Tax reform bills have now been passed by the U.S. Senate and the U.S.
House of Representatives. A joint conference committee is presently
working to iron out differences between the two bills.
From an analysis by Coopers & Lybrand, here are the identical
provisions contained in the two bills, which should remain in the
- Repealing the investment tax credit.
- Retaining deductions for state and local income and real
estate taxes, and interest on first and second mortgages.
- Repealing the two-earner deduction, income averaging and the
$100-$200 dividend exclusion.
- A 10 percent nondeductible tax on pension reversions.
- Disallowing 20 percent of business meal and entertainment
- Curtailing tax benefits from income shifting to children 14 or
- A 15 percent penalty on some early retirement plan
Significant business tax differences between the two bills,
according to Coopers & Lybrand, are:
Corporate tax rates - the Senate bill contains a top rate of 33
percent, while the top rate in the House bill is 36 percent.
Dividends - the House bill provides for a 10 percent deduction for
dividends paid, while the Senate bill does not provide any deduction.
Both versions reduce the dividends-received deduction from the
current 85 percent (Senate to 70 percent and House to 80 percent).
Corporate minimum tax - both bills toughen the minimum tax rules,
with the House setting a 25 percent rate and the Senate a 20 percent
rate. The Senate bill also creates a new tax preference item
consisting of 50 percent of book profits over taxable income.
Accounting methods - the House bill limits the cash method of
accounting to small business, partnerships, S corporations and
professional service corporations. The Senate bill allowsall except
financial institutions to use the cash accounting method. . .
- Jimmy R. Cole has been named manager of Liberty National Bank
and Trust Co.'s Norman branch at 3600 W. Robinson.
A vice president for Liberty, Cole previously worked in the bank
card and consumer loan division of the bank's personal banking center
in Oklahoma City. He joined the bank in 1970. . .
- The following promotions have also been announced at Liberty
National Bank and Trust Co.
Ken L. Burdick, director of bank security, and Kay Fenimore,
manager of information and control services, have been named vice
presidents at Liberty in Oklahoma City.
J. David Lee, Ingrid Servais, and Robin Thomas were named
assistant vice presidents.
Newly-named officers are Pam Bradmon, operations officer; Thomas
H. Faulk, loan review officer; Ross Hansen, commercial banking
officer; Kim Lewallen, operations officer; Maria I. Mendez,
commercial banking officer; Gary Nelson, operations officer; Lee
Ann Nordin, loan administration officer; Sue Osner, operations
officer; Melinda Riggs, operations officer; Lloyd E. Stone, loan
administration officer; Jo Tate, operations officer; and Marc
Yount, operations officer.
These officers were named at Liberty's branch in Norman:
Kenneth Cubbage, Gwen Dallas, and Frank Lesser, vice presidents;
Linda Battersby, operations officer; Kelly Deaver, operations
officer; Diane Maddox, customer service officer; Mildred Owens,
operations officer; Karen Pennington, operations officer; El Juana
Pollock, trust officer; Phyllis Richardson, operations officer; and
Marilyn Stookey, accounting officer. . .
- Lee G. Fisher has been elected president of United Bankers
Mortgage Corp. He was previously senior vice president at Lumbermen's
Investment Corp. in Austin, Texas. . .
- Mabrey Insurance Agency Inc. of Okmulgee has applied to the
Federal Reserve Bank in Kansas City for approval to acquire 100
percent of the voting shares of the Bank of Commerce in Wetumka,