Port Aransas South Jetty (Port Aransas, Tex.), Vol. 14, No. 49, Ed. 1 Thursday, December 6, 1984 Page: 7 of 14
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PORT ARANSAS SOUTH JETTY
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THURSDAY, DECEMBER 6,1984 PAGE 7A
Market briefs
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A gain or loss on the sale of an
investment that has been held for
more than six months is generally
long-term. If the gain was held for
six months or less, a gain or less on
its sale is treated as short-term.
Remember, six months is now the
dividing line between long-term
and short-term. This is one of the
biggest changes in the new law. The
old law called for a one year’s hold-
ing period.
The sales you have already made
during 1984 established certain
gains or losses. These gains or losses
should be divided into long-term or
short-term and should be com-
puted separately.
Below are the rules for applying
losses:
*If capital losses are carried for-
ward from prior years, they should
be reduced by the current year’s net
capital gains.
*If there are both short-term and
long-term capital losses, the short-
term losses are used up first in fig-
uring the $3,000 capital loss deduc-
tion.
*If you do not have $3,000 of
short-term losses, any long-term
losses may then be utilized to reach
the $3,000 plateau. However, you
must use up to $2 of long-term loss
for every $1 deducted.
Here is an exammpie of how long-
term losses are computed:
Total long-term loss: $15,000;
Total short-term loss: 1,000; Short-
term loss used in 1984: 1,000; Long-
Capital gains, losses
term loss used in 1984: 4,000; Capi-
tal loss deducted: 3,000; Long-term loss
carried forward to 1985 ($15,000
- 4,000): 11,000.
The Alternative Minimum Tax
(AMT) often impacts the tax liabil-
ity of investors. The amount of your
net long-term capital gain which
was excluded from taxation is con-
sidered a tax preference item. As
such, it is subject to the 20 percent
alternative minimum tax on items
of tax preference. This tax was
empowered by the Tax Equity and
Fiscal Responsibility Act of 1982.
Briefly, the AMT established a flat
tax of 20 percent on the amount by
which “alternative minimum taxa-
ble income” exceeds $30,000
($40,000 on a joint return and
$20,000 for estates and trusts). If
that tax is greater than the regular
tax for the year, the greater a-
mount, reduced only by a limited
foreign tax credit, is the amount of
your tax liability for the year.
The new six-month holding peri-
od mandates that you accurately
record when assets were bought
and sold. What can you do if you
already hold short-term positions?
SWAP TO REALIZE SHORT-TERM
LOSSES WHEREVER POSSIBLE.
If the short-term position was
put on two or three months ago and
is now break-even or shows a small
profit, you can shorten the holding
period by simply selling the security
and repurchasing it; thereby sub-
jecting the new position to a short-
By H.C. (Hank) Gillespie
er holding period requirement. Wait
at least one day before repurchase.
If you hold stocks or bonds with
short-term losses, consider SWAP-
PING A swap is a switch to another
stock of a company in a similar
industry or a bond with similar
coupon rate and maturity date.
Swapping will allow you to take
your losses now and continue to
maintain your investment in a like
security (hopefully, for a long-gain
next year).
Secretary of Treasury, Donald
Regan, has certainly thrown a bomb-
shell into the tax planning industry
with his proposals for tax simplifi-
cation. Remember several things.
First, his ideas are PROPOSALS, not
law's. Also, over 99 percent of the
tax changes that we have had in the
past are PROSPECTIVE and not
RETROSPECTIVE. There are still
lots of tax sheltered investments
that can be made to reduce your
1984 tax bill. We will look at some of
these next week.
Until then, if you have any ques
tions, drop me a line at P. O. Box
1538, Port Aransas, TX 78373.
Plummeting oil prices
to affect state revenues
State Comptroller Bob Bullock
said last week Texans can expect
worse budget problems ahead if the
price of oil on world spot markets
continues to drop.
Bullock warned Legislators and
other state leaders, “I am very fear-
ful that if the price of oil keeps
plunging, I’m going to be forced to
reduce my estimate of revenues
available for the January session of
the State Legislature.
“I am told a gallon of gasoline has
been selling for less than a gallon of
unrefined crude oil on the spot
market. This might be good news
for consumers, but it will be bad
news for Texas state budget writers
who are already facing a $640 mil-
lion revenue shortage.
“My staff is watching develop-
ments in the world oil market, hour
by hour, but it will be until some
time next spring before anybody
will be able to say just how far the
price of oil might fall.
“A mid <5nap in the Northeastern
United States might drive up de-
mand and the price of Texas oil.
But if it doesn’t, the Legislature can
expect a hot time next January. It’s
beginning to look a lot like 1983.”
S. V
•If
a
Christmas with class
S. Lee Swank has announced her first “walk-in” location for
gift baskets by Touch of Class. Business days are Monday
and Wednesday until Christmas between the hours of 6:30
and 9:30 p.m. or by appointment. In its fifth year of opera-
tion, Touch of Class is located at 129 Gulf St. Gift baskets can
also be ordered to suit the customer by calling 749-5915.
(Staff photo)
Baking Needs at H-E-B.
WHOLE SMOKED
PICNIC
SMOKED
PICNIC
COOK'S
HALVES
WHOLE
PORKsas.
LOIN5’" u
FRESH BOSTON ' '* ‘
CENTER CUT ^
CENTER CUT
1 19
BUTT PORK QAe
RIBS. «7g
LOIN S5. 4
1
ROAST lb Oaf
CHOPS lb 1
CHOPS lb 1
MIXED
FRYER
PARTS
1- uvtnu
2 GIZZARDS
2- NECKS AND
1 STRIPPED
BACK
LIMIT-2
US.DA.
