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Newspaper
Columbus Telegram
Location
Columbus, Nebraska, United States of America
Date
Jun 25, 1976
Page
11
The article explains a new provision allowing deferral of taxes on lump sum payments from terminated employer retirement plans via Individual Retirement Accounts IRA s. Tax is paid upon retirement when income may be lower, with earnings tax deferred until withdrawal. The measure retroactively covers payments from July 4, 1974, and applies to workers not covered by any retirement plan.
Babson's Reports forecasts stronger earnings for major container groups in 1976 as demand recovers from late 1975 lows. Increased beer and soft drink packaging, better plant utilization, and price-driven bottle growth boost exporters like American Can Continental Group Owens-Illinois and National Can. Investors urged to consider Anchor Hocking and National Can for 1976 gains.
Funeral services were held in Omaha for Sam Richman founder of Richman Gordman Stores Inc He died June 17 at Eppley Care Center after a lengthy illness Richman opened a small general store in 1915 at 16th and Chicago Streets later selling his Goldman and Richman Motor companys before retiring in 1973 He was active in Beth B nai B rith and the Zionist Organization of America.
Woolworth forecasts a total sales increase near 10 percent for 1976. Chairman Lester A. Burcham told shareholders the pattern of productivity over 18 months is encouraging and earnings should rise with sales. For the 17 weeks ended May 25, consolidated sales were 1.481 billion dollars, up 12.3 percent, with first quarter net income of 45 cents per share.
Land O Lakes Inc paid 12.2 million dollars on June 16 to 830 cooperative members and 12 761 individual farmers across six Midwest states. The payment equals 40 percent of total patronage from 1975 sales of about 1 billion 124 million dollars with the balance going into retained equity accounts based on each member's business volume. William R. Davis named general manager for Union Pacific piggyback and intermodal container operations from Omaha overseeing 48 terminals in 13 western states and fleet distribution. Fred W Fuhrmann promoted to area sales supervisor at Monsanto Agricultural Products Co now to live in Houston after two years in Kalamazoo. James R Ferney named superintendent of Union Pacific Railroad Nebraska division, based in Omaha, succeeding William A Ridge who becomes Utah division superintendent in Salt Lake City.
Leigh Farmers Insurance Company began in June 1901 as the Leigh German Farmers Insurance Company of Colfax, Platte and Stanton Counties to insure farm property. The firm, with 22 signers, started under German by laws and later shifted to English in 1918 and dropped German from the name in 1950.
Motorists crossing borders can now switch between miles and kilometers at the touch of a switch. The new instruments simplify overseas travel by providing immediate distance readings in the desired unit.
The IEC unanimously approved an international certification system for electronic components including resistors. A three year negotiation and a Nice France meeting led to standardization for parts made worldwide and acceptance by users globally. Full operation expected in 12 to 18 months.
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