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PAGE 20 - PLAlNDEALgR-WEPNESDAY. DECEMBER 5, 1973 u.s.1 -«S2B Ask I. NEWS REPORT FROM WASHIH6T0H 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 "points" paid on a home mortgage deductible as interest expense? A. Yes. The term "points" is sometimes used to describe the charges paid by a borrower to a lender as loan origination fees, maximum loan charges, or premium charges. If the payment of these charges is .compensation solely for the use or forbearance of money, it is interest and generally deducti­ ble in full as interest expense in the year paid. However, if the payment of J owarwoo For Christmas Entertaining and Gift Giving Genuine NORMAN ROCKWELL FIGURINES $2250 up trees frrom around the world We've shopped every tree manufacturer and purchased only their best trees. Browse through our selection of superb Christmas trees--you'll agree that Flowerwood has THE selection. 7 Foot NORWAY PINE $24»5 Lightweight, soft needle creation, so luxurious, yet priced for any budget Constructed of flame-resistant 100% poly vinylchloride (PVC) • Heavy duty 12 gauge rust proof wire • all branches pre-shaped and color coded for easy assembly • poles made of finest ponderosa pine, drilled to perfection SPACE PROBLEM? TRY THESE FOR SIZE: 2' Western Scotch Pine $2.99 4' Scotch Pine .'....$11,95 41/2' Bavarian Pine $16.95 41/2' Natural Evergreen $16 95 6' Norway Pine $19 95 SEE THOUSANDS OF LITES-ORNAMENTS AND GARLAND IN OUR COMPLETE TRIM-A-TREE DEPARTMENT owerwoocf METAL SCULPTURES add a dramatic accent to any decor. . an invitation to enchantment with you in mind . . . to capture all the glory and glitter of Christmas, we have arranged in a spectacle of beauty an infinite variety of ideas that will excite your imagination and satisfy each and every need. J owe r wo Route 14 at 176 - Crystal Lake, Illinois Monday through Friday: 9a.rn.5to 9 p.m. Saturday & Sunday: 9a.m. to 5p.m. any of these charges is com­ pensation for specific services that the lender performs in connection with the borrower's account (such as lender's ap­ praisal fees, the cost of prepar­ ing the mortgage note or deed of trust, settlement fees, no­ tary fees, etc.) it is not inter­ est Moreover, payment of these amounts cannot be con­ sidered an additional cost of the property and may not be added to the property's basis. The term "points" is also used to describe loan placement fees that the teller may be re­ quired to pay to the lender as a condition to arranging fi­ nancing terms for the buyer. These amounts are not deducti­ ble as interest However, these charges are a selling expense, reducing the amount realized on the sale of a home. Q. I had a large amount of medical expenses last month. Thus, I will probably have more itemised deductions than I an­ ticipated when I file my return next year. Can I realise these tax savings now by reducing my income tax withholding? A. Yes--provided the increase in estimated itemized deduc­ tions enables you to claim addi­ tional withholding allowances. This is done by filing a new Form W-4 with your employer. To determine if you may claim the additional withholding allowances, see page two of Form W-4. Q. My son is paying his own college tuition this year. Will this have any effect on whether or not I can claim him as a de­ pendent? A. Yes. Payments for educa­ tional expenses are counted in determining total support. If you and your son furnish his total support for the year and your son spent more on his support items, such as food, shelter, clothing, education, etc., than you spent for his support, you will not be able to claim him as a dependent Intercelestial Hot Dogs Hot dogs, that traveled to the moon aboard Apollo missions, are racking up some astronomical consumption figures here in the United States. Americans eat more than lVz billion pounds of frankfurters annually (80 per person). That's enough hot dogs A.o reach the moon and back twice, with enough left over to encircle the earth more than 14 times. Kissinger's Role- The Mideast Feat- An Alliance? Nixon Recovers- WASHINGTON, D.C.-Sec- retary of State Henry Kiss­ inger has unquestionably gained new laurels with his lightning ending of the Mid­ dle East war and a success­ ful trip to China. The accomplishment in the Mideast was so dazzling it somewhat dampened the cre­ scendo of criticism of the Nixon Administration. And obviously Red Chinese lead­ ers like Kissinger; he has established a valuable and significant relationship with Peking. Yet there are suspicions he hinted to the Israelis that if they would stop fighting and be patient he could bring about an alliance between Israel and the United States, with U.S. troops pledged to go to the aid of Israel in any new war. This, if true, would be an extremely dangerous position for Washington to assume, even though U.S. policy has long been to see that Israel survives. To pledge to auto­ matically go to the aid of Israel, which has a record of aggressiveness, would mean certain U.S. involvement. It would remove the flexi­ bility from U.S. policy that recently