and Brenda Petto a
Lowery.
George Henry Maul, m,
George C. Beaver, Vernon
R. Beaver, Katherine L.
Black, Lona Buff. Furman
Carpenter, Jr., Milton
Cook, Helen Crane,
Michael Christopher
Deaton, Edna R. Duval,
Boyce Eugene Baker, Ed
Fortenberry, Carl R.
Goins, Ralph Hamrick,
Alonzo Hawk, Ella
Tesslneer HUl, Mary
Ledford Sain, SaUy T.
Barker, Bobby Gene
Haskln and Jackie
Bridges.
Ask
The
IRS
GREENSBORO - Many
North Carolina tarqiayers
have had questlwis re
garding Federal tax treat
ment of termination pay
ments made by employers,
the Internal Revenue Serv
ice says.
Generally, when em
ployment ceases, termlna-
tkm payments are treated
as wages snd must be
Included on the Federal
tax retuni in-the'regular
manner.
However, there Is a
special treatment allowed
under Section 1340 of the
Intenud Revenue Code for
tax years up to and In
cluding 1976, If
requirements for qualified
payments are met. IR
Code Section 1340 requires
the following tests to be
met:
1. An employe releases
his rights to a percentage
of the employer's future
profits upon payment In a
lump sum In one tsx year
and after termlnatlan of
enqiloyment.
3. The employe must
have worked for the em
ployer for 20 or more
years.
8. The employe must
sign a waiver of future
profits or receipts of the
enq>loyer for a period of
not less than five years.
If the above
requirements are met,
and:
a. The employe’s rights
were Included In Ms em
ployment contract for not
less than 13 years,
b. His rli^ts were In
cluded In an employment
contract before August 16,
1964,
c. The total amount
received for assignment of
his rights Is received In one
tax year and after ter
mination, the payment will
qualify for special tax
treatment.
A qualified termination
payment will be treated as
an amount received from
the sale or exchange of a
capital asset held for more
than ste^montta. This
means the payment would
receive capital gains
treatment by the IRS, and
the employe would be
taxed on only 80 percent of
the termination pay
received.
If these qualifications
are not met, the employer
should furnish the employe
with a W.3 form and the
termination pay Is
regarded as payment tor
services rendered.
Any question regardtaig
the tax treatment of ter
mination payments should
be directed to the IRS toU-
free telephone number 1-
800433-8600.