Historical Newspapers of South Carolina

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. r - ' y&'&iV ■-WM * » V . . ■ w.-f'&Mw:* >4»-. THE CHRONICLE, Clinton, S. Feb. 12, 1970—1-C Minding Your Business —J Capital Gains t’ BY JOHN J. SUTHERLAND Certified Public Accountant The sale of securities, real es tate, machinery or equipment usually results in a capital gain or capital loss. Income from capital gains often results in a very great tax benefit, however, there are certain precise and complicated rules governing the capital gains treatment. The following summaryper- tains only to individuals. In almost every instance corpora tions are treated differently. The sale of a personal resi dence is a special kind of trans action. If the sale results in a loss, it is treated as a personal expense and is not deductible. If the sale results in a gain, you may be able to defer paying tax, provided that you either buy or build a new residence within 18 months prior to or after the sale. If, however, the gain is taxable, it would be taxable as a long term gain provided you owned the residence more than six months. If you traded real estate, ma chinery or equipment for ‘Tike kind," no gain or loss is re portable. “Like kind" means pro perty which will lie used for es sentially the same purpose as the property which has been trad ed. This sometimes is a matter of judgment and opinion as to whether or not the property is like kind. This provision is not available for securities. No se curity is considered like another security. If you are forced to sell by the government (federal, state, < >r lo cal) you may escape tax on the gain by reinvesting the pr oceeds in property ofiik e kind. The same holds true if you had a fire or otlier casualty and insurance pro ceeds exceeded cost. This is known as “involuntary con version." As the term indicates, the transaction must be com pletely out of your hands so that you have no choice other than to convert the property to cash. If there is a taxable gain, the gain may be long-term or short term. A long-term gain is one where the property has been held for more than six months prior to the sale (one year in the case of breeding stock and timber). You pay tax on only half the net long-term gain and under the Tax Reform Bill, as of January 1, 1970, you can deduct only half the loss against ordinary income. Short-term gains and losses are those where the property has been held for less than the periods mentioned above. These gains and losses are taxable and deductible in full, however, capital losses are limited to $1,000 per year. Sale of depreciable property used in a trade or business has special rules. If all of these sales resulted in a gain for the year, this would be treated as a capital gain, either long or short-term. If, however, these sales resulted in a net loss, it is deductible in full without the $1,000 limit against ordinary in come. Installment sale privileges are available for the casual sale of personal property exceeding $1,000 and for any sale of real es tate providing you are nota deal er in these items. If you collect more than SCT of the selling price in the first year or if the later installments do not span a two- year taxable period, this privi lege is not available. Two Clintonicms Graduate At USC Two Clinton students were a- uiong the 350 students who re ceived diplomas Jan. 31. from the University - f South Carolina. Beverly Ann Poole received a B.A. degree in elementary ed ucation and Fonda F. Hiers re ceived a B.S. degree in nurs ing. Robert M. Figg , dean of the USC Law School, was featured speaker at the graduation exer cises. Johnson Has 4.0 Mark; Heads Leadership Group Lt. Holcomb Honored In Korea First Lieutenant Fred E. Hol combe II, 24, son of Dr. and Mrs. Fred E. Holcombe, 301 Liberty St., Clinton, received a letter of meritorious service from the mayor of Inchon, Korea on be half of the local citizens. The letter cited Lt. Holcombe’s outstanding contribution to the Inchon City administration. Lt. Holcombe’s assistance not only helped develop the local com munity but also strengthened re lations between the United States and the Republic of Korea. 1st Lt. Holcombe was scheduled to be released from active duty on Feb. 4. Turner Graduates At Camp Lejeune Marine Private First Class Lanny E. Turner, son of Mr. and Mrs. Earl D. Turner of 603 Elizabeth St., Clinton, graduated from Basic Supply Fundamentals Course at Camp Lejeune, N. C. The course is designed topro- vide students with a working knowledge of the skills required of supply cleiks filling mech anized billets in the field of supply. Correct Display The correct way to display the American flag on Memo rial Day is: The flag flies at half-staff from sunrise until noon, after which it is raised to full staff until sunset. Ronald P. Johnson, an Honors English major at the University of South Carolina, has complet ed the fall semester with a re cord of all A’s, achieving a per fect 4.0 grade point ratio. Ronnie