enabled Washington to negotiate with Arab states as well as Israel and also commits the U.S. to military action because of what other nations and military forces do, in circumstances which cannot be foreseen. The Kissinger strategy (and Nixon strategy) to enter into a military pact with Israel is almost certainly opposed by the majority of Americans but few politi­ cians on Capitol Hill will vigorously oppose the move --because of the power and influence of Jewish groups and organizations. President Nixon is regain­ ing some of the public confi­ d e n c e h e l o s t i n r e c e n t months in the Watergate di­ l e m m a . P o l l s o f v a r i o u s newspapers and radio st«p tions reflect strong support f o r M r . N i x o n i n s e v e r a l areas. The reaction to editorials in several major publications which called for impeach­ ment and trial of the Presi­ dent was negative .and quite surprising to some of the editors who penned the edi­ torials. At the White House aides feel the tide has turned, now that the President has gone o v e r t o t h e o f f e n s i v e , i n seeking to restore his image with the American people. There were two low points in the long trial, one in the spring, at the time of the John Dean testimony, and the other when it was an­ nounced that two key tapes (one involving Dean) never existed. In recent days much of the public seems to have con­ cluded that regardless of the tapes, what happened to them, etc., enough has been said about the scandal, and that even if Mr. Nixon tried to hush it up, it's time for the nation to get on with other things--that President Nixon has done a good job. overall. Scientific Law? You can't put more in a con­ tainer than it can hold, unless, of course, it's a woman in slacks! f H0RNSBY5 _ f a m i l y centers -- STORE HOURS: Daily 9-9 Sunday Till 6 FOCUS IN ON THESE GREAT BINOCULAR BUYS FOR ^CHRISTMAS Tasco No. 308 "SPECTATOR" 8x30 m.m. Our Reg. 29.87 21" •8 Power Kellner type eye lenses •Coated BK-7 Porro prisms •392* field of view, wt. 19 Oz. • Rubber eye cups. Sports case. HERE ARE SOME MORE GREAT BUYS! n Tasco No. 304 "SEA PILOT" 7x35 m.m. Our Low Price 29" • 7 Power Kellner eye lenses • 358' Field of view • Wt. 21.5 oz. o ^ „ • European style, black.Sports Case. Tasco No. 116 "BOLD VENTURE" 7x35 m.m. 87 44 Our Low Price • 4 Fashionable Colors: Avocado, Rust (116R), Turquoise (116T), and Black (116B). • 7 Power wide angle lenses. • 551' field of view. Wt. 26 oz. Tasco No. 320 'TRAVELER" 8x30 m.m. Our Low Price 37° • 8 Power Kellner type eye lenses • 460' field of view • feubber eye cups-Sports Case. • Wt. 17.5 oz. Tasco No. 306 "SEA DOG" 7x50 m.m. Our Low Price 37" • 7 Power Kellner eye lenses • 372' field of view • Wt. 36 oz. Color Black • Sturdy Black Case 4400 Market Place Shipping Center McHenry, Illinois Rt. 47 & Country Club Road Woodstock, Illinois - I Kh<5w&- AMtalfiSr Why does a cooling of the air often produce clouds? - The air always contains a certain amount of moisture. When there are no clouds in the sky, the moisture is in- %visible, but it's there. Cool­ ing condenses air and re­ duces its capacity to retain water. In doing so, the invisible water particles in the air be­ come relatively greater in content and finally become visible droplets of moisture. A cloud, then, is the result of cooling of air, which changes invisible moisture into visible form. This cooling process also produces fog--the lowest of the clouds. The sun's heat­ ing of the earth, which, turn, heats the air aboye which rises and is cooled the higher altitude causc 'he formation of most clouc" Applesauce Shtaes '->>'11 Applesauce is one of favorite companions. Spice it1 cinnamon and serve with hi pork chops, beef patties, cornf beef or lamb chops. Bonds are for cashing in on an education. I S? /« i ) >1 b .M .»* M <rn •)<!>' vn -m ..i 4, It takes more than brains to get an education. It takes money, too. And that's where U.S. Savings Bonds come in handy. For a lot of people, Bonds can make the difference between going to college or going to work. U.S. Savings Bonds. See... you're learning already. stock . in̂ merica. 'Buy U. S. Savings Bonds ,O jlao-d if lost. Kolr i br cmehed at your bank Inu-rtrst is il«* or local income Um. and federal Ft-rrvd until redemption The U S Governme It is presented •• a Department of the 1 Christmas Grab Bag -- OF VALUES -- Sneak Preview DEC. 6th thru DEC. I3th \ Panel Specials tm Everyday Low Prices 4 MM POPULAR PANELS WOODGRAINED 3/16" VINYL-CLAD PANELS $8.95 5/i6 PLAINSMEN RED $>95 GOLD RUSH NUGGET 1/4' 4x8 3/ie» SMOKEY CHESTNUT 4x8 REAL HARDWOOD FRONTIER PECAN Discontinued 4.50 7.95 Stock $9.95 1/4" FRONTIER PECAN $21.50 14.95' 4x8 3/16- VINTAGE II GRANADA W.55 6.95 4x8 3/16- VINTAGE V CHEYANNE $8.55 £.95 REAL HARDWOOD $14.50 Value _ 4x8 3/16" BROWN OAK Slight Warp 5.95 4x8 3/16" RUSTIC CYPRESS 2 Colors $10.50 8.95 MANY OTHER UNADVERTISED SPECIALS - TO NUMEROUS TO MENTION ! ANELING LUS r 907 N. Front Street (Rt. 31 f McMenry, Illinois 60050 SI 5-385-5511 HOURS: Mon.-Sat. 8:00-5:30 Fri. 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