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Show I t 'IK Page Eight The Springville Herald January 1 7, 1974 BYU pre-medical students to see future first-hand sills 13 "....i : ers Ask IRS - P'1- Four pre-medical students at Brigham Young University took time off from their regular classroom schedules last semester to examine first-hand the medical profession at Latter- BYU director takes leave Dr. Robert H. Daines, director of the Master of Business Administration Ad-ministration program at Brigham Young University, will spend his 1974-75 sabbatical leave from BYU as an assistant vice-president and cashier of Atena Life & Casualty Co. in Hartford, Conn. He will assume his new responsibilities at Aetna's treasury services in May and serve in an interim capacity until the summer of 1975. D. Lee Tobler, vice-president and treasurer of the multi-billion-dollar Aetna operation, said Dr. Daines' appointment represents a new effort to bring academicians into the corporate environment. University professors on sabbaticals usually serve in advisory capacities and are seldom placed in such high level executive positions. In addition to managing Aetna's 130-member treasury services department, Dr. Daines will evaluate managerial framework and recommend changes where appropriate. The department manages a cash flow of some $17 billion. Dr. Daines will succeed John M. May, a 19-year veteran, who is resigning to begia a new business venture. Dr. Daines, a native of Logan, Utah, obtained his bachelor's degree from Utah State University, his master's of business administration from Standford and his doctorate of business administration from ; Indiana University. He has had academic and consulting experience in corporate cor-porate finance as well as managerial experience as head of BYU's MBA program. His dissertation dealt with the investment in-vestment aspects of the life insurance industry. The professor has headed BYU's MBA program since 1966. He taught at the University prior , to that and also has taught at Indiana University and the University of Iowa. ' He is a member of the American Finance Association. day Saints Hospital in Salt Lake City. It is the first work-study program of its kind in this area for undergraduates who are interested in pursuing a medical career. "We were fortunate in being able to study, work and even live with some of the hospital staff," explained Brent Palf reyman, 25, a zoology major from Springville. The hospital assignment was initiated through the BYU Honors Program and Pre-medical Pre-medical Committee as part of the Independent Learning . Experience Program, according to Dr. Marion Bentley, associate director of the Honors Program. He said BYU students had no direct patient responsibilities, but they were included in routine activities with the hospital's 27 regular interns. In addition, each BYU student was assigned to advanced research sections for further study, including cardiology, endocrinology, pulmonary and infectious diseases. "This direct exposure to the medical profession will be a great asset," said Kim Orton, 24, a senior pre-med student from Bountiful majoring in chemistry. "It shouldn't be considered a miniature medical school by any means," he said. "We learned more about the attitudes of doctors and realities of the profession rather than precise medical knowledge but it was well worth the effort." Other students who participated par-ticipated last term include Joe Cramer, 22, a university studies major from Mesa, Ariz, and Rex Peterson, 21, a chemistry major from Tremonton. Dr. Armand T. Whitehead, professor of zoology and chairman of the BYU Pre-medical Pre-medical Committee, said based upon the success of the first student group, the program will probably continue and perhaps even be expanded in the future. "We're pleased that LDS Hospital officers are cooperating to make this a meaningful experience," said Dr. Whitehead. Five new students have been selected for the Winter Term, including two women, he added. In other phases of the Honors Program's Independent Learning Experience activities, BYU students are also participating par-ticipating in work-study activities ac-tivities with dentists and' at-tornies at-tornies during their undergraduate un-dergraduate programs. This column of questions and answers on federal tax matters is provided by the local office of the U.S. Internal Revenue Service and is published as a public-service public-service to taxpayers. The column answers questions most frequently asked by taxpayers. Q. I've been awarded a scholarship scholar-ship to graduate school. I haven't decided yet whether I want to stay in school to get a degree or just to take some courses I'm interested in. Will it make any difference from a tax standpoint whether or not I'm a degree candidate? A. Yes. If you are a degree candidate, there is no limitation limita-tion on the amount of scholar ship or fellowship grant that may be excluded from your income. in-come. On the other hand, if you. are not a degree candidate, candi-date, the amount you receive as a scholarship or fellowship, including the value of services and accommodations provided to you, may be excluded from your income only up to $300 times the number of months for which you receive amounts Lance. j&f ji '''' j ON TARGET All six of the, Lance missiles fired during its first annual service practice at 'White Sands Missile Range, N.M., landed on target. Lance is designed to provide fire support beyond the forward edge of the battlefield area.