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Show ?arlalb Urdjr Univeruity of Utah Salt Lake City, Utah 64112 SALT LAKE VOLUME 16, NUMBER 46 ATTORNEY GENERAL 'Utah Supreme Court - OPINIONS Capsule Negligence Case Board of Education Election MAKE SURE ONLY ONE PERSON FILES . . . Candidate in District 4 and 7 Pri- 'NO CAUSE' APPEAL REAFFIRMED LAYTON v. UNION PACIFIC and DENVER & RIO GRANDE R.R. Plaintiff counsel: Clarence Jack Frost, 720 Newhouse Bldg. Defendant counsel: Legal Dept. 600 U.P. Bldg., A. V. Miner, N. W. Kettner See details page 3. Less Generous Tax Loss Rules For Farms Urged - family farmers. However, the committee finds, the Tax Reform Acts provisions related to farm losses is overgenerous and it recommends that "as a minimum, the $25,000 exemption from the EDA (excess deductions account) should Structure of Agriculture," the be materially reduced, and the committee specifically recommends provisions which limit its apless generous tax treatment of farm plication to taxpayers with an adlosses and limitations on cash acjusted nonfarm gross income of over to counting, possibly unincorporated $50,000 should be eliminated. In recommending a limit on the farms and Subchapter S Cor-.1cash accounting option permitted to ' farms, the Committee observes that s e controversy over Cash accounting apparently has i. .ning is the result of taxpayer nonfarm capital into of in a attracted ingenuity taking advantage series of unrelated tax policies to agriculture by permitting wealthy reduce their Federal income taxes. investors to take advantage of the Tax laws have created a number of tax deferral opportunities offered by opportunities for taxpayers to such accounting. convert ordinary income into capital gains which are taxable at lower rates." Cash accounting and specific 8. tax-los- the excess depreciation recapture provision exemptions from have attracted outside capital Into and the use of tax shelter has been a as agriculture promoted by investment con- agriculture sultants. International Bar Plans Now For Madrid 73 BRUSSELS (ACCN) - The 25lh Congress of the Union Internationale des Avocats, the International mittee finds, was reduced by the Tax Association of Lawyers, (or Reform Act of 1969, when Congress "U.I.A." in its French initials), will materially tightened the provisions be held a year and a half from now in of the tax code which permitted 1973, it Madrid, Spain, Sept. farming by enacting six has been announced U.I.A. the by specific provisions of law which are Secretary-GenerLucien Jan son of applicable only to agriculture, a new Brussels. "Hobby Loss provision, and a Don Jose Luis del Valle llurriaga number of other reforms which are of Madrid, president of the Into all forms of business "Farming the IRS", the , com- 23-2- 8, tax-los- s" al applicable activity. Nevertheless, opportunities to use agriculture as a tax shelter still exist. The committee statement points out that there are good reasons for the continuation of a number of the special tax rules applicable to agriculture and that major changes could create serious hardship for Burns Calls Gold Enactment Vital Necessity Bill - WASHINGTON (UPI) Dr. Arthur F. Burns, chairman of the Federal Reserve Board, has called passage of the bill to raise the price of gold to $38 an ounce would help still the foreign exchange markets. The bill, outgrowth of international monetary negotiations at the Smithsonian Institution, Dec. 18, 1971, was passed by the Senate March 2. "Theres been in recent weeks a great deal of uncertainty in markets around the world about the permanence of the Smithsonian agreement," Burns said. He said enactment of the legislation to change the par value of gold "will have a strong effect temporarily." ternational Association of Lawyers, president of the host organization, the Consejo-Generde la Abogacia Espanola, has invited American members of the bench and bar to attend the Madrid Conference. of the Topics program, preliminarily scheduled, include the evolution of youth and its conflicts with authority; collection of debts abroad; protection of the individual against the new techniques in who is also al physics, and chemistry biochemistry; and the role of the lawyer in social life". Simultaneous interpretation will be provided in English, French, Spanish and German. The staled objects of the. U.I.A. are to promote the essential principles of the legal profession in the world, "to develop legal science in all its domains, to contribute to the establishment of an international legal order for lawyers, to work for Peace, and for these ends to cooperate with all like-mind- national ed international and organizations". Information for participation at the Madrid Conference can be obtained by writing to the headquarters of the U.I.A., M.114 Palais de Justice, Brussels, Belgium. 00 mary. See details page 4. d - By Lee Rnwltch U.S. banking laws (ACCN) enable foreign banks to establish . suit New York, with deposits of $385 form branches, almost without restrictions. Barclays and others are now capable of developing large networks of retail and wholesale outlets Barclays (London) Bank of Calif., San Francisco, has established 23 in California and New York. U.S. banks are not happy over the banks with deposits of $160 million. Soon it will dedicate this pattern in New York and Massachusetts. Bank of Tokyo Ltd. has a $440 million deposit subsidiary in San rapid growth of foreign-owne- d banks, but they cannot openly op- AppeaMeath Sente lice5 tFf) 5FFhe LOSf; ANGELES California Supreme Court's decision to abolish the death penalty was judicial "overkill" and disrespectfully impinged on the prerogatives of the U.S. Supreme Court, State Atty. Gen. Evelle J. Younger said Monday. Younger told a news conference he is asking the State Supreme Court to against Household Finance Corporation in U.S. District Court in Chicago. The consent decree resolving the suit was obtained in negotiations with HFC, which denied all of discrimination in and employment practices. lending The agreement included the award of more than $125,000 in back pay to an estimated 175. women employees who the suit said were denied promotions because of their allegations reconsider decision. its The legislature or the voters should handle the capital punishment issue, he