Provisions of Tax Bill Aimed at Income and Loophole Closure
Principal provisions of the compromise tax bill are outlined. Income surcharge extended for six months in 1970. Excises extended to Dec 31 1970. A 10 percent minimum tax applies to various preference items, with deduction for normal federal tax. Investment credit repealed. Charitable deductions limited to 50 percent of income. Restrictions on charitable value increases and stocks donations. Restricted stock taxed at receipt value. Anti-trust fines and two‑thirds treble damages denied post conviction. Multiple trusts and corporations face higher taxes and expanded low-rate benefits curtailed. Hobby losses disallowed. Real estate depreciation tightened. Capital gains rates changed for high incomes. Corporate capital gains raised. Oil and mineral depletions cut. Foundations taxed and restricted. required payout rules. Unrelated business income taxed for tax‑exempt groups. Conglomerate tax incentives reduced. Penalties for late payments increased. Capital losses limited to 5 percent offset.
MENTIONED IN THIS ARTICLE
Washington
Eight Tobacco Farmers Sue TV Networks in Anti Smoking Ad Case
Eight Kentucky tobacco farmers filed suit in U S district court seeking an injunction to stop anti smoking television advertising. Attorney Gladney Harville said no damages are sought in the federal suit and noted a possible state court suit for damages. He said no other media were named in the filing and another suit may follow in Fayette circuit court next week.
MENTIONED IN THIS ARTICLE
Lexington, Ky
UPI
Kentucky
U. S
Gladney Harville
Lexington
Fayette
Uganda president shot during party convention
In Kampala the Uganda People's Congress convention ended with a shot that wounded President Milton Obote but left him conscious at Mulage hospital. Witnesses described three shots as Obote and his small escort left the Lugogo stadium where thousands cheered the pro leftist one party push.
MENTIONED IN THIS ARTICLE
Kampala
Uganda
Milton Obote
Uganda People’s Congress Party
Mulage Hospital
Tan
Lugago
Obote
Qbote
Guidelines Set for Holiday Drinkers
Chicago reports guidelines from the American Medical Association and the National Safety Council on drinking and driving. It notes body weight affects intoxication levels, outlines alcohol content in beer wine and spirits, and suggests limits and pacing to avoid driving under the influence. The piece emphasizes moderate consumption and preplanned limits for hosts and guests.
MENTIONED IN THIS ARTICLE
Chicago
American Medical Assn
National Safety Council
Council
AMA
The
Safety Council
Christmas Chorus Opens With Pan as Cae 1d-Design
A fragmented OCR reads Christmas chorus details with performers Pan and Wiliams, Eee cate, and Peerruate listed among irregular names. The item notes a community event likely connected to a music program during the holiday season.
MENTIONED IN THIS ARTICLE
Pan
Ieita
Oaney Wiliams
Nationwide Ring Linked to Iowa Postal Burglary
A St. Louis based nationwide postal burglary ring is tied to the Fort Madison Iowa post office break in. Ringleaders Russell Briddle John Brown and William Mourey all of St Louis face federal warrants. The group allegedly conducted at least 15 major burglaries this year from California to New York distributing stamps through Chicago and New York intermediaries at about half face value.
MENTIONED IN THIS ARTICLE
ST. Louis
UPL
Fort Madison
Iowa
Missouri Highway Patrol
Russell Briddle
John Brown
William Mourey
California
New York
Chicago
Trading in Egg Futures Investigated
Washington AP The agriculture department’s Commodity Exchange Authority is probing egg futures trades in the first week of December on the Chicago Mercantile Exchange. The agency sought names of all buyers and sellers from December 1 to December 5 and said it may file complaints for violations of the commodity exchange act.
MENTIONED IN THIS ARTICLE
Washington
Agriculture Department
Commodity Exchange Authority
Chicago Mercantile Exchange
Kalex Swantz
CEA
Swantz
Sven
Chicago
Leo. Melamed
Commodity Exchange » Authority Institutes
Chicago Mercantile Ex
Futures markets and cash prices linked, agency cooperation
jchange stresses close cooperation with the CEA on investigations and asserts futures markets reflect current cash market realities and future availability. They claim no wrongdoing is known but offer to aid if any is found, and endorse practical use of ads with a dial number for contact.
MENTIONED IN THIS ARTICLE
Jchange
CEA
Also Mentioned on This Page
WHBF
Rock Island
Woc-Ty
Davanport
la Crosse
Kroc-Ty
Rochester
Korg-Ty
Cadet
Repide
De_WMTTY
Cedar Rapids
Kwwl-Ty
Waterloo
KTVO
Ottumwa
Go AM
Anderan
Irae
Lari
J—Laverenos
Rose Marte
Eee
Cate
Peerruate
Sion
Sarc News
Soireatner
Tos
ANCL
Redacelor
LINN
Mon
Tuas
Continental Cleaners
Fit Ave
Open Man
Unit of
Serv-Quik, Inc
Vedak
Merion
Dial
Detroit
Automotive News
Chryster Atymoutynf
Ais
Igertal
Aerf
Fiersler Velal Aa
Lamya
Evrale
Dieman-Bennett
Dance Theater OF the
Edna C. Dieman
Julia Bennett
Frank Rocco
Iowa Braille and Sight Saving School
Vinton
Peoples Unitarian Church
Third Ave. SE
Pree
Perry Como
Dialann Carroll
Shecky Greene
Edward Villela
Burr Tillstram
Kukla
Olfie
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