Masonry Magazine March 1970 Page. 40
John A. Dawson
(Continued from page 39)
Enough research has been done to prove that the general form of research conducted to date has been unsatisfactory.
Research conducted to date and the prefabrication processes developed as a result have not reflected the total knowledge, expertise and experience that are the property of your industry. By and large such research as has been conducted and processes developed have been by manufacturers alone or by contractors alone. Initiatives taken to date have never been taken jointly by manufacturers and contractors and have never incorporated the services of the professional designers of the industry. Neither have such initiatives incorporated to any great degree the expertise of the minor sectors of your industry which I mentioned earlier.
In conclusion, I give you a challenge. I challenge you as an industry to undertake programs of research that will truly reflect the collective skills and experience of your industry. This means cooperation between the various sectors of your industry and a consequent strengthening of the linkages of interdependency that, I have argued, are a characteristic of your activities.
Should you decide upon positive action, the best way to begin would seem to be through cooperative efforts in your associations. For my part as a representative of the Department of Industry, Trade and Commerce and concerned with the BEAM PROGRAM, I can promise the relevant resources of the Department will be at your disposal.
I urge you to consider an in-depth program of research. I urge you to consider it now. But, regardless of how it is done, the alternative to arriving at a viable means of industrializing the masonry process seems to me to be a further gradual proportionate decrease in the use of masonry as a major construction material.
Do not lose your industry by default!
Taxes
(Continued from page 25)
-Employee's contributions during all years of his plan participation.
-Forfeitures from other participants' accounts prior to January 1, 1970.
-Forfeitures from other participants' accounts prior to January 1, 1970.
-Appreciation in employee's account during all years of plan participation.
The next step after making this breakdown of the lump-sum distribution would be to subtract from the total the amount of the employee's contributions because the tax has already been paid on this amount by the employee. The portion of the lump-sum distribution that would still be taxable as capital gains would be the:
-Pre-1970 employer contributions.
-Pre-1970 forfeitures.
-Plan appreciation.
Now that leaves the following components of the lump-sum distribution that now will be taxed as ordinary income as a result of the Tax Reform Act of 1969:
-Post-1970 employer contributions.
-Post-1970 forfeitures.
It might be mentioned here that the new Act does not require an employer (or employee for that matter) to keep particular records or accounts because of the change made in the lump-sum distribution rules. Of course, the change in the taxation of this distribution affects only the employee (who is responsible for the tax) and not his employer. Certainly, anyone who is a plan participant should find out if the employer's record-keeping will provide the information he will need upon retirement.
Fortunately, the Act is not as harsh as it might at first appear. There is in effect a ceiling placed on the tax resulting from including as ordinary income post-1969 employer contributions and post-1969 forfeitures. Although (Continued on page 42)
THE ACTION PAIR
THAT MAKES THE JOB GO BETTER!
VAUGHAN
BRICKLAYERS' HAMMER
AND CHISELS
No. 14
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the best-by VAUGHAN.
VAUGHAN & BUSHNELL MFG. CO..
11414 MAPLE AVE., HEBRON.. ILL. 60034
masonry
March, 1970