European Stars and Stripes (Newspaper) - March 9, 1992, Darmstadt, Hesse                                Monday March 9, 1992 the stars and stripes b Page 17today s tip the British conglomerate Thorn Emi has agreed to buy Virgin records for 560 million pounds or roughly $960 million a Deal that would put some of the worlds Best known record labels and singers under a single umbrella. Under the agreement Thorn Emi which currently records the likes of Garth Brooks and Tina Turner would add stars such As Mick jag Ger and Janet Jackson to its roster. The acquisition would lift Thorn Emi into the top three companies in terms of Market share along with poly ram and the Warner music  rates London up fridays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $349.75 an ounce Sliver at $4.17. March 5 March 6 British Pound.1.71605 1.7139 German mark.1.6735 1.6730 French franc.5.6865 5.6620 dutch guilder.1.8813 1.8780 belgian franc.34.40 34.35 italian lira.1,254.15 1,249.45 Swiss franc.1.5250 1.5205 greek drachma.192.65 192.63 turkish lira.5,977.70 5,977.00 saudi arabian rtyal.3.7501 3.7501 Spanish peseta.105.25 105.14 portuguese escudo.143.80 143.69 Canadian Dollar.1.1905 1.1865 austrian schilling.11.7625 11.76 norwegian krone.6 551 6.547 danish krone.6.4745 6.4740 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rates concerns the Sale of German Marks and British pounds to . Personnel for personal use and these will be 1.62 Marks to a Dollar and $1.76 for a Pound through monday based on fridays noontime  warns of More layoffs Seattle a the Boeing co. Has warned 2,438 More employees that they May be Laid off within two months a company spokesman said. Most of the notices went Friday to workers in puget sound plants. Other notices were split Between a parts Plant in Portland ore., and Boeing personnel assigned to Edwards fab in Southern California said spokesman Russ Young. The aerospace giant began cutting Back its employee Rolls nov. 1, issuing a total of 4,200 warning notices including fridays Batch. So far the company has Laid off Only 323 workers Young said. The Seattle based company expected to Cut 8,000 jobs this year a 6,500 in Washington and 1,500 at a Wichita kan., Plant. The cuts will be made through layoffs and attrition Boeing said last month. Boeing employs about 104,000 people in Washington state and 22,100 in Kansas. Worldwide the company has 156,500 workers. The latest Layoff warnings Are tied to a planned reduction in the production of the 737 Jet. Other warnings Are connected to government cutbacks in the b-2 stealth bomber program and the Bush administration s cancellation of three missile contracts last fall. Boeing spokesman Richard Ziegler Nas said a program to put new wings on Navy a-6 attack bombers also is winding Down and fewer air Force Kc-135 tankers will be modified for new engines. Pebble Beach gets 2nd japanese owner Money matters san Jose Calif. A a japanese owned company has announced completion of the acquisition of the Pebble Beach Golf resort a reported $500 million Sale that left the previous japanese owner with a 40 percent loss. A completion of the Sale lifts the Cloud that has Hung Over Pebble Beach a said Masatsugu Takabayashi chairman and president of the Lone Cypress co. A we Are extremely pleased and excited to be part of a Bright new beginning for Pebble  the a a Clouds formed when the previous owner japanese Golf tycoon Minoru Isu Tani Drew the anger of California state officials and neighbors of the course by proposing a six figure private membership plan to raise Money. Izutani wanted to sell lifetime memberships for up to $740,000 each in Exchange for preferred tee times and reserved hotel rooms at the resort a a plan critics said would limit Public play at the popular Seaside course. The California coastal commission turned Down the plan. Izutani bought the 5,300-acre coastal resort in september 1990 for $841 million from a investors group led by Texas oilman Marvin Davis. Most analysts said Izutani overpaid for the property valued then at about $600 million although Davis had been asking up to $1.2 billion. The Lone Cypress co. Refused to release details of the private Sale but the company reportedly picked up Pebble Beach for the bargain basement Price of $500 million. The Deal a including the course and the Lodge at Pebble Beach and links at the inn at Spanish Bay Spyglass Hill Golf course and Del Monte Golf course in Monterey a had been in the works since Early january. Takabayashi said work already has begun to improve the resort in time for the . Open in june. A while Pebble Beach serves As the Crown jewel of the Golf world it also holds a special place in the hearts of the Monterey Peninsula and California residents a Takabayashi said in a statement announcing the Deal had closed ahead of schedule. A your goal is to continually polish the jewel which we can Best accomplish by working closely with our  the Lone Cypress co. Is wholly owned by Tai Seiyo club inc., owner and operator of nine of Japan Stop Golf courses and by Sumitomo credit service ltd., Japan a leading issuer of visa cards. Analysts who follow japanese real estate purchases have pointed to the Pebble Beach Deal As evidence that Many Japan investors overpaid for High profile . Properties in the past decade As property values  investments Rise and All of japanese investment in the