(U.S. Army photo) . FIR5T IN AGRICULTURAL LOANS Last year First Security Bank made more agricultural loans than any other bank in Utah We're first again. By a long, long way. As a matter of fact, we loaned over 65 million dollars dol-lars more to Utah farmers and ranchers than any other Utah bank. Person to person banking. And the right persons. Utah farmers and ranchers have learned through experience, that when they want an agricultural loan, they come to a banker who understands and believes in the agricultural agricul-tural business. And is willing to get personally involved. They've always been able to find that banker at First Security. You'll be able to find him there, too: Let's talk. Your place or ours. We believe in you FIRST SECURITY BANK Of Utah, N.A. I; Member F.D.I.C. mmm under the grant during the tax year. There is a 36 month limit under the exclusion for non-degree non-degree students. Q. Do you have a booklet that explains what a taxpayer's rights are in case he's ever audited by the Internal Revenue Rev-enue Service? A. Yes. Write your nearest IRS office for a free copy of IRS Publication 556, "Audit of Returns, Appeal Rights and Claims for Refund." Q. I work as a waitress in a restaurant. Any tips I get I have to split with the busboy. How much of the tips do I have to report to my boss for purposes of income and social security tax withholdings? A. Only those tips you receive on your own behalf are counted. Thus, where employees em-ployees split tips, each employee em-ployee reports only his share to his employer when his monthly tip income is $20 or more. Q. I earned over $2,500 from my summer job before I went back to school. Will this cause my parents to lose my dependency de-pendency exemption? A. No. If you are i full-time student for any part of five months of the year or under 19 at the end of the year, your parents can claim you as a dependent regardless of how much money you make. Of course, they must meet all the other dependency tests, including includ-ing the furnishing of more than one-half of your total support. Q. When should an employee file a new withholding exemption exemp-tion certificate (Form W-4)? A. You may file a new Form W-4 at any time if the number of withholding allowances you are entitled to claim increases. Q. Has the IRS made any changes in the 1973 income tax returns? A. Yes, the following major improvements to the 1973 forms have been made: Elimination of Schedule B for reporting details of dividends divi-dends and interest; Elimination of the requirement require-ment to list contributions for which the taxpayer has cancelled can-celled checks or receipts; Elimination of the requirement require-ment to list names and dates for claiming payments to doctors, doc-tors, dentists and hospitals; Reduction in the number of revenue sharing questions to a single item; Placement of two items relating re-lating to the 1976 Presidential Election Campaign Fund checkoff; check-off; one giving taxpayers an opportunity to check off for 1973 and the other providing taxpayers who failed to check off on their 1972 returns a chance to do so; and Elimination of limitations on amount of dividend or interest income received for filing the 1040A short form. - Q. I've hired a private nurse to take care of my sick wife, and I'll have to pay social security secu-rity taxes on the wages I pay her. Can I deduct the social security taxes I pay on the nurse's wages as a medical expense? ex-pense? A. Yes. Under such circumstances, circum-stances, the social security taxes may be deducted as a medical expense. Q. I'm thinking of becoming a tenant-stockholder in a cooperative coop-erative apartment. If I do, does this'Jmean I'll be able to deduct my mortgage interest and real estate taxes? A. Yes. A tenant-stockholder in a cooperative apartment may deduct his portion of the interest payments on the cooperative co-operative housing corporation's indebtedness and his share of the real estate taxes on the cooperative. co-operative. However, this is only the case when no more than 20 percent of the gross income of the cooperative comes from sources other than tenant-stockholders. Q. I recently came to Germany to work, and I expect to be here for three or four years. I understand that upon completion comple-tion of one full year I will be eligible to exclude my earned income from Foreign sources up to $20,000 per year. Is this correct? A. Not entirely. A U.S. citizen citi-zen must be a bona fide resident resi-dent of a foreign country for an uninterrupted period which includes an entire taxable year or must be present there at least 510 full days during an 18 month period to qualify for the up to $20,000 earned income exclusion. If, like most U.S. citizens, you file your return for a calendar-year, unless you established residence in Germany Ger-many on January 1, it would be more than one year before you could qualify as a bona fide foreign resident for excluding earned income. Bond9 are -forgiving at weddings. Bonds are -for saving up for a down payment onanouse. AY .,;;,-.i.-il.-. rV Bonds are -for vacations. pi -'. " Bonds are for cashing in on an education. ' Thke . sto ck lnnerica. Buy U. S. Savings Bonds W U 5 G".nnm-! aret tn. an itu iti |