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April 01, 1977 - Image 46

Resource type:
Text
Publication:
The Detroit Jewish News, 1977-04-01

Disclaimer: Computer generated plain text may have errors. Read more about this.

--Rwro.a,Rzwgsaoswsw.t.ommpw,

-

46 Friday, April 1. 1977

THE DETROIT JEWISH NEWS

Of Men and Ostriches

AJCorkgress Post

Taxes and Your Future

1

By PAUL ELDRIDGE

The importance of re-
cord-keeping and the fact
that the Tax Reform Act of
1976 has radically changed
the rules for determining
the basis of all property ac-
quired from decedents has
been stressed.
I am a teacher-
Treasury regulations pre-
I am an industrialist-
I show the two sides of every problem
scribe what information con-
I own shares in all the world's cartels
I make no distinction between customer and I explain the mechanics of impartiality
cerning a beneficiary's
I expound the arithmetic of suspended opin- basis is to be supplied by ex-
customer
ion
I proclaim the democracy of profit
ecutors to the IRS and to
I say: the slaughter of six million Jews
I say: the slaughter of six million Jews
beneficiaries. In addition,
Is an equation ending in zero.
.- Has no market valbe.
the law provides penalties
for failure to supply such in=
I am a reporter-
I am a judge-
formation.
(
scoop
social
and
political
scandals
1 uphold the nation's laws and statutes
What is important is the
!
scoop
murders,
marriages,
divorces
1
I require courts and juries and attorneys
absolute necessity for nam-
I demand exhibits duly labeled and num= I scoop all things exciting and important
ing a qualified and expe-
I say: the slaughter of six million Jews
bered
rienced executor who can
Lacks
the
human
interest
angle.
I say: The slaughter of six million Jews
cope with the complexity of
Is circumstantial evidence,
the law and settle your es-
I am an internationalist:
tate.
I fight for the abolition of boundaries
I am a psychologist-

I am a historian-
.. I know the chronology of all the dynasties
I know the dates of all the wars
I know the shifts of boundaries and the fall of
states-
I say: the slaughter of six million Jews
Is an incidental concomitant.

consider murder infantile regression
I urge all prisons turned into kindergartens
And all the courts into hospitals and labora-
tories
I say: the slaughter of six million Jews
Is not the work of criminals.

I am a preacher -
1 declare the eternal tenets of my faith
I prophesy the nearness of the Judgment Day
I exhort each man to get his balance-sheet in
order
I say: the slaughter of six million Jews
Is the Lord's own account.

I fight for the adoption of one universal tongue
I fight fore uniformity of culture, of customs
and of laws
I say: the slaughter of six million Jews
Is one is hurdle in my path to victory.

I am an average man -
In private life I believe in the old-fashioned
virtues
In businea's I follow the golden rule
In politics my . motto is: "Let us mind our own'
business!"
I say: the slaughter of six million Jews
Is foreign propaganda and entanglement.

Under the new rule there
is a "step-up" in cost basis
at death to the higher of the
donor's cost or the value of
the property on Dec. 31,
'1976.

