THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, November 2, 1995 TAG: 9511020006
SECTION: FRONT PAGE: A14 EDITION: FINAL
TYPE: Letter
LENGTH: Short : 35 lines
Your newspaper erroneously reports in its front-page article on the 13th Senatorial District race, that I ``make at least $150,000 a year from my law practice, title-insurance company and a real-estate venture.''
Your reporters reputedly obtained their information from a Statement of Economic Interest that I file each year with the Senate clerk's office. Under Schedule ``F'' of that statement, I am required to report ``gross'' income from any self- or family-owned business (including rental property). There are two choices - ``gross'' income of ``$50,000 or less'' or ``gross'' income of ``more than $50,000.''
While my ``gross'' fees from my law practice were more than $50,000, my net income was considerably less. And while the title agency had ``gross'' premium income of more than $50,000, the company actually ended with a ``net'' loss.
The ``real-estate venture'' referred to is the 5,000-square-foot office building that started my financial troubles. While rents amount to about $50,000 a year, mortgage payments, real-estate taxes and the expenses of operating the building leave a net loss, even before depreciation.
Any high-school accounting students knows the difference between ``gross'' income and ``net'' income. So should your staff writers.
FREDERICK M. QUAYLE
Senator, 13th Senatorial District
Chesapeake, Oct. 31, 1995 by CNB