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April 5, 1996     Cape Gazette
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April 5, 1996

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CAPE GAZETrE, Friday, April 5 - April 11, 1996 - 65 Business & Real Estate Fusion will infuse Rehoboth dining scene with new diversity By Kristen Seal The restaurant formerly known as Ground Zero at 50 Wilmington Avenue will reopen this spring under new ownership and with a fresh new name. Jonathan Spivak, the owner of one of Bethany Beach's most upstanding restaurants, Sedona, is teaming up with the founding chef of Ground Zero, Jeff Thiemann, to bring their jointly owned restau- rant to Rehoboth. This new restaurant venture is called Fusion. "We are calling it fusion cuisine because I will incorporate Pacific Rim, Italian, French, Asian, Caribbean and even Southwestern influences," explained Theimann. This return to the former site of Ground Zero is homecoming of sorts for Theimann since he was the head chef at Ground Zero for its first three years and created the menu there. Theimann has since left Ground Zero and has been working as the head chef at Sedona for the past two years. "I personally wanted a second Tried and true The weekend before Easter is traditional- ly considered a "soft" opening or trial run for seasonal Rehoboth Beach restaurants. At least nine seasonal restaurants re-opened their doors this past weekend, some offering the tried and true menus that patrons have come to expect, others going off on new restaurant and Sedona has been so successful and so much fun that I wanted to do it with Jeff. He was the founding chef at Ground Zero and now he will be returning as a co-owner. He is very deserving of that," said Spivak. "Jeff took Sedona to another level and affect- ed how the whole restaurant oper- ated. What we're doing is our pas- sion and when you live out your dreams, you're likely to succeed." As of mid-March, the restaurant had not been officially purchased by Spivak and Theimann, although a contract had been agreed upon for purchase. The two hope to open Fusion by May 15. "The Sedona menu features lots of wild game and Southwestern dishes with creative presentation. Fusion will be more eclectic and will Offer a greater range of ingre- dients; it will be more multi-cul- tural," explained Spivak. "That's the. draw of fusion cui- sine - lots of diversity," Theimann added. "Fusion is going to be a lot of fun; it will be bright, cheery, col- orful and energetic. We are doing some cosmetical changes, but nothing radical," Spivak explained. "It will be more of an open air, friendly kind of place." Spivak and Theimann did not want to divulge too much concern- ing Fusion's spring menu, but Theimann said that he wilt place much emphasis on healthy entrres. The restaurant will be introduced on its opening night with a fundraiser whose proceeds will benefit a yet to be released Rehoboth organization. "It has always been a career dream of mine to have my own restaurant. I do experience some frustration as just an employee and this way I can have more control over the menu - that offers a better expression of your own self which I guess is ultimately what every- one wants to do. I always put my passion on the plate and now this is the next level," Theimann said. With no formal schooling, Theimann landed a job at Col- orado's Sweet Basil restaurant several years ago with the inten- tion of learning from top notch Jonathan Spivak (left), owner of Sedona in Bethany Beach, is teaming up with Sedona's head chef Jeff Theimann'(right) to open one of Rehoboth's newest restaurants - Fusion at 50 Rehoboth restaurants tangents, while still others offering a blend of the above. Those now open include: The Back Porch, 59 Rehoboth Ave. - Executive Chef Leo Medisch and Kitchen Wilmington Avenue. chefs, which he did. "I was recently in Colorado and I ate at Sweet Basil and it is a drop dead great restaurant. -Now I know why he is as good as he is," Spivak said. He added that he has no inten- tion of slighting the quality at Sedona given Theimann's transfer to Fusion. The new chef at Sedona will be Johnson and Wales graduate Chris Bunting who worked as a sous chef under Theimann last year. "We hope to continue the tradi- tion of the wonderful restaurants in Rehoboth. We will be part of a terrific group and we want to add to that; I think we will fit in well," Spivak added. "Plus we have our eye on an additional restaurant so we may not be finished yet." unveil what's in store for 1996 season fall, when they have the opportunity to learn if each dish is cost effective, whether it may be too labor intensive and if it lives up to customer expectation. In one short week- end, the word out in the community is that Manager Gretchen Richardson enjoy exper- . the 1996 spring menu is burgeoning with imenting with new dishes in the spring and winners. They include such appetizers as the