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PHONE 385-8729 nA.TU»»t"rjL • Powerful 2 cubic inch engine zips through 36" log in4.5seconds. • Super lightweight for balanced one-hand control between cuts. • Big 14" bar and chain cuts logs up to 28" thick. • Automatically oils its own bar and chain as you cut. | THE ALL AMERICAN CHAIN SAW AICJE 1w -- n 1 n , 1 3729 Wc:,t tlm Street • McHeni/ lllmoit 60050 BankAMEBICARQ, mm PAGE 18 - PLAINbEALER-FRIDAY, OCTOBER 11, *1974 The Law Serves You What Is Official i Misconduct Of A Public Official Or Employee? At times, a resident of a municipality or a state hears or reads in the news that an official or an employee of his local or state government is charged with official misconduct. There are a number of acts which such a person can be convicted of regarding this charge, says the Illinois State Bar association. According to Illinois law, a public officer or employee commits the felony of official misconduct when, in his official capacity, he commits any of the following acts: -intentionally or recklessly fails to perform any mandatory duty as required by law; -knowingly performs an act which he knows he is forbidden by law to perform; -with intent to obtain a personal advantage for himself or another, he performs an act in excess of his lawful authority; -solicits or knowingly accepts for the performance of any act a fee or reward which he knows is not authorized by ldW The Illinois State Bar association points out that a person who is convicted of official misconduct will automatically forfeit his office. Also, public officials or employees may be convicted, at times, of failure to report a bribe. Under Illinois law, any public officer or employee (as well as any juror) who fails to report immediately to the local state's attorney any bribery offer made to him, commits a misdemeanor and is subject to imprisonment of from six months to one year. The act of bribery itself carries a penalty of a felony with possible imprisonment of one year or more. The Illinois State Bar association emphasizes that persons who wish to become public officers or employees are under close scrutiny by their constituents more than ever today and should know the penalties they may pay for not complying with the trust which the public places in them. If they approach public office for only the purpose of financial self-gain, they better reconsider their commitment. THE NEW USURY LAW The Illinois Legislature, in its session in 1974, changed the Illinois Interest Act to increase the amount of interest which a lender can charge the borrower. The Interest Act applies to all persons making loans of money, whether they are a private individual or someone regularly engaged in making loans. The amendments to the Act in simplest form, provide that for a loan secured by residential reat estate, a lender can charge a maximum of 94 percent interest on the loan. The amendment does not require that any lender charge 94 per cent on a home loan, it merely sets that rate as the maximum rate which can be charged. On loans other than those secured by a mortgage on residential real estate, a lender may charge no more than 8 per cent interest on a personal loan to an individual. The 8 per cent and 91/2 percent interest rates and limitations do not apply to loans for business purposes or to loans to corporations or businesses. According to the Illinois Sate Bar Association, other statutes in Illinois provide for differing charges or rates of interest which may be charged, depending on the transaction, higher than the 8 per cent and 9V2 per cent general rates. The time payment charge on a retail installment sales contract is not treated as interest for purposes of the Interest Act limitations. Small loan companies also have, by statute, the right to charge higher rates of interest for their loans. Small loan companies include finance companies, and to some degree the consumer loan departments of commercial banks. Revolving charge accounts, entered into by written contract, also have HOUSE OF HEARING AIDS (ALL BRA D NAME HEARING AIDS) 30 DAY TRIAL <99 to *399 /Cr%\ New directional electronic hear- IvS' Co)\ ing ai(*' Lets you hear a11 around v U you and it cuts down noises, so MM:NO you can hear plainly again. You ,N «• («• may trade your old hearing aid Wt Repair All H«ari»9 AM* for the above- WED. ONLY 1 P.M. to 5 ?M. Robert Stensland & Assoc. 