BUSINESS/FINANCE
•
•
count.
If you w nt to ensure h t n
et y with n intended don e,
n you m e the ift to th t pe on
only," y Jennifer Ro , n 10
ttomey.
ttle II cl I
Before a penny chang n, both
ide hould gree on the tot I
mount involved, the purpo of the
transaction, how long the money
will be needed, whether it' 10 n
or gift.
Also decide on the rate of inter
est, repayment terms, collateral nd
what happens if the loan can't be
paid off. Write everything down .
Thi especially important if a
gift is meant to help a child buy a
house. Most mortgage lenders
want no more than 28 percent of th
home buyer' gro incom going
Jam Ab ton
THE THIRD program is
"The Mini Speci 1" that covers
uch even Reverend Je e
Jac on' recent Detroit
demonstration and his speeche
th t prote ted welfare cuts and
the lack of affordable housing
for the poor, Abston said.
Ab ton aid he and Ursula
Darby and Dori Williams
founded the busine se in 1991
the re ult of "media bashing
of this city."
While they were formulating
the plan, Ab ton recalled ome
thing hi grandfather used to tell
him which was, "Fight fire with
fire" and thus, the concept was
born which he said will pre ent
a "po itive image."
Abston says that "Lights,
Kids and Music" will provide a
etting where children from
urban and suburban families will
interact because "no child can be
dropped off."
Therefore, he adds, the parent
or guardian will be forced to in
teract with other parents or guar
dians.
al forum ."
He dded, they al 0 do com
mercial productions, instruc-
tional tape , corporate
pre ent tions, product
demonstrations, trade hows,
meetings and much more.
CPIN al 0 has what it calls
the TV Model Search Program
for adults and children, Ab ton
said.
�to w t n
overcome than what has been
. �
For many Bladcs in u.: iIRr
ci . woo compromise the lower
ireorre realrrs of u.: country's
economic tructure, \.lCCeSS is
recei�$SOOonMother' Dayof
month. But for the Talented •
Tenth. that upper gment that best
represerm � edocated amleOOer
ship dass of B America, soc
cess in the past 3 decades 1m been
real am remarkable.
In 1967, less tmn 5 percent of
B families in America could be
counted in the middle class, an
eoooomic sans of having an an
nual ooU5clrld income ofS15,<XD
in 1987 dollars. 20 years later, that
5 percent figure had grown to 36
percent having middle d annual
i.rmmes of S25,<XD or more, In a
remarkable realization of the
promise of America, 3 of every 10
Blacks in the country grew to be
real big oogs in the n am tIls.
TIlE POST CIVa ri� era
was a period marked by the kiOO of
ecoromic, social and political 0p
portunities that for � first time in
American hislOly gave Blades a
certain advantage. During this
period, the Big Dog; we've row
corre to know grew because of
affirmative action am contracting
opportwlitics. During the years be
tween 1970 and 1989, the percent
age of Blades woo fit firmly in the
upper riliddle dass oo�oold an
nual iJxx>me bracket of $SO,<XX> or
more grew by 182 percent.
In 1� only 6.9 percent of�
Black American population,
roughly a half million oo�oolds
ll80 i.rmmes ofS5O,<XD a year. By
1�, the figures had grown to 115
percent or 12 million bousebolds,
The Black iI¥:ttase rearty doubled
that of white high ircorrers during
tbe period. '
The statistical gain reflects verv
real iIlcrea;cs in earning. protes
sioOO �tions, statue; aoo in
Ouexx:e to make many of us very
big�in the Americanecoromic
stnx:ture.
The down side of tb! story is
that according 10 a �m\6 Bweau
study on a measure of wealth, the
median net worth of Black
musemlds(lo1aldistnbutiOncome
· to $47,160, while 1m median ret
worth of all Blade oouseOO� was
only $4,169. Arx1 ']9 pereera of \6
had IQ} ongoing dog days with a
zero or �gatM: ret worth.
In the main, the 101al Black Big
• Doiliber� unable to run with �
, white pack. B1aclcs in the top 20
percent of iB::Ome distribution have
a �t worth of $47,100, but white
�lds in the same top 20 per
cent had a median ret worth of
S119,QS7. So, despite the rapid
.. growth of Black big dogs in wage
i.rmme, the gap between white
wealth aIX1 that of Blades is still
more than two-aOO-a-halfto ore,
THE PROGRAM is set up in
four weeki y programs and each
four-week winner, adult and
child, gets a trip to either New
York City of Chicago and they
are "guaranteed and appoint
ment or interview" with an agen
cy.
CPIN picks up the expenses,
Abston said. The winners will
also get "a featured role in a local
TV commercial."
In addition to its 11
employees, Abston said, they
employ four scriptwriters.
"CPIN's primary objective is
to inform and expose Michigan
residents to positive events oc
curring in our communities
through television production
programming," Abston said.
The cooperation is located at
2133 Coolidge Road in Oak
Park. The phone numbers are
(313)545-3003 and (313)569�
3629.
ABSTON BELIEVES the
interaction will eliminate some
stereotypical images.
