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Show The National Enterprise , March 23. 1977 Page five MORTGAGE RATES Low Sugar Prices FIIA 8.0 M VA 8.0 Dampen U&l Payout U and I Incorporated last in the near future. week declared a quarterly Directors of U and I also declared a quarterly dividend of 8 cents a share on preferred stock in the company. The dividends, both preferred and common, are payable April 29, 1977, to stockholders of record at the close of business on April 7, dividend of 15 cents a share on outstanding common stock. Rowland M. president of the 31-5- Cannon, 86-year-- firm, said the dividend amount was the same as declared last quarter but was t cents a share less than had been paid in each of the six fiscal quarters preceding. An extra dividend of 30 cents a share was declared in March, 1976. Cannon said the continued severe price depression for refined sugar in the United States continues to diminish earnings prospects, and thus dividends. Noting that the International Trade Commission and U.S. Department of Agriculture both have advocated steps to improve the situation, Cannon expressed hope that specific action would be forthcoming 15 Death 1977. and I has a total of 2,236,954 outstanding common shares. The firm has U 98,425 shares of Class B preferred stock and 98,420 shares of Class A. U and I is a major processor of beet sugar with refineries in Utah, Idaho and Washington and also is majority stock owner in a potato processing firm with two plants in Oregon. In addition, U and I engages in diversified irrigated farming in Washington and Idaho. amdl Taxes Divorce Children of a broken home have been the cause of many needless audits. Many divorced couples separate before learning what to do about their income taxes, with the result that both claim a child as a dependent on their income tax returns. The exemption is generally entitled to the parent having legal custody of the child for the longer period of time during the year (provided the parent furnished over 50 of the childs total support). The parent may be entitled to the dependency exemption if he or she furnishes child support payments. If the parent provides at least $600 in child support payments and the divorce decree specially indicates that he or she is to claim the child for income tax purposes, then the dependency exemption is justified. This rule does not change in 1977. The parent has another alternative. If the divorce decree is silent as to the dependency exemption, the parent can provide $1,200 in child support payments per year and will be entitled to the exemption for all of the children. The parent with custody would have to prove he or she contributed more toward their support to change this exemption. This law is. effective, for 1976 and earlier years, and also for the State of Utah. Beginning in 1977, the parent will have to make child support payments of $1,200 per child in order to have the presumption of majority of support if the divorce decree is silent. Under the law, these child support payments are not deductible and are not included in the recipients income. There can be expensive ramifications for the parent having custody, but unable to claim the child as a dependent. The major problem currently is with child care deductions. Under the new law, up to 20 of the cost of child care can be used to offset your income taxes. This is available only if you are able to claim the child as a dependent. non-custodi- al non-custodi- al non-custodi- al non-custodi- al non-custodi- al Follora Ihe son. to Washington County . . . Utahs Dixie. perfect spot to thaw out a business meeting or take a sunbreak. Fabulous scenery, year 'round outdoor recreation. A great golf courses Write or call: Information Center, 97 E. St. George Blvd. St. George, Utah 84770 4 801-673-36- 71 These rates were obtained by telephone conversation with the above institutions. The rates are correct to the best of our knowledge but their accuracy cannot be guaranteed. |