TIPS page 61
12 MONTH
CERTIFICATE
5.75%
be allowed to build tax deferred
inside the account, much like to-
day's IRAs, unless used for med-
ical expenses, which is done tax
free."
Income tax credits are espe-
cially appealing because they are
applied against the actual
amount of tax to be paid. That's
why one of the most impressive
tax cuts by far is a substantial
income tax credit for the ex-
penses incurred with an adop-
tion. This innovative cut begins
with 1997, and it, too, is highly
complex.
INTEREST RATE
5.87/0
A.P.Y./*
60 MONTH
CERTIFICATE
6.0ak
6 • 1 s k
Last-minute
tax
strategies.
INTEREST RATE
A.P.Y./*
These are fixed rate certificates of deposit that are insured by Federal Deposit
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is required to obtain the stated Annual Percentage Yield.
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Ms. Snover says, "While the
credit is often applied against
taxes for the following tax year,
expenses up to $5,000 per child,
and $6,000 if the child qualifies
with special needs, are allowed.
However, the credit is phased
out based on income and is elim-
inated when the adjusted gross
income reaches $115,000."
Because the rules for the
adoption credit are rather com-
plicated, Ms. Snover recom-
mends seeing a tax professional
for assistance.
Are there other tax changes
ahead in 1997? Capital gains
might find some relief because
of the Republican agenda, while
both parties are advancing a
larger tax exemption for the sale
of the principal residence.
It's encouraging to know that
most deductions are holding
their own. Fees for automobile
license plates, for example, are
still deductible on an itemized
return.
In looking at what anyone can
do to improve their tax position,
Mr. Kaplan suggests, "Be orga-
nized to insure taking advantage
of all the deductions you should
have for this year. Keep file fold-
ers for your medical, real estate
and other tax payments and file
every receipt.
"Work with a tax specialist
you respect and ask for sugges-
tions. Compare your expected in-
come for this year and next early
in the year, not just in Decem-
ber, so that you can support your
plan with savvy fiscal activities
all year long.
"For example, if you can put
money into your '97 IRA now, it
will have over a year to grow as
an investment before the con-
tribution deadline in April of
1998. That can certainly help to
maximize the tax-deferred in-
vestment returns.
"I find it helpful to think of the
last chapter of your own tax book
as actually being written in De-
cember. You simply publish it in
March or April."
❑
Soros, Comverse
Start Israel Fund
Jerusalem (JPFS) — Quantum
Industries Holdings Ltd., a fund
managed by financier George
Soros' SoroS Fund Management
LLC, and Comverse Technology
announced the formation of a
new private equity fund that will
focus on investing in Israeli high
tech companies.
Comverse, based in New York,
designs, develops and manu-
factures computer and telecom-
munications systems for a
variety of applications.
Each partner has invested $15
million in the ComSor Invest-
ment Fund BV, which is head-
quartered in the Netherlands.
Representatives said they de-
cided to start the fund because
of the opportunities available in
Israel's high-tech sector.
"Israel's technology industries
have rapidly become among the
most advanced in the world, pro-
ducing a stream of new ventures
that is extraordinary in terms of
both its rate of growth and its
quality," Comverse Technology
president and chairman Kobi
Alexander said in a statement.
Soros began investing in Is-
raeli companies about two
months ago, when his Quantum
Fund bought a minority stake in
Elroy, the real estate company.
ComSor will be represented in
Israel by Comverse Investments
Ltd., a wholly-owned subsidiary
of Comverse Technology Inc.
Comverse holds 23 percent of
software company DSL and has
investments in Netvision, Smart-
light and AVT.
Polgat Signs
Ralph Lauren Deal
Jerusalem (JPFS) — Polgat, a
subsidiary of Clal Industries in
Israel, has signed a licensee
agreement giving it the right to
manufacture, distribute, and sell
Polo Ralph Lauren textile prod-
ucts in Israel.
Ralph Lauren is among the
leading designer companies in
the world, with sales of $5 billion
a year. The privately-held com-
pany's products are sold in 75
countries.
Polgat has sales of about $180
million a year.
According to the agreement,
Polgat will distribute Ralph Lau-
ren's men's and women's jeans,
boys' wear, and accessories.
The company's products will
be launched in August with the
opening of three flagship stores
in Tel Aviv, a Polo Ralph Lauren
store, a Polo Sport store, and a
Polo jeans store.
In the next three years, Polgat
intends to open 30 stores
throughout Israel.