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

u.S.lndw'O W»w l_.n&COV ». »*or ** - » L V s s s s a ^ - u . * m r , ers Asife ircS •<gUt <! t t 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) Are tax rates any lower or single people this year? A) Yes. The lower tax rates for single persons are reflected in the tax tables and tax rate schedules in the instructions for your 1971 Federal income tax return. Q) I know that the proceeds of a life insurance policy re­ ceived upon death generally are not taxable, but what about the lump sum I receive when I cash in my policy? Js that also tax exempt? A) If you surrender your life insurance policy for a lump sum, you must include in income only that portion of the proceeds of the policy in excess of what you paid for it. Q) I have two jobs. Can I deduct transportation expenses between one place of work and the other? A) If you work at two places in a day, whether or not for the same employer, you may deduct the expense of getting from one place to the other. However, if for some personal reason you do not go directly from one lo­ cation to the other, you may deduct only the amount it would have cost you to go directly from one location to the second. Transportation ex­ penses incurred in going to and from a part-time Satur­ day job are commuting ex­ penses and nondeductible. Q) My son earned over $2,- 000 from a summer job last year but banked most of it. Do I count the earnings he saved as support furnished by my son when figuring out whether I can claim him as a dependent? A) Income not spent by your son does not have to be counted towards his support. However, if your son spends part of his 1971 savings this year on support items, that amount counts toward support for 1972. Q) If I pay someone to fill out my tax return, is he re­ sponsible for any mistakes? A) If you are not going to prepare your own return, you are still responsible for the accuracy of every item en­ tered on your return. There­ fore, you should exercise the utmost care in choosing as a preparer One who is both knowledgeable in tax matters and scrupulous in preparing a complete and accurate re­ turn. Q) Are there any penalties for a tax preparer who sells information from a person's Federal income tax return? A) Yes. The Revenue Act of 1971 made it a misdemeanor for any person engaged in the business of preparing tax re­ turns, or providing services in connection with such a busi­ ness or for any person who receives compensation for fill­ ing out a return to disclose Federal tax return informa­ tion or use it for any purpose other than to assist in prepar­ ing the return. Violations may be punished with a $1,000 fine or a year in prison or both. Q) What are the most com­ mon mistakes that might delay a tax refund? A) Some of the most com­ mon errors that may delay a refund include: failure to use the label that came with your tax return package; failure to attach all Forms W-2 and other required statements and schedules; incorrect or miss­ ing social security numbers; mathematical errors; using the wrong tax table, line or column; and missing signa­ tures. (For And About Teenagers VVOOLDM \Nmroar THIS WEEK'S LETTER: My problem is that I don't want to go steady. That may sound un­ reasonable to you, but it doesn't sound reasonable to the boys I go out with. I tell them I don't want to go steady with them, but they don't believe me, until I go out with someone else. They get in­ sulted, I guess, and then they drop me. There is one guy I like very much, but I can't see going steady with him. If I am asked out by someone else, I don't see why I shouldn't go and have a good time. I wouldn't mind if the guy I like went out with someone else, as long as he still took me out too. Do you think I'm right? OUR REPLY: This is not a question of who is right, rather one of point of view. If this is the way you want to view the situa­ tion, you are 100 percent correct. Now, all you have to do is find boys with the same viewpoint that you have, and it won't be difficult. Not every teenager, as you know, just wants to go steady. There are many boys with the same attitude that you have toward going steady - they enjoy going out and having a good time without being limited to just one girl. If yo» Iwvfl to diuvii or m