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 Insurance Corporation (FDIC). A minimum opening deposit and balance of $500.00 is required to obtain the stated Annual Percentage Yield. . ELA5.5271Rs" I I _ v411%., ____ BANK Depot. 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(810) 968-5858 10-4 THE MOST EXCITING THE D ETR O K NITTING & NEEDLEPOINT KNITTING 62 Atention Zo - You! thelmtarobtail ORCHARD LAKE ROAD • WEST BLOOMFIELD Accents In Needlepoint Contemporary Designs 626 - 3042 .1 • linbers Knit,.Knit, Knit 855-2114 In Orchard Mall West Bloomfield itt( 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.