Mar 1981 - On-Line Newspaper Archives of Ocean City

PAGE 16 — SECTION TWO THE SENTINEL-LEDGER, OCEAN CITY, N.j, THURSDAY, MARCH 5,1981
First for New Jersey
Bell begins installation of laser-powered call system
Nfw Jersey BfU this
began instaUaQon of a 28-mile
laser-powered ttlecomnainieationi
ayitom, thf first
of its kind to serve Nfw
Jersey telephent users.
The lightwave system, to be
constructed between Newark
and New Brunswick, wlU
consist of bundles of hair-thin
glass fibers in a cable no
ttiicker than an indesi finger
Laser light, 'guided through
the ifrandi, wiU carry voice,
data, facsimile and video
eg mm imitations
The lyitem, which can
accommodate som,e 50,000
simultanioui eonneetions,
will be placed in service in
December, 1981. Conventional
Cooper faciliUes, about three
inches m diameter, can retry
a mBjeimum of 20,000 cnn
Blood bank to stage
annual drive at SMH
The Community Blood Bank
is staging its innual area
blood drive In thf 4th welt
daisroom of Snore Memorial
Hospital, Somers Point, on
Tuesday, March 10 and
Wednesday, March 11.
Donori may come to the
center from 11:80 a.m. to 3:30
p.m. both days.
Advanced techniques in
blood banldng permit whole
blood to be separated into its
component parts,
Fatienta now receive only
ttie componint or components
necessary for their treataiint.
Therefore, ont unit of whole
blood, when separated into its
eomponnet parti, can' be used
to help ai many is three
patients.
Besides helping the blood
hank to secure an adequate
supply of blood for patients
requiring it, Community
Blood Bank donors receive
coverage for a fuU year for
JOHNSON'S CLOCK
SHOP
All Type Clacks Repaired
Grandfather
Clock Specialists
,9272426
any bloort they or certain
members of their famiiies
may require Thi# coverage is
extended to donori
throughout the United States.
For example. If a pefion
donates blood to the Community
Blood Bank in March
Uiii year, any blood needed by
him or a covered member of
Mi family during the next 12
months, m any part of the
United States, will be covered
by the Community Blood
Bank.
Should a person requirt
blood while vacationing in
another state, his donation
here makis that blood
available _ to him from that
area's Community Blood
Bank. If a close fimily
member who resides in
another state requirei blood
during the 12 months
following a donation at the
Southern New Jersey Community
Blood Bank, that
relative would have his or her
blood needs covered by ttie
Community Blood Bank,
Further information about
ttie Mardi 10 and 11 blood
drive is available by calling
Martha Criwford it 8534803.
Federal & State
INCOME TAX PREPARATION
•8, N.j, 4 Pennsylvania Tax Preparation
•5. Federal 1040A Short Form
•IS. Federal Standard deduction
•25 Federal Itemized Deductions
Dihtr individual (Mi limn 15 to S50 dependingon tomplHilv. Frit
QiiotaUOni on Partninhli), Truil, Small Busmen Coipar.llom.TBi op-
MB CnporMhni. anil Reaular 6orpa»«on«. Minimum let lor bunness
relum, $78.00. ,
. Annual Miiigi retainer eoursei * lemlnirs in Accounting
4 Tax Accounting
• Wi milii houii Mils, S25 minimum
. YBU do not deal with a eompuHr. you deal wlln knowlidglib!!
llictnsed Aetountinti, aneeialitiiig In Taxifionr
JOHN & CATHERINE CRAFT
398 4340
Telephone today for an appointment
INSURANCE
Plus Service
FOR THE INDIVIDUAL
• Life
• Valuable Items
• Automobile
• Homeowners
• Liability
• Fin and Extended Coverage
• Motorbgats & Sailboats
also Business Insurance
For Personalized Service
Call Bill Woods at the
OODS
CENCY
REALISTATE
INSURANCE
(in) 3910200
Wtsley Avinue a! North Strati
Oeiin City, N.j. 082J4
nections.