observation to make, ad- drnt yoor Utter to FOB AND AIOUT TIIN- AOERS. COMMUNITY AND SUMJMAN PtfSt SERVICE. FRANKFORT. KY. 40401. from HISTORY'S SCRAPBOOK DATES AND EVENTS FROM YESTERYEARS The Eiffel Tower opened officially in Paris, March 31, 1889. American armed forces began the invasion of Okinawa, April 1, 1945. On April 2, 1865, President Jefferson Davis and most of his Confederate Cabinet fled Richmond, Virginia. Harvard College confered the honorary degree of Doctor of Laws on General George Washington, April 3, 1776. President William Henry Harrison died in the White House, April 4, 1841. On April 5, 1939, the government of Germany ordered all children from 10 to 13 years old to serve in the Hitler Youth Organisation. Joseph Smith organised the Church of Latter-Day Saints, April 6, 1830. HORNSBYS fnmilv fPflfPrs ^ See Hornsby's For Low, Low Discount Prices On All Your Gardening Needs! • GARDENING TOOK SEEDLING FLATS m mm: BEDDING PLANTS w PIANTS PEATMOSS PLANT FOOD DtCORAWL SHRUBS WEED KILLERS FLOWER SEEDS Market Place Shoppkig Center 4400 W. Rte. 120 HORNSBYS w family centers -- Daily 9-9 Sunday 9-6 \ Tax Facts 1 CPA TELLS HOW TO REPORT CAPITAL GAINS OR LOSSES This is the fourth of a series of articles prepared by the Illinois Society of Certified Public Accountants offering advice on filing 1971 federal income tax returns. Capital gains or losses, and the tax results they bring, are not solely the concern of those who invest in securities. Anyone who sells or exchanges property may incur a capital gain or loss, according to David J. Branson, chairman of the taxation committee of the Illinois CPA society. He explains that most of an individual*s properties (other than business assets) are capital assets. When these are sold for more than their cost, the profit is a capital gain. Any loss on the sale is a capital loss, but losses are not deductible unless the property was held for the purpose of producing income. A capital gain on an asset that has been held more than six months is "long-term;" on property owned for six months or less, "short-term." The tax on short-term gains is the same as on ordinary income. On long-term gains it is substantially less -- one-half the rate on ordinary income up to a PAGF ^-PLAINDEALER-WEDNESDAY, MARCH 29, 1972 maximum rate of 32^ percent for 1971 and 35 percent in 1972 and thereafter. Any kind of capital losses may be used to offset any kind of capital gains, Bramson points out. Thus stock market losses, for example, can be used to reduce the taxes on gains from the sale of real estate or other types of property. Capital losses can also be used to offset ordinary income, with short-term losses matched against ordinary income on a dollar-for-dollar basis, but with long-term losses, occurring after 1969 being matchable only on the basis of two dollars of loss for one dollar of income. In both cases, the maximum amount of ordinary income that may be offset in any one year is $1,000 -- $500 each for married couples filing separately. If losses, either long or short- term, exceed the maximum, the excess may be carried forward and applied to capital gains or ordinary income in subsequent years. Capital gains are also subject to income averaging. However, they may have a negative ef­ fect on the maximum tax on earned income. Since both income averaging and maximum tax on earned in­ come involve rather com­ plicated calculations, Bram­ son recommends seeking the assistance of a qualified tax adviser. How Can I? By Anne Ashley Q. How can I prevent waterpipe condensation in my basement? A. One way to handle this i§ to wrap about three thicknesses of one-sided corrugated card­ board around the entire pipe, taping the edges to hold them in place. This cardboard may be painted, too, if you wish. Q. How can I insure the easy peeling of boiled eggs? A. Boil the eggs in salted water, and they will peel quickly and easily. The salt tends to crack the shell and separate them from the eggs with much less effort. Q. How can I prevent metal planters from rust­ ing through? A. By lining them with aluminum foil before filling with dirt. Q How can I make a brine for curing pork? A. By combining two pounds of salt and one ounce of salt­ peter with a gallon of water. Test the solution by dropping a raw potato into it. If