Iianrhffitpr Llrralji

20 - MANCHESTER HERALD, Monday, Dec 3. 1984 MANCHESTER FOCUS SPORTS WEATHER BUSINESS Developer says plaza 11 What’s oily, smellie, East hockey team Clear, cold tonight; would help drainage 11 puffie and fuzzie? set for new year sunny Wednesday Business Law changes capital gains holding period page 3 . page 11 page 15 ... page 2 in Brief Year-end tax planning again is becoming essential, Capital losses receive different treatment. First, and this year planning is particularly significant if losses are netted with gains, resulting in a net gain or Tunila joins law firm you were in and out of the wildly fluctuating stock or loss, long- or short-term as may be the case. However, bond markets during 1984. Your a long-term loss, standing alone, receives unfavora John G. Tiinilii of Manchester has joined the Under the new tax laws, there have been extremely ble tax treatment. Assume a $10,000 long-term loss. law firm of Garrity, Walsh, Diana & Wichman on favorable changes in capital gains from your point of Money's . Main Street. The law limits to $3,000 the amount usable to reduce view. You must know these changes or you will forfeit Worth ordinary income in any one year. Worse, it takes $2 of He i.s a graduate of the University of "gifts " that Congress has handed you. long-term loss to offset $1 of ordinary income. Conneetieut School In short, most income, such as salary, business Sylvia Porter of Law and a profits, interest and dividends, is ordinary income. A Up to $3,000 of short-term capital losses, by member of Phi Beta themselves, are deductible against ordinary income. iianrhffitpr llrralji Hk Jiij^ sale of property held to._produce income or for Kappa and Delta investment (e.g,, securities) will usually bring about There is no two-for-one requirement. Manchester, Conn. — A City of Village Charm Tuesday, Dec. 4, 1984 — Single copy: 25C Chi. capital gain or loss. 1. If you have a choice, long-term gain is usually Tunila was also Under the old law, if a capital asset was held for one 1988. At that point, the holding period is suppo.sed to preferable to ordinary income. executive director year or less, the gain was “short-term. " If the asset revert to one year. I suspect there may be some 2. If possible, avoid capital losses. If you must sell a ol the University of was held more than one year, the sale produced taxpayer pressure on Congress to repeal this loser, try to make it short-term. Connecticut Moot "long-term” capital gain. "sunset” provision. 3. If you are carrying forward a capital loss, Court Board from Under the new law, the holding period has been Town cops can’t 1983 to 1984. YOUR TAX LAW STRATEGY: "Review your consider selling a winner to "mop up” the loss. For reduced to “more than six months." portfolio.” says Laventhol & Horwath. certified example: You took on a real "dog” and sold out fora Short-term gains, in general, are treated as if they public accountants,' 'to pinpoint stocks that have been Death toll loss of $90,000. If the loss was long-term, you will be Acquisition were ordinary income and taxed in full. But if the net held even a day over six months.” able to offset only $45,000 of ordinary income, and it retire before 50, capital gain is long-term (except for corporations). 60 Has the market for these shares gone up? If so, will take you 15 years to do it. If, on the other hand, you adds staff percent is not taxed at all. Thus, the maximum rateof there is a chance to make a quick, low-taxed dollar hold some winner that, if sold, would generate $90.0()0 Charles H Lep- tax on long-term gain is 20 percent (50 percent before the year-end. Note also that the shortened maximum rate times 40 percent of the gain equals 20 of capital gain (either long- or short-term), a sale this state court says pert Inc. of flarlford holding period applies to all capital assets. Are you the year would be tax-free. has ac()uired Harl- percent). The shortened holding period will allow type who buys a new principal residence with the y still climbs lord/Nulmeg Corp. many taxpayers (e g., investors) to convert what thought of appreciation? Your home is a capital asset. 4. While olisetting gains with losses leaves the gain By Sarah Passell ol Bloomfield in a would have been ordinary income under the old law to After only six months of occupancy you can dump it at tax-free, the tax break associated with long-term gain Herald Reporter move that will add long-term gain under the new. capital gains rates. If you buy another more is lost forever. 