I IN BRIEF I

Pro-Israel Mutual
Fund Is Launched

JACOB WIRTHCHAFTER

Special to The Jewish News

I

CPA Bernard Leibtag said
he has a bias against self-
help books because a lay
person might miss some-
thing that he doesn't realize
applies to him. In addition,
the guides tend to deal only
with federal taxes.
"It's almost the equivalent
of some pop psychology
books," said Mr. Leibtag.
"They have some good ideas.
But you really need an ex-
pert."
The authors don't claim
their books are substitutes
for accountants or tax
lawyers. In fact, nearly all
contain a caveat.
"The publisher and author
are not engaged in rendering
legal, accounting, or other
professional services to any
reader," reads Consumer

Reports Books Guide to In-
come Tax Preparation. "If
you have specific accoun-
ting, legal or tax problems,
you should consult a profes-
sional adviser."
But despite the complexity
of taxes, men and women
continue to do their own
returns. And others use the
guides to become a more
educated taxpayer.
"People who go to an ac-
countant or a lawyer are
crazy if they feel they don't
need to know about their
taxes," said Mr. McCormal-
ly, tax editor of Washington-
based Changing Times
magazine.
"To some people, the books
are insurance," said Mr.
Eiss of the New York-based
J.K. Lasser Institute. "It can
help them talk intelligently

with their tax preparer."
The books offer glossaries
and encyclopedias, instruc-
tions on how to read tax in-
structions and even guar-
antees.
Robert S. Holzman's Com-

plete Book of Tax Deductions
contains nearly 5,000 deduc-
tions arranged in alpha-
betical order. Footnotes list
IRS rules and regulations,
tax code provisions and court
decisions explaining why
each deduction is allowable.
"But it won't give you the
line on the form where you
can take the deduction,"
said Mr. Holzman, a
graduate level taxation and
accounting professor for 30
years.
And as a marketing tool,
at least two books offer
guarantees.
In the lower right corner of
the large size, 500-page
H&R Block 1991 Income Tax
Guide is a guarantee coupon
valid through April 15. If a
taxpayer gives up on doing it
himself, the coupon allows
the price of the book to be
"applied toward tax prepa-
ration services at par-
ticipating H&R Block Tax
Offices."
A stronger guarantee is on
the cover of Julian Block's
Year-Round Tax Strategies
For The $40,000-Plus
Household.
Through June 30, 1992,
Prima Publishing of
Rocklin, Calif., offers a
money back guarantee "if
after using this guide you
don't feel that you have
received information worth

at least 50 TIMES the cost of
this book."
"The 1990 edition had one
as well," said Mr. Block, a
tax attorney in Larchmont,
N.Y., who writes a syn-
dicated tax column. "Only a
handful have asked for their
money back."

Mr. Block's book also
focuses on some very modern
tax problems such as
dependency exemptions for
live-in lovers, the travel ex-
penses of married couples
working in different cities,
the charitable contributions
of volunteer workers and the
deductibility of cosmetic
plastic surgery.
At least two other prepara-
tion books — by Consumer
Reports and J.K. Lasser —
offer free supplements to up-
date taxpayers on last
minute changes. And for the
cost of a telephone call to
New York City, J.K. Lasser
also offers a free 24-hour
hotline of recorded messages
. on tax filing tips on more
than 40 tax topics.
The authors said they aim
for an audience that is
usually well educated, pro-
fessional, not necessarily
high income, and with some
interest in their taxes. But
every so often, the authors
hear of people who view tax
books like most people might
regard a novel.
"You need to review the
book as it applies to your
life," said Mr. McCormally,
author of Sure Ways To Cut
Your Taxes. "I worry about
cover- to-cover readers." ❑

srael has become the latest beneficiary of a new
wave of socially conscious mutual funds, which
specialize in shares of everything from companies that
shun South Africa to businesses that respect the
environment.
U.S. brokerage firms are now selling securities in a fund
that invests only in companies that don't participate in the
Arab boycott of Israel. Non-boycott status is determined by
whether or not the firm actively does business with Israel.
Thomas Sarkany, president of New York-based Star-
Trade Securities Corp., believes his new StarTrade fund will
attract thousands of investors who are looking for a mutual
fund that complements their philanthropic interest in
Israel.
StarTrade's portfolio managers are assembling an in-
vestment package of companies that have subsidiaries,
trade or provide services in Israel. More than 200 of Stan-
dard and Poor's top 500 over-the-counter shares meet this
test.
Once StarTrade has identified a company involved in
a business relationship with Israel, the firm is placed on
a list of eligible investments. These, in turn, are evaluated
and finally selected by Bear Stearns Asset Management.
U.S. mutual funds reportedly hold $1 trillion in
securities.
Mr. Sarkany, a former national research director for the
United Jewish Appeal, says the "boycott-free" fund is ap-
pealing to a new generation of American Jews who increas-
ingly see Israel not as a needy charity case, but rather as
a place for profitable investment.
"Now when corporate boards sit and make management
decisions, there will be a new awareness, that a substan-
tial group of investors believe in doing business with Israel,"
said Mr. Sarkany, during his Tel Aviv visit with an Israel
Bonds Wall Street mission.
StarTrade's Tel Aviv representative, lawyer Ehud Gera,
said the fund provided an opportunity for Israeli govern-
mental and institutional investors looking for a fund that
buys international securities with a sensitivity towards
local concerns.

Jacob Wirthchafter is a writer for the Jerusalem Post.

DOUGLAS MANN, SANDRA SHIPPER and MARK
KOWALSKY have become partners in the firm of Simp-
son Moran.

MARTY DAVIDSON, CLU, ChFC, assistant manager for
the Detroit Agency of the Principal Financial Group, has
qualified for the company, Middle Management Achieve-
ment Roundtable (MMART).
MMART recognizes managers throughout the nation
who have achieved superior levels of performance among
their peers during the calendar year. It is also a formal
gathering of the top field management people and senior
home office staff to further develop management skills,
share ideas, and acknowledge significant accomplishments
over the past year.

BURTON GOLD, PAUL DAVIDSON, and PAUL
ALEKMAN of the Detroit Agency of The Principal Finan-
cial Group have qualified for the company's Premier Club.
Premier Club honors those agents who are leading in pro-
viding financial planning, pension and profit sharing ser-
vices, life and health insurance, and other financial
services.

HOWARD SHER has become a shareholder of the law firm
of Jacob and Weingarten, P.C. in Troy. Mr. Sher specializes
in the areas of bankruptcy reorganization and business
litigation.

THE DETROIT JEWISH NEWS

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