As a first stop In the eonifrurtiori
work. New Jersey
BeU technicians last week
Installed an underground
obheriti vault in Weodbridg e
Township, which will serve
ai i conneeUng point along
the llghtguide route.
The vault — an assembled
room that is six feet wide,
nine feet high and IB feet long
- features special environmental
controli to
protect the lightwave
equipment From moisture and
ixtremi temperature and
humidity.
Designed by Bill
Laboratories, it is the first
aich facility to be installed
in New Jersey and the fourth
to be initaUed nationwirie.
The next phase of rnn-
sanction, in which the able is
installed underground In
milting conduit systems, is
scheduled to begin in la to
April.
David Henderson, New
Jersey BeU vice president of
network services, said ttie
route is being consQ-ueted to
aeeomrnodite ir'-reases in
local calling demand.
He added that the Newark
to New Brunswick link also
will be Interconnected to the
New Jersey portion of the
American telephone Ji
Telegraph Company lightwave
system which wUl be
constructed between
Waihlngton, DC and
Cambridge, Mais,
New Jersey Bell wUl install
130 miles of Ughtwavt cable,
at a post nf lift 1 rriUlinn ns
part of the 825-mUi system.
Construetton on the AT4T
project will bej^n later this
year and Is scheduled for
completion by early 1003,
New Jersey lightwave
routesalsowil] Unkaseries of
high-capacity electronic
switching offices, capable of
processing 550,000 long
distance calls an hour. Three
such offices already are
operating in Camden, Newark
and Freehold. Similar offices
will be constructed In Cedar
Knolls and Rochelle Park by
the mid-1980s.
Henderson said ttie lightwave
projects will save
substantial amounts of
copper which would be
required In coaxial cable
needed to do the same Job.
There nlsn ure savines In
amplifying devices along the
route. Amplification Is
required every four miles
with optical fibers rather than
every mile with copper
facilities.
"The benefits to customers
also wiU be great in terms of
Hie increasing variety and
quality of services that will be
avaUabie," said Henderson.
He laid that because
lightwave systems transmit
digital signals — the form in
which much of tomorrow's
teleeommunieaUons traffic
will travel - the facilities wiU
make It easier and leas expensive
to offer new information
services for
buiineases and a wide array
d special calling features for
residence customers.
Ughtgiildp cables, one of the key com.
munirations technologies of tomorrow, are composed
of iiltrapiirp str.-imls of glass such as these.
Choice could mean savings
Credits or deductions may be used for ESOP plans
(fourth in a series of five
articles)
If you own a small business
arporatlon with an employee
stock ownership plan
(ESOP), you (mow you are
eligible for a tax break on
your corporate income tax
return.
But do you take deductions
or credits?
That depends on the type of
plan your company has,
according to the New Jersey
Society of Certified Public
Accountants. And the choice
may lead to important
Immaculate Conception Church Group To
FREEPORT/LUCAYA GRAND BAHAMA ISLANDS
MAY 11 15,1981 Includes
Roundtr p bu* transportation trom OrnJgtlDn to PhiladLlphla |iv
ternational Airport ROUtitftf t0 Jtt
Accommodations at the Bahamas Princess Hotel located By !h# !n^
fernaflonal Balaaf and Cl Cajino
Transfers to and from the hole) bsqgagr hano*l nq Four Br§3(( =
lastj and Four dinners Rym SjM/ite on irnvai Air hotel taxBI^
Tip* fo maids and poTtert AH gralmties on tir^ithtast and dinner
daily complimentary pooistde chiue lounges complimentary
admission to Freepor't * top night spots naharntin deparfur?
la* pr§ regiiTrjtfon aTthp hotftl touf r-tpr-citntation
"•Energy Surcharge of ii 00 per person p«r nignt win be
assessed to hotel bills upon check out
The TRAVEL CENTER
612 8th Street, Ocean City
With the simplest type of
ESQP, the stock bonus plan,
CPAs advise taking a tax
deduction for the amount you
pve to each employee.
