The Battalion. (College Station, Tex.) 1893-current, April 26, 1979, Image 8

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Page 8 THE BATTALION THURSDAY. APRIL 26. 1979 Let us handle Your Headache Let us order all your course Books and reserve them for you until Fall Stop in and place your order now. ggie BOOK Store shop us first” Batt Classifieds Call 845-2611 \ ' .'V - U.S. protects foreign investors s ...Continued from page 1. MANOR EAST 3 FRI.-SAT. MIDNIGHT IN DOLBY STEREO A JOHN G. AVILDSEN FILM “SLOW DANCING IN THE BIG CITY 1 WRITTEN BY BARRA GRANT DIRECTED BY JOHN G AVlLDSEN MUSIC BY BILL CONTI PRODUCED BY MICHAEL LEVEE & JOHN G. AVILDSEN A CIP FEATURE | ^ DOLBY STEREO Copyright © 19 70 UAC . (pig United Artists CAMPUS 846-6512 STARTS FRIDAY DRACULA Your favorite pain in the neck is about to bite ^l/our funny bone. i|PGfpARENTAL GUIDANCE SUGGESTED. A™;™ b n | nof . u not be Coiot by at ■ toioi ptina b T Hoviefib Ati International Release FIRST /ANNIVERSARY WEEKEND ALL SEATS ONLY $1.00 PRIZES TO BEST COSTUMES FRI.-SAT. MIDNIGHT capital gains tax when they sell agricultural or undeveloped land, Reynolds said. According to Reynolds, this mea sure has received widespread sup port, with 40 co-sponsors of the bill in the U.S. Senate and 150 co sponsors in the U.S. House of Rep resentatives. The U.S. Treasury Department, is also looking into the effects of numerous tax treaties the United States has with other foreign coun tries. These treaties were initially set up to avoid the double taxation of international investors, but in certain cases they are now being used as a means of easy investment in the United States. Under this type of treaties, the investor is exempt from a certain tax in one country but is subject to a similar tax in the other country. In this way the investor is not paying the same tax twice, hut will pay an equitable share of taxes in both countries. The Netherlands Antilles tax treaty is one which has been ex tremely beneficial to foreign inves tors in the United States. Many in vestors from all over the world first incorporate in the Netherlands Anti lles, a small island country off the coast of Venezuela, in order to take advantage of the treaty. “The Netherlands Antilles treaty is a problem area,” said Reynolds. “We know people are using it as a vehicle to invest in the U.S. This is exactly the thing we’re going after. ” The Netherlands Antilles tax treaty is unusual in many ways, ac cording to Stan Langbein, a lawyer for the Treasury Department. “Basically, people can get low tax rates there for their investments over here,” said Langbein.” Nor mally both countries have compara ble tax rates, but in the Netherlands Antilles the income tax is favorable to the investor.” Specifically, the Netherlands Antilles tax treaty allows the corpo ration a yearly election in terms of how it is to be taxed. Under the terms of the treaty, the corporation can choose to be taxed at a flat rate of 30 percent on gross rental income for the year, or it can be taxed on net income at a marginal rate of up to 46 percent, applicable to any cor poration. In the year of sale, for example, the Netherlands Antilles corpora tion may choose to be taxed on its gross rentals, but if it sells the prop erty on, say, January 2, the gross rental tax would be negligible for the year, and all the gain would be free of capital gains taxes. According to Langbein, the Netherlands Antilles also has liberal corporate rules with nonresidents taxed lightly there and here in the United States. AMERICANZ LOVE THEIR 41 ANT ZARZ ** A4 BUS A* OCEAN 4HIPPY... WE 4ELLTHEM LOTZ OF AAZ AND OH. ' anpzomebuy MIZ^IZZIPPI! ; \r —^ “So they get off on both ends,” he said. Movenpick N.V. Corporation, which owns a farm lying partially in Brazos County, is one company which takes advantage of the Netherlands Antilles tax treaty. Burton Engel, former managing director of Movenpick, said the use of the tax treaty was not new to foreign investors wishing to buy U.S. property. Engel, now a member of E.G. Francis and Company, a New York-based investment banking firm, said the foreigners who own Movenpick came to him for help in setting up the corporation to buy the nearly 1,500-acre Brazos and Robertson County farm. The corporation was “strictly set up to own that one piece of prop erty,” said Engel. “We acted solely in a brokerage capacity and have no economic interest in the land.” At the time of the transaction Engel was a member of Amivest, another New York-based invest ment firm which analyzes invest ments and consults with foreign in vestors. Soon after the transaction, Engel said he left Amivest to help start E.G. Francis. The Brazos County area was cho sen because of the fertile farmland available, said Engel, adding that the “sex appeal” of Texas and the Sunbelt was also a slight factor. Engel’s company currently engages in a great deal of foreign in vestment in the United States; most of its activity is commercial rather than agricultural property though. “Among other things, we market office buildings and apartment com plexes,” he said. Foreign investors are currently buying U.S. industries and have long been investing in the stock market, Engel said. “This is not new,” he stressed. Jambers has also stressed the im- portance of having perspective when viewing tk' creased rate of foreign invest.