Masonry Magazine October 1969 Page. 22
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1054 FLORIDA ST. MEMPHIS, TENN. 38102
Taxes
(Continued from page 20)
sought to deduct the unreimbursed $3,510 that he had to spend on repairs as a casualty loss.
But, the court said No. The damage was not attributable to some event analogous to a fire, storm, or shipwreck. It was instead a personal misfortune due to the gradual sinking of the foundation as a natural inevitable consequence of a construction error. The only small consolation offered was that the taxpayer could add the unreimbursed cost of the repairs to his basis and when he should sell his home, any profit he might make could be lessened. (Berry v. Commissioner, T.C. Memo, 1969-162.)
SURCHARGE
In addition to the fact that withholding on wages will continue at the 10% surcharge level through the end of 1969, the passage of the surcharge extender bill also means that individuals and corporations must take the 10% surcharge into account for estimated tax payments due on or after September, 1969. Estimated tax payments prior to the enactment of the bill had been based on only a 5% surcharge or 10% for the first six months of 1969. Should the increase to a full 10% surcharge for the year result in any additional tax liability, then the increase should be reflected proportionately over the remaining installment payments due for the year.
Also, if the extended surcharge causes a taxpayer's estimated tax to be $40 or more, then he is required to file a declaration of estimated tax for the remaining part of the year.
SCHOOL INSTALLMENT PAYMENTS
Now that a new school year is under way, many parents may be undergoing the burdensome pleasure of paying for the cost of educating their children. If you are paying for this in installments, be sure to ascertain if there is a stated carrying charge, finance charge, service charge or the like. If so, the installment payment made to a school is considered to include interest and this is deductible. The rates are 6% of the average unpaid monthly balance.
The services provided by the school that are included would be tuition, room and board, and laboratory fees. The installment payments may be made to a school from the primary level to and including the university level. But, on the job training programs, correspondence schools and night schools are usually not included in this allowed deduction.
WILFUL FAILURE
There appears to be a constant stream of cases before the courts to determine whether there was a "wilful" failure by an employer to pay over taxes withheld from the wages of employees. Very often a case arises because a company that has already withheld taxes from wages becomes insolvent before it gets around to sending in the money to the Government. The latest case involved the president of a construction corporation who was found to have wilfully failed to pay withhold taxes to the Government.
To determine if a person acted wilfully and whether a penalty of 100% of the taxes due will be impose it is not necessary, said the court, to determine that the person had an intent to defraud or deprive the Government of taxes. The only thing that need be shown, to prove that he acted wilfully, is that he made the deliberate choice to pay other creditors instead of paying the Government. (Psaty v. U.S. (D.C.N.J.))
masonry • October, 1969