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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - March 10, 1971, Lethbridge, Alberta Wednesday, March 10, 1971 - THE LETHBRIDGE HERALD - 13 Frazier, Ali figure out taxes Arithmetic gets complicated NEW YORK (AP) ~ It would take a Philadelphia lawyer to compute the tax man's take of the. $5 million purse that Joe Frazier and Muhammad Ali collected for The Fight. But a New York tax law ex- pert, ticking off a lot of ifs, roughly figured that Joe Frazier and Muhammad Ali netted slightly more than 25 per cent-or $1.29 million-of their combined cheques. Each got $2.5 million. ' And while Ali lost the heav- yweight title fight, he wound up with a smaller tax bite. Peter Fisher, a partner in the law firm of Royall, Koegel and Wells, computed Ali's taxes on a joint return lump sum basis, deducting $500,000 Stewart has one loss Saskatchewan unbeaten SAINT JOHN, N.B. (CP) -Two clear misses by New Brunswick skip Ed Steeves enabled Saskatchewan to gain a 4-2 verdict and extend its unbeaten string to five games in the Canadian mixed curling championship play Tuesday night. Two rounds are set for 10:30 a.m. and 3:30 p.m. MST today. The seventh round had Saskatchewan against Alberta in one key game and Jim Dun-stone's St. Boniface, Man., foursome facing B.C. in another. Other games saw Nova Scotia meet Ontario, New Brunswick against P.E.I, and Newfoundland playing Quebec. Northern Ontario had the bye. Steeves' misses came in the eighth end and Larry McGrath's Kindersley foursome capitalized with a three count to wrap up victory against the Moncton chiropractor. Action during sixth round play in the 11-rink bonspiel also saw Bruce Stewart's Calgary rink top the Northern Ontario crew skipped by Harvey Caron of Timmins, 11-7. Nick Oldale of Sydney, N.S., trim Horst Illings of Labrador City, Nfld., 9-7, Charlottetown's Bob Dillon lead Prince Edward Island to a 9-7 win over British Columbia's entry from Kamloops skipped by Kelly Carin, and Quebec's Bill Tracy of Arvida shade Vince Lebano of Orillia, Ont., 6-5. WINS FIVE STRAIGHT At the half-way point, Saskatchewan was undefeated with five straight wins followed by Manitoba and Alberta with 4-1 won-loss records. Nova Scotia was 4-2. New Brunswick 3-3 and B.C., Ontario and Quebec 2:3. P.E.I, was 2-4 with Newfoundland and Northern Ontario trailing at 1-5. McGrath said after his sixth-round game he thought one miss possible, but "I didn't think they'd miss a second time." The two rinks had been playing a hard-takeout game and blanked six of the 10 ends. "That's the way I wanted it," said McGrath, a two-time national champion in the mixed event. Steeves admitted the two misses were the turning point as Saskatchewan jumped into a 4-1 lead and was never pressed in the last two ends. i Steeves said he could have taken a single in the fifth but then would have given up advantage of final rocks in the following ends. It had been his plan to build up a big end before counting. But the takeout game left him no opportunity to pile up any big scores during the next two ends. Saskatchewan then built its own house, scoring three to take the lead. In fifth-round action, P.E.I, downed Newfoundland 12-8, Saskatchewan dumped Northern Ontario 9-4, Manitoba took New Brunswick 8-5, Alberta edged Ontario 10-8 and Nova Scotia downed Quebec 9-6. Chinook* in junior finals OTTAWA (CP) -National basketball finals for junior and senior men and women begin Friday in four cities. Calgary, Hamilton, Winnipeg Everton fought back LIVERPOOL (AP) - The. Greek champion soccer team Panathinaikos held favored Everton to a 1-1 draw here Tuesday night in the first leg of the quarter finals in the European Cup. Halftime score was 0-0. The Greeks, with a goal by Antoniadis in the 81st minute, looked as though they might get a shock victory on Everton's home ground, but Johnson equalized in the final minute when Referee R. Glockner of East Germany was already looking at his watch. A stonewall defence kept Everton at bay throughout the first half. The local side also lacked an effective scorer. The entire first half and much of the second was played almost exclusively in Greek territory but time after time centre forward Joe Royle headed the ball over the crossbar. At times, the Greeks had nine men defending in front of their goal. Fouls were frequent and back Eleytherakis had his name taken by Glockner after only four minutes of the game for fouling Harvey. Shortly after the half time left back Vlahos was also booked for fouling Tommy Wright. and Vancouver are the cities where the four Canadian amateur basketball titles will be decided by Sunday. The senior men's championships, with teams from Winnipeg, Calgary, Scarborough, Ont., and Vancouver, will be played at the University of Calgary. Last year's champions, Simon Fraser University Clansmen, did not enter the Pacific region playoffs but their'coach, John Kootnekoff, has taken over the favored Vancouver Villas who. play Scarborough Bo-Peeps in the second game Friday night. Winnipeg St. Andrews and Calgary Warriors open the tournament. VICTORIA FAVORED Victoria Maplettes, are favored in the senior womens' tournament in Hamilton. New Brunswick Red Bloomers, undefeated after 17 games this season, will represent the Atlantic Conference. Hamilton is the Ontario champion and Edmonton Tigerettes are the Prairie representatives. Teams from Windsor, Ont., University of Manitoba, University of Victoria, Memorial