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Show Savings Bonds Sales May Reach New Record in 1965 Cash sales of Series E and II Bonds during November of $1,590, 406 brought the State's eleven-month eleven-month total to $20,289,645 and assured as-sured Utah of reaching its assigned as-signed goal og $21.6 million for the year 1965, aceordring to word received by Francis W. Betenson, Manager, First Security Secur-ity Bank, Cedar City, Iron Coun-,ty Coun-,ty volunteer savings bond chair- mar,, from Clem S. Schram, State Savings Bonds Director. J Chairman Betenson reported that Iron County's November bond sal"s were $1,079, and for the eleven months of 1965 totaled 515,293. j "With 94 per cent of the State's i dollar goal already attained,! : Utah's 1965 bond sales are expect-1 I ed to exceed those of any year since the close of World War II." said Mr. Schramm. "Bond purchases pur-chases in December are usually above average due to buying for for Christmas-giving and year-end year-end bonuses. Also, the tax-sav- I ing features of savings bonds attract at-tract limit purchases at this time of year. Each individual is entitled enti-tled to purchase annually up to 1 $20,000 in E bonds ($7,500 cost price) and $20,000 in Series H bonds. By naming co- owners, these amounts can be doubled." I , Mr. Schramm pointed out that i "funds set aside in savings bonds for educational purposes may become be-come practically income-tax free, if certain rules are followed in the registration of the bonds. Similar tax savings can be made trough bonds purchased for retirement re-tirement or for investment. "The reporting of interest earned on E bonds for federal in come tax can be delayed until the bonds are redeemed. Maturity Maturi-ty dates on all outstanding E bonds have been extended intact in-tact the oldest can be held a total to-tal of M) years. Furthermore, interest in-terest earned on E and II bonds is never reportable for State income in-come tax," the director said. |