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Show The Enterprise Review , December , 1976 Page 3b Tax Seminar Details Advantages of Tax Reform Act Congress made a few mistakes and actually gave us some tax benefits. That statement by F. Charles Huber, C.P.A., was made to about 50 business-peopl- e who may be affected by the new Tax Reform Act of 1976. ' Huber explained to the group, during a seminar at the Ramada Inn last week, that among other benefits. Congress increased the capital loss deduction allowable. Also, the legislators increased the holding period necessary to qualify for long-tergain or loss. Definitions of Sub-- S corporation were changed markedly, he continued, and major changes were made in the law governing taxes to be paid on income or loss resulting from purchases or mergers. An accountant with Touche, Ross & Co., Donald J. Peterson, told the group about changes in investment credit and employee benefits. Congress has made more incentives for purchasing equipment," he told the group, explaining the changes would help firms that generate large amounts. of credit. Major changes were made regarding investment credits allowed firms installing pollution control equipment, for instance. And special laws were passed benefiting the airline, railroad, movie production and shipbuilding industries, he said. Advertising agencies could benefit from a redefinition of the bad debt tax category. Employers of welfare recipients and people could receive additional tax breaks. And property owners of historical sites should become aware of how the new legislation affects them, he said. g The seminar was by the Salt Lake Area Chamber of Commerce, the Small Business Administration, and the Utah Association of Certified Public low-inco- m Bank News First Security Bank has applied for permission to establish a branch office in the vicinity of 3500 South and 4000 West. Salt Lake County. In a letter addressed to W. S. Brimhall, commissioner of financial institutions. Wayne I. Baer, vice president of the Bank wrote, that First Security has $10 million in loans to approximately 450 customers and $700,000 in deposits representing approximately 450 customers in the service area of the proposed location. First Security State Bank has not expanded its marketing area for approximately 17 years," Baer added. Valley Bank & Trust has an office in the immediate vicinity of the proposed branch, and Commercial Security Bank has applied for permission to establish a branch nearbv. FREE PICKUP day-lon- Accountants. Also speaking at the seminar were Bob Valdez, Arthur Young & Co.; Thell Stuart, Elmer Fox Westheimer & Co.; and Lynn Bushman. Smith, Brady, Kennard & & DELIVERY Paper Banners Screen Process Graphic Design Magnetics & Decals Convention Signage Machine Showcards 2365 So. Main Nursing Homes Entangled Continued from page 35 Homes Closing lb estimates the state will need about 1,400 McFall replacement beds patients residing in 35 for in- termediate care homes that face closure in March, 1977. These 35 homes have been unable to make needed improvements required by the HEW. Improvements call for expansion of halls and doorways, installation of heat and smoke detectors, adding to floor space and emergency lighting systems. He said that under the existing payment system most of the homes are unable to make needed improve- ments and investors are reluctant to loan money to the homes because they are not permitted to make a profit. Construction of new homes is also impeded by the lack of profit in the nursing home profession, he said. Arpnnmd the World Mmurdock Travels yowl Accident & Baggage Insurance Reservations & Tickets Group Tours Hotel Reservations Steamship Bookings & Tickets Travelers Checks Train Reservations & Tickets Car Purchase for European Delivery Independent Tours Bus Tickets Car Rentals Passport & Visa Assistance Air Beehive Moves to Center Expert Counsel on any and all phases of travel with one convenient stop at no extra cost Beehive Medical Electronics began moving its parts department into its new home this week. Salt Lake 521-785- 0 Provo 377-970- 0 The entire company expects to occupy the new office building, located at the new Salt Lake International Center, by January, 1977. MURDOCK TRAVEL (mi) |