quail they smoke over Nassau Vineyard vines, complimented by their own pickled grapes, and the grilled baby leeks and fen- nel with goat cheese sabayon. Entrees presently include a saut6 of rabbit and braised lamb shanks with herbed vegetables Continued on page 66 Answers to commontax time questions The following is a series of answers to questions that fre- quently come up at tax time. Please note that the information contained in this article does not constitute tax advice. Consult your tax advisor before imple- menting any of these strategies. Q: When I bought a eorporat bond last May, I paid accrued interest. The form 1099-Int shows that I received the entire coupon on the bond. How should I handle it on my tax return? A: Enter the entire interest on line 1 of schedule B of form 1040. To arrive at the net interest, on the next blank line enter the words "less accrued interest paid," then subtract the amount of accrued interest paid from the gross inter- est. Note: If you bought the bond late in 1995 and did not receive the first interest payment until 1996, the offset would occur on the 1996 tax return filed in 1997. Q: I sold short in 1995. Why are the gross proceeds reported on the form 1099-B if the position was not closed by year end? A: Because gross proceeds must be reconciled, you can simply attach a written statement to the FINANCIAL FOCUS schedule D of form 1040 stating that the dollar amount of gross proceeds represents the proceeds of a short sale that was still open at year end. The transaction is a tax- able gain or loss in the year in which the securities are delivered to close out the sale. Q: I did a 1035 exchange from one annuity to another. The insur- ance company issued a 1099-R. How do I reconcile this on the form 1040? A: Use form 1040, Line 16, pen- sions and annuities, to do the rec- onciliation. On line 16A, enter the value of the annuity as shown on the form 1099-R. On line 16B, enter the taxable amount, which is zero. The form 1099-R should show a "6" in box 7, indicating that a 1035 exchange occurred. Q: Last year, I separated from my employer. I had my 401 (K) directly transferred into an IRA. A form 1099-R arrived from the company. What should I do? A: The IRS refers to this trans- action as a "direct rollover," for which the 1099-R is properly issued. The form 1099-R should show a code "G" in box 7 indicat- ing that a direct rollover has occurred. On line 16A of the form 1040, enter the gross'amount Of the distribution. On line 16B, enter the taxable portion, which if the entire amount (other than after-tax contributions) was rolled over, would be zero. Later this year, you and the IRS will receive a copy of the form 55498 showing that a rollover contribution was received in 1995. You are not required to send a copy of the 5498 to the IRS. Q: I took a distribution from my IRA and rolled it back within 60 days. What should I do now that I have received a from 1099-R? A: You should reconcile the rollover on line 15, "IRA distribu- tions," on the form 1040. On line 15A, enter the value of the distrib- ution and on line 15B, enter the amount that is includable in income, which should be zero if the entire distribution was rolled back. Both you and the IRS will get a form 5498 (see note in previ- ous answer) showing receipt Of a rollover contribution. Q: How is a return of principal from a unit investment trust han- dled on the tax return? A: Treat the return of principal as a sale on schedule D of form 1 040. Enter the amount of the pay- ment as both the sales price and the cost basis so that there is no gain or loss. Then reduce the over- all cost of the investment by the return of principal. Q: A mutual fund paid a divi- dend in January 1996 but it showed up on the 1995 form 1099-DIV. How is this possible? A: If a dividend is declared by a mutual fund in the last quarter of the year, payable to shareholders of record as of a date in that quar- ter, then as long as the dividend is paid before the end of January of the following year, the dividend is taxable in the prior year. Example: A mutual fund declares a dividend on November 15; 1995, payable to shareholders of record as of November 30, 1995. The dividend is paid January 15, 1996, and is taxable in 1995. Q: My account statement shows that I received both short-term and long-term capital gains distribu- tions from my mutual funds. How- ever, my form 1099-DIV omits the short-term gain and reports only capital gains distributions. Why? A: Short-term capital gains dis- tribUtions from a mutual fund for individual taxpayers are treated as ordinary dividends. They are taxed as ordinary income and reported as ordinary dividends, even if they come from a tax- exempt mutual fund. The term "capital gains distributions" on the form 1099-DIV refers only to long-term capital gains distribu- tions. Bruce Chilcoat is an account executive and certified financial planner with Dean Witter Reynolds in Georgetown.