^ the United States. “While foreign investment United States continue to grot, should be noted that U.S, vestments abroad excei rect investments in is countiy approximately five times, said. Like many foreign investors,! two foreigners who ownoneo(| larger motels in the Bryan-CoJ Station area see their U.S. i®j ments as being an asset for lln gion in which they are loci rather than a matter of concen the community. “It is all revenue to the ment,” they said. “Wearep the taxes, we pay for the realte they all get money from us - we are hiring all Americans tor age and care for the property. Designs created The handicapped will build domestic items By KIPP SHACKELFORD Battalion Reporter The next time you shop at area Bryan-College Station stores, it is quite possible that you may pur chase a household item which was created by Texas A&M University engineering design graphics stu dents. Students in section 511 of Texas A&M’s EDG 106 course have been planning and building models of five Sun Theatres 333 University 846-9808 The only movie in town Double-Feature Every Week Open 10 a.m.-2 a.m. Mon.-Sat. 12 Noon - 12 Midnight Sun No one under 18 Ladies Discount With This Coupon , BOOK STORE & 25c PEEP SHOWS .? * FLITT Southern UNIVERSITY SQUARE SHOPPING CENTER b46-6714 & 846-1 ISl CINEMA I commercially salable household product ideas for the past two months. One of these product ideas, along with building instructions, will be given to persons at the Brazos Val ley Mental Health Mental Retarda tion (MHMR) Center, who will learn to construct them for sale at local stores in the Bryan-College Station area. The purpose of the project is to help the mentally handicapped ac quire the necessary experience and skills to eventually become an active part of the labor market. The five product ideas include a two-gallon aquarium stand measur ing 3 feet by 1 foot and which con tains a supply cabinet beneath, and also a 21 inches by 8 inch set of fold ing, storage shelves; ^designed for kitchens with small counter space. Two other ideas are a plant stand that can hold up to three large plants and a folding hibachi stand. The last is a game table, with in terchangeable parts, which can also serve as a cutting board or lap desk. “Working on the products gives students not only a chance to learn the design process, but also to be of service to the community,” said Roy Hartman, Texas A&M assistant pro fessor of engineering design graphics. Hartman said he feels this project will be good experience for the stu dents because they are designing ac tual products to be sold on the mar ket. The products will be built at the Dilly Shaw Vocational Training Center in Kurten, which is part of an MHMR program for the mentally retarded. The work will begin next week when the center makes a deci sion as to which product to use. Forty handicapped persons will work on the product and receive building instructions from eight center supervisors. These super visors help to explain and break down the construction process into a distinct step- by-step procedure for the workers. The workers will be paid accord ing to their individual production level. When supervisors feel that workers have progressed enough in competency and efficiency to earn over $2 per hour, the workers be come eligible for outsidejoli These job opportunities are out and arranged by job places specialists at the center. “We try provide the raentit handicapped with an opportunity! earn wages on their own, w step toward their independenct' said Steve Schoen, MHMRdirecH for the project. Each of the five products range in price from $15-$2(liE EDG students and Dilly Shawpe sonnel are currently negotiate with local merchants who haveiint cated that they might sell thech sen products. Profits received from the the product will be used fonvoih pay and building material expei at the center. “I feel that several of theprodri will help to provide, our work with useful skills, which will fully lead to successful job pl» ment,” Schoen said. W ever; the I tercc sionr trace Ai bytl Pop’ new: awai sexu use R D-C that legi Stat Si inad spot sue! sear mun to b top mai spe ( I ■ The Promise’ is K > k >v<' CeK h other forever. A UNIVERSAL RCIURE The Dilly Shaw center currel is involved in several other proia' with various local industries, inclti ing construction of wooden sloni windows for the Brazos V Community Auction Agency,ji rial work for local churches si« cleaning of Bryan post office ery trucks. Schoen said he feels thatlB EDG products will provide a dir ent type of training for persons! the Dilly Shaw Center, by teach® them to work with small construe tion tools. He also said there is a strongpos sibility that these products will I* more easily marketed and ingreate demand than other projects which the center has undertaken in It past. M, imi AMERICA S FAVORITE PIZZA Now Better Than Ever. You Will Be Pleased With These Carefully Prepared and Taste Tempting Foods. Each Daily Special Only $1.79 Plus Tax. “Open Daily’’ Dining: 11 A.M. to 1:30 P.M. ^4:00 P.M. to 7:00 P.M. MONDAY EVENING SPECIAL Salisbury Steak with Mushroom Gravy Whipped Potatoes Your Choice of One Vegetable Roll or Com Bread and Butter Coffee or Tea TUESDAY EVENING SPECIAL Mexican Fiesta Dinner Two Cheese and Onion Enchiladas w/chili Mexican Rice Patio Style Pinto Beans Tostadas Coffee or Tea One Com Bread and Butter WEDNESDAY EVENING SPECIAL Chicken Fried Steak w/cream Gravy Whipped Potatoes and Choice of one other Vegetable Roll or Corn Bread and Butter Coffee or Tea THURSDAY EVENING SPECIAL Italian Candle Light Spaghetti Dinner SERVED WITH SPICED MEAT BALLS AND SAUCE Parmesan Cheese - Tossed Green Salad Choice of Salad Dressing - Hot Garlic Bread Tea or Coffee FRIDAY EVENING SPECIAL BREADED FISH FILET w/TARTAR SAUCE Cole Slaw Hush Puppies Choice of one vegetable Roll or Corn Bread & Butter Tea or Coffee SATURDAY NOON and EVENING SPECIAL Chicken & Dumplings Tossed Salad Choice of one vegetable Roll or Corn Bread & Butter Tea or Coffee ■“Quality First”i SUNDAY SPECIAL NOON and EVENING . ROAST TURKEY DINNER Served with Cranberry Sauce Cornbread Dressing Roll or Corn Bread - Butter • Coffee or Tea Giblet Gravy And your choice of any One vegetable I