Abston said the programs will
be aired on both Barden and
Continental Cable Systems and
channels 38 and 62.
The first program airs March
16, he said. In addition to selling
commerical air time, CPIN "ser
vices range from television
OPTIMIST CLUB'S SALUTE TO DR. KING - Ronald E. Smiley (right), corporate affair central
region manager for Anheuser·Busch Companle., presents -The Measur of a Man- award to
Don H. Barden, president and CEO of Barden Communications, during a breakfast tribute In
honor of the Dr. Martin Luther King Jr. national holiday. Barden was the keynote speaker at
the annual breakfast, which Is presented by the Optimist Club Foundation of Central Detroit
Joining Smiley In the presentation are Lorenzer Frazier (Ielt), pr sldent of the Optimist Club
Foundation, and Don 'McSwaln (second, right), Foundation board m mber and program
chairman.
BUSINESSES
ADVERTISE
HERE
869-0033
Taxpayers Ask IRS I
I
co
Sponsored by the U.S. Small BIUi,.,ss Administration
For Further Information
Call (31�) 226·7947 or 7953
Dependent Care Credit
These are typical of questions
asked by taxpayers and are pre
sented as a public service of this
publication and the IRS. .•
Q. What are ome of the require
ment to be able to claim the credit
for child and dependent cart ex
pen e ?
A. You must:
1) keep up a home that you live
in with one or more qualifying
per ons;
can be taken instead of ·the child
and dependent care expenses cred
it for a qualifying child under age
one. The taxpayer needs to deter
mine which of the two credits will
provide the greater benefit. The
maximum credit for a child born
in 1991 is $357.
Need Information about Businesses?
Call the Business INFOLINE!
There are over 9 million bu ine se in the U.S. - and finding information
about them can be virtually impo ible, e pecially when you need it[QJ:L. But
now there' a way ... a revolutionary new ervice called Business INFOUNE!
Need toknow the addre and phone number for "XYZ Company"
omewhere in Florida, or the name and phone number of a "Cadillac Dealer"
in Palm Beach? Even telephone company directory a i tance can't help you
in the e ituation ... but we can!
Q, What form do I need to claim
the care redit?
A. To claim the child and depen
dent care credit, you must com
plete Form 2441, "Child and De
pendent Care Expen es," and at
tach it to Form I 040, or Schedule
2, "Child and Dependent Care
Expenses," and attach it to your
Form 1040A. You cannot claim
the credit on Form 1040EZ. Gen
erally, you mu t file a joint r turn
if you are married.
2) pay day-care expense so that
you can work;
3) have employment income;
4) make payments for day-care
to omeone you cannot claim a a
depend nt;
5) file a joint return if married,
unles an ex eption applies;
6) identify the care provider( )
Q. What publications can provide
more information on the care cred
it?
For example ...
"Your BMW breaks down on the interstate, and ou need to know if there' a dealer in
th« MXI town ...
"An out-of-town company i trying to �II ou vin I iding for our ho e, and ou need
more information about them - how long tM company has bun in busine • and how
many emplo ees the have."
"You'r� plannin a vacation in the Pacific Northwe I. and ou want to line up thin s
for 1M kids to do, So ou need to find the amusement par and zoo in Ore on
and Wa hin Ion."
"A friend gave ou a lip that "Apex lndustrie .. would be a DOd lode investmem. but
ou want 10 know more. Whal do 1M do? Whal are their approximate annua! ales?"
IT HAS BEEN proven that
despite the hislorical diwtvanlage
of race �tion in America,
• Black wealth aa:untulation can
happen. Even with the �nt Ovil
RighBAa, imtitutional racsm will
continue to be an obstacle to
African Alm'icam gaining broad
wealth.
During the . iod �
. conung pen
• Talented Tenth will be needed to
come b8ck 10 tmr origillll blodes
to � � skills, physical aIX1
mo�tary tesources, am wion to
thelittledqp that will �p�mget
off � pOrchaIXl gain similarerury
. into � American mainstream
�l.
on your return;
7) not exceed the dollar limit to
, claim the credit; and
8) file Form 1040 or Form
1040A.
The Bu ine INFOLINE i indi pen able for home or office! And th co t
i only 3.00 for the fir. t minute and $1.50 for each additional minute,
conveniently billed to your phone number. The ervice i available Monday
through Friday, 7:00 a.m. to 6:00 p.m., Central Time.
A. Publication S03, Child and De
pendent Care E penst's,. and Publi
cation 596, Earned Income Credit,
will provide additional informa
tion on the care credit. To order
these free public tion , call toll
free 1-800- TAX-FORM ( 1-800-
29-3676).
Q. lund r land that for 1991
there is a new credit for a child
born in 19 I. Can you explain?
A. Thi red it, for taxpayer eligi
ble for the earned income credit,
Dial 1-900-896-0000
Askfor Ext. # 214
A rvi e of American
Ru ine Information·
5711 So. 86th CirrI .... Omaha. N 68127
M(Ift� -ba k GlMlrallU� if not li�d.