30-I-iocaatcr Farming. Saturday. April 4.1970 Income Tax Return (Thl* Is Dio fifth of a series of six articles presented by the I’eiiim Ivanla Institute of Certified Public Accountants on mono sailns lax hints In preparing >our Federal Income tax return.) Tax Tiratmrnl For long-tcim gams will have tobc Capital (Jams & Losses counted .is regular income This While the new Tax Uefoim Act piovision, of course, affects only makes substantial changes in the people at comparatively high in ti ealment of capital gams and come levels. l os «os which will affect tax- There will also be some im payers’ returns filed in 1971 and portant changes with respect to thereafter the rules with re- capital losses. In the case of long aped to capital gains or losses term losses realized in 1970 and experienced last year are the inter years, two dollars of losses same as they have been previous- are required for each one dollar lj of deduction Therefore, in order This means that a person filing to deduct the full $l,OOO allow the Federal income tax return able, it will be necessary to have due this coming April 15 need a long-term capital loss of at include in his income only 50 least $2,000 For married couples per cent of any net profit he may filing separate returns, instead of have realized from the sale of each person being able to take stock he owned longer than six $l,OOO of realized deduction, the months And the tax-ceiling of will be split, with each 25 per cent, exclusive of the 10 , al i owed a deduction of only $5OO per cent surcharge, on long-term' gains remains in effect for 1969 returns, Long-term capital gams are defined as those on investments held for more than six months before selling Short-term gams are those made on investments held six months or less, and the whole of these gams must be counted as regular income, sub ject to whatever tax-bracket the person happens to be m. Don’t count the day of pur chase but include the day of sale in determining whether you have a long-term gam For example, if a stock was bought on April 28, 1969 and sold October 29, the profit is a long-teim gam But if the selling date was October 28, it is shoit-teim because the stock wasn’t held for the lequir ed more than six calendar mon ths If a person’s stock tiansactions| resulted in loss foi the year, he l can deduct up to $l,OOO of the loss from legulai income on his 1969 return, and cany over any loss above that figuie at the rate of $l,OOO each yeai thereafter until the full loss is deducted Changes concerning treatment of capital gains and losses, speci fied in the new Tax Refoim Act, will begin to affect people’s tax returns for income received in 1970 that is, the leturns to he filed a yeai from now One change is that the 25 per cent tax-ceiling on long-teim gains will apply to the fiist $50,- 000 of such gains ($25 000 for a married taxpayei filing a sepa rate letuin) but the rate on gams above such amount will rise to 29 5 pel cent, exclusive 01 the surcharge, for gams realiz ed m 1970, 32 5 pei cent in 1971, and theieaftei one half of total Ag Leader Says Credit Crucial Ci edit is ciucial foi a healthy agriculture in the years ahead states Julian B Thayer, chair man of the goveinment’s 27-man Commission on Agriculture Cre dit Thayei, a foimei Agway leader, was foi years chairman of the executive committee of the Eastern States Farmeis’ Ex change Thayer says the number of sources of credit foi faimers is decreasing Some of the tradi tionally impoitant farm lenders are reducing or stopping their sei vices to faimeis because they have more profitable investment opportunities elsewhere In addition, Thayer points to the rapidly gi owing demand for money by the nation’s cities-fi nancmg requuements of the many renewal and welfaie pio grams The combination of greater competition for money and few er credit sources for faimers could have adveise effects on agriculture in the long run, he cautioned. PUBLIC SALE OF USED