50 years ago in The Tax Adviser.

• Position: TTA 50 YEARS

Here are some highlights from the May 1970 issue.

Itemized deductions

The average taxpayer who itemized on his 1968 federal income tax return had deductions totaling $2,158 (8% higher than 1967), according to a report issued on May 7 by the IRS. By contrast, the average standard deduction in 1968 was $534.

--The Tax Adviser editors, "Average Itemized Deduction Is $2,158, IRS Report Shows," p. 316.

Minimum tax

The question occurs as to whether the 10% tax on so-called tax preference income (Secs. 56-58) must be covered by estimated tax payments. The answer is "no." The definition of estimated tax, for both individuals and corporations, was revised so that "estimated tax" does not include the 10% minimum tax imposed by Sec. 56.

--Corey E. Lyon, CPA, "Tax Clinic: Minimum Tax Excluded From Estimated Tax," p. 318. Lyon was with Peat, Marwick, Mitchell & Co., which contributed the May Tax Clinic column.

How the Federal Tax Deposit System works

Federal Tax Deposit Forms, as preprinted, pre-punched, and mailed to taxpayers, will show the taxpayer's name, address, employer's identification number, tax period, name control (part of taxpayer's name for IRS purposes), district office code, and a three-digit serial number. Taxpayers use the appropriate Federal Tax Deposit Form, fill in the amount of tax due, and send or...