INSPECTED
H-E-B GOLDEN SUPERIOR
H-E-B GOLDEN SUPERIOR
BUCKET OF
CHICKEN Aspect
******
■UJSDAl
■(CHOICE,
CENTER CUT 7-BONE
CHUCK
STEAK
BONELESS
RIR EYE
STEAK
RANCH COUNTRY
BEEF (SAVE 1.591
TREAT smo edick hickory
RANCH COUNTRY
PRO/TEEN
PATTI MIX
STEAKHOIJSE BEEF
SHOULDER CUT
ARM RT
ROAST
1
89
H-E-B GOLDEN SUPERIOR
PIPK fl’ ^RIBSB"tAST
rlUll W IHIUHS AND
CHICKS?:
H-E-B GOLDEN SUPERIOR
leg ssr »83c
QUARTERS ,»
ENJOY THE TASTE OF COUNTRY FRESH PRODUCE
“FESTIVE FRESH"
FRUIT BASKETS HOLIDAY WM,-re.r
YOUR CHOICE
10"
C99
wfach TO
NUTS
YOUR CHOICE
1
SIZZLEAN BEEF OR PORK, 12 GZ PKG «| OQ
BREAKFAST STRIPS 1
SWIFTS 12-D7 PKG
MEAT FRANKS
89*
SWIFTS, 12-OZ. PKG.
SLICED BACON
-J39
BROWN-N-SERVE, ALL VARIETIES
SAUSAGE LINKSS£...
CO
CO
n
MILD OVEN ROAST
CORNED BEEF
029
LB ^
"PLANTS AND FLOWERS" j
POINSETTIAS St
£
CO
DECORATED CM DECORATED
4VV POT 3 5'/i"
9"
CHRISTMAS
SILK ARRANGEMENT
to
CO
DECORATEO BLUE 4 POT
ITALIAN PINE TREES
388
I6 IN POT 9881
CHRISTMAS « toil
CACTUS B%BourND
198
LETTUCE
.77. * xc,
CRISP GREEN
TEXAS FRESH. 1-LB CELLO
3..s1
CALIF, FANCY ZUTANO
AVOCADOS 60 size
5»s1
CRISP CARROTS
FRESH RED RIPE LARGE
, 59c
WASHINGTON FANCY
.49*
TOMATOES steak
ANJOU PEARS
TEXAS FRESH BUNCH
GREEN ONIONS
4 ™S1
HAWAIIAN SWEET
„ 79*
FLORIDA FRESH 6 02 BAG
4™s1
PAPAYAS
RED RADISHES
x>.
LARGE SIZE
EACH
• NITTY C.ItTV •
GIVE A REALLY
NIFTY BIFTY'
N vAOfS Of
•?•* *5" *7**
MO*. MB", 70"
ON IOii fAN SN||il*
A NANI'( IK AN AMiK'V
NitTv Qirrv s ami avau ark
AT YOUR I0CA1 M f R 1000 STORf
mm
"■
Hand Decorated Stoneware
o/ors
Water ((hr
HURRY! ^1 v
Only 2 Weeks left to Redeem your
Filled Saver Folder For Drnnerware
SCOPE
MOUTHWASH
'CHECK YOUR NIWSPAPER
E0R DECEMBER h 19H4
CHRISTMAS TABLOID
I
PRICES GOOD THURS DEC 6 THRU
WEO , 12. IN
ARANSAS PASS
limit rights reserved
ITEMS COVERED BY BtUE LAW NOT
SOLO
SUNDAYS
HSU
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Offshore leases
producing less
State offshore leases produced
135,700 barrels of crude oil during
September in contrast to 149,254
barrels in August, according to
Railroad Commission Chairman
Mack Wallace.
Gas well gas production from
state leases amounted to 7,313,071
Mcf (.thousand cubic feet) in Sep-
tember against 8,626,166 Mcf in
August.
Casinghead gas production to-
taled 338,836 Mcf in September
compared to 312,083 Mcf in Au-
gust.
Condensate production from state
leases amounted to 26,752 barrels
in September against 26,909 bar-
rels in August.
In September this year, offshore
crude production was about 0.2
percent of total estimated crude
production in Texas. Offshore gas
well gas production was approxi-
mately 2.2 percent of the estimated
state total.
Offshore production in state wa-
ters was reported in September
from 48 oil and 453 gas wells.
Island Retreat
Apartment-M otel - Condominium
Overlooking the Beach
749-6222 P.O. Box 637
THE
PHARMACY
Remarkable new cure
for Marlin Fever...
First dose: 7th grade boys at 6 p.m.
here on monday.
Second dose: 8th grade boys
about 6:45 p.m. here on
Monday.
Don't be late...
■if Go Marlins!
749-5224 fK
BSSBO 1 .
Showtime Video
1913B W. Wheeler Palm Plaza Aranaaa Pass 758-8577
Alew Arrivals
“Purple Rain”
“The Natural”
WEEKENDPASS’
“The Last Starfighter”
“The Empire Strikes Back”
“The Philadelphia Experiment”
Ask About Our Video Club
I1I1111STTI
Pre-Christmas
SALE
Entire Stock of
Fall Merchandise
Reduced
25%
t * I 1 i r- \
{r'jfc J J 5
h S li 1
1 ■fmmr i
J : r 1
*. r ir T:1'*
All Street &
Cocktail Dresses
40 % Off
■ r i i*t
T }
J
SaiuleuMIe
(512)749-4700
417 W. Cotter
Port Texas 7»17 1
f ree Christmas trapping
>r
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Judson, Mary. Port Aransas South Jetty (Port Aransas, Tex.), Vol. 14, No. 49, Ed. 1 Thursday, December 6, 1984, newspaper, December 6, 1984; Port Aransas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth840681/m1/7/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Ellis Memorial Library.