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Lethbridge Herald, The (Newspaper) - February 15, 1975, Lethbridge, Alberta Mercedes offering diesel with pickup By MURRAY OLDERMAN CARMEL, Calif. (NBA) It really occurred to me, for the first time, that the Mercedes 300D was something different, as a hunk of automobile, at the Duna Hotel in Budapest. The doorman kept walking around it, making clucking noises. And finally he insisted on rais- ing the hood. Within five minutes, half a dozen men clustered around, peering over shoulder, under arms, fingering the parts of the engine. And then -more than miles later, while .stopped to admire the Black Sea at Odessa, Russia, another crowd of men this time more than a dozen sur- rounded the car. Without language communication, it was understood they wanted to look under the hood. In rapid-fire Russian, interspers- ed with "da's" of admiration, FIVE -CYLINDERS POWER 300D SEDAN Tax tips My employer pays me an allowance to cover my board and room while I am working at distant work sites away from my ordinary place of residence where I support my wife and family. Previously, I was told that this had to be included in in- come for income tax purposes because I was not a construction worker. I understand that this no longer applies. Is this correct? Yes. This exempting provision now applies to all workers employed at a distant work site providing they meet the other necessary conditions. I received a lump sum upon retirement. I do not want to pay tax on it at this time but would like to invest it so as to spread the tax over a number of years. Is there some way that this can be done? Yes. A person can use such amounts to purchase an income averaging annuity from a licensed or otherwise authorized per- son. The annuity may be for life, or a guaranteed term not ex- ceeding 15 years but not extending beyond the annuitant's 85th birthday. My wife has interest from bonds that I purchased for her in her name. Is this interest considered to be my wife's income? The interest is your income because your purchased the bonds from your funds. The same rule would apply to dividends on shares, interest on savings accounts and so on. It is the person who had the money to invest who must report the income earned. My wife and I are both retired. She receives the old age security pension. When I am making out my income tax return and claiming my wife, must I include the old age security pen- sion as part of her income? Yes. The Old Age Security Pension as well as any supple- ment received are her income and must be taken into account in determining the amount, if your married exemption. My husband and I separated in 1974 and I obtained custody of our child on whose behalf both of us will be claiming a per- sonal exemption for that year. Which of us must report allowance payments as income? Each of you must report a portion of total payments receiv- ed in the year. To determine your share, multiply the amount of your exemption for the child by the total of payments received in the year and divide the product by the total of personal exr emptions claimed for the child by you and your husband. The balance must be reported by your husband. I am divorced and have three children. My ex husband is required by a decree to pay support for the children only. Do I have to pay tax on this money? Yes. Even though no money is received for your own sup- port, you must pay income tax on the support paid to the children. I will be retiring next year and will be receiving a con- siderable amount of severance pay. I have heard tbat I can invest this money in an Income Averaging Annuity contract and will only pay tax when I draw it out. Is this correct? Yes, that is correct. Ask your District Taxation Office for a copy of Information Circular 72-21 which lists other qualifying income for investment in an income averaging annuity contract. I live in a trailer. Can this be classed as a principal residence? Yes. Any type of structure that you own and ordinarily inhabit may qualify as a principal residence. Last year a relative died and in his will left me several thousand dollars. Is this money I inherited taxable as income? No. Money inherited is not subject to income tax. However, there were investments involved, any investment income received or credited after you inherited the money would be taxable as part of your income. I understand there are special rules regarding the acquisi- tion and sale of certain works of art. Could you explain these rules briefly? Yes. Works of art such as prints, etchings, drawings, pain- tings and sculpture, jewellery, rare folios, manuscripts and books, stamps and coins are referred to as