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Show Save on faxes vC 3 ' -- Disaster loss 2 choices r' By Sylvia Porter, I i you lions are among Jihe mil- whose prop- -' was damaged 6 officially designated m disasters 7 g 2 c -t- such hrough storms as Agnes, i or hur--r c a n e s floods, , rains, you have a new choice of how to deduct your casualty now loss. Jis a result of a change in the law at the end of 1872, you can deduct your casualty loss op the 72 tax return youre now preparing or you can take it on the 71 return you filed in April 1972. If you decide to Once the 71 . (rfX - H, .va J period has elapsed, though, you can no longer change your mind. If you receive a credit or refund after making your choice and you then change your mind within the period, you will have to return your refund or cieuit wiUun 30 days. And what if you are amcng the hundreds of thousands of property owners who already have filed refund claims in 72 or 71 taxes based on your 1972 disaster losses? You may have done this because, at the nne, the law permitted you only until Apr. 15, 1972, to make your choice. y bxVj . KJ "0 REDUCED! REDUCED! BRAND EVERY PAIR OF FAMOUS 20 to REDUCED! EVERY FAMOUS BRAND FILLED EVERY DOWN AND POLYESTER SKI PANTS SKI SWEATER SKI PARKA 50 50 20 OFF ORIGINAL PRICES But under the NEW LAW, you too are allowed to 20 OFF to 50 OFF I ORIGINAL PRICES ORIGINAL PRICES change take it on your 71 return, youll do so by filing $ refund claim for 1971 taxes based on hew much the disaster Joss cut your y 4r y etc would 7 think it over and, if you have reason to co so, to change your mind tiiy I All AAkCH 1, 1973 DcSlKeT NF.VS, THURSDAY, taxable income. What you do should depend a comparison of your top tax bracket on the 1971 return, which you filed last year, with your top tax bracket on the 1972 return youll file oft in April S For instance, say you, a married show ed person. SIS 000 of taxable income on youi 71 joint return, a top tax biacket of 25 percent Then spy that in late 1972, you were hit by a $1,000 deductible disaster loss (actually $1,100 less a $100 exclusion) Same savings '.According to calculations by the Research Institute of America, if your 72 taxable income without the $1,000 disaster loss deduction comes to $13,000 or more, you will save the same $250 or more m txes by taking the deduction on your 1972 return as you would by deducting' do. jW) on your 1971 return But if your 1972 taxable income without the $,OQ0Tame to less than $13,000 (say $12,000), you would save more in taxes by filing a refund claim based on deducting the A $1,000 on your 1971 return 1971 deduction would give you a tax refund of $250, a deducof tion $1,000 from your $12,000 taxable income m 1972 would sae you a smaller $220 in taxes Time to choose You do not have to make up your mind about this immediately As an individual calendar year property owner, you generally have untd Apr 1973. to choose between deductmg your .72 disaster loss on your 2 income-ta- x. return or filing a refund claim for 1971 taxes based on deducting the loss on your 1971 return After you make your choice by either filing your 1972 return with the deduction or by filing a refund claim based on the deduction, you still will have 90 days to your mind and deduct the loss instead on your 72 return if you now' find that will save more tax is than your 1971 tax refund. No matter how early you filed for the 1971 refund in 1972, ycu have at least until March 6, 1973 this coming to a Tuesday to switch deduction that you will take on your 1972 return. If you do this, though, you will have to return your 1971 refund to the Treasury within 30 days To figure your deductible casualty loss, you need the value of the propeity just before and