Broker Check

October 4, 1993

New Jersey Calls

          The New Jersey Division of Taxation has announced the U.S. Postal Service will not deliver mail to the Division unless the address contains a call number. The call number is the "CN" number in the address. Call numbers to all departments will be released at some time in the future.

New Jersey Recognizes S-Corporations

          Crucial S-Corporation legislation supported and drafted with New Jersey Society of CPAs input was signed into law in July. This legislation while not eliminating the corporation tax does reduce it to 2.35%. It was part of a comprehensive business tax incentive package to reduce the oppressive business environment in New Jersey.

Gambling with the Law

          Applicable to taxable years ending after June 18, 1993, non-residents of New Jersey are subject to personal income tax on their New Jersey source income from any gambling transactions or from any lottery other than the New Jersey lottery.

Indexed CDs No Benefit

          Think several times before investing in indexed CDs; CDs whose principal at maturity is based upon intervening increases in some other measure. For example, increases in a consumer price index or the S & P average. Although called CDs there may be no interest paid. Instead, you receive your principal increased in proportion to the percentage rise in the index or average to which your account or investment is linked in the beginning.

          The tax treatment is unsettled. It could be taxed as a zero coupon bond, with accrued interest taxable yearly even though not paid until maturity; or part of the increase could be taxed at maturity, similar to an option that has been exercised; or a conbination of both. Even the IRS is unsure.

          I reccommend against such an investment at this time unless purchased within an IRA, Keogh or other such pension plan.

Be An Informed Hospital Patient

          Choosing a physician and a hospital are the first steps you should take to ensure that you receive the best care possible. Learning how to read your medical records is a great way to keep informed about your condition and your treatment.

 Understanding Your Medical Records

          Your hospital medical records document why you were admitted to the hospital, the tests and diagnostic procedures that were performed and their results, and your progress during your stay. It also is a legal document that records the care you receive. But these reports can be confusing to a layperson. The following list of standard hospital records will help you wade through this bewildering sea of documentation.

Medical Records
          Face sheet-contains admitting and billing information (name, address,    
              employer, insurance carrier), and admitting diagnosis. Final diagnosis is
              added upon discharge.
          Admission note-records your condition on admission, including results of  
              recent tests.
         History and Physical examination-contains your complete medical     
             history as told to the admitting resident, as well as results of physical
        Graphic record-a record of your temperature, pulse, respiration, and blood
              pressure while in the hospital.
        Progress notes-a daily record of your progress, test results, etc., by the
              professionals who care for you.
       Doctor`s order sheets-a record of the medications ordered for you by your
     *X-ray reports-results of diagnostic x-rays.
       Nursing notes, admitting forms, and medication record-separate entries
              made by the nursing staff. 
     *Operative report-a complete record of any operation, dictated by the
             surgeon after surgery. 
    *Pathology report-results of examination of any tissues removed from 
             your body at operation or biopsy. 
    *Discharge summary-a summary dictated by your physician during or
            after the hospital stay, including any tests or operations performed,
           laboratory data, your condition on discharge, and plans for follow-up care
    * These forms are of most importance to you.

          If you have any questions about these tax notes or any other matters, please call us.