Taxes on McLeodUSA stock hits employees hard
McLeodUSA workers face IRS tax on the gap between their purchase price and market value at purchase time. Speltz, 38, invested about $34,000 for 30,000 shares bought at roughly $1 each that later traded near $24, then fell to about $2,000 when sold. The tax bill reached $263,000, reflecting the price difference. An internal email survey found at least 125 employees with similar outcomes.
MENTIONED IN THIS ARTICLE
IRS
ISO
Speltz
McLeodusa
Ron Speltz
Speltzes
Tax Court
U.S. Circuit Court of Appeals
Dick George
RSM McGladrey
Cedar Rapids
ISO Amt
George
ISO AMT fallout prompts tax fairness push in Congress
The Speltz family story highlights the unintended penalties of the ISO AMT system. Advocates from the Coalition for Tax Fairness push Rep. Johnson's House bill 3385 to refund AMT credits over five years, with support from Rep. Leach and Sen. Grassley as lawmakers weigh relief in reconciliation talks.
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ISO Amt
Sandra Lafferty
Tion
Sam Johnson
Texas
Congress
Tim Carlson
Coalition
Jim Leach
Iowa
Leach
Chuck Grassley
Johnson
Jill Kozeny
Grassley
House Senate
Senate
House
College and high schoolers queue for early Xbox 360 release
Cedar Rapids and Coralville shoppers waited outside Best Buy and Wal Mart for the new Xbox 360. Nieland and Averkamp, University of Iowa student and Cedar Rapids resident, planned to play all night after midnight. Others, including 18-year-old seniors Sieren and Murray, passed time with Monopoly and braved the cold while awaiting the console.
MENTIONED IN THIS ARTICLE
Dorman
Cedar Rapids
Zach Lord
Nieland
University of Iowa
Coralville
Best Buy
Averkamp
Interstate 80
Wal- Mart
Daniel Murray
Zach Sieren
Iowa City
Regina High School
Sieren
Steve Gravelle
the Gazette
Washington students wear snowman drug tie dye shirts
Washington High officials investigated snowman shirts that read we cold on the back after about 50 sophomore boys bought unapproved attire. Plagman called the shirts inappropriate and stressed the school must take a crystal clear stand on illegal drugs.
MENTIONED IN THIS ARTICLE
Washington
Plagman
Trevor Johnson
British man diagnosed with human mad cow disease in Houston
The CDC reports a U.S. case of variant Creutzfeldt Jakob disease in a man from Great Britain who lived in Houston for four years. He likely contracted the illness in Britain while the earlier U.S. case involved a British woman in Florida.
MENTIONED IN THIS ARTICLE
Great Britain
Houston
U.S
Federal
Centers For Disease Control
United Kingdom
CDC
Florida
Schonberger
Britain
Sharon shift reshapes Israeli politics amid peace hopes
Leaders see shakeup as a chance to push a peace process with the Palestinians. Sharon plans to shape Israel's future borders and strengthen major settlement blocs while warning not all would survive a peace deal. Palestinian leaders, eyeing January elections, view the move as potential breakthrough despite Gaza pullout scrutiny. Analysts caution that Sharon's exit from Likud may not bring nearer talks, with new party forming three blocs and potentially scrambling traditional votes.
MENTIONED IN THIS ARTICLE
Israel
Sharon
Gaza
Advo
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Snowman
Diane
Gazettecommunications.com
Lawrence B. Schonberger
Mideast
Saeb Erekat
Likud
West Bank
Yossi Alpher
New Party
Labor
Nextel
Blairs Ferry Rd
Coral Ridge Mall
RP Communication
Wireless One
Xveo
Motorolay
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