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PAGE 16-PLAINDEALER-WEDNESDAY, APRIL 5, 1972 Tdx Facts CPA SAYS CASUALTY, THEFT LOSSES SHOULD BE PROVED This is the fifth of a series of articles prepared by the Illinois Society of Certified Public Accountants offering advice on filing 1971 federal income tax returns Ortain losses, other than business losses, are available to the taxpayer for a deduction on his personal income tax returnv The most common of these losses are casualty and theft losses. according to David J. Bramson, chairman of the taxation committee, Illinois CPA society Generally, a casualty loss is one that results from a sudden, unexpected or unusual iden­ tifiable event. The most common identifiable events associated with a casualty I06S include fire, storm and automobile accidents, although the list is not limited to such misfortunes. The burden of proving both the existence of the loss and the actual dollar amount to be deducted is always on the taxpayer. The loss is generally deductible in "the year in which the iden­ tifiable event occurs. In computing the extent of the loss the taxpayer must determine the decrease in the fair market value of the property as a result of the casualty. Several methods may be used. The decrease may be evidenced by appraisals both before and after the casualty, or the decrease may be evidenced by the cost of repairs or replacements needed to restore the property to its condition immediately before the casualty but not to improve it. After determining the amount of the loss, that is the decline in fair market value, the taxpayer must compare this to the cost of the property involved and use the lesser amount. At this point the taxpayer will have determined the, amount of loss to be con­ sidered for a deduction. Remember $100 Exclusion From this loss so determined the taxpayer must deduct any insurance proceeds and the $100 exclusion to arrive at the deductible loss Jo be shown on his income \syt return. Often, there is a fine distinction between a sudden, unexpected event, which i» deductible; and a gradual, ongoing deterioration, which is not. Bramson cited as an example damage caused by winter weather ; unless there is a specific blizzard or a sleet storm, the loss is generally not deductible. A NEWS The same lack of sudde and unpredictability rules^dtft! deductions for losses caused by termites,moth damage, dfry rot* erosion, and drought in ajnat^a where dry condition^ar normal. Theft losses are also deductible by the taxpayer. The loss must result from the actual theft of property owned by the taxpayer and is deductible by the taxpayer in the year of discwery. The taxpayer is cautioned that he must prove facts which lead to a conclusion that the property was actually stolen and not misplaced. The theft loss is determined by taking the lesser of the fair market value decrease or cost, -If I surrender my National Jrvice Life Insurance per­ cent plan policy for a paid up policy, would I still receive dividends? A-Yes,bjit they would not be as large as dividends on yoiir existing policy. Q-How can I get my claim less any reimbursements, and less the $100 exclusion. The resulting amount is the amount of the deductible theft loss to be shown on an individual's return. Hornsby's give the unusual values on the familiar everyday needs HORNSBYS fami ly centers ^ Prices Effective While Quantities Last. R'/i n;. Easy Oft Window Spray Jumbo Garment Storage Bag 47 ' 93 MOTHBALLS <77 c Reg . 37c . 16 oz . box . Mm B VINYL SHELVING 07c ! « „c i t x 12 f t . Decor O # 1 46 . 13" * 12 SPOOLS SEWING THREAD e Req 1 .19 . c iarks Po lyco 'd Mer- J ' 7 C d 12 s p o o l s / 3 5 yds . each " f t T , / ' A l ] ' WPl ' -p Ballet PANTYHOSE New Spring Colors. Sizes: Petite, Avg., Tall, X-Tall. Model 841 fashion Scoop Ladies Jamaicas Knee-Hi Socks gJ* Asst. colors. Sizes 9-11 OUTDOOR TOYS Great Fun. Jumbo Truck^Assortment Our reg 96</ each. Highly detailed. Durable plMtic Choice of wrecker, back hoe, dump, cement and sanitation truck. 4 Plover Badminton Set S.. include* « 2 --«• COCk*' ^ poles, instruction book. Whamo Horseshoe Set Set includes 4 Frisbees, measuring cords, stakas, loops and instructions. Whamo Frisbee Great fun. Choice of colors. 73 ea aUe the scene ^ j*. 1 aofmasso'«ed fabrics hotce ot , |s and - soUds, P' n S pes . S . zes (8 -1»> USE OUR HAN^, AVJ AY P>-AN Just Say "Charge It.' We honor Master Charge & Bank Americard. mm VALUE DAILY 9 to 9 SUNDAY 9 to 6 HORNSBYS f a m i l y centers --- PRICED This season's newest fashion in the most ^desirable new fabrics Comes in solids or prints. Short sleeve or sleeveless. Wear with jeans, skirts, shorts. Sizes Sin., Med., Lge. MARKET PLACE SHOPPING CENTER W. Rte. 120, McHenry for a pension considered since I have nodoctor and can't afford the cost of a examination0 required by VA? A-Suggest you notify the VA tffice handling your claim what your disabilities are, describing them as best you can. Be sure to make clear you don't have money to pay for the examination, and perhaps arrangements