Masonry Magazine September 1974 Page. 20
TAXES
Perlite Filled Cavities Conserve Energy. 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.
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DOMESTIC VOLUNTEER SERVICE
A recent IRS ruling concerned the Domestic Volunteer Service Act, another of the many federal government programs. Title II of the Act pertains to the Retired Service Volunteer Program, the Foster Grandparent Program, and other Older American Volunteer Programs. Title III of the Act concerns the Service Corps of Retired Executives and the Active Corps of Executive Programs.
In its Ruling, the IRS held that payments for supportive services or reimbursement of out-of-pocket expenses made to persons serving in volunteer service programs pursuant to Titles II and III of the Service Act are not taxable. Such amounts need not be included in gross income nor are they subject to withholding or other employment taxes. (Rev. Rul. 74-322.)
OPTIONAL BENEFICIARY
A retirement plan provided that a participant could elect to take a reduced benefit in order to have his retirement benefits paid in the form of a joint and survivor annuity. Under this plan, there were no restrictions as to whom the participant might select as the designated beneficiary. Upon the retirement of the employee, payments in equal monthly installments were to be paid to him during his life. Then, after the death of the employee, the same monthly installments would be paid to the designated beneficiary for the life of the beneficiary.
In a 1972 revenue ruling, the IRS explained that a settlement option will meet the requirements of the regulations if it contains provisions whereby the present value of the payments to be made to the participant is more than 50% of the present value of the total payments to be made to the participant and his beneficiary.
The IRS ruled that the plan in question would not qualify. It based its reason on the fact that since the benefits extend over the entire lifetime of the named beneficiary (who may be significantly younger in age than the employee), there was no assurance that the present value of the annuity payable to the employee would be more than 50% of the present value of benefits payable to both the employee and his beneficiary. (Rev. Rul 74-325.)
SOCIAL SECURITY REPORTING
The Senate Finance Committee is considering a bill that would change the quarterly reporting system for Social Security purposes to an annual system.
FORM W-2
Employees whose employment is terminated during the year are periodically entitled to their W-2 forms. The new 1974 form W-2's are now available at IRS offices. After August 21, 1974, former employees are entitled to form W-2 covering their wages for 1974.
MAKE-UP CONTRIBUTIONS
The tax complications that can arise from doing a fairly simple thing continue to be amazing. According to the terms of a money purchase pension plan that he had established, an employer was required to contribute to a trust