listed personal property. Gains on the disposition of these assets when sold for more than are subject to the capital gains provision. Losses are subject to a special calculation. They may be deducted only from gains made from the sale of this type of property. What happens if I sell my home at a price greater than it cost me? Am I going to be taxed on any profit or gain that I make? Ordinarily no. If a taxpayer uses his home only as his prin- cipal residence, that home together with up to an acre of sur- rounding land, if the land contributes to the use and enjoyment of the home, will be exempt from capital gains tax. they dissected the five- cylinder engine before them. Now in America, in lavishly displayed press conferences on both coasts, the Mercedes 300D the first five-cylinder diesel-powered automobile ever has been presented to automotive experts induced from Dallas and Seattle and Salt Lake City and 'Los Angeles. It's a hell of a lot of atten- tion for a car that will sell only seven-hundredths of 1 per cent of the American market in 1975. Also for a diesel car, generally associated with economy, that retails at almost The merchandising impact of the Mercedes in general to be without one in Beverly Hills is almost as gauche as not wearing Guccis is marvelous when you con- sider its share of the American automobile market. They expect to sell cars in the United States in 1975, or roughly one-half of 1 per cent of the total cars sold. For this unveiling of the 300D in the ultracool (in a chic sense) surroundings of Pebble Beach by the ocean, Mercedes-Benz had brought in the big guns. There was Karlfried Nordmann, Luftwaffe fighter pilot hero of World War II and now the president, of the North America division, to explain units of "zee doltimate in an ow-tomobile" will be sold in the U.S. in 75. It will be known as "the diesel with pickup." There was Dipl. Ing. Peter von Manteuffel, straight from the corporate headquarters in Stuttgart, Germany, to ex- plain in flawless English the uniqueness of the five- cylinder diesel. Having already driven it 500 miles as a test run on a European trip, I could testify to the workability of the 300D how it could climb the mountains or cruise at 95 rnph and hug the road comfortably at 25 miles per how it could accelerate from 0 to 62 miles per hour in 19 seconds (the Mercedes four-cyclinder gas engine does it in 17 But Herr Ingenieur von Manteuffel, who was actually a terrific guy to go with a terrific name, did a masterful job of educating the clustered "experts" at the Del Monte Londge in the nuances of diesel versus gasoline powered vehicles. Diesel is a cruder (not as highly refined or volatile) fuel, generally less expensive. It is also less flammable and is used in a self-igniting engine which has no sparkplugs and breathes only pure air. The diesel is fed into the cylinder by a high- pressure fuel-injection pump plus a governor, which interprets the input. (Credit the above, if I have it right, to von Manteuffel. A gasoline car uses a mixture of air and fuel, ignited by plugs, fed by fuel injection or a car- buretor into the cylinder, and controlled by a throttle.) The advantages of a diesel, as outlined by von Manteuffel, are then as follows: 1. Fuel economy miles per gallon, plus 60 to 70 per cent. 2. Emission controls easier to conform to American standards. 3. Durability it's a heavier, more rigid engine with fewer moving parts. 4. Ease of maintenance lower cost because there is less to repair. In a spirit of fairness, von Manteuffel also pointed out that the diesei had one-third less horse power than a gas engine of the same size and a higher initial cost for the engine, plus greater weight. That last factor weight inhibited the development of a possible six-cylinder diesel. Since Mercedes went heavily into diesel engine production for passenger cars (1.3 million built since they had all been four-cylinder models. They were economical, rode O.K., but put-putted alongside gasoline cars. "We were looking for better admitted von Manteuffel. "The five- cylinder diesel, without taking too large an engineering step, gave it to us. It weighs 510 pounds, the same as a six- cylinder gas engine. We got more displacement and added comfort (less engine 1 And they also got to go to Pebble Beach and the magnificently scenic 17-mile Drive to show it off. Saturday, February 1975 THE LETHBRIDGE HERALD 11 Rubber product price increasing sleuths Saucer-like ceiling fixtures for use in homes to detect smoke and sound an alarm are given a sensitivity test at Emhart Corporation's research lab in Farming- ton, Conn. A key element in the device is Americium, a by-product of atmoic energy research. The