Masonry Magazine February 1974 Page. 28
Taxes
(Continued from page 26)
AUTOMOBILE INSURANCE
There will probably never be a day when some taxpayer somewhere will not think of a new angle to try in our life-and-death struggle with the IRS. Here is one of those inventive challenges to the IRS.
When an individual pays his automobile insurance premiums, a reasonable portion of it is separately stated to be for medical insurance. The medical insurance will pay for the medical care of all persons injured in or by the taxpayer's automobile including (besides the taxpayer himself) passengers in the taxpayer's automobile, passengers in other automobiles, and pedestrians.
Section 213 of the Code provides that there shall be allowed as a deduction, subject to specified limitations, expenses paid (and which are not compensated for by insurance or otherwise) for the medical care of the taxpayer, his spouse and his dependents. Section 213 defines the term "medical care" as including amounts paid for insurance covering medical care.
The IRS was asked: Can the amount of the premiums that is attributable to the medical insurance be deducted under the provisions of Section 213? The IRS said that it could not be done! Since the medical insurance will pay for the medical care of other individuals in addition to the taxpayer, his spouse and dependents, the portion of the automobile insurance premium stated to be for medical insurance is not allowed as a deduction under Section 213 of the Code. (Rev. Rul. 73-483.)
Introducing the New
Scoot-Crete
Forklift
Keep your masons supplied quickly and efficiently with the new Scoot-Crete Forklift. Brick, block, tile, mortar, and other building supplies-get them right up to the work position with smooth, dependable hydraulic power. The Scoot-Crete Forklift handles up to 1500 lbs at 12" centers. It's versatile, too, with a 7½' or 8½' mast. A work-ready 8 hp engine provides power. Big 6-gallon reservoir for cooler operation. Built-in safety features for extra value. And you can choose time and work-saving options: adjustable wheelbase (from 32" to 48")... electric start... and more. The new Scoot-Crete Forklift. Available only from Getman. Get all the facts, today. Write for Bulletin No. 1549.
New Calcium Aluminate Cement Process
A totally new patented process for the production of calcium aluminate cements for high temperature refractory applications has been developed and installed by the Universal Atlas Cement Division of U.S. Steel at its Buffington complex in Gary, Ind. Called "shock sintering," the process is the first of its kind in the world for calcium aluminate cements. The raw materials are pelletized and heated to high temperatures in the solid state rather than melted as has been practiced previously. Because the pellets are heated very rapidly from a calcining temperature to a maximum reaction temperature, the most desirable optimum cement compounds are formed. Marketed by Atlas under the brand names Lumnite and Refcon, the cements are said to have markedly improved properties over the same products produced by melting. In the background of the picture, a workman observes the front section of the new kiln.
GETMAN BROTHERS MANUFACTURING COMPANY
A Subsidiary of Oury Engineering Co
PO Box 1145 Marion, Ohio 43302 Phone 614-389-4661
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Photoilustrative only. Product must be used in conformity with safe practices and applicable codes and regulations
masonry
February, 1974