The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

PAGE 3 • PUINDEALER WEDNESDAY. MARCH 24. IfK * The Law Serves You Home Sale Can Reduce Tax Liability In some situations taxpayers can defer part or all of the tax liability from capital gains. Taxpayers over the age of 65 may also have an additional tax break coming if they sell a personal residence. The Illinois State Bar association says the deferment on capital gains is available to all taxpayers who sell or ex­ change their personal residences and meet the following conditions: 1) The taxpayer purchases and occupies another residence within 18 months before or after the date of sale; or 2) The taxpayer begins construction or reconstruction of a new principal residence within 18 months before or after the date of sale, and occupies it not later than 24 months after the sale. The capital gains tax applies to that portion of the sale price of the old residence, less selling expenses and "fixing-up" expenses, that is above the original cost of the residence. Expenses for "fixing-up" the residence for sale (painting, repairs, etc.) can be deducted from the sales price if they are performed within 90 days before the taxpayer contracted to sell the home and if the work was paid for within 30 days after the sale. Internal Revenue Service publication 523 offers valuable information pertinent to the tax con- . sequences of selling a home. A taxpayer who is 65 years of age on or before the date of sale may be able to exclude part or all of the gain on the sale of a residence from gross income. The only specific requirement is that the taxpayer must have owned and used the property sold as a principal residence for at least five years out of the eight years preceding the date of sale. It is not necessary that the home is the principal residence at the time of the actual sale, as long as the above condition is met. If the adjusted sale price of the old residence is $20,000 or less, the taxpayer 65 or older may exclude the entire gain. If the adjusted sale price was greater than $20,000, the tax­ payer can exclude a portion of the gain. This benefit is available in addition to the previously explained defer­ ment, and is available to persons 65 or older only once in the lifetime of a taxpayer. The ISBA reminds persons who purchased newly con­ structed residences after March 12, 1975, that there is a credit of up to 5 percent available on 1975 taxes. If the residence was constructed or Jh. M W \ \R \ Pi >>M 3812 West Elm Street Established 1875 Phone 385-0170 McHenry, Illinois 60050 I ! ! I I THE MCHENRY PUINDEALIK I I I I I I I SUBSCRIPTION RATES II Year $10.50 1 Year $15.00 In McHenry and Lake Outside McHenry and County Lake County o Published Every Wednesday & Friday at McHenry, Illinois Second Class Postage Paid at McHenry, Illinois By McHENRY PUBLISHING COMPANY Larry E. Lund - Publisher OTTTTO Adele Froehlich -• Editor NATIONAL NEWSPAPER bHflHiB BH m FRTTPMI CN NNA SUSTAINING •} MEMBER -1975 under construction before March 26, 1975, a credit of 5 percent of the purchase price up to a maximum of $2,000 is available, if filing jointly ($1,000 if married and filing separate returns). Deaths GREGORY C.GREEN Gregory Charles Green. 28. of Denmark. Me., son of Blanche and Charles J. Green of 919 N. River road. McHenry,. died Monday, March 23, in Maine. He had been ill with a serious case of the flu. Mr. Green, who was a school teacher in Denmark, Me., was born Aug. 22, 1947 in Chicago. Besides his parents, he is survived by a sister, Deborah Ann ( William G.) Head of Kansas City, Ka., and his maternal grandmother, Mrs. Ann Rogers of Chicago. Visitation will be held in Maine Wednesday. Friends here may call at the Peter M. Justen funeral home Thursday evening from 7 to 9 p.m. and on Friday from 2 to 9 p.m. A funeral Mass will be read at St. Mary's Catholic church Saturday, 10 a.m. with in­ terment in Holy Sepulchre cemetery, Worth, 111. ANNE M. HEISS Anne M. Heiss, 70, of 8503 Coral road, Wonder Lake, died in St. Joseph's hospital, Elgin, Monday, March 22. She was born Dec. 11,1905, in Chicago. Mrs. Heiss, who worked as a shipping clerk for Bell and Howell, lived in the Wonder Lake area for the past five years. The deceased is survived by her husband, George, of sjllllllllllllllllllllllllllllllllllllllllllllllltlii | Hospital Notes MHENRY HOSPITAL Patients admitted recently to McHenry hospital included Stella Freund, Penthias Billeter, Jennifer Mach, Patricia Savino, Glen Fruhstuck, Robert Dixon, McHenry; Regina Price, Wonder Lake; Burton Stevens, Spring Grove; Richard Doherty, Bess Sievert, Donald Kernes, Ingleside. MEMORIAL HOSPITAL WOODSTOCK Patients admitted to Memorial hospital, Woodstock