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Show Briefs Changes for 2004 taxes home, provided the individual has owned and used it as a principal deduction for certain sport utility residence for two out of the five vehicles (SUVs) placed in service years before the sale. The exclusion after Oct. 22. Under the American is $500,000 for a married couple if Jobs Creation Act of 2004, busi- bbth meet the use test.. The nesses cannot take a first-year American Jobs Creation Act of deduction of more than $25,000 for 2004 does not allow any exclusion if an SUV. The business would depre- the taxpayer sells the home within ciate the remaining cost. (The limit five years of acquiring the property for vehicles placed in service before through a like-kind exchange. The Oct. 23 was $100,000.) The new new law applies to sales after limit does not affect other types of October 22,2004. property where the taxpayer Deduction for Discrimination decides to expense the cost instead Suit Costs - A new deduction is of depreciating the property. available for those who pay attorSale of Personal Residence ney's fees and court costs in connecAcquired in a Like-kind Exchange tion with discrimination suits. - Taxpayers who convert rental Taxpayers can take the new deducproperty to a principal residence tion whether they itemize or not. should know that a tax law change The deduction cannot exceed the may limit their ability to exclude amount includible in income for the gain on the sale of that residence if year on account of a judgment or they obtained the property through settlement resulting from the disa like-kind exchange. Generally, a crimination claim. Generally, pertaxpayer can exclude up to sonal legal expenses are not $250,000 of gain on the sale of a deductible, but an employee who * Continued from A-19 Martin Reese honored by Association Martin Reese, project director of America's Resorts and Club's Park City projectThe Miners Club-was honored by the American Resort Development Association (ARDA), the national trade association representing the vacation ownership industry, for his professional standards and commitment to excellence, earning the title of Registered Resort Professional (RRP). The honor awarded by ; : ARDA is given to those indust r y leaders who have demoni Tatrated a commitment to high ; ethical and professional standards through long-term parI tlolpatlon In educational and \ Industry-related activities. • ;: Martin was among a select group of 18 professionals from the vacation ownership industry nationwide to be honored with the designation in 2004. As the professional association of the recreational real estate, resort and vacation ownership industry, ARDA represents over 5,000 resorts, including second-home resorts, community development properties, vacation timeshare resorts and fractional interests. B Holiday liquor store hours The Park City area state liquor stores will be open December 31 from 11 a.m to 7 p.m. and closed on New Year's Day. A-21 The Park Record Fri/Sat/Sun/Mon/Tues, December 31-January 4, 2005 incurs legal expenses related to doing or keeping his job could deduct these expenses on Schedule A as a miscellaneous itemized deduction. However, under The American Jobs Creation Act of 2004, an individual with legal fees and court costs arising from a discrimination suit may deduct the costs directly from income on the front of the tax return; this is known as an above-the-Iine deduction. Under this new deduction, amounts paid for attorney's fees and court costs are deductible in computing alternative minimum tax, and are not subject to the 2 percent floor on miscellaneous itemized deductions or the overall limitation on itemized deductions. The Act, signed into law on Oct. 22, 2004, describes the discrimination claims qualifying for this new deduction. Only costs paid after Oct. 22, 2004, for judgments or settlements occurring after that date qualify for this deduction. PARK CITY REAL ESTATE Professional, friendly real estate service for buyers and sellers in Park City & Deer Valley 435 655-8574 .?jg 888 655-8574 (toll free) "A central part of IHC's mission is to help those in our region with a medical need, regardless of ability to pay," said Bill Nelson, IHC president and CEO. "These wheelchairs will help many people have a better quality of life." "We're delighted to help the Wheelchair Foundation offer greater mobility and independence to people who are facing these day-to-day challenges," said Lisa Eccles, executive director of the George S. and Dolores Dore Eccles Foundation. "We admire the efforts of everyone involved to reach out and make a positive difference in the lives of individuals throughout our state." The Wheelchair Foundation provided match funding to the donations by IHC and the Eccles • Foundation for the 1,120 wheel- chairs that will be distributed in Utah throughout 2005. Wheelchair recipients will go to IHC