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Show j ; WTM Hi ifl T BjJji-liil j (Question) Do I have to pay Federal Income Tax on the life insurance proceeds I received recently? (Answer) Very probably the insurance money you received is exempt from Federal Income Taxation. Insur- ; ance proceeds are usually paid to related beneficiaries bene-ficiaries for the purpose of providing funds af- 1 ter the death of the insured. However, if the in- J surance money was paid to you in satisfaction of a debt, or for some other valuable consideration, considera-tion, then all or a portion of the money must be included in your gross income for Federal Income In-come Tax purposes. This applies also to death benefits paid under accident or health insurance policies. As a general run, therefore, this money is tax exempt if you are the surviving spouse or a rela- tive of the insured and the insurance proceeds were paid in a lump sum to you as the beneficiary benefi-ciary of the policy. Southern Utah Mortuary Cedar City Beaver Milford Call Mr. and Mrs. Richard Barnes 586-9419, Cedar City S-.-VK-si-is. Jk ' f in g in ;tipisrfe - H 'iimsm 5fcM itlni.iitt I "' ..'".'iri" - V v(lr I 'V ' ' ' l:1 I S . . :? i . . Remember... you can install a BLECmtC WATER HEATER where the action is. A "quick recovery" electric water heater takes less space ami can be installed any where - basement, garage, recreation room, kitchen, laundry room, or closet. Because no flues or vents are necessary, it need not be near an outside wall. You save hot water and avoid long, costly pipe runs when you ' install your water heater near the point of greatest use. SoOtf California-Pacific V) Utilities Company 0900 QS (TYoYZ SgB do cwA!i) sreb ; HMV mis Us room wliert lIMiIi-4lu( y option your iimmIh ai o. UIiIimi IhmiVv work. J I yourself go- yjg More Myl . . . moiv Murily for If Mi' luxury: for more Mi' value (linn ever! 1969 1970 1965 Ford Mustang JJ16 GMC VzAtn Factory air, P-Steering 4 DOOf Sedan KUP ' P-Disc Brakes, Stereo Factor Air, P-Steering Long Wide Bed ''? Tape Player Automatic Trans. 6 eyl. Engine, 4-speed , VinyLlop' W W Tircs Transmission $2,795.00 $3,295.00 $1,095.00 |