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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 08, 1983
Page
29
The article urges year round collection of receipts and statements for tax purposes. It notes earnings, mortgage interest, charitable contributions, and other records document deductions and income, enabling audit support and lower preparation fees. It warns IRS may require full documentation and cites George Orwell 1984 for emphasis.
Rates on fixed rate mortgages fell to 13.92 percent in early November from 14.08 in October and 14.28 in September. Adjustable rate mortgages ARMs declined to 12.16 percent with caps, while unlimited ARMs eased to 12.54 percent from 12.67 in October.
Airlines and blue chip industrials boosted the market as the Dow rose 4.47 to 1273.78. IBM, Eastman Kodak and United Technologies led gains while airline shares such as UAL and Delta advanced on analyst optimism and easing fare competition.
Cedar Rapids based Electronic Technology Corp opened Dec 1 with six employees and plans for a multi million dollar foundry. The firm aims for 60 percent annual growth in the integrated circuit business and hopes its logo will rival Rockwell Collins. ETC plans work in Silicon Valley area with partners and draws venture capital from MorAmerica Capital Life Investors and SCI Financial. Governor Branstad and Life Investors president Robert D Ray spoke of Cedar Rapids future in high tech.
Moody's Investors Service raised the rating on Iowa Electric Light & Power Co. commercial paper to Prime-1 from Prime-2, effective last Friday, citing potential for moderate improvement in financial position due to strong cash flow and light construction outlays. United Fire and Casualty Co. directors declared a 22 cent quarterly dividend and promoted several executives. American Equity Investment Trust said it acquired Midway Business Park in Tucson for 6.67 million dollars, a 113-unit, 95 percent occupied complex. Ames truckers urged to obtain permits early as IDOT closes regional center for Christmas.
The Justice Department ends opposition to Beverly Enterprises of Pasadena Calif acquiring Minnesota operator Beacon Hill America Inc after Beverly agrees to sell several homes, including the Iowa City facility, to Waverly Group Inc of Jackson. The decision follows antitrust review and signals no suit will be filed to block the purchase.
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