hospitals and local fire stations to pick up their new wheelchairs. Persons interested in getting a free wheelchair can call 1-877-378-3839, or apply at www.wheelchairfoundation.org/utah. The Wheelchair Foundation delivers hope, mobility and freedom to people worldwide that need a wheelchair but have no means to acquire one, currently at a rate of over 10,000 wheelchairs per month. The Foundation has delivered more than 300,000 wheelchairs in 130 countries, with an initial goal of delivering one million wheelchairs in the next five years. For more information, visit www.wheelchairfoundation.org. Hotline helps the uninsured How can you get needed medical care if you don't have insurance or the funds to pay for the service? What state programs will help you get the medical care you need? When can you sign up your kids for the Children's Health Insurance program (CHIP)? Getting access to medical services when you don't have insurance or funds to pay for the care will be the topic of January's Deseret Morning News/IHC Health Hotline. Callers can dial the toll-free hotline at 1-800-9258177 from 10 a.m. to noon on Saturday, Jan. 8. Questions will be answered by representatives from Intermountain Health Care and the Utah Department of Health. Callers do not need to identify themselves and all calls are strictly confidential. The health hotline is a free monthly community service pro- vided by IHC and the Deseret Morning News. A different topic is featured each month. IHC is a charitable, community-owned, nonprofit health care organization based in Salt Lake City that serves the needs of Utah and Idaho residents. A central part of IHC's mission is to provide quality medical care to persons from the Intermountain region with a medical need, regardless of ability to pay. A Book Lover's Bliss 4100 sq. ft. of books - Park City's grooviest, most eclectic independent bookstore. TM SPOTTED FROG BOOKSTORE CAFE A N D •WINE BAR- 1635 W. Redstone Center Dr. Suite 115 435.575.2665 Come warm yourself by the fireplace and settle into our comfy reading areas. Our book sections include: Fiction, Non-Fiction, Children's, History, Spiritual, Techno, Film, Music, Travel, Equine and Reference. SUSAN CATENACCI Associate Broker, GRI Prudential; Utah Real Estate www.parkcity4salc.com Texas Hold'em Tournaments '•','•'!•"•'*) <•:'>' N o Limit Single Table Shoot-outs! W *H " At The Yarrow Hotel . Every Tuesdays and Thursdays, 6:30pm ,.., Starting December 28,2004 Come join us for food, drinks and fun!l S30 initial entry $20 to play again Many prizes awarded to winners!! All skill levels welcome. Don't know how to play Texas HokTem? We'll teach you! The Yarrow Hotel, 1800 Park Ave., Park City For more information, please call 435-655-4461 or 435-655-4410. What's Out Your Back Door? CD's - Over 150 Artists. DVD's - Sundance and PBS Documentaries. Broadband wireless - also available GRAND Opening December 29th. Howard Dean appearing January 3rd Call for details <( RMff and Tuff Award winning sculpure by Chris Navarro Sold Out Limited Edition One of 18 $10,695 Mark & Robin Sletten invite you to consider extending your Park City vacation ... permanently! Let our 30+ years of real estate experience assist you infindingthe perfect vacation home or mountain residence. As leaders in luxury real estate, we specialize in Deer Valley, the Aerie, Park Meadows, Thaynes Canyon, Old Town, the Resort Center, Prospector and the golf course properties of Tuhaye, Glenwild & Promontory. Mark Sletten, REALTOR* Mobile: 435.640.0930 Robin Sletten, REALTOR* Mobile: 435.640.0218 Office: 435.940.0040 These life-si^e gri^gy cubs measure 33 x 31 x 28 Mounted on Utah sandstone Last one soldfor $14,5001 Fax: 435.655.7745 wvAv.slettenrealcstate.com Our office is located on the lower level of the Park City Mtn. Resort Center, Park City, UT 8-1050 See them in front of St. Mary's Church Highway 224 "Ruff and Tuff' (& Prudential For more information call 714-282-1566 or 714-815-9919 V •{• Our Cafe - Paninis, Soups, and homemade Pastries. Organic Coffees and thick Italian Hot Chocolate. FOR SALE -•; ffusanc@xmis5ion.com Fund donates wheelchairs The Wheelchair Foundation, which delivers free wheelchairs to people in need around the world, announced it will distribute 1,120 new wheelchairs throughout Utah to organizations and people with physical disabilities who need dne but cannot afford it. The distribution is being made possible with donations from Intermountain Health Care (IHC) and the George S. and Dolores Dore Eccles Foundation. "We are proud to work with such admirable organizations to bring relief to the people of Utah," said Ken Behring, Wheelchair Foundation founder and chairman. "It is wonderful to witness the immediate positive change that comes into a person's life, and the life of the entire family, through the simple gift of a wheelchair." ^ ^ SL E T T E N Utah Roal Ettata L«h Oflkt lodtpo»i«mly O*r«d And Opmitd |