can be made for a VA clinic to examine you. Q--I have never used jny World War II G.I. loan en­ titlement. May I use it now to buy a mobile home? A-Yes. The mobile home loan benefit is available to eligible veterans and ser­ vicemen who have $12,500 guaranty toward the purchase of conventional homes. VA will guarantee up to 30 percent of approved loans for mobile homes. FUN TIME . . . Once each year a trumpet rings out over the soft coral sand at Elbow Beach Surf Club as a trump­ eter from the Bermuda Regi­ ment sounds the official start of College Weeks in Bermuda. The government sponsors a program of beach parties and cruises catering specifically to young visiting collegians en­ joying a spring break from books and classes. ABOUT YOUR HOME It will soon be time to put away winter clothes. Have the woolen articles cleaned and then spray thoroughly to moth-proof them. This way you will be able to face summer with the assurance that your clothes will be undamaged when autumn arrives. Actually, moths do damage the year round. It is only in the larvae, or worm stage that they are actually de­ structive. However, the adult moths are the ones you must destroy to lay the culprits to rest. The adult moths lay eggs in the nap of clothing, rugs and furniture uphoi itering, even in the cracks of floors. This is especially true if some cat fur or dog's hair has caught there. The eggs hatch in four to eight days in the summer. During cooler weather, it usually takes from three to four weeks. The Payroll Savings Plan helps you save some of your living forlater Sure there are lots of things you want right now. Lots of things you need. But, the sun's going to shine tomorrow, too. That's why it's im­ portant you do some­ thing today to build a little nest egg for the future. And there's no easier way to do that than by joining the Pay­ roll Savings Plan where you work. You sign up once and any amount you specify will be set aside from each pay­ check and used to buy U.S. Savings Bonds. The Payroll Savings Plan. The perfect way to help your good life stay that way. Now E Bonds pay 5* % interest when held to maturity at 5 years, 10 months (4% the first year). Bonds are replaced if lost, stolen, or destroyed. When needed they can be cashed at your bank. Interest is not subject to state or local income taxes, and federal tax may be deferred until redemption. Tkke stock in America. Join the Payroll SavingB Plan. SOFT WATER SOFT WATER SOFT WATER SOFT WATER Tom Huemann Water Conditioning Service on all Makes Sales-Rental 385-3093 SALt DELIVERY SOFT WATER SOFT WATER SOFT WATER SOFT WATER Effective moth-proofing should be applied directly to the article. Read the di­ rections on the liquid to be applied. You will find that various articles take vary­ ing amounts. Hand-spraying will do very well for clothing. However, upholstery, rugs and blan­ kets should be power-spray­ ed. taogliffl tF®c fesxs) Leftovers don't have to be a problem. They can be a creative challenge. With a roast, for ex­ ample, you can slice it for a hot or cold sandwich, use it for hash, cube it in a casserole with rice, grated cheese and seasoned sauce, or serve it in many other ways. Honey, the sweetest tasting of all sweets, contains fructose, which is one-fifth sweeter than granulated sugar. A new dairy snack food, with a flavor similar to a combination of mild cheese and butter that can be made as a spread or as a dip, has been developed. For the newly-married home- maker, convenience foods cut down on the amounts needed to buy. For instance, there would be no need for a large sack of flour around if the little baking you do is with package-mix. And when there are no children in the house, homemakers usually find the amount of baking they do is cut down considerably. ITEM: Prunes are graded and packaged according to size - small, medium, large or extra large. The smaller they are, the more in a package. Size has nothing to do with quality. ITEM: Canned fruit cocktail must contain definite proportions of peaches, pears, pineapple, grapes and maraschino cherries. Fruit cocktail is one of a few fruit mixtures that is standard­ ized by Federal law. ITEM: For many years you've been able to buy iodized salt, clearly labeled as such. Keep reading that label. Soon it should read, according to a new Food and Drug Administration regula­ tion, "This salt supplies iodide, a necessary nutrient." Tasty -Topic Forty-Minute Favorite 1 pound ground beef % pound sliced beef liver, diced 1 medium-sized onion, finely chopped 1 clove garlic, minced 2 tablespoons lard or dripping* 2 cans (10% ounces each) condensed tomato soup 2 cans (15 ounces each) kidney beans 4 teaspoons chili powder Vi teaspoon salt Dash of pepper '/» teaspoon cayenne pepper, if desired Brown meat, onion and gar­ lic lightly in melted lard or drippings. Stir in remaining ingredients. Cover, simmer 30 minutes, stirring occasionally. 6 servings. Residential-Commercial • Blacktoooing • Sealing • Repairs Free Estimates 1-33M719 JACKSON Woodstock, Illinois ASPHALT-PAVINR o