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PAGE TEN-B- MANCHESTER EVENING HERALD, Manchester, Conn., Fri„ Dec. 3, 1976 Cut your own taxes evelopment fund hearings set Inside today Two public hearings have been set public input into possible uses of the ment of Housing and Urban Develop The weather Over-65 should delay home sale to discuss possible uses of federal federal funds. The first hearing will ment for final approval, which is be held Wednesday, Dec. 8 at 7:30 expected in early spring. Area news__ 1-B Editorial .........6-A Community Development funds. Increasing cloudiness with chance of Business........ 3-A Family .. .2-B-3-B By RAY DE CRANE than if you wait to sell until 1977. price to be considered is what Inter p.m. in the Whiton Library. The se Here is the reason why. Under nal Revenue calls the adjusted sales 'The town has received $301,000 in snow flurries this afternoon and Churches ....... 6-B Obituaries__ 8-A (Last of Three Parts) third-year grants. This money, plus cond hearing will be held Thursday, evening, high around 30. Partly clear Classified .7-B-Sf-B Sports ... 4-B-5-B current tax law no tax is paid on the price. This is the agreed-on selling Dec. 9 at 7:30 p.m. in the Nathan tonight with low 15-20. Fair Sunday Because of the many changes in price less those expenses incident to any carryover from the first and se Comics........ 10-B Week-Review . 2-A the new income tax law. some moves profit from the sale of a home by Hale School cafeteria. Lottery with high in 30s. National weather Dear Abby ... 10-B Wings .......... 2-A someone 65 or older — no matter how the sale. This would reduce the final cond year, can be spent on communi forecast map on Page 7-B. should be made in the final weeks of ty projects. The advisory committee will meet large the profit — if the selling price selling price by the real estate com after the public hearings and discuss this year to capitalize on tax advan- mission, if any, and by various es Information on eligible activities n u m b e r tages while other decisions should is ^,000 or less. the suggested uses. It will draw up a Admittedly, not many homes are crow and closing costs. under Title ! of the 1974 Housing and best be postponed until next year. plan for the monies. A public hearing sold these days for $20,000 or less. So There is also a formula for deter Community Development Act and on HARTFORD (UPl)' - A case for delay is in the sale of a grant application requirements is on this suggested plan will be held in The winning Connecticut Fiance next year, under the new law, this mining what part of the gain is late January. ' and Lance named home by someone who is 65 or older. exempt from tax when the adjusted available in the Municipal Building, lottery number drawn If you will make a profit on the sale, figure is raised to $35,000. If the plan is approved, it will then For technical purposes, the selling selling price is more than $20,000. the Mary Cheney Library, and the Thursday night was 97- News the tax bite will be bigger this year Whiton Library. be sent to the Board of Directors. Red-258. The public hearings, which have After the directors act on it, the plan Norman Kerr, 63, of If you will m ake a profit on the sale, the tax. bite will be been set by the Community Develop will be passed on to regional agencies Jewett City won $100,000 in ment Advisory Committee, allow for review and to the U.S. Depart the special weekly summary Carter mulling bigger this year than if you wait to sell until 1977. _drawingj_____________ Complied from United Press Internetlonal In the event, the portion of the gain $70,000 is 2-to-7, then 2 7ths of that was made? Since the ratio between that is exempt from tax is the ratio $28,000 gain, or $8000, would be $35,000 and $70,000 is l-to-2, only $14,- over long list that $20,000 bears to your actual exempt from tax. Your tax would be 000 of that gain will be taxable if the I adjusted sales price. based on the remaining $20,000 of sale is made next year. Siefferts State That may sound complicated, but it taxable profit. If you have the same number of fS really isn’t. If, for example, you sold That’s the rule for 1976. dollars to spend, would you sooner be SERVICE HARTFORD - Dr. Milton a home at an adjusted selling price of Beginning in 1977 we will begin taxed on $20,000 or on $14,000? Helpqm, former chief medical of appointees $70,000 and reaped a profit of $28,000, operating with a $35,000 figure, in