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Show The Enterprise Review, October 13, 1976 Page 7h Skaggs Sells Interest to Clark , Learning Howard Clark and George Learning have officially purchased Skaggs Drug Centers, Inc.'s interest in West Temple Associates, giving the two men full ownership of property at the corner of Second South and West Temple. According to Clark, Ronald Molen is preparing preliminary drawings for a office building to be constructed on the property. Clark and Learning are under contract with the city Rery Agency to begin construction by June, 1977. West Temple Associates purchased the property from the city in 1970, accepting a deadline for structing an office building for Skaggs at the time of After several purchase. extensions of the contract deadline, the Agency board acted to relieve the partnership of its obligation in April, five-ye- ar 1976. Title was then transferred to the two men who purchased the Skaggs development Other "quick printers give you note pads, posters with cute sayings and free while you were out" forms. All you get from us is Salt Lakes lowest prices. PDQ QUICK PRINT shoppe 36 West Second South Salt Lake City, Utah 84101 Phone 807 364-104- 4 con- Park City Tennis Club Near Completion this Week Park City's resort atmosphere will undoubtedly be enhanced as the Park City Racquet Club nears completion of its first construction phase. continued. "We think this will be an amenity the town and tourists will respond to. Memberships in the club will be available to anyone, with a maximum level of 300, Ayers said. He added about half of those available memberships have already been sold, mainly to condominium oivners and local residents. "We have taken an Eastern approach to memberships," Ayers said. He explained a e fee of $150 would be charged families, who would pay an additional $160 a year as dues and pay fees for the use of indoor courts. Tourists could use the facilities, but would pay more in use fees than members. Financing is being provided mainly by First Federal Savings, with Surety Life participating, Ayers said. Local tennis professional will be Hy Saunders, he said, and Steve Eddington, currently with the Deseret Gym, will manage the club. of According to Victor Ayers, the club with Rick Becker (both of Gump & Ayers Real Estate), the six outdoor tennis courts are scheduled for completion this week. Foijr indoor courts are expected to be operable by Thanksgiving. Located on acres in Park Citys Ranch area, the $800,000 club is Holiday co-own- er 7i one-tim- expected to help attract permanent residents to the approximately 500 acres Ayers and Richard Smith are developing into residential subdivisions, Ayers said. The first of these dcevelopments, called Park Meadows, is nearly complete, he added. "More and more people will be living in Park City and commuting to Salt Lake," Ayers predicted. "Tennis is one of the fastest growing sports in the country today, and most skiers also play tennis," he added. "Most indoor tennis court facilities at ski resorts are very successful," Ayers A Salt Lake First Haggis Club Opens Salt Lake's first private liquor locker club with windows has opened at the corner of 4th South and West New York". Furnished with inlaid marble and a ceiling from the old Constitution building and an antique bar Temple. The Haggis, owned by Howard S. Landa and partners, has been decorated in what Landa calls the "cos- Death and Taxes mopolitan corner atmos- from an old Ogden Hotel, the club is expected to appeal to a variety of businesspeople, Landa said. 1976 TAX REFORM BILL phere of San Francisco and hy Rex Keeler, Manager, Executive Tax Service President Ford last week signed into law the most extensive tax bill since the Internal Revenue Code was rewritten in 1954. Congress likes to call it a Tax Reform Bill." The Act, while it contains several changes, many of which are equitable, can be called anything but simplified or Our guide on the Act is 1,600 pages long. "Reformed. The 1976 Tax Reform Act affects individuals, apportions. partnerships, trusts and especially estates and gifts. The following is a summary of the major revisions enacted for individuals: 1 Standard Deduction . 1975 Min Max 1,600 2,300 Single Married Filing Joint 1,900 2,600 1976 Min Max 1,700 2.400 2,100 2,800 2. Personal exemption credit has been raised to $35.00 for each personal and dependency exemption or you may take 2 of the first $9,000 of taxable income ($180.00); whichever is higher. 3. Earned income credit is extended for 1976 and 1977. 4. In 1977, alimony payments will be deducted directly from your income without itemizing the deduction. 5. The retirement income credit has been updated to include more people with extended benefits. 6. Sale of personcl residence by someone over 65 raises the amount which can be excluded from taxes. 7. Child care expense: The deduction is now a credit against your taxes in the amount of 20 of the expense. 8. Moving expense deduction has been increased. 9. Capital gains and losses: The holding period necessary to qualify for long term treatment will be six months in 1976 (present law), nine months in 1977, and twelve months after 1977. The amount of income that can be offset bv capital losses will increase to $2,000 for 1977 and $3,000 for after 1977. 10. Minimum tax: This is a tax imposed on individuals with large items of tax preference. The tax is increased from 10 to plus the Act lowers the existing exemption to of the taxpayers regular tax on tax $10,000 or one-ha- 15, lf preference items. 1 1 . Officc-in-the-hom- e application and use. has been severely restricted in its |