Masonry Magazine September 1969 Page. 36
here's a
Strong - Portable - Reliable - and Inexpensive answer For Your Hoisting Needs
Wyco LAD-E-VATOR Lifts up to 1250 lbs. 80 ft. high; pulls behind any car or truck; sets up in less than 10 minutes; completely automatic. For full information, write for the all new catalog WL-67.
LAD-E-VATOR Division of Wyco Tool Co. P.O. Box 306 Des Plaines, Ill. 36
Taxes
(Continued from page 19)
TRAVEL EXPENSES
Here is one case in which the taxpayer got a break. The taxpayer took a job with a State Highway Department. It was necessary in order for him to get the job to start with work in a town some 280 miles from his home. The taxpayer returned home every other week-end during the time he worked there. He later claimed the expenses of these trips as a business expense deduction for travel while away from home in pursuit of his trade. The Commissioner disallowed the deduction.
The Tax Court overruled the Commissioner's disallowance of the deduction and agreed with the taxpayer. At all times, the court determined, the taxpayer considered his assignment to be temporary. That he persisted in his efforts to obtain a transfer to a location nearer his home the entire time. He could not under these circumstances be expected to move his family to the other town on such a temporary basis. Sand v. Com'r, T.C. Memo 1969-155.
EMPLOYEES?
A recent question presented to the IRS for ruling concerned the subject of who is an employee for Federal employment taxes and withholding purposes. The individual involved had several places of business, in all of which the same type of business is conducted. All of the equipment is owned by him. A supervisor is in charge of each place of business and it is he who hires and discharges employees for that particular location. While separate bookkeeping accounts as to the payroll are not kept for each establishment, each supervisor is paid a certain sum each week which includes the supervisor's salary and that of the employees hired by him.
The IRS ruled that the supervisors and the other individuals working in each establishment are employees of the individual who owns and conducts the business. One of the means of determining whether a person has the status of an employee is to see if he is subject to the will of the employer not only as to what shall be done but also as to how it shall be done. However, it is not necessary that the employer actually direct or control the manner in which the services are performed; it is sufficient if he has the right to do so. Rev. Rul. 69-315.
COOPERATIVE HOUSING CORPORATIONS
Cooperative housing corporations are growing in number and it may be due to the fact that there are certain tax advantages involved. For instance, if you are under 65 and sell your home, recognition of any gain on the sale of the house may be postponed provided you purchase another residence within a certain time period. If you are over 65 and sell your home, the Code provides for the nonrecognition of gain on the sale. But, suppose you are under 65 and want to sell your home and not buy another one, are there any tax provisions for such an act? Here a cooperative housing corporation can provide a means of possible tax relief.
Code Section 1034 permits a taxpayer who sells his house and purchases stock in a cooperative within a specified period of time and uses the apartment as his principal residence to realize a gain only to the extent that his "adjusted sales price" for the old residence exceeds the price of the stock. For the purpose of this exclusion the cost of the stock in a cooperative housing corporation also includes masonry
September, 1969