examiner for New York City, says here is how your tax problem would stead of that $20,000. STORE Peter Reilly's mother was not run PLAINS, Ga. (UPI) - After an Reporters, who asked Carter about be worked out: Now what happens to that $70,000 (End Series) over by a car before her murder nouncing his first two major ap further appointments, were told, Since the ratio between $20,000 and house sale when a profit of $28,000 three years ago as alleged earlier pointments, President-elect Jimmy "That’s all for this week. We’ll have this week by James E. McDonald, Carter today went back to the some more by the latter part of next head of the New Haven crime telephone for more consultation on week.” laboratory. the others who will serve him. Carter announced no plans for this Carter said Friday, in announcing weekend. Chaminade to present PORTABLE NEW HAVEN - Vietnam-era the appointments of lawyer-diplomat He will fly to Washington draft evaders in Connecticut will Cyrus Vance as secretary of state Wednesday for two days of meetings with business leaders, the Joint yule program Monday FnOM THE PEOPLE WHO BRING YOU not be prosecuted because of their and Georgia banker Bert Lance as t *LP.P.S LOW PRICES ..»t PERSONAL SERVICE expected “pardon” next month by budget director, he hopes to have ap Chiefs of Staff and his own transition ThaVs where it will go A program of vocal and instrumental music will be r h d s a g ilt President-elect Jimmy Carter, pointed his chief officers by Christ team chiefs. featured at the Chaminade Musical Club’s Christmas l o r y o i r .. U.S. Attorney Peer Dorsey said mas. Carter is culling a list of 70 names, Minna Noone, left, points to the location of the 400-acre industrial park proposed for program Monday at 8 p.m. in the Federation Room at Friday. He has "stalled” all “I believe the nation can be compiled and investigated by his Buckland. Looking on is William Anderson, who along with Mrs. Noone and four other local Center Congregational Church. legals actions against those now reassured that at least in these two chief talent scout, Hamilton Jordan. A happ y He said his appointees would have residents, travel^ to Columbus, Ohio Friday to view a J.(^. Penney distribution center. A 4 Deborah Benson, mezzo-soprano, will sing Brahms’ in custody and told the FBI not to appointments the choices have been "Cradle Song of ’The Virgin” accompanied by Joan pursue any outstanding warrants. superlative,” Carter said of Vance “ good balance’’ in terms of similar center would be the major tenant of the Manchester park. (Herald photo by Dunn) Niiler, pianist, and Linda Goldstein, violist. She will also holiday home. and Lance at a news conference. ”I background and geographic origin sing four carols accompanied by Mrs. Niiler. have complete confidence in these and would include a “good represen ’fte Brahms Sonata for Violin and Piano in E flat Gift Chrulmat Regional two men.” tation of women and minorities.” major will be performed by Linda Goldstein violinist, and Suggestions Asked what procedure he used in Penney complex described Carol Rich, pianist. • HERB aON. KITS Trees BOSTON — Doctors at making his selections. Carter said: • PLANT STANDS “I spent, I would say, six or eight There will be a carol sing and refreshments after the 9 BIRD FEEDERS Massachusetts General Hospital Fords dance program. , AMARYLLIS BULBS and astronauts involved in the hours a day on the telephone, calling • GARDENING BOOKS 1- TAQ Anyone interested in an informal evening of music and NOW United States’ space shuttle different people around the nation in fellowship is invited to attend. House Plants CUT • program are planning to work at benefit whom I have confidence, who have as Hmmense^ clean, quieV LATIN together to study the causes and WASHINGTON (UPI)-President special knowledge about, for in 2- FNEEH Tucker, of 235 Burnham St., said. structed, the area was sometimes WE HAVE AN effects of hypertension. ' Ford and his wife Betty danced into stance, foreign affairs or defense By GREG PEARSQN CUT “1 think Penney will appreciate our used at night for "drag-racing,” ac ENDLBU the early hours of the morning today capabilities or finance or inter Herald Reporter VAMETY, K U t NORTNERN •SANYO requests for landscaping,” Steve cording to the neighbors. Mrs. Noone B A L tA M KINGSTON, R.I. - Gusty in a rare post-election public national and domestic trade, or MANY, MANY "Immense, “clean,” and “quiet.” Penny, of 395 Burnham St., said.