This represents a signif i-
cant change from prior
law. As a result, the heirs,
if they sell the property,
will be taxed on the gain be-
tween the "stepped-up"
basis and the current fair
market value of the proper-
I am a scientist-
ty at the time of their sale.
! weigh each question with deliberate punc-
The new rules on capital
tilio
gains taxation change The
I apply the microscope to bug and man
required holding period for
And the six million ghosts
I shun emotion and subjective thinking
long-term capital gain treat-
To all the living call:-
I say: the slaughter of six million Jews
' ment. Starting with sales
Is a phenomenon of reproduction and elimi- From the vast hecatombs
From the mountains °fl ashes
made in 1977 the required
nation.
From the lime and the dung
holding period must be
From the rivers and the seas
more than 9 months. Then
I am a radio commentator-
From the myriad cemeteries
in 1978, and subsequent
1 am the wet-nurse to twenty million minds
-
Nameless and far flung,
Tears, the required holding
I soothe and charm and lull to sleep
We, the scapegoats of hate,
I bind the wounds of daily tribulation
. period must be more , than
We, the martyrs of a fate
I say: the slaughter of six million Jews
one year.
Beyond thought or tongue,
Is offensive to good taste.
Starting in 1977, the limi-
Order:
tation on the amount of cap-
"A pyramid without measure build
ital losses which can be de-
Eternal as their global guilt
YOUR WEDDING—
_:
ducted from ordinary in-
And
carve
the
letters
of
unquenchable
flame
BAR MITZVA
come has been increased to
TO ALL THE NATIONS SHAME!"
$2,000 a year, and in 1978
Israel Detains
and subsequent years, the
WILL BE
capital loss limitation will
Terrorists' Ship
be $3,000.
HAIFA—Security forces
Charitable contributions,
last week detained a Turk- particidarly of appreciated
MAGICIAN
ish freighter and its four"- long-term capital gain prop-
WHEN PHOTOGRAPHED BY
Available For All Occasions
man - crew on suspicion of erty, continue to remain
25 years experience
having aided an attempted one of the few approved tax
-MAGICAL MEL
Arab terror attack on Tel savings methods. Attention
AND ASSOCIATES
Aviv last Rosh Hashana, po- should be given to the
547-2464
357-1010
lice revealed Sunday.
change in the law regarding
The crew of the 250-ton the • holding period for long-
Okanlar were seized when term appreciated property
they attempted to pick up a as previously stated.
Over 45 Years
their mother ship.
The holding period re-
week. Police said the ship quirement is particularly
Of
matched the description of significant in charitable giv-
the
freighter that offloaded ing since the donor may de-
Moving Experience
a rubber boat containing duct the full value of the
arms and five Arab terror- long-term appreciated prop-
ists near the Tel Aviv shore erty up to a limit of 30 per-
last September.
The five had lost their cent of his "contribution
nerve, tossed their guns base" (generally, adjusted
overboard and told asto- gross income). But upon
nished Israelis on the Tel the contribution of a- short-
Aviv beach where they land- term capital asset the
ed that they were running donor's deduction is, in ef-
NUMBER 0 ALLIED VAN LINES
away from the Egyptian fect, limited to his cost.
military draft. But they
Thus, a donor must be
AGENT IN MICHIGAN
later confessed to security particularly careful to see
forces that they had come that the long-term capital
on a terrorist mission, and gain holding period under
described the Okanlar as the new law is observed in
2253 Cole
1300 N. Campbell
their mother ship.)
making charitable deduc-
BIRMINGHAM
When the Okanlar, which ations.
ROYAL OAK
usually
plies
between
Tur-
644-4612
541-3310
A potential incentive for
key and Port Said, put in
here last week it posted its charitable giving applies to
crew list. The names a number of other amend-
matched those the terror- ments in the 1976 Act, such
ALLIED VAN LINES
ists had given as the names as those limiting tax shel-
ters, which could increase
of their helpers.

I am a nationalist-
I believe in the sovereignty of the state
I believe in the sacredness of the frontier
I believe in the inviolability of the constitution
I say: the slaughter of six million Jews
IS an internal prerogative.

ALBUM
FINER
WINER

_,the taxes of many individ-
uals.
The complexities will re-
quire skillful handling by
your estate planner, but
don't be surprised if he sug-
gests that you contribute
that piece of real estate to
a public charity-such as
the Jewish Welfare Feder-
ation-United Jewish Chari-
ties-instead of selling it, or
your estate.
leaving it in

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POTTER
MOVING & STORAGE CO.

NEW YORK—Prof. Abra-
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Professor of Law and for-
mer dean at the Yale Uni-
versity Law School, has
been appointed chairman of
the Commission on Law, So-
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fairs of the American Jew-
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