said. This hurried rush to judgment by the state court was improper and disrespectful to the nations highest tribunal," Younger said. The California Supreme Court should not have decided the issue of cruel and unusual punishment while that very issue was being deter mined by the U.S. Supreme Court. Its a case of overkill. They took tha'. one extra step," Younger said. The State Supreme Court ruled, February 18, by a 1 majority, that the death penalty violated the state sex. HFC, which has its headquarters in, Chicago, operates 1,280 offices in the United States and does business in every state except Arkansas and Tennessee. The suit, the last authorized by Mitchell as Attorney General, broke new ground in several legal areas and was the first employment discrimination case against a company whose employees are primarily white collar workers. The suit charged HFC with 6-- constitutions clause forbidding violations of the equal employment cruel or unusual punishment. section of the Civil Rights Act of 1964 By contemporary standards, the and the Fair Housing Act. death penalty is both, the court HFC, the suit said, pursues a ruled. of and practice policy on discriminating against persons account of race, color and national origin in its lending practices, including the lending of money for home improvement purposes. The decree requires HFC to use a credit scoring guide" in processing loan applications without racial The WASHINGTON (UPI) considerations and to record the a down turned commission has reasons for denial of a loan on the price price increase for a major soft drink application form. maker but large soup and textile firms won permission to boost selling prices. The commission said Royal Crown Ex-Tave- rn Bottling Company could not raise its bottled and canned beverage prices because the added revenue would Soft Drink Piice Hike But Soup's Up No - Accuses Owner On Bias Charge U.S. - increase the companys profit margin beyond government stabilization program standards. WASHINGTON (ACCN) The former owner of an Alabama tavern was charged in a criminal information today with violating the civil rights of four Negro servicemen by ejecting them from the establishment at gunpoint. Ally. Gen. John N. Mitchell said the information was filed in U.S. District Court in Montgomery, Alabama, against William Calvin Knighton, former owner of Rebas Place, south of Dothan. The information said Knighton ordered the servicemen from his tavern at gunpoint on July 26, 1971. The maximum penalty upon conviction is one year in prison and a $1,000 fine. Francisco with branches throughout the state. It also owns an interest in the Chicago-Toky- o Trust Co. in banking persons and American Indians and to hire more woman and nonwhites, the Justice Department has announced. Mitchell said the agreement was contained in a consent decree filed with an employment and lending discrimination Foreign Ba nks Move To U.S. And Prosper operations in the U.S. These foreign banks once established can then The (ACCN) finance consumer nations largest company agreed today to a court order requiring it to accord equal borrowing opportunities to blacks, Spanish-surname- THURSDAY, MARCH 9, 1972 retail and wholesale Finance Firm Accepts Court Order on Bias WASHINGTON The (ACCN) of committee the Agriculture National Planning Association advocates further tax reforms to inhibit "tax-loss- " farming. In a pamphlet, "The Effects of Federal Income Taxes on the WASHINGTON CITY, UTAH . The company is a division of Royal Crown Cola Company. Campbell Soup Company won a two per cent average price boost on its full product line. Some individual items may be priced higher so long as the overall average does not exceed the approved level. Celanese Corporation will be allowed to increase prices on all its products by an average 1.95 per cent. The commission also placed a 10 per cent ceiling on price increases for fibers, plastics and coatings and an 8.3 per cent maximum on most chemicals. million. pose the development without jeopardizing their welcome in nations they want to expand into overseas. We think U.S. banks should have the same opportunity for expansion in our own country as the foreign banks do. The domestic economy is concerned over two major problems high unemployment and inflation. On the international scene there The dollar is are bigger problems under great pressure in foreign markets, our huge balance of payments deficits ($30 billion for 1971), inconvertibility of the dollar. Monetary stability would bolster confidence. Congress should hasten the passage of the bill which officially devalues the dollar by raising th price of gold from $35 to $38 an oz. Then, we must find some of our huge foreign debt and work out a token of convertibility. This would remove some uncertainties and give strength to world economic expansion. The U.S. stock market continues to inch forward in spite of the international tension. When it approaches 950 (Dow) it will meet strong resistance. This is a crucial point. It will either fall back sharply or penetrate into higher levels. It all depends on the stability of our monetary structure in April. GNP for 1972 will be approximately $1,138 trillion of goods and services, up from $1,048 in 1971. Foreign trade is equivalent to only 7 per cent of our GNP while Japan and Germany export approximately 30 per cent of their GNP. Tariffs and quotas impede U.S. exports and give rise to protectionism by our politicians. Look for greater instability of exchange rates. Devaluation is no longer regarded as a disgrace. Trade balances must be achieved and inflation reduced. International speculative flows must be controlled. Of the 13,800 commercial banks now operating in the U.S., roughly 83 per cent have assets of $25 million or less. Thats a lot of small banks. Since a small bank has some pretty large problems to overcome, many are selling out to group ownership, whose expertise will help solve some of the problems. Revenue Sharing May Be on Way To House Floor - WASHINGTON (UPI) Revenue to is in the move" sharing starling House ways and means committee, Chairman Wilbur D. Mills, said after a closed committee meeting, March 1. Mills reiterated ah earlier forecast that the committee will clear a revenue sharing bill in some form by D-Ar- k., mid-Marc- h. |