Masonry Magazine February 1971 Page. 24
Taxes
(Continued from page 19)
2) A married taxpayer, with an exemption for himself and one for his wife, earned $500 semimonthly. His December 15, 1970 check had $72.50 withheld for income tax. However, his January 15, 1971 check will have only $68.80 withheld for income taxes.
Based strictly on average deductions, exemptions, etc., the following is another illustration of the effect the new rates will have:
Single Individuals
Taxable Income:
$ 10,000
20,000
30,000
40,000
Head of Household
$ 10,000
20,000
30,000
40,000
1970 Tax
1971 Tax
$ 2,245
6,222
11,429
17,087
$ 2,090
5,230
9,390
14,390
2,050
1,940
5,351
4,800
9,758
8,640
14,760
13,260
See, C. C. H., Rewrite Bulletins, 12.23.70.
MOVING EXPENSES
The deduction for moving expenses was recently broadened and it now seems that some taxpayers are trying to expand it even more.
One taxpayer was moving his residence to a new location where he was to begin work for the same employer. En route, the employee bought some new furniture and had it moved to the new location. His employer did not reimburse him for his cost of transporting this furniture to his new residence.
The taxpayer then requested advice of the IRS on whether he could deduct these particular moving costs under the provisions of the Code governing the moving expense deduction.
The IRS ruled that such costs were not deductible. "These Regulations contemplate ownership of the goods at the time of the move and use of the goods in the household at or before the time of the move. Thus, the Regulations do not preclude a moving expense deduction simply because the goods were in storage at the time of the move."
Therefore, this taxpayer's cost of moving furniture that he purchased en route was not deductible. Rev. Rul. 70-625. Another taxpayer came up with a very novel deduction in connection with this moving expense deduction. He asked the IRS whether he could deduct depreciation on his automobile that he used in moving his household goods and personal effects.
The IRS ruled that there was just no way at all that the depreciation of an automobile could be read into the provisions of the Code permitting the deduction of moving expenses. On the other hand, depreciation of the car would be permitted if the car was used in the trade or business of the taxpayer. But, this car was not so used. Thus, the taxpayer was not allowed this deduction. Rev. Rul. 70-656.
Louisville Cement Ups Two to Top
The Board of Directors of the Louisville Cement Company has announced that Boyce F. Martin was elected to the position of Chairman of the Board and Chief Executive Officer, and L. T. Welshans President and Chief Operating Executive.
Martin has been President since 1958, and the position of Chairman has not been filled in recent years. He joined the Company in 1942 as Treasurer and was later elected Executive Vice President and President. He has participated in many local and national business and civic activities.
Lewis T. Welshans has been President of Bessemer Cement Company, a subsidiary of Louisville Cement Company. He joined the Diamond Shamrock Company's Research Department in 1944, and later was appointed Technical Director of the Painesville Works. He was transferred to Cleveland in 1954 as General Manager of Diamond's Cement-Coke Division and in 1961 became President of the Bessemer Cement Company.
Robert L.. Rosenberger, presently Vice President-Operations of Bessemer, has been elected Executive Vice President of the Bessemer Cement Company and will direct the operations and sales of that plant.
New Consulting Services on Cement
The Cement and Concrete Research Institute, a division of the Portland Cement Association, Skokie, III., has announced the availability of specialized consulting services for non-routine analysis and design problems in concrete.
The new service, principally utilizing PCA computer design programs, will be offered to consulting engineers, engineer-architects, engineer-builders, government agencies, and public and private research and engineering organizations.
Mark Fintel, director of PCA's Engineering Design, Standards and Services Department, said the Cement and Concrete Research Institute will provide services for "non-routine, unique analytical investigations" such as high-rise structures, special foundation problems, new structural systems, dynamic investigations and preparation of special computer programs.
Two golfers were imbibing at the 19th hole and fell into conversation. "The missus says she's going to leave me if I don't give up playing golf," one confided. "That's terrible," replied his companion. "Yeah, I know. I'm going to miss her, too."
"Now, Johnny," explained his mother, "you can't have that heavy hammer to play with. You'll hit your fingers." "Oh, no I won't," exclaimed Johnny. "George is going to hold the nails."
More than 40 percent of pedestrian deaths in 1969 occurred while the pedestrian crossed between intersections. The Travelers Insurance Companies' annual survey shows more than 4,040 died and 67,800 were injured between intersections.