Here's how it works. You
contribute caih or shares of
stock to a tax-exempt employee
stock ownership tust
(ESOT), You may eonn-Qjute
up to 15 percent of covered
compensation annually.
Let's say you employ four
people. For the two who are
paid salarlis of 112,000 you
can contribute up to $1,800
every year in cash or stock for
each one. You can contribute
6,-250 a year to tha trust for
each employee earning
$15,000 per year, fUp to an
additional 10 percent may be
contributed if the stock bonus
plan is combined with a
money purchaie pension
plan.)
Take a deduction equal to
ttie cash contributed or to the
fair market value of the
securities confributed. The
majdmum deduction you can
daim per year for each
employee is limited to IS
percent of that employee's
salary. You could deduct a
total of $8,100 when the total
salaries you pay your employees
equals 154,000,
Anything over this amount
may be carried forward and
deducted on a future income
tax return In a year when you
don't exceed the 15 percent
UnutatiorL
The stock bonus plan
distributes company stock to
employees when they retire.
Cash cannot be distributed
with this type of ESOP. The
employee pays ho tax on the
stock until ttie .distribution is
received. Usually, this lump
sum settlement is given
favorable tax treatment.
If you have a family-owned
business, you may find ttie
stock bonus plan type of
ESOP to be favorable,
because non-voting stock can
be contributed to the trust.
Shakespearean troupe set
for Stockton performance
The Stockton State College
Performing Arts Center wUl
host "An Evening with
Shakespeare," a benefit for
ttie Stockton State College
Foundation and its Per..
forming Arts Center Fund,
The event will take place on
April 10, at 8:18 p.m., and will
feature A Midsummer Mfhfs
Dream performed by The
Acting Company, the touring
arm of ttie John P. Kennedy
Center for the PerforminR
Arts in WaiMngton, D.C,
The event will be the first of
its kind for the foundation,
and will receive support from
business, government, and
a via leaders in the area.
The Acting Company was
founded by John Houseman,
ttie renowned actor^irector
The company has received
mtieal acclaim in over 178
dtiei ttiroughout the country
and baa over 36 plays in Its
repertory, including such
classics as Edward II,
Waiting for Godot, and The
Robber Bride Groom. The
Stockton production wUl be
under the direction of David
.Chambers. :
Tickets are priced at $35,
and wUl include a champape
and dessert reception in lower
M-wing of the college. In
keeping with the theme of the
performance, the reception
area will be colorfully
'403
00
p.p. Double Occupancy
SSOBO deposit with application
Pull FaymentOue « Days Prior
To Departure
PRICE HiUiJlCT TO CHAN6I
Roundtrip transportation from D.C.
can tie arranged
PHONE
398-7450
decorated In a Shakespearean
motif.
All ticket purchases are tax
deducitible, and are available
in the Office of Information
and Development (K-202),
FAMILY DAY HELD
Holy Trinity Episcopal
Church held its February 21st
family day In Cameron Hall
and entertainment was
provided by Bill Braestle and
Ms banjos. The next family
day will be held on March 21
at 4:30 p.m. In Cameron Hall.
This way, employees become
equity owners, but eonfrol of
your business is not affected,
CPAs say.
The leveraged ESOP is a
more sophisticated fot of
BSOP than the stock bonus
plan, but it also allows for a
tax deduction.
In this type of ESOP, the
trust obtains a bank loan and
uses the cash to purchase
stock from the corporation or
other shareholders. The
corporation guarantees ttie
loan and the stock is pledged
as security.
Each year, your corporation
contributes cash to
ttie frust to pay off the loan.
These repayments are fully
deductible by your company,
as they are considered confributions
to me employee
plan itself.