alarm re-sets itself after danger has passed. Stock purchase flurry reflects expectations By CHET CURRIER NEW YORK (AP) With its .booming rally since the start of the year, the stock market has once again demonstrated a seemingly il- logical ability to ignore the world around it. Unemployment is at its highest level since the Second World War. Inflation still is a painful force. The effects of the recession are spreading from industry to industry. And the outlook for cor- porate the most tangible factor to which stock prices cloudy at best for at least the first half of this year. But investors who shunned stocks during the com- paratively rosy days of 1973 and early 1974, when many companies were reporting huge profit gains, now are buying them at a record- breaking pace. On Tuesday, volume reach- ed 35.16 million shares on the assist GM February sales New York Stock Exchange, three million more than had ever been traded on a single session. The Dow Jones average of 30 industrials closed up 11.89 at 150 points above its December low. EASY TO EXPLAIN The standard explanation for the divergence of the stock market and the current state of the economy is simple. As the late Gerald Loeb, market expert and investment writer, once said: "Stocks are bought on expectations, not facts." "The market is quite fre- quently a very logical says Raymond DETROIT (AP) General Motors reports it sold more cars in the U.S. during the first 10 days of February this barrel favored TORONTO (CP) An oil industry executive says a Canadian oil price of (9 a barrel would be best to meet the country's energy needs in 1975. Jerry McAfee, president of Gulf Oil Canada Ltd., said in an interview that a 19 price would be desirable if certain adjustments were made to the royalty rate. The domestic price is cur- rently a barrel but it is expected it will be lifted to or a barrel sometime this spring, following federal- provincial discussions. Mr. McAfee said the price would encourage energy conservation while providing the necessary cash the in- dustry needs to develop future resources. A price would lift the cost of gasoline seven or eight cents a gallon. The oil company president also said Gulf's earnings for 1974 should be slightly better than the million or a share predicted last November. Gulf's profit state- ment is expected to be releas- ed Feb. 20. The company reported earn- ings of million or a share in 1973. Changes in Alberta's royal- ty and mineral tax rates In December are rapontlbta tar the improved (ortCHt. year than last, but the increase lagged behind that recorded by GM for late last month. Car price rebates helped sales again, a GM spokes said, but the 10-day GM sales increase of 2.8 per cent was less than the 6.3-per-cent boost recorded in late January when rebates had full effect. GM said sales of be- tween Feb. 1 and Feb. 10 were up from last year when the energy shortage hit. The daily car delivery rate of in eight days this month was 30 per cent below the daily rate recorded in 10 days late last month. Year-to-date sales at GM were still down from 1974. The firm reported cars sold so far this year, down 3.8 per cent from Chrysler Corp. said today it sold 210 more cars in early February than a year, ago, an increase of almost one per cent. Ycar-to-date sales at Chrysler were off 24 per cent from 1974. Sales were off 12 per cent compared with the daily rate in late January. Chrysler sold cars in the eight-day period. In" late January the firm sold three to six months ahead rather than at immediate prospects. "The current recession, which is the worst since 1937- 38, was reflected in the market's drop to a 12-year low last fall. Now the market is saying .that an economic recovery is ahead and we aren't going to have anything worse than a recession. Ar- mageddon will be a little late this year. "So it's quite normal for the market to be rising while the economy is slumping. In the past in situations like this, by the time the economy actually turns around the market is al- ready out of sight." Tiilsa fears tflv ldx TULSA, Okla. (AP) The damaging effect of President Ford's windfall profits tax has been underestimated, a presi- dential energy adviser says. Jack W. Carlson, assistant secretary of the interior for energy and minerals, made the statement Wednesday after talking with Oklahoma oil and natural gas producers for several hours. 001.0 SAL! "THE WESTERN NUGGET" M WoodUnd of Him Hid Crnk Frontlet Squirt toot Swimming Pool WtOIng Pool Plqfgrwnd FMllltlM OnnMai TurtlN I PlM af RmaHaN Liwf Thlt dmuptd only to HM frlngi ol Hi pottnild SYNDICATE SUQOE1TEO IMMEDIATE POMMtlON .