University and University of Calgary will be going after the junior men's title in Winnipeg. Four teams will meet in Vancouver to decide the junior women's title. First United of Victoria, Lethbridge Chinooks, University of British Columbia Thun-derette Jayvees and Ottawa Reivers are the four regional representatives with the two B.C. teams expected to advance to the final. for expenses, exemptions and incidentals. On that basis Ali will keep $736,476, close to the $800,000 figure he estimated earlier. Uncle Sam, New York state and New York City share the rest. Frazier's corporate structure complicates the computation of his cut, which was figured at about $556,151. Fisher figured it on Frazier's claim that he would take 65 per cent of the gross for himself and put 35 per cent into his corporation, Cloverlay, Inc., of Philadelphia. Deducting $500,000 for expenses, he would net $446,151 of the 65 per cent, or $1.3 million, plus about $100,000 for his share of the corporation, after taxes. Then what's the advantage of a corporation? "If he follows the example of Floyd Patterson, there isn't any," said Fisher. "Patterson tried to use the corporation to accumulate taxes at a lower rate (48 per cent) but because of sloppy bookkeeping, the IRS taxed him directly." Now about that Philadelphia lawyer. Uncle S'am is assured of his share. But on shaky ground is the state where the fight was staged and the state where Frazier lives. N.Y. WASTES NO TIME New York state wasted no time in claiming its cut. As soon as the county clerk's office opened Tuesday morning, the state filed tax warrants against Ali and Frazier for $348,246.50 each, or 14 per cent of the gross pay. "The state made a jeopardy assessment," said Fisher, "saying in effect that if it doesn't collect now the money is going to leave the state, never to be seen again." Pennsylvania, which put into effect only last Thursday a 3.5-per-cent state income tax, may wind up with nothing. Philadelphia also may lose out on a chance to collect a wage tax. Usually, said Fisher, taxes are paid only in one of two states which can lay claim and it's the state with the MAY ISSUE CREDIT Thus, New York could collect while Pennsylvania, depending on how the new law reads, issues a credit. And while New York City is eligible to assess both fighters for a contribution to the city income tax coffers, Philadelphia isn't. Ali, who considers himself a Philadelphian, moved across the Delaware River to Cherry Hill, N.J. New Jersey has no state income tax. Frazier also lives outside of Philadelphia's city limits, al-though his corporation is headquartered there. B & E HARDWARE GOES GUN CASES 50% OFF LAWN MOWERS GARDEN TOOLS ALL REDUCED We are now having an Inventory Adjustment Sale to acquaint people with our new policy of Honest-To-Goodness Discounted Merchandise. If you are looking for price and can help yourself, we have the Supermarket Hardware. We don't intend to be undersold by anyone - Large or Small. BOB DEIMUTH WESTINGHOUSE SPRINKLE, STEAM and DRY IRON Teflon Coattd Sole Plate Reg. $32.95 Our Discount Price 23.5T HOCKEY STICKS, CURLING BROOMS, SNOW PUSHERS and CHRISTMAS TOYS 1 2 PRICE ALL HOCKEY EQUIPMENT 25% Off B & E HARDWARE LTD. (FORMERLY LYLE'S HARDWARE) 414 13th St. North Lethbridge Phone 328*3541 or 328-3545 OPEN THURSDAY AND FRIDAY UNTIL 9 P.M. 'LEAGUE HONORS TO TWO-lannie McDonald, left, and John Davidson will be honored by the Alberta Junior Hockey League Friday. McDonald was the league's most valuable player as a member of the Lethbridge Sugar Kings while Davidson backstopped himself into rookie of the year honors as well as top goaltender. Kings host Edmonton Maple Leafs Friday, Saturday and, if necessary, Sunday as their semi-final series continues. Kings I ead 2-0 in games. Cougars edge Rustlers League to honor two Lannie McDonald and John Davidson will be honored by the Alberta Junior Hockey League Friday evening at the Arena, McDonald, w h o patrols centre ice for the Lethbridge Sugar Kings, and Davidson, the Kings' netminder, topped the voting in league individual honors this past season and will receive their trophies Friday evening from league vice-president Ian McKenzie. Davidson, besides being the league's stingiest goaltender, Elks event ready to go this weekend The 19th annual Elks Bon-epiel is scheduled for the Lethbridge Curling Club this weekend beginning Thursday evening. A total of 70 rinks are entered In the four-day event with prizes up for grabs in four events. Last year Steve Gillies emerged with the spoils in the first event while Greg Metzger topped the field in tte second. Gillies is from Lethbridge while Metzger is a native of Warner. Another Warner rink won the third event as Earl O'Donnell triumphed. The fourth went to Glen Turner of Barons. The draws are as follows: THURSDAY, 4 P.M. L. Curry, Lethbridge vs G. Ness-man, Taber; S. Henderson, L e t h-bridige vs F. Garber, Foremost; G. Kennedy, Fort Macleod vs C. Hougan, Foremost; J. Seaman, Lethbridge vs G. Johnson, Picture Butte; P. Shim-bashi, Taber vs D. Coutts, Lethbridge; J. Hutchison, Warner, vs B. Williams, Lethbridge; B. Mlyanaga, Taber vs L. Mlche, Lethbridge; J. Maughan, Lethbridge vs J. Watson, Picture Butte; F. Pavka, Taber vs J. Hearn, Foremost. Pontiac Cup Final on CTV's Wide World of Sport Saturday March 20. Check your local listings lor time. The Pontiac Cup is organized by the Canadian Amateur Ski Association and sponsored by GENERAL MOTORS OF CANADA LIMITED ;