With leveraged 1SOP, your
company's stock may be
purchased in Installments and
ttie trust can disfribute cash
(unless Uie employee wants
stock). Since leveraged
BSOPs are required to invest
primarily in common or
convertible preferred stock of
ttie employer, and voting
rights must be passed through
to employees, you may lose
some corporate control.
There are strict regulations
governing leverage ESOPs,
so consult your tax adviser if
you think this plan can benefit
your company.
You can claim an investment
tax credit of 11
. percent (instead of ttie usual
10 percent) with an investment
credit ESOP. To
take the extra credit, you
transfer corporate stock
equal in value to 1 percent of
your company's qualified
Invesmient property to the
ESOT.
For example, your tompany
invested in $40,000 worth
of business property which
qualifies for the investment
«, r * —. , -—'-
BEWARE OF AMATEUR
MEDICAL ADVISERS
H stt'ins that everybody is eager to practice
medicine. .Mention linving iin iiilmonl of :mv
hind mid i-vr-ivone from helpful Friends to advertising
nifdiriiH' men offer a treatment.
They arc like the blind leading the blind.
The fallacy of amateurs is that they only treat
symptoms of sitkmss not the laust Only a
ph\siu.inh islhi knowlcdRi to diagnose what
is causing the trouble. The physician
prescribes the particular medicine liis long,
studies and experience decides is hest. That is
why prescriptions arc more effective than
over the counter medicines. We can fill any
prescription.
Your or \niir iloctm ejn phone us when >ou
ninl a delnerv »J will deluer promptly
without i-vlr.i idling A fjreal many people
r« l> on us foi tin lr health needs We welcome
requests for deliver* sirWci and ehaige ae
e omits
9th & Asbury Ave.
Prompt Delivery 398-3535
:*
tax credit. You ft-mahr $400
of corporati itock to tht fruit,
and you can olatai an 11
percent credit of $4,400,
rather than a 10 percent credit
of $4,000.
If your company eontributes
additional stock
ajual to % percent of the
qualified investment
property, or O00 worth of
rtock, and your employees
match this Bmoimt with a con.
tribution of $200 caih, you
•more
people
than ever
before
are
enjoying
our
CHECKING
can claim another >>4 percent
investment tax credit of (200.
Your total credit of 11%
percent is $4,600.
Thi investment credit
ESOP is In effect until ttie end
of IBM, and to available to
your corporation, unlesi you
are iubehapter S. Stock or
securities contributed to an
investment credit ESOP mmt
bt fully allocated to employee
accounts each year on the
basis of the employees'
salaries, be 100 percent
vntod, and the employee
must be able to direct how bis
or her stock is voted.
Allocated stock or caih
cannot be distributed for
seven years, unless the employee
leaves the company,
becomes disabled or dies.
Before you set up any kind
of ESOP, consult with your
tax adviser to determine
which one will work best for
your business.
Become a part of our happy "family of
friends!" We'll treat you to unlimited
checking, as long as you maintain your
balance. It's all so easy, you'll wonder
why you hadn't made the switch sooner!
Come In and open your NOW account
INTEREST
BEARING
CHECKING
ACCOUNT
•witn a balance of iioo.m
We return your cancelled checks to you
Monday To Thursday 9-4 P.M.'
Every Friday 9 A.M. to 8 P.M.
Saturday Morning 9 A.M. to 12 Noon
and 9rj: ,
Council mulls tec
to protect zones
by W.L. Haacker
Sentinel Ledger &taff
An ordinance, which would effectively
shut down the construction of miiMfamily
housing units in commercial
zones, is expected to be debated by
Ocean City Council at its regular
meeting tonight
The exclusive use zoning principle had
beendiscussed several months ago when
Councilman Henry S. Knight; who also
serves as a planning board member,
requested the legislative bodyis
guidance on the issue.
, At that time, conncU unanimously
agreed with ttie principle. Hriwever, toe
estimated completion Ham for the
^Z
overhaul of the city's complex sojtfig
codes (summer or fall) neeesaitttlngBie '
call or the law.