___________NO TRIFI.fiftS PI EASE TORONTO (CP) The price of rubber products may rise as much as 10 per cent in 1975, a survey of Canadian rubber manufacturers in- dicates. Peter Mason, retiring chair- man of Rubber Association of Canada told the an- nual meeting this week that two thirds of its members are predicting raw material prices to increase between three and 10 per cent this year. This will mean an equivalent rise in product prices, Mr. Mason said. RCA members produce tires, belting, hose, rolls, mechanical goods, clothing and footwear and account for about 90 per cent of all rubber consumed in Canada. The retiring chairman said the slowdown in the automotive, petroleum and mining industries, plus hesita- tion in consumer spending will have an effect on the industry this year. However, sales and profits are still expected to increase by more than 10 per cent from 1974 levels, the member sur- vey showed. The industry expects in- creased labor costs, with over half anticipating a rise in ex- cess of 10 per cent. Capital expenditures will rise by over 10 per cent, most- ly lor plant conversion to han- dle new products such as radial tires. Alvin McMullen, incoming chairman, said the downturn in the auto industry, increas- ing labor costs and a dramatic rise in the cost of living are causes for concern in the in- dustry. But, he hoped that raw material prices will stabilize, to some extent and "help to eliminate some of the ex- treme cost variables ex- perienced in this area in 1974." Mr. McMullen, president and general manager of Mansfield Denman General Co. Ltd. of Barrie, said there will have to be improvements in productivity to keep pace with escalating labor costs. Otherwise, the industry will become vulnerable in many areas by the end of the year. Texts of the remarks were released in advance. Ottawa attempts consumer resolve TORONTO (CP) Norman Cafik, parliamentary secretary to Consumer Af- fairs Minister Andre Ouellet, said this week a bill will be introduced in Parliament within two months to deal with the most flagrant cases of high price increases by in- bunal before which industry could appear to justify any in- crease. Mr. Cafik declined to comment on the make-up of such a tribunal. He admitted the new bill was a form of control, but said it would only aim at dealing on 250 delegates to a Conference Board in Canada seminar that the public is concerned about the relationship between the cost and price of products. the wholesale and producer level. "In that way, on a selective can cope, with the relationship between price and cost without trying to dilemma" to resolve the rela- tionship, the government would attempt to do it. The vehicle' would be a bill titled the Price Justification Act that would be a toned- down version of the anti- profiteering legislation that failed to pass the last Parliament. Mr. Cafik said in the inter- view he expects little difficul- ty in getting approval of the new bill because "it is much more workable than the first one." In the interview, he gave some details on what the gov- ernment would attempt to do in the legislation. DEMAND FACTS The bill would enable the government to demand all the facts in cases where it felt in- dustry was "taking advantage of a situation." For example, the bill would have enabled price of antifreeze rose abnor- mally in the face of what was described as severe shor- The bill would provide for a price freeze, or a rollback of prices if the investigation proved they were unjustified. It would also establish a tri- H. H. Smith Ltd. Customs Broker COUTTS Phont 344-3122 Chinese seek oil SAIGON (AP) China is exploring for oil around the disputed Paracel Islands in the South China Sea and estab- lishing a commercial and military presence there, Western diplomats said Friday. TOWN COUNTRY MEMORIALS LTD. I.E. (Ed) CHURCH Mr. Arthur Waldner, Presi- dent of Town and Country Memorials Ltd., would like to announce the appointment of Mr. T. E. (Ed) Church as Southern Alberta Sales Representative. this appointment is part of the expansion of Town and Country Memorials Ltd., an Alberta company .renowned for distinctive granite and marble monuments. The company is well known for the "Shape Carve" designs and its high quality of guaranteed workmanship. Ed can be reached at Box 101, Lethbridge, phone 328-6331. Roy Cltland M.L.S. January In 1974 Ray was the M.L.S. Salesman of the year and he was Sales Rep of the Month 6 He's starting 1975 In his usual strong way. Roy Is a sportsman and he and all the members of the Action Agency team ask you to support all the Canada Winter Games as It Is a once-in- a-lifetime event. When you need to solve your once-in-a-lifetime real es- tate problem, call Roy or one of the Action Agency Team at ;