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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 16, 1976
Page
3
The Tax Reform Act of 1976 alters timing for capital gains on real estate losses and depreciation recapture. Foreclosure start date now fixes gain, raising tax burdens. involuntary conversions also shift two to three year replacement rules. Tax incentives for Section 8 low income housing rehabilitations expand depreciation to five years up to 20 000 per unit.
In Brooklyn's Northside the Wythe Avenue firehouse faces crowd resistance as residents led by Adam Veneski and local councilman Tom Manton oppose removal of the fire engine. Activists, including student Fred Ringler, argue loss would destabilize the community after 114 years of service.
The health board approved a 25 percent reduction in pay raises amid concerns over program slowness and comparisons with other departments. The mayor noted the health department's governance by state statutes limits council control, except over funding appropriations, while a legal question lingered on that authority.
Lorain National Bank promotes three employees to assistant vice president roles. Dale J. Bartizal, Elyria office manager and former Avon Lake head, moved from 1975 assistant cashier, after banking at Amcorodyne and running his Vermilion business. Timothy J. Gallagher, Kansas Avenue branch manager, also named assistant cashier. 15 years banking experience, earlier with Lorain County Savings and Trust Co. Douglas Substanley, seven-year Lorain veteran, becomes trust officer, former assistant trust officer at St. Joseph Valley Bank. All reside with families in Elyria or Lorain.
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