The Redbird (Beaumont, Tex.), Vol. 20, No. 15, Ed. 1 Friday, February 13, 1970 Page: 10 of 16
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THEREDBIRD Feb, 13. 1970-Page 10
This column of questions and answers on federal
tax matters is provided by the local office of the U.S.
Internal Revenue Service and is published as a public
service to taxpayers. The column answers questions
most frequently asked by taxpayers.
Q) I used Schedule T to fig-
ure out my tax. Do I have to
send it in with my 1040?
A) 'Most taxpayers do not
have to send in the Schedule T
with their tax returns. How-
ever, if you are subject to self-
employment tax, or claim re-
tirement income credit, invest-
ment credit or foreign tax
credit, you will have to file
Schedule T with your return.
Q) What is the filing dead-
line for farmers who did not
send in an estimated tax re-
turn?
A) Under the Tax Reform
Act of 1969, farmers now have
until March 1 to file their re-
turn and avoid penalties for
not making estimated tax dec-
larations. This gives farmers
two weeks more than they
previously had to gather their
records and prepare their re-
turn.
Since March 1 is a Sunday
this year, farmers have until
March 2 to file. Farmers
should attach Schedule F to
their Form 1040 and pay in
full any tax that is due.
Checks or money orders should
be made payable to the Inter-
nal Revenue Service and iden-
tified by the taxpayer’s Social
Security number to make sure
it is properly credited.
Q) I will be sending in my
tax return under my married
name this year. Do I need a
I new Social Security number or
anything else because of the
change?
A) No, your number re-
mains the same. However,
make note of the change right
under the address section on
the front page of the Form
1040 you file. Enter here the
name and address appearing
on your 1968 tax return.
If you haven’t already done
so, give the local office of the
Social Security Administration
your new name and address.
Q) I bought Christmas cards
from my church. Can I deduct
what they cost as a charitable
contribution on my tax return?
A) Unless you contributed
an additional amount to your
church over and above what
the cards ordinarily cost, no
deduction may be taken.
The rule in this case is that
charitable deductions are al-
lowed when the amount of the
purchase price exceeds the
fair market value of the item
received in exchange. Compare
the cost of the cards to that of
other cards of a similar na-
ture to see if you have a con-
tribution deduction.
Q) When you inherit stock
and then sell it, do you have
to pay tax on the proceeds?
A) Your, cost basis for the
stock is its value at the date
of death of the decedent from
whom you inherited it. If you
receive more than this basis
on a sale, the gain is reported
as a capital gain. If you re-
ceive less, the loss is reported
as a capital loss.
Q) Where can I get a copy of
the form needed to claim mov-
ing expenses?
A) This form may be ob-
tained from your local IRS
office. Ask for Form 3903.
• Q) I’m paying back a loan I
took to cover the costs of my
daughter’s college education.
Is this deductible?
A) You may deduct the in-
terest portion of your loan
payments if you itemize de-
ductions. If you are not sure
how much of your loan pay-
ment represents interest, check
with the bank or other insti-
tution that made the loan.
They should be able to tell
you.
Q) What is the maximum
Social Security tax for 1969?
I think I paid too much since
I held two jobs last year.
A) If you worked for two
or more employers and more
than $374.40 was withheld
from your wages last year for
Social Security taxes, then the
excess can be claimed as a
credit on line 20 of your in-
come tax return. In cases
where a person has only one
employer during the year and
more than $374.40 was with-
held for Social Security taxes,
the excess cannot be claimed
as a credit on the return. The
employer must adjust the
overcollection with the em-
ployee.
A W-2 form from each em-
ployer must be attached to
your tax return.
Cards Gain Revenge on Tigers
By Ronnie Scales
SAN ANTONIO—At the start
of Saturday night’s game in San
Antonio, all that could be heard
were the balloons of the Tiger
fans as they rubbed them to-
gether to make Lamar players
nervous.
In the end, all that could be
heard were the shouts and cheers
of Tech fans as the disappointed
and dejected Trinity fans slowly
left the gym.
For weeks the important bas-
ketball game was built up as
Trinity kept winning, and La-
mar was squeezing out narrow
victories over opponents. The
Cardinals gained revenge from
last year’s loss, which eventual-
ly cost them the SLC title, with
a 102-101 overtime victory.’
Some thought the game was
like matching an amateur fight-
er against Cassius Clay and then
sitting back to watch the slau-
ghter. But Lamar came into
the game with determination and
the will to win.
An important aspect in the
outcome of the game, was the
mere group of about 50-60 Card-
inal fans who managed to drive
five hours just to see this game.
Tribute should be paid to those
who were there from Beaumont,
for they never gave up even when
Lamar was down one time by
14 points.
The Cardinals rebounded in
excellent fashion and those Tech
fans who attended saw a great
upset. Time will tell if the
Cardinals can keep on winning
the big ones and eventually win
the SLC basketball race.
The driving force behind a team
winning a game may be the en-
thusiasm generated by the fans.
The basketball team does their
part and now its time for the
Lamar students to do their part.
Intramural Basketball
Day
Time
Court Teams
Tuesday
7 p. m
1
Sigma Nu vs. Sigma Chi
7 p. m
2
Lambda Chi vs. ATO
8 p. m
1
Delta Tau vs. Sigma Phi Epsilon
8 p. m
2
City vs. Nerds
9 p. m
1
Hooters vs. Skipworth Tigers
9 p. m
2
Spartans vs. Hawks
Wednesday
7p.m.
1
Morris Hall Hellions vs. Playboys
7 p. m
2
Circle K Dudes vs. Pink Pussycats
8 p. m.
1
Delta Sigma Pi vs. Baby Panthers #1
8 p. m
2
Sewer Rats vs. Hormones
9p.m.
1
Sick Shooters vs. Half-Aces
9 p. m.
2
CHE’s vs. Baby Panthers #2
Thursday
7p.m.
1
Sigma Nu vs. Phi Kappa Theta
7p.m.
2
Lambda Chi vs. ZBT
8 p. m.
1
Delta Tau vs. Sigma Chi
8p.m.
2
Sig Ep vs. ATO
9p.m.
1
Orange Independents vs. Swamp Rats
9p.m.
2
Dribblers vs. Sixty Niners
CELEBRATING CARDINALS--Happy Card-
dinals are shown after their 102-101 over-
time victory over Trinity Saturday in San
Antonio. They are Phil Endicott, Luke Adams,
cheerleader Richard Valley, and Kirby Collins.
NASA Mission Control Center
You’ll find a future
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Your future will be as bold and as bright as your
imagination and ambition make it.
Your future will be as challenging as your assignments ...
and you might work on anything from satellites to
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entertainment or appliances. It's your chance to be
as good as you want to be. You will build an
experience bank that will prepare you for many opportunities.
Your future begins by meeting our representatives
when they visit your campus. Or, write to
College Relations, Philco-Ford Corporation,
'C & Tioga Streets, Philadelphia, Pa. 19134
PHILCO-FORD WILL BE HERE ON Monday-Tuesday,
February 16-17
PHILCO
The Better Idea People In Your Future
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Ramsey, Mike. The Redbird (Beaumont, Tex.), Vol. 20, No. 15, Ed. 1 Friday, February 13, 1970, newspaper, February 13, 1970; Beaumont, Texas. (https://texashistory.unt.edu/ark:/67531/metapth499405/m1/10/?q=Lamar+University: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Lamar University.