the spud sinks, add more salt until it bounces to the surface and stays there. Q. How can I remove mildew from valuable papers and book pages? A. By dusting with corn­ starch and allowing the powder to remain on several days before brushing it off. Q. What is a good way to warm rolls or biscuits? A. Place two tablespoons of water into a skillet, insert a trivet or rack, and arrange the rolls on top of this. Cover the skillet and warm the rolls over a low heat for ten minutes. Q. How can I remove tarnish from silverware? A. Add a teaspoonful of salt and baking soda to each quart of water you put into an aluminum vessel. Bring the water to a boil, put in your silver, keeping the water boiling After the tarnish comes off (a matter of seconds), wash the silver in soapy water, then polish with a soft, dry cloth. You can clean the aluminum pan you have used by boiling some weak vinegar solution in it: Q. How can I attract more birds to my outdoor birdbath? A. Try dropping a few colored marbles into your birdbath. Q How can I keep my plastic seatcovers and cushions fresh- looking9 A. With a flannel cloth sprinkled with salt. Stubborn stains on plated or porcelain fixtures can frequently be rubbed away with a pencil eraser. Q How can I repair small holes in linoleum? A. Try filling these small holes with a mixture of finely chopped cork and liquid glue, and after letting this dry thoroughly, give it a coat of clear varnish. Q. What is the best kind of meat to use in preparing chili? A. It is not beef, as commonly supposed. Either chopped veal sweetbreads or veal tenderloin tips are the best to use. Tasty -Topic J Washington Bean Soup 1 pound dry navy beans 2 quarts cold water 2 to 3 pounds smoked ham hocks 1 tablespoon salt '/« teaspoon pepper 1 bay leaf Vi cup chopped onion 2 tablespoon drippings Wash beans, cover with cold water, bring to boil, reduce heat and boil gently 2 min­ utes. Remove from heat, cover and let stand 1 hour Do not drain. Add ham hocks, salt, pepper and bay leaf Simmer 2V2 hours. Remove bay leaf If desired, remove hocks, cut pieces of ham from the bone and return them to the soup Lightly brown onion in drip pings and add to the soup. Continue simmering for 30 minutes, or until meat and beans are tender 8 servings HORNSBY S FAMILY CENTER - CONVENIENT HOURS - FREE PARKING - BIG SELECTION Stylish steppers for the Easter fashion parade HORNSBYS - family centers --• ...come save for yourself . . . get into step with scene stealing fashions from Hornsby's. You'll be pleasingly surprised to see so much style, detail, quality . . . priced so-o-o low. a- r iT; fj Fashion Latest Styles Ladies Dresses 3 96 our rag. 4.94 to 3.96 e Sleeveless • Short Sleeve Come in ond splurge on several Spring dress spectaculars. Choose from the latest styles patterns, designs in no-iron permo press cotton and polyester. (Ladies reg. ond extra sizes) Span The Seasons Styles Ladies Slacks 294 our rog. 3.64 and 3.96 stock Select yours in this summers newest colors, styles, designs. Many fabrics in­ cluding denims cotton polyesters br ushed orlons, bonded knits Al l regular sizes (8-18) Newest Styles and Colors Ladies 1397 Spring 1797 3 price Coats 9roups 197 • Pant Coats -- Lined & Unlined Choose from many styles in Docron Cotton shel ls and wet look vinyls. Sizes 8 to 18 Ladies Better "Hi-Style" Rain Coats 22" Carefree Casual Fashions For Men Mens Pullover Shirts 4 86 Mens 8 Young Mens Styles MENS KNIT DRESS/ C A S U A L S L A C K S A 7 6 8 • Crew Neck • Button Fronts ^orefree ban Ion knits that keep the good look act iv i ty ofter act iv i ty Choice of colors in sol ids o u r r e g 9 8 7 & 1 0 8 6 O i r r e g u l a r s h e l f s t o c k o f u p t o t h e m i ' u t e s t y l e s i n s t r i p e s s o l i d s c h e c k s o n d p l a i d s M a n y c o l o r s t o c h o o s e f r o m F l o r o l e g s F u l l r a n g e o f s i x e s Ml3* Color fu l Wardrobe Addi t ions Short Sleeve Dress/Sport Shirts M e n s s h o r t s l e e v e d r e s s s h i r t s t h a t l o o t g r e a t w i t h o r w i t h o u t a t i e J u s t w a s h t u m b l e d r y a n d w e a * p e r m a p r e s s c o t t o n p o l y e s t e r C h o i c e o • s t r i p e s p r i n t s c h e c k s s o l i d s S i z e s 1 4 t o 1 / JUST SAY "CHARGE IT." WE K0N0R MASTER AND BANK AMERICARDS