recently included Edward Stacknick, Judy Hunley, Leo Meyer, Kathryn Morowski, George Madden, Jr., Patricia Templin, Marjorie Cole, Louisa Draper, Virginia Stasiak, McHenry; Pamela Matchen, Richard Garlinski, baby Gary Gaugush, James Moore, Dennis Carpenter, Wonder Lake. HARVARD HOSPITAL George Hedlin was admitted as a patient to Harvard hospital recently. Wonder Lake, one brother. Joseph Husfeldt. of Ttnlev Park and one aunt, Alice Licht of Chicago Mrs Heiss was preceded in death by one daughter. Delores, two brothers and one sister Visitation will be held at Halm's funeral home. Wonder L a k e , f r o m n o o n t o 9 p m . Wednesday. A funeral Mass will be read at Christ the King Catholic church at 10 a.m. Thursday, with interment in the church cemetery » FRUSTRATED in her attempts to get her car started. Barb Martin of Novi, Mich., doesn't seem to know what to do next to un- thaw her engine after using a sun lamp, heating pad and hot water bottle in near-zero temperature. Now, when most women have included some lovely long dresses in their ward­ robes, we understand that short dresses are tops for cocktail parties and infor­ mal evening affairs. Knee high hosiery is a great seller this season. They are perfect for pant's suits and long dresses, when one goes without a girdle. The last veteran of the Indian Wars died in 1973, according to records of the Veterans ad­ ministration. JAYCEE JELLY DAY The McHenry Jaycees will hold Jelly day Friday, March 26, joining in a state-wide project to raise money for the establishment of a crippled children's camp. Jars of grape jelly will be sold at various locations in McHenry. r * Births McHENRY HOSPITAL Mr. and Mrs. Thomas Fowler, 2008 W. Church street, McHenry, are the parents of a girl born March 17. MEMORIAL HOSPITAL WOODSTOCK Mr. and Mrs. John Kennedy, McHenry, are the parents of a boy born March 17. • IGIQ VALUE GO-ROUND far v,« ngldd SEII*A* bit ArioN SPECIALS SAUSAGE CHOPS NOW USDA CHOICE IBEEF PRICES •SLASHED! PORTERHOUSE LEAN GROUND BEEF BABY BEEF LIVER ..... •AL'S DELICIOUS DELI (•ourrrwt My If' .1 H. SALADS IViuto, Mare rant \ Man. While It l-aau 65' AMERICAN CHEESE St H I D Kl'fi. ftftr 69* AL'S SPECIAL PRICES ON CORN FED FREEZER BEEF HIND QUARTERS , . '1.05 poind FULL HALF BEEF P<HND FRESH CUTTO YOUR ORDER --IT wwppto op raottH FREE! ffJJriFABRic aZ SOFTENER MO;.. 93 ISA MARSHMALLOWS REG. & MINT 111 O/. KLKVF.N TAST> \ARIKTIKS MERKrS CHEESES Fuji 17 OZ. RBU. I.W Al.'S RKAI» To FAT GOLDEN ll79 FRIED PERCH *17® 35' BOOK MATCHES M C T 20* ... 79' 29' 33 OZ 63' IGA Peanut BUTTER • is oz.< Kidney BEANS LT. or I)K. 16 OZ IGA Pink Liquid DETERGENT PRODUCE SPECIALS Red Texas GRAPEFRUIT 48 SIZE 2/25* California Navel ORANGES 6/49* CATSUP 88 SIZE SUNNVSIDE FOODS LOW EVERYDAY MILK PRICES FIELDCREST 2% MILK $ 1 2 3 CUCUMBERS 2/25* GREEN PEPPERS 2/25* GALLON DEAN'S HALF & HALF 39* PINT (fflJWAFFEl Dressels Chocolate FUDGE CAKE Coffee CREAMER is oat.. Salad DRESSING 32 OZ. SYRUP 32 OZ rftPl ORANGE ULU* JUICE 6 OZ FROZEN. 4 / » l « WK WELCOME FOOD STAMPS SAl.F DATES: MAHC'II 25-26-L'? \\ I HESEKVE Till K K.I IT TO LIMIT Ul AM ITIES Johnsbui'K lioad ( ha pel Hill Knad ss* t fc ***** Meat Dept. Te. 385 7663 [SUNNVSIDE &F000SH KA OPEN 7 DAYS A WEEK 7:30 AM • 9:00 PM 4216 N WILMOT RD (Just North of Johnsburg) 385-9780 \ A( )\. I < .< > V\I lv\ min a jrjfi POLAROID MAGIC value \/ POLAROID " SQUARE SHOOTER 2® spurgeons fBeauty Salon /EASTER SPECIAL Permanent Wave REG. 15.50 00 NOW FREE RAIN & WIND B0NNETT WITH ANY APPOINTMENT! (Limit One Bonnett Per Customer) CALL TODAY FOR YOUR APPOINTMENT 385-4520 SPECIALS IN EFFECT MARCH 30 THRU APRIL 10! TAKE CARE OF YOUR WORKING HANDS. MANICURIST ON DUTY, AT ALL TIMES! I 385-4520 I BE AUTY SALON TUES. 9-5 WED 9-5 (Senior Citizens Day) THURS.-FRI. 9-9 SAT. 9-5 1 ^ w ^ o The picture-perfect camera 158# An a«-purpooe 60-eeoond color camera m an amaangfy low prtoa Badrlc eye and deotomc thuaar act you --poeur-- automata--* even tor Wash Bu«-n 1--h uaaa Ina^watalwa Weahnftea 3-etoment HXUHHQ lane produces tfwp pKJuree UMavVKpenemeaquareooior ao you can save money on every p«**e you take Great value. Great value, POLAROID* COLOR PRINT FILM Type-88 film--8 prints 099 develop in just 60 sec J. Polacolor 2 film 4.59 LIMIT 2 WARDS PRICE THE POLAROID* ZIP CAMERA Almost anyone can afford it! Uses T-87 black/white film and AG-l bulbs 3';4X 3Ht" prints 9 88 WARDS PRICE FOR SHOPPING CONVENIENCE, USE CHARG ALL CREDIT Our aim? Pleasing you. VA< >\T< .( >MI KY IM IJ'v^ *7fi lue * \J 103 NorlhvM ^t lli^»*a\ 1 TT 1 STORE HOURS Koutc 1 1 1 n 1 1 o 1/" ̂ Mon thru Fn 10 am 9 p n\ I'hoiir kVI-.'ilSO L r v s i a i L d K c Saturday 9 30 am 5pm *a 1 F K K K l » \ K k l V » Sunday 12 Noon 5pm