3937 W. Main Street McHenry, Illinois Phone: 815-385-7661 IBEMSUmgb* From John Belches, Honolulu, Hawaii: I remember the Presiden­ tial campaign of 1936. All the new dealers were sure they couldn't do business with Big Business. The campaign was fought over the New Deal con­ cept of government. The Democrats renominated President FDR and Vlce-Presi- dent Garner. In Cleveland the Re­ publicans nominated A1 Landon from Kansas. His running-mate was Frank Knox of Illinois. New Deal policies were work­ ing against economic recovery -- or so the Republicans claimed. They were putting government too much into private business. The dollar was being devalued too much, labor unions repre­ sented "creeping socialism", and the thirty billion dollar national debt -- were other issues raised by Landon and Knox. At the end of a really bitter campaign the President called his opponents "economic royal­ ists." London goofed by admit­ ting that New Deal labor policies had some merit. The Democrats carried every state but Maine and Vermont. Thus, Roosevelt stayed in power. (Sand wltlfc»ll«m to Mil* celwm to Tlx OM Timor, Box *39, Frankfort, Ky. 40*01.) The|U Era to 2.000 A.D. NfWS OF EARTH ENVIRONMENT, ENERGY NASA'S EARTH ORBTTINkSr SATELLITES, SPACE technology ANP sysrme EH&INEERING techniques s USEFUL "TOOLS FOR LOCAL STATE AND NATIONAL ENVIORMMENTAL PROBLEMS ...TOOLS,MOT SOLUTIONS.,. FOR EXAMPLE, 5ATELL/TES CAM INVENTORY NATURAL RESOURCES.,. AMP CHANGING CONDITIONS CAM BE MONITORED fRObA OUTER SPACE.T3EM0TE SEMSIH6* isueeoi&DOTfl/s... bgst UTILIZEP AMP APPLIED /N AGRICULTURE, FOREST AMP RANGE RESOURCES, LAND USE ANP MAPPING, WATBR, MINERAL, LAMP AMP MARlME RESOUStES.. REMOTE SEM5/M& IS AN OUTGROWTH OF AERIAL PHOTOGRAPHY.. MAV ALSO HELP IN DETECT]M& POUUWbi. * * * * Our advice to those who are making more money than ever before is: Save some of it. DIAL-A-DEVOTION Hear God's Word Wherever You Are. SPONSORED BY: GUETTLER'S SERVICE STATION different time payment rates which are governed by statute, and can exceed the 8 per cent interest provided for generally by the Interest Act. The 9>2 per cent interest rate now permitted on loans secured by residential real estate is the highest rate of interest permitted in Illinois for such purposes in recent times. The passage of this amendment to the Interest Act was apparently intended to encourage lenders to make loans for home purchases where they would not do so: at the old 8 per cent interest rate on home loans However, if a lender chooses to make a loan in excess of 8 per cent, then there are certain stipulations which we must observe. While oftentimes the lenders will charge "points" as a charge for making the loan itself, and lender is limited to 3 points if the loan has an interest rate in excess of 8 per cent per annum. A "point means 1 per cent of the principal amount of the loan. Thus 3 points mean that they may not charge more than 3 per cent of the principal amount as a loan acquistion fee. The total of the points and the interest rate charged over the life of thejoan may still not exceed 94 per cent in total. A lender may not charge any penalty or any other sort of charge for prepayment of a loan which is made at an interest rate in excess of 8 per cent. Finally, at present, the amendment to the Interest Act sets July 1,1975 as the last date upon which loans secured by residential real estate can be made in excess of 8 per cent, says the Illinois State Bar Association. * * * * Home-making may be a lost art, but there's much to be said for the ancient custom. The average American wants inflation of his income and deflation of everything else. *.1 nd>^uuu' This column of questions and answers on federal tax matters is provided by the local office of the U. S. Internal Revenue Service and is published as a public service to taxpayers. The column answers questions most frequently asked by taxpayers. Q. I just sold my house. I understand that I can reduce the taxable profit from the sale by taking into, account addi­ tions made to the basis of my property. To what "additions" does this rule apply? A. The basis or cost of pro­ perty should be increased by adding to it: the cost of im­ provements having a life of more than one year, purchase commissions, legal fees, such as the cost of defending and per­ fecting title (including title insurance) pr the cost of ob­ taining a I reduction of an assessment, levied against pro­ perty to p4y for local benefits, certain finance charges, inter­ est and taxes you have elected to capitalize and all other capi­ tal expenditures. The adjusted basis is subtracted from