after the casualty based on appraisals, pictures, the like Your deductible loss is the uninsured drop in value caused by the casua'iy (less $100 for property), but not more than the adjusted basis of the property (its cost less any depreciation) If you received cash from your employer or a disaster relief agency for the specific purpose of restoring your damaged property, you must reduce jour casualty by that amount But if the casn gifts were not specifically dignated for this purpose, they do not reduce your deductible casualeven though you acty loss tually use the cash to rehabilitate your property. Any food, medical supplies and other forms of subsistence you received that were not replacement of your property do not reduce your casualty loss and are not taxable to you TOMORROW New helpful rules in casualty losses. Field Enterprises O REDUCED! o mik is: o Mmv REDUCED! EVERY PAIR OF FAMOUS BRAND MENS, PANTS WARM-U- P 20 50' TO OFF ,31 ? PRICES ORIGINAL i 11 LADIES NORWEGIAN-IMPORTE- LJUNGBERG SKI CLOTHING (. 10 r. i ! f t I Isli' kl Hi D OFF if f 1? o s REDUCED! FAMOUS BRAND SKI BOOTS HENKE JET REG. 95.00-1972- FOAM-FI- model -73 FOAM-FI- HENKE STRATOGS REG. . REG. 185.0072-7- REGJGO.ol-a- HENKE LADIES REG. IOQ.OO- -1 97 135.00 72-7- FOAM-FI- 143.001 971-7- 1 526 HUMANSC REG. 75.00 FOAM-FI- HUMAN1C COMP REG. New Jerseyites It 100.00- -1 the gabbiest' NEWARK (AP- )- New Jersey residents are the gabbiest people m the world In an annual report released today, New Jersey Bell Tele- phone said the average New Jersey resident made 1,100 calls last year, the highest average in the world. REG. 20.95 MOLITCR 623' 175.00 '72-7- 3 model KNEtSSL'MC 1600 SKIS model REG. 140.00-72- -73 model 72 FOAM-FI- T model 972-7- 3 DAIWA SPORT Rl SPORT JUNIOR SKI BOOTS REG. model gffJjOTS T 1972-7- 3 Inc 3 mode! 2 Skier or Racer 75.00 model 1 T DALEBOOT MAGNESIUM BOOTS REG. T0 S tf3 model REG?i2o!oO REG. model K2 'TWO' SKIS REG. FASHION FOAM HENKE REBEL 3 T model 972-7- 3 165.00- -1 10995 WERGUSS COMF REG. 21 5.00 197172 FISCHER 64s5 BOOTS T SKIS HEDUC WORLD-FAMOU- S REG. 85.00 1600 72-7- 3 SKIS model model FOAM-Fl- 1972-7- 3 T model LANGE STANDARD BOOTS REG. 120.00 1 972-7- 2 Flo or Foam models MODEL SKI BOOTS VALUES TO 65.00 a Q95 . Broken sizes OQ95 FAMOUS x amg mikasa OFFICIAL OLYMPIC DELUXE NBA 110-L- LEATHER B. FIBERGLASS 1BATRC BASKETBALL 'PRO-SHO- BACKBOARD T' BAR BELL SET USED IN THE MUNICH GAMES WITH The official basketbal1 for the FOLD-U- P GOAL AND HEAVY NET REG. the National Basketball Association . . . 36x54 Fiberglass backboard with round bar steel NBA premounted fold-u- o goal and 12 Tyless Net Holder with polypropylene net. 1972 Officially approved by Olympic Games . , . leather constructed pebble-graine- d g with a rubber bladder and valve. Official size and weight. Munich self-sealm- 21.95 Combination of weights up to 1 10 lbs. in noiseless, rust-proComplete with body bar and 2 hand bars. of n. ALL NEW! 'AMERICANA 'CORTEZ' I TRACK NEW SPORTS SHOES AND CASUAL THE OFFICIAL FAVORITE SHOE OF THE. ABA SATURN great running shoe . . . unequalled for casual comfort and handsome good looks Soft sponge mid-scl- e under ball and heel to absorb shock . raised heel eliminates Achilles . . tenaon strain High density outer sole Red Vrmtestr'pes A Ventilated Nylon .uppers in white, trimmed with Red and Blue stripes. 'Soft-Proect!'ankle and heel padf ding for snug fit . . . vulcanized gum ribbing rubber sole with heavy-dut- y 1,95 . Blue White stripes 1795 COMET BLe StriDdS II35 METEOR 1635 TCKYO " White Black stripes Blje White stfpes 1935 2255 29- - An extremely lightweight shoe in supple white" Elkhide with a Nylon ... and universal sole plate system with scientific Trimmed :n spike placement RedBue stripes fitfo ? |