has also recently been elected president of the USC Chapter of Omicron Delta Kappa Leadership Fraternity. The pur pose of this national honorary is to recognize college men who have demonstrated outstanding a- chievement both in the academic field and in extracurricular acti vities. Ronnie was tapped for membership by ODK on May 12, 1969, and he served as recording secretary of the fraternity during the past semester. As president of ODK, Ronnie has received an invitation from Governor McNair to be one of USC’s representatives at the first annual Governor’s College Lead ership Conference to be held in Columbia on Feb. 13 and 14. This conference will focus on problems of national and state wide importance, including pov erty and economic development, race relations, urban problems, Vietnam and foreign policy, and student activism. The conference IS I RONALD JOHNSON will feature speakers of national reputation to highlight the issues followed by a series of small discussion groups in which the student participants will have an opportunity to exchange their views and opinions. Ronnie, a 1967 Clinton High graduate and a National Merit Scholar at USC, is the son of Mr. and Mrs. Pope Johnson of 704 E. Ferguson St., Clinton. J IN *ST. JOAN”—Bab Johnson, left, and Rosalynne Meyer will be 1'eatured in the presentation of ‘St. Joan' scheduled Feb. 28 at Presbyterian College’s Belk Auditorium. The production is being sponsor ed by Broad Street Methodist Church. There will be no admission charge but an offering will be tak en to help defray expenses. Johnson, a native of Rhode Island, is a graduate of the Pasadena Play house. He is now a member of the Alpha-Omega Players who are touring with ‘St. Joan.’ Miss Mey er is a graduate of Valparaiso University and has appeared at the Dallas Theatre Center. State Parks Cabins Available Applications for vacation cottage reservations in South Carolina state parks between June 1 and Labor Day are now being accepted, the Department of Parks, Recreation and Tourism announced today. The deadline is March 1. The vacation cottages are lo cated at Oconee, Pleasant Ridge, and Table Rock in the mountains; Cheraw, Poinsett, Santee and Givhans Ferry in the central part of the state; and Myrtle Beach, Edisto and Hunting Island state parks along the cost. The new Santee Fisherman’s and Vacation Village at Santee State Park, with its octagonal rondette cottages, will not be included in the drawing. Application forms and folders describing the park cottages, ac commodations and rates are now available by writing the Parks Division, P. O. Box 1358, Co lumbia, S. C. 29202. Applications should specify the park and date preference with as many alternate choices as pos sible. The cottage reservations will be assigned at a public draw ing to be held soon after March 1. David Plaxico On Dean's List SPARTANBURG-The Regis trar’s Office at Wofford College reports 162 students achieved Dean’s List recognition for the fall semester of the 1969-70 schoolyear. A student must have better than a 3.0 grade point average in order to make the Dean’s List, or a total average above a “B” for 12 semester hours. David Thomas Plaxico, son of Mr. and Mrs. Tom Plaxico of!09 East Walnut St., Clinton, was among those achieving this high honor. Hebrew vs. Jewish In modern usage, the word Jewish is the right one to designate the religion. Hebrew is the term for the language of the Old Testa ment—the Jewish Bible. Buy now! Limited time only! Samsonite I SAVE ON FOLDING CHAIR 8 v. What a sale! And what a chair! Tubular steel legs and frame won’t tilt or wobble. Comfortably contoured back rests. Padded seats. Smooth, chip-resistant baked enamel finish. Safety hinges prevent pinched fingers. Folds easily for com pact storage. Comes in Antique White or Tan wipe-clean vinyl. Buy several at this big savings for extra seating around the home. T. E. JONES & Sons FURNITURE 200 West Main Street 833-0423 •x Dixie Crystals or Domino SUGAR 5-Lb. Bag Unit: 1 With lfi.00 or More Grocery Order, Please' Borden's Regular All Flavors CREAM ft Gcdlon Claussen or Sunbeam Hot Dog BUNS Pkg. of 8 Cobbler POTATOES 10-Lb. Bag Limit: 1 With $5.00 or More Grocery Order. Please! Snowdrift Shortening 3-Lb. Tin Unit: 1 With $5.00 or More Grocery Order, Please! Fresh Florida ORANGES Dozen . 39c * A-G, Pink Lotion DETERGENT 32-Oz. Bottle 33c April Showers PEAS ... Comstock, Sliced PIE APPLES Nabisco (All Flavors) COOKIE BREAKS ...... Marcab Paper Pkg. of 70’a Kraft CARAMELS 140z. Pkg. 33c A-G WIENERS 12-Oz. Pkg. 47c No. 303 Can ...21c ^ * Wisconsin State CHEESE Poss HASH Lb. Can .... 49c Kraft BARBEQUE SAUCE 18-Oz. Bottle] 39c 15-Oz. Pkg. 39c + Embassy, Frozen 2-Lb. Bag French Fried POTATOES 29c Morton’s, Frozen CREAM PIES 14 Oz. 29c NAPKINS 10c + PRICES EFFECTIVE FEBRUARY 12-13-14 Market Sliced Hickory Smoked BREAKFAST BACON limit: 2 With $5.00 or More Grocery Order, Please! CUNTON MILLS STORE - LYDIA MILLS STORE PHONE 833-0710 FREE DELIVERY SERVICE PHONE 833-0631 IL