your sales price to determine the gain on the sale. For more information, see IRS Publication 523, "Tax In­ formation on Selling Your Home." It's available free from your IRS office. Q. My uncle died recently. In his will he named me executor of his estate. How much time do I have to file a Federal estate tax return? A. An estate tax return must be filed whenever the de­ ceased leaves an estate valued at more than $60,000. The deadline for filing is nine months after date of death. For more details, see IRS Pub­ lication 448, "A Guide to Federal Estate and Gift Taxa­ tion." It's available for 50 cents from the Superintendent of Documents, Government Printing Office, Washington, DC. 20402. Q. I own my firm. Last month, I gave my office manag­ er a $100 watch in recognition of his 25 years of service to the firm. Is this gift subject to the $25 limitation on de­ duction of business gifts? A. No. An item of tangible personal property having a cost to the taxpayer of not more than $100 and which is awarded to an employee in re­ cognition of length of service is not subject to the limitation on business gifts. This means that the entire $100 can be de­ ducted as a business expense. Q. I'm taking a new job and a big pay cut. Can I use income averaging to reduce the taxes I have paid over the last couple of years? A. No. Income averaging works only in the reverse of your situation. It is used to reduce taxes on an unusually large amount of income in the present year by averaging the four immediately preceding years of lower income. The people of the world will never agree unanimous­ ly. What we must learn to do is disagree harmoniously. totter frw Lone eagle A little corner of me died late this summer when Charles A. Lindbergh, 72, the "Lone Eagle," was buried (Hi a remote corner of the island of Maui, south­ east of Honolulu. . . I can't remember his nonstop flight to Pans in 1927, but I grew up hearing so much about "Lucky Lindy that I almost felt like an e y e - w i t n e s s t o h i s 3 3 h o u r solo trip across the Atlantic. I was intrigued with the stark simplicity of his funeral. Less than eight hours after Lindy's death, his body, dressed in a khaklfkvork shirt and dark cotton trousers, was buried in a plain coffin, made of eucalyptus wood by cowboy neighbors from nearby ranches. The few mourners, also dressed in work clothes, watched silently as a bulldozer covered his grave. No expensive grave clothes. No ornate vault or casket. No long lines of friends at a public visitation in a funeral home. But that's the way Gen. Lindbergh wanted it. "Knowing you're going to die within a few days is an unnerving experience," said Dr. Milton M. Howell, his personal physician. "But it gave the general time to fulfill his last wishes." Lindbergh conceived and planned his historic flight while flying the night mail between St. Louis and Chicago. Then with the backing of a St. Louis group, he supervised construction of "The Spirit of St. Louis," the radicallyniesigned Ryan plane that catapulted him to fame. Since I live in Springfield, near or over which he flew the mail from St. Louis to Chicago, I like to look up at the night sky and think that maybe near this Central Illinois city was where he first caught his vision. And when a man has a vision, whether it's in Springfield or Sugar Creek, who says he needs an ostentatious funeral? Our deeds should always overshadow our deaths. It.J. Hastings is editor of The Illinois Baptist in Springfield Deposit $200 or more and choose any gift FREE from the RED GROUP Deposit $500 or more and choose any gift FREE from the Deposit $1,000. Pay only $5.00 Deposit $5,000 or more and choose any gift FREE from the BLUE GROUP Our lowest price ever for a saw with all these professional features. These are only a few of the 160 FREE gifts you have to choose from. They're yours for saving during our pre-50th anniversary Free-For-AII cel­ ebration. It's our way of show- ing appreciation for your continued patronage. 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FOU* TEA* CERTIFICATE* 30MONTH SAVINGS CERTIFICATE* ONE TEAR CERTIFICATE* 90 DAY FASSI00K ACCOUNT REGULAR PASSIOOK ACCOUNT 7%*sr R%*Er~ 5%*sr «!4*ss B Compounded Compounded ( impounded Compounded Oe»'y Pe»d U 0*'ii n«.iw n- n*.i» Da* mto Dai Compounded from Day <n to Day out Soon to be 50 years young... now over $50 million strongI MARENGO FEDERAL SAVINGS and loan association 200 EAST GRANT HIGHWAY • MARENGO. ILLINOIS 6015? • AREA CODE (815) TELEPHONE 560-7258