Masonry Magazine August 1973 Page. 33
Dismissal Payments
Dismissal payments represent compensation paid by an employer to an employee upon termination of the employee from the service of the employer. For purposes of employment taxes, dismissal payments are wages regardless of whether the employer is or is not legally required to make such payments. Rev. Rul. 73-166.
Record Keeping
With taxpayer time receding from our thoughts as we move away from May 1973, it might be wise to remember the necessity for keeping adequate records for tax purposes. A tax item or deduction may simply be disallowed when it cannot be proven from the records of the taxpayer.
In general, every person who is liable for taxes must keep such permanent books of account or records as are sufficient to establish the amount of gross income, deductions, credits, or other matters required to be shown on any return. Adequacy of records is fairly logical. Primary evidence-cancelled checks, signed receipts, etc. are adequate whereas a bookkeeping entry reflecting the same item would not be.
One final word-substantiation of business travel, entertainment and gift expenses seems to be the most difficult area for taxpayers' record keeping. It might be wise if you have any questions to check with the local IRS or your tax consultant on just what records you should be keeping. Not being able to substantiate an item shown on your return can easily cause the IRS to disallow the item that is questioned. If the IRS feels more generous it may resort to reconstructing a taxpayer's income by some method chosen by the Commissioner. To say the least, letting yourself become involved in reconstructed income because of faulty, inadequate or no record keeping should be avoided.
Nagging Doubts About Estimating*3
Did I Get it All?
Can you tell from your notes and sketches whether your take-offs are right? Are you always sure? Did I count anything twice? Relieve this nagging doubt- SEE PAGE 5
The Perlite Way to Fill a Cavity
Heat transmission can be reduced by 50% or more when silicone treated perlite loose fill insulation is poured into the hollow cores of concrete block or cavity type masonry walls. In fact, cavity walls of face brick and tile show a 63% reduction! But that's not all. Silicone treated perlite loose fill insulation is water repellent-indefinitely.
Specs call for a concrete block wall? Perlite loose fill insulation can help too! By filling the core holes with perlite loose fill insulation your fire rating will be doubled to 4 hours and your "U" factor improved by 54%. And you don't have to worry about permanence. Silicone treated perlite is inorganic and rot, vermin and termite proof. And it's non-combustible with its fusion point of 2300°F.
Even a veneer wall of brick and concrete block can show a 52% improvement in insulating value when filled with loose fill perlite. Don't worry about settling -silicone treated perlite supports its own weight in the wall without settling-and it's easy to handle too! Thanks to its countless glass-like cells it's light-weight and easily poured. It's quick-it's inexpensive and it's permanent-the perfect material for insulating masonry walls.
Perlite Institute, Inc.
45 West 45th Street
New York, N.Y. 10036
212-265-2145