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yi* PAGE 7-PLAINDEALER-WEDNESDAY, JULY 5, 1972 nm \i iTox Facts I Tax Deductions Are Allowed For Some Personal Losses, IRS Says Damage to a car, home, other non-business proper may qualify as a deduction federal income tax returns, Roger C. Beck, district director of Internal Revenue for Nor­ thern Illinois, said this week. Tax deductions may usually be taken when the damage to non-business property occurs from a natural disaster such as a fire, flood, storm or hurricane. Losses from theft may also > be deducted. However, losses resulting from such causes as rust, erosion, termites, etc., are not deduc­ t i b l e " . Beck said the distinction between a deductible and a non­ deductible casualty rests on wheflijer the event causing the disaster was sudden or unex­ pected. Damage to a home from a fire or flood is deduc­ tible because the event was sudden or unexpected whereas damage from termites or settling due to erosion is not deductible since it occurs over a long period of time. On real property held for personal use, the amount of the Joss is either the adjusted basis of the property or the decrease in its fair market value - whichever is lower. On per­ sonal property, the cost or the decrease in fair market value, whichever is lower, is the amount of the loss. If the loss is c o v e r e d b y i n s u r a n c e , t h i s compensation should be sub­ tracted from the amount which may be deducted. Only the amount of the net loss of property used for per­ sonal purposes, in excess of $100 per casualty or theft, is deductible. Married taxpayers filing joint returns need to exclude only $100 for each c a s u a l t y l o s s . I f t h e y f i l e separate returns, each is subject to the $100exclusions. Damage to a car may also qualify as a casualty loss if the accident was not due to the ^taxpayer's negligence or willful "act. Mr. Beck said that no deduction may be taken for amounts paid for damage to another car with which the taxpayer collided. On theft losses, the deduction may be taken in the year it is discovered. No deduction is permitted for lost or mislaid property. Publication 547, "Tax In­ formation on Disasters, Casualty Losses, and Thefts, "furnishes more detailed in­ formation on this subject. Write to the District Director, In­ ternal Revenue Service, P.O. Box? 1193, Chicago, Illinois, 60690, for a free copy. W A S V ? . t> i$Cou&r2c t> IKJ SOFT WATER SOFT WATER SOFT WATER SOFT WATER Tom Huemann Water Conditioning Sen/ice on all Makes Sales-Rental 385-3093 SALT JcLIVERY SOFT WATER SOFT WATER SOFT WATER SOFT WATER A LOOK AT O'HARE - Title I students of School District 15 were taken to O'Hare International airport for their first field trip this summer. Arrangements were made by a board member, James Shaffer, who is a captain and pilot. The board acknowledged the help he has extended in providing local students with enriching experiences-such as this visit. The students saw much of interest, including the hangars, pilots' lounges and airport facilities. Realizing that people from throughout the world met at this airport provided a special excitement for many of the youngsters. Shown above, from left, are Ed Sobotkiewicz, Paul Hanson, Tim Hughes, Pilots Shaffer and Powers and Charles Schott. tfgwd An ABM site in Libertyville township and the recent Moscow Accords on strategic weapons are far more in­ timately connected than their r e m o t e g e o g r a p h i c a l separation would suggest. The ABM furor which stirred alarm about 3 years ago when it was proposed to locate a "Sentinel" ABM facility near Libertyville seemed to have been placed permanently on the shelf when the modifie^, "Safeguard" system was approved. This meant that the nearest ABM facility would be sited in a remote area of South Dakota. The President's recent agreements growing out of the Strategic Arms Limitations Talks (SALT) would bar' deployment of additional ABM systems and would place limits on a number of offensive nuclear weapons. Basic to the agreements which the President was able to negotiate successfully were the strengths of our present defense position, including the earlier Congressional approval of our ABM defenses and funds for our offensive strategic capability. The most frequent question asked -- one which was posed by Senator Fulbright at the recent White House "briefing"^ was the need for substantial , financial expenditures in the face of the reduced tensions which the SALT agreements have produced. The Ad­ ministration position was explained fully last week by Secretary of Defense Laird as well as by the Chairman of the Joint Chiefs of Staff Admiral Thomas Moorer, both of whom emphasized the importance of funds for "Trident" missile launching submarines and for B-l strategic bombers in maintaining our national defense posture. In the event that such defense weaponry is not authorized, Secretary Laird declared he "would welcome a return to the old 12-site antimissile defense system - originally recom­ mended by this Ad­ ministration". This, indeed, would revive the issue of an ABM facility in Libertyville