10 to 12 technical The new building period is effective for assets expensive home, you cun even defer the capital gains 5. As an individual, you may carry forward your A ruling released today by the state Appellate Court employees to the acquired after June 22, 1984, and before January 1. tux. capital loss indefinitely. contained mixed news for both the Manchester Police company, accord Union and the Town of Manchester in their four-year in gas leak ing to a news release dispute over early retirement. issued by the newly John Tunila Barter, enables The ruling has killed the union's hopes of getting lormed company. police officers the right to early retirement before the By Paul Wedel Both companies repair industrial electric age of 50. Bu\ it coAld force the town to pay a higher United Press International Union Carbide probes motors and sell and service related materials >.Hi pension to officers who retire before they turn 60. such as generators and pumps. poor nations to BHOPAL, India — Sonic 20,000 cause of gas leak Terms of the acciuisition were not disclosed. , “We disagree with both the plaintiffs and the people, many blinded or racked by defendants,” Judge David M. Borden wrote in today’s nausea, packed hospitals and scores — see page 10‘ decision. more huddled, sick and dying, in cold Mullen promoted at Fleet deal for goods “The union is going to have to renegotiate the entire city streets today as the death loll for a pension plan,” one Manchester police officer John K. Mullen MI of Manchester has been gas leak from a pesticide plant passed The officials all liidiau I’ili/.eiis Bv Susan Postlewalte predicted when told of the decision. 500 and threatened to reach 1.000. were charged with ''causing d«-alh by named a vice president in the Hartford office of United Press International The Appellate Uourt ruling said the town's general Fleet Financial ■1 Morgue officials were already oul of negligence. ” the I’ress Trust of India Group Inc. early retirement provision does not apply to police. fuel to cremate bodies but more kept news agency‘reporled MIAMI — When Coca-Cola sells a bottling piant toa The appeal was filed by the union after a civil suit it arriving to be .stacked like eordwood Mullen will be re country where hard cash is hard to come by, the "As ol last niglil wc had already sponsible for the filed against the town in Superior Court was thrown around mukeshiR mortuaries. treated more than 12.000 victims al Ibis company .sometimes has to swap for homegrown m out in 1982. More than 2,000 people were admit marketing of corpo goods like beer or wine. hospilat alone and there are four other rate loans and servi The fight began in 1980 when Sgt. Raymond ted to hospitals and more were b«‘ing hospilals involved.” said Dr Nil. “We cun import beer from Poland and wine from Mazzone, then 46 years old, applied for early brought in today. Another 18,000 ces in^ the central retirement. Bandhari. medical sii|H'riiilendeiil at Connecticut and Yugoslavia," said Frederick Greenwood, president of patients were being treated in tempor iiamidia hospital the Coca-Cola Trading Co. “That works for us." A 1976 contract revision had given Manchester ary medical facilities or as outpatients. westerrf Massachu But problems arise when “we're often asked to take "We have at leasi 4(H) iH'ople in setts ; reas. Pre police the right to retire with full pension benefits Officials listed the death loll at 546, se'rioiis condition and Ihe next 72 hours viously. he was a commodity type items or machinery type items in after they turned 50 and had served 25 years in the but predicted it would climb, noting which we have absolutely no expertise at all," he said. department. Before 1976, 55 was the earliest age at is the critical (leriod” for Iheir corpor;«e/commer- w ■nwww,. , I that many of the injured were in survival, he said cial loan officer at Now a group of Miami business leaders is trying to which an officer could retire with full benefits. critical condition and that more bodies ConneclYgul Bank start a “barter exchange." a computerized interna- - , Town pension ordinances also give town employees could still be found in the hut-and-hovel The injured were hauled to the and Trust — — lional marketplace designed to help countries sell the right to retire with a partial pension as much as 10 neighborhoods around the plant; hospital by the Iniekload. many Mullen is a gradu their malt, Brazilian hardwood, fruits, Mexican years before their normal retirement age. Mazzone Hospital .sources said the body count carried on .slreleliers Police isisled al marble and other commodities in the growing barter took the new contract agreement and the old could rise to 1.000.

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