United states Over the past six years. A a  it. Saw v s total number of deals in the u. S. 192 176 128 86 88 a a 86 �?T87 �?T88 �?T89 �?T90 �?T91 total Dollar amounts in billions $13.6 $12.6 re $119 $6.6 $3.8 a �?T86 �?T87 �?T88 �?T89 �?T90 �?T91 source Japan a amp a reporter Ulmer Brothers inc. A Nunn Garrigus clams Frozen food recalled in . Columbus Ohio a Borden inc. Is recalling some cans of snows Brand chopped clams from nine states because the clams were under processed and could cause illness company officials said Friday. Also All american gourmet co. Recalled three varieties of a new Frozen stir Fry meal called Quick stirs from stores in 17 states because pieces of Clear plastic were discovered in some meals. Borden said in a statement that a Small number of the 6.5-ounce cans marked a dec 94, 2356q�?� were under processed and As a result Are not sterile. The company said it had not received any reports investor a guide of illness. The Clam recall is effective in Maine Vermont new Hampshire new York Pennsylvania Massachusetts Connecticut Rhode Island and new Jersey. Consumers can return cans to the stores where they were purchased for refunds. The Orange  manufacturer of Quick stirs recalled All 11-ounce bags of its a Oriental vegetables and noodles with Chicken a a a Fattucini with Chicken and Herb sauce and a shrimp Scampi and vegetables with  the products were sold in Alaska Arizona California Colorado Hawaii Idaho Kansas Montana Nebraska new Mexico Nevada North Dakota Oregon South Dakota Utah Washington and Wyoming. The pieces of plastic came from a pasta supplier that had a production line problem said Linda Eatherton spokeswoman for Kraft general foods inc. In Illinois the company a Parent. No injuries were reported. Consumers should return the bags to the stores where they were purchased for refunds or mail the proof of Purchase to the All american gourmet co. Consumer response Center . Box 14094, Orange Calif. 92613. The not so simple capital gains tax can you explain the capital gains tax which we hear so much of lately a. Simply put its a tax on the profit from the Sale of Stock or any other a capital  if you buy 100 shares of Stock at a total Cost of $2,000 and later sell those shares for $3,000, you have a $1,000 profit which is taxable As a capital gain. That s the simple part past that As with everything coming out of Endville on the Potomac the Federal tax situation gets mighty complicated. Under present rules profit on the Sale of an asset owned for one year or less is counted As a Short term capital gain. Profit on Sale of an asset held for More than a year is a Long term capital gain. Short term capital gains Are taxed the same rate As a Ordinary income a salaries interest dividends Etc. A 15, 28 or 31 percent depending on your Federal income tax bracket. For 1991, the maximum tax on Lon term capital gains is 28 percent. That will probably change and is the reason you be been hearing so much on this subject. President Bush is pushing a plan to Cut that bite to 23.8 percent on one year investments to 18.6 percent on two year investments and to 15.4 percent on in vestments held for three years or longer. Congressional democrats also have a number of plans. Their major proposal would a a Index capital gains so that no tax would be due on the portion of profits resulting from inflation s increasing the Price of assets held for More than one year. Also investors would exclude and not pay tax on half the profit from the Sale of Stock of some a not All a Small companies held for at least five years. The big kicker in the democrats plan is that it would apply Only to newly purchased assets. This being a presidential and congressional election year its a Safe bet there will be some changes in the capital gains tax arrangement. What those changes will be is anybody a guess. Q. I have always been a Long term investor meaning i buy stocks and hold them. Last year i finally sold one of those stocks a 500 shares. My broker sent me a form 1099-b. It shows my net proceeds from the Sale after commission and some minor charges came to $22,467.34. As you have often advised 1 saved the confirmation statements the broker sent me when i bought that Stock. The a a buy Confirma Tion shows my Cost again after commission Etc., was $8,692.50. That made my Long term capital gain $13,774.84. I know the irs gets copies of All 1099s and other a information returns to As you put it a feed into its computers and catch people who fail to report such  does the irs also have an information return showing the Price i paid for that Stock if not what a to prevent me from listing a higher Cost Price say $20,0 xon the 1991 scheduled on which i report the Sale that would make the profit i report Only $2,467.34 and greatly reduce my capital gains tax. A. The irs has no 1099 or any other Handy reference showing the exact Price you paid for Stock and other assets you own. However your tax evasion thought is fraught with risk of your being caught and being forced to pay the tax due interest and fat penalties. If your return is audited you will have to prove the Price you paid for that Stock. It might not even take an audit. If the amount you list As your Cost is out of line with that stocks Market Price at the time of your Purchase the Revenue so computers could go a a tilt and Nab you. C King features Syndicate inc