townshit The Congress is both peace- minded atod economy-minded. Sejiske-ratkication of the ABM treaty and\louse and Senate "A table near the orchestra, please. FLAGSTONE Walls - Walks - Patios Including J Split wall 8" width Veneer Stone Natural Weathered Edge Ground Cover - All Colors Featherock Chunks-Boulders-Veneer Fox River Stone Company Kte. 31 - Soutff Elgin 742-6060 _ THE "NEW' WHARF H SAT. JULY 8th announcing DINING & COCKTAILS In A Casual Comfortable Atmosphere Overlooking Beautiful Wonder Lake. Wednesdays LADIES NIGHT Steaks Starting jjuly 12 th Cocktail# V2 Price Relax during dinner to the beautiful "Singing Keys " of Gordon Fossum at the Organ. Tuesdays - Chicken & Beer Night Starting July 11th AU You Can Eat $1.95 -• 7 10</ beers from 7:00 til 1:00 am Fridays - Starting July 14th Fish Fry $1.95 All You Can Eat , McCLORY REPORTS. , t_ From Washington approval of the agreement relating to various offensive nuclear weapons are high on the list of Congressional priorities. Also, reduction of defense expenditures is sought in order that funds may be diverted for domestic purposes. The President's mission to Moscow must be acknowledged to have been successful because of the position of strength from which he negotiated. This is borne out by the President's own statements when he addressed a Joint Session of the Congress. The President declared, then: "Our successes in the strategic arms talks...which opened the road to Moscow, came about because over the past three years we have consistently refused proposals for unilaterally abandoning the ABM..." „ In order to maintain the momentum which the SALT, agreements have pre seems vital to maintain the strength of our defense|. Few can question that the missions to Moscow and to Peking carried us a great distance along the road of peace. Consequently, it would seem well to continue the policy which has brought us to this hopeful point in history in order that we may continue to ease tensions and to reach the goal of "a generation of peace." A strong defense, coupled with continued negotiations with the Soviet Union and other military powers, is a logical path toward this goal. CONSUMERS* CORNER^ Aluminum Furniture for outdoor living jinum, outdoor furniture, including*chairs, chaises and rock­ ers can mean haPPy hours in the backyard patio or at the lake, park or campground. For aluminum furniture has been improved. Now you can buy folding furniture that is non-tip, has strong locking devices, dnd is anodized to prevent oxidation. It needs little care: Just an occa­ sional sudsing and rinsing wiH keep it nice and shiny. You can brighten the shine in midsummer by rubbing the metal parts with a wax-base cleaner or fine steel wool. Once a season, apply an auto paste wax to re­ store luster to the frames. You may be fooled by alumi­ num this year. Several firms that formerly made only wrought iron furniture are now producing imi­ tations in solid and cast alumi­ num. These high-style designs have the elegant look of wrought 3V Cb&H cheoc oe WN£y ORDER HOW CAN. X Z£f&Y YOOZ MNDHBSS v 79 MB? •\in. POOL SALE 15' x 42" Reg. priced $280.00 Sale priced *210.00. Includes: 1 <4 H P Pump 18 Cartridqe Over wa l l sk immer Ladder Foot Bath f 1 " Top Rai l Lock f rame const ruc t ion 18' x 48" Reg. priced $711 00 Sale priced *534.00 Includes: 1/2" H P Pump Sand F l i te r Ha i r and L in t s t ra iner Thru wa l l sk immer Thru wa l l in le t S ta i rway 6 Top Rat i Poo l Vac Poo l Cover \ Automat ic Ch lonnator \ Test K i t 10 year guarantee Add a Redwood Deck fo r on ly $156 00 18' x 48" Reg. priced $397 00 Safe priced '297.00 • Includes: 1/4 HP Pump 18 Car t r idge f i l te r Overwal l sk imme? Ladder F oo t Bath 2 112" Top Rai l 10 year guarantee 30T x iy rC^al Reg. priced $1249.00 Sale priced *939.00 Includes: 3 4 HP Pump Sand f i l t t ' i Ha i r and L in t s t ra iner Thru wa l l sk immer Thru wa l l in le t S ta i rway 6 Top Rai l Poo l Vac Poo l Cover Automat ic Ch lo r mat or Tes t K i t 10 year guarantee Add a Redwood Deck fo r on ly $321 00 The mistake some busi­ ness men make is in pre­ paring for business they hope to get while neglecting the business they already have. \ A. MAY BUILDERS 9716 N. Rt. 12 Richmond, III. Call Collect 815-678-2861 I CHECK ON SAVINGS "SERVICE SPECIALS MOTOR TUNE-UP GM CARS WITH AIR Includes; Points plugs, condenser, PCV valve, fuel filter, afr filter, and labor. (Cars with resister plugs, add $3.75) 39 95 SUMMER AIR ^ CONDITIONER SERVICE Includes: Adjust compressor belts, inspect system for leaks, clean condenser, and add treon, (Freon Extra) 10 1/ 00 AUTOMATIC TRANSMISSION SERVICE ' 095 Includes: Drain transmission, replace oil, oil screen and pan gasket. < (Plus parts & Oil) 8 We are clearing our entre inventory on Regular Tiead and Snow tires. FIRESTONE -V OR UNIR0YAL Cadillac Tire L 78 x 15 499?ach list $76.20 each (Plus Mounting, Balancing and Sales Tdx) Premium VOGUE TIRES Steel - Belted L 78 x 15 _ 9250 , %J£m each list $141.50 each. OVERTON 95-3 JOO iday) 7: CADILLAC PONTIAC 1112 N. Front St. Phone 385-37(H) McHenry, III. Daily (Monday thru Fridayh 7:30 to 5:00 *