High Point Enterprise Newspaper Archives Feb 15 1974, Page 5

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High Point Enterprise (Newspaper) - February 15, 1974, High Point, North Carolina How to report the Sale of your Home by Ray de Crank if you sold your personal residence at a profit last year All of the gain might be taxable on your current return some of it could be taxable or the tax on the full amount could be deferred. The first big question is what you did with the Sale proceeds. If you reinvested the Money in a replacement Home whose Cost is equal to or greater than the adjusted sales Price of the old Home you defer reporting the gain. But you then must reduce your Cost basis in the new Home by the amount of the gain. Assume you sold for $30,000 a Home whose adjusted Cost basis original Cost plus Cost of improvements was $24,-000. The broker s commission on the Sale was $1,000 this is How you would determine the gain Selling Price of old Home $30,000 Selling expense 1.000 amount realized $29,000 adjusted basis of old Home 24,000 gain $ 5.000 now assume that to make the Home More attractive for a Sale it was painted and minor repairs were made at a Cost of $55. These expenses must have been incurred not More than 90 Days before the Sale and paid for not later than 30 Days after the Sale. You subtract the $500 from the amount realized on the Sale and the adjusted sales Price is listed As $28,500. If the replacement Home Cost $28,500 or More the total gain of $5,000 is deferred. But the adjusted basis of the new Home becomes its Cost less the $5,000 gain that was deferred. The next example shows a partially taxable partially deferred gain. Assume the same facts As above. But the replacement Home Cost $27,000. Here is your report gain on Sale $5,000 adjusted sales Price $28,500 amount reinvested $27,000 recognized gain $1,500 deferred gain $3,500 the Cost basis of the replacement Home is now reduced to $23,500. Killing 60-ton whales with Harpoon and Lance was a dangerous Trade and Many whaling men died at sea. Direct furniture warehouse Broyhill Barwick Dixie bedrooms reduced from our usual Low discounts 4 pc. Solid Oak bedroom suite Reg 395 retail 249 in colonial style Dresser Mirror 4-6. Head Board it Board amp Chat King bedroom 395 King bed amp frames King site Dresser twin mirrors a door armoire Hest 2 Nite commodes. $650. Value. Country Oak 4 piece bedroom by Young a mate regular $595. $365 Dresser Mirror Chest 4 6 bed. Mediterranean Pecan bedroom regular $550. Retail 295 double or Queen bed Large Dresser Mirror 5 drawer chest.2 Nile commodes end amp Coffee tables Reg. 24. Retail i Reg �?~49 retail i re9 >95 re Talt a 9�?� i 24�?� i 55. Vinyl and fabric love seats 39�?�. 129. Burnished Maple All Wood dinettes Temh Sico amp 4 chairs i a. China Hutch with Glass doors regular $285. 195. Odo dressers Odo chests Odd Beds bunk Beds recliners Low Diou pc. Large selection soft vinyls or fabrics Hue Dele i we Sleeper sofas compare our Sleeper sofas. Opens to full size bed. $ 125 amour i do it Yourst of in assembled Maple Bookcase 180x29x 9 a s39 value 19 95 Odd sofas Only 89. Large selection of sofas in vinyls and scoff hard fabrics. Low discount prices to 249, Odd bedroom chests Norris Dixie and others some damaged All Gold prices Start at contemporary sofa Canary yellow Floral. One Only. Floor Sample. Save $100. 175 sofa and chair Nylon Gold and Green Stripe. Compare $300. 139 direct furniture warehouse 1605 Bradley place just behind quilt shop a old red Dot store at Corner Ward amp Prospect its. Open daily from 10 30 to 5. Open saturday 9 to 5.1974 Cut your own taxes High Point Enterprise p o. Box 4r9, radio City station new York. N a 10019 Send Bookie. Is of each plus s.25 for Pottage and handling. Enclosed it make Check or Money order payable to a a tax allow 3 weeks for delivery. Name address High Point Enterprise Friday february 15,1974 a Senate passes Bill for Energy division City state zip Raleigh . A More Energy crisis legislation is on its Way through the North Carolina general Assembly. The Senate passed a Bill thursday establishing a new Energy division within the state department of military and veterans affairs. The department already has an Energy office but the legislation would make it permanent and build its employment to about 31 workers. The measure was sent to the House for further consideration. Meanwhile sen. Robert j. Harker a Wake put in a Bill to establish a North Carolina Energy Council. Another Bill would appropriate $200,000 to run the Council. The 23-member Council which would include private citizens As Well As government officials would be the successor to the Energy crisis study commission created by the 1973 general Assembly. Barker said the Council would work a to develop state policy with respect to Energy a meanwhile the legislature enacted into Law a Bill eliminating the party loyalty oath for candidates to elective office and a Bill dealing with presidential primaries. The Senate gave the House passed measures final approval thursday afternoon. The party loyalty oath had required candidates to Promise to support ail their party s candidates and not to attempt a write in Campaign if they were Defeated in the party primary. The Bill dealing with presidential primaries will allow a candidate to win delegates to the National convention if he receives 5 per cent of the popular vote in the states primary. The old Law had required a candidate to receive at least 15 per cent of the vote to receive any delegates. The Senate also passed and sent to the House a Bill to establish a commission of human skills and resource development. The 20-member commission would seek to train and utilize individuals at the local level who would be qualified to provide counselling and referral services in such areas As drug abuse and alcoholism. Legislation was introduced in the House by rep. Foyle Hightower d Anson to abolish the state hearing Aid dealers and fitters Board. Rep. Lane Brownd Stanley put in a Bill that would increase the punishment for prison inmates convicted of assaulting guards. Its Washington s birthday and savings like these Are certain to make history. Menus matched set Sale. Sale 433 Reg. 4.98. A great buy for the working Man. Penn Prest work shirt of polyester Cotton with soil release Many colors to choose from. . Sale 533 Reg. 5.98. Men s Penn Prest work pants of polyester Cotton oxide cloth. Featuring soil release and cuff less hemmed Bottoms. 29-46 in 20% off All women s pants. Sale prices effective thru saturday. Sale i i Iii amp mov Quot ii. Ii. Reg. Sio to $17. The Way to dress up and keep costs Down. Save on our entire Stock of women s dress pants Many Many styles in a variety of fabrics cuffed and a cuffed. All fashion colors in solids prints patterns and plaids. Misses sizes Queen sizes too. 421 15% off work shoes Reg. 18.99. Menus Moo toe work shoes with oiled full Grain Glove leather upper. Flexible Cushion insole and rubber sole. Ankle length in sizes 6-12. Reg. 16.99. Menus oxfords of smooth Elk finish cowhide with cushioned insole and leather lined Quarter. Rubber sole and Heel in sizes 6-12. Sale 20% off these spreads. 16 $ Reg. $20. Royalty bedspreads has a Rayon flocked top and a Cotton Back. Comes in Bright vivid colors with coordinated fringe. Save on full Queen and King sizes too. Sale 20 Reg.$26. Zenith is a richly coloured Floral print throw style Bedspread. Top is Rayon acetate. Polyester filling and Cotton backing. Comparable savings on full Queen and King sizes. 2-Uijcpenneywe know what you re looking , you can charge it All at a Penney in Westchester mall. Shop monday thru saturday 10 00 to 9 30

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