December 19, 1986 |
Last year, I bought a 10-unit apartment building for eight times its gross income. I recently sold it for over nine times gross. A friend told me I sold too cheap. Do you think I made a bad mistake to sell for only nine times gross? I don't know. The gross-income method of valuing income property is not a reliable technique because it does not consider the building's expenses and the resulting net income. Unless your buyer made a large cash down payment, it will be very difficult for him to get a positive cash flow if the sales price was nine times the gross rental income.
October 16, 2010
Federal tax returns show Gov. Christie and his wife, a finance executive, earned $544,000 in gross income for 2009, a year he spent running for governor, and paid $147,000 in federal taxes. Christie's wife is a vice president of Cantor Fitzgerald, a financial services firm. Lt. Gov. Kim Guadagno and her husband paid $72,000 in federal taxes on $317,000 in gross income. Guadagno was Monmouth County sheriff. Her husband is a Superior Court judge. The Christies had requested a tax filing extension.
April 16, 2005 |
Monaco bids farewell to Prince Rainier Below a golden crown, Prince Rainier III was given a tearful farewell yesterday at a funeral in Monaco's cathedral, closing a fairy tale that started nearly 50 years ago with his marriage in the same spot to Hollywood beauty Grace Kelly. The pomp-filled, televised service for Rainier, who ruled Monaco for 56 of his 81 years, drew VIPs from around the world to the tiny, sun-kissed Mediterranean principality. The couple's children - heir Prince Albert II and Princesses Caroline and Stephanie - followed the funeral cortege with faces frozen in grief from Monaco's royal palace to the Romanesque-style cathedral.
January 5, 1989
A Dec. 23 editorial about Medicare's expansion misstated the income level at which beneficiaries will pay the maximum surtax of $1,050 per person in 1993. According to estimates by Congress' Joint Committee on Taxation, an individual will need to have taxable income of about $24,000 (gross income, including full Social Security benefits, would typically be about $42,000). Couples will have to earn in excess of $43,000 in taxable income before paying the maximum surtax.
March 14, 1987 |
Democratic mayoral candidate Edward G. Rendell and his wife, Marjorie, had an adjusted gross income of $135,927 in 1985, according to income-tax returns made public by Rendell yesterday. Following disclosures earlier in the week by Republican mayoral candidate John J. Egan Jr., Rendell released tax returns for 1981 through 1985. The return for 1985 showed that Marjorie Rendell had a net income of $93,756 from her partnership in the law firm of Duane, Morris & Heckscher. Rendell had a salary that year of $57,664 from his position as district attorney.
October 19, 2012
DEAR HARRY: I am a single mother of two boys, ages 21 and 5. I've recently gone out on my own as an independent sales rep and I get no benefits and no deductions on my pay. I own my own home with a small, manageable mortgage and virtually no other debt. I was told by one of my principals that I should get some life insurance. I have absolutely no idea where I should begin or how much to get to protect my children. Any advice? WHAT HARRY SAYS: Most ofcoursely! Depending on your other assets, I would suggest that you need life insurance of five to seven times your gross income minus income taxes.
February 26, 1986
Allow me, as vice president of the Philadelphia Trial Lawyers Association, to provide background on my comment quoted in the Feb. 3 article on obstetricians leaving or limiting their practices. In Pennsylvania a physician spends an average of only 3.5 percent of his or her gross income (less than, for example, the Philadelphia city wage tax) for malpractice insurance, a tax-deductible business expense. The average net income of physicians in the United States is, according to the American Medical Association, nearly $100,000, with the average gross income being reported in the Nov. 12, 1984, issue of Medical Economics to be about $200,000.
April 19, 2011 |
WASHINGTON - President Obama and his wife, Michelle, reported income of $1.728 million for last year, much of it from the sale of the president's pre-presidency books. They paid federal taxes totaling $453,770 after receiving a $12,334 refund. The Obamas paid their taxes at lowered Bush-era rates, even as he campaigns to end them for households with adjusted gross incomes above $250,000 - a category into which the first family clearly fits. Joining the flocks of Americans filing their taxes near the end of the federal filing period, the Obamas made withholding and other payments to the Internal Revenue Service last year totaling $466,104.
February 12, 1990 |
There's good news this year for the parents of children with taxable income. Congress has simplified the so-called kiddie tax, one of the more cumbersome provisions of the Tax Reform Act of 1986. In its original form, the kiddie tax required separate filings for each child who exceeded certain income thresholds. The return also called for some complicated back-and-forth calculations between the parent's return and the child's. This year, however, parents can elect to include the income of children aged 13 or younger on the parental return.
April 19, 2005 |
For Pennsylvania's first family, 2004 was better financially than the couple's first year in the governor's mansion. Gov. Rendell and his wife, Marjorie, a judge on the U.S. Court of Appeals for the Third Circuit, reported an adjusted gross income of $511,304 for the year, up 20 percent from 2003, according to their just-released tax return. Both saw their government salaries increase last year. His went from $119,094 to $143,321, hers from $151,772 to $154,300. But most of their new income came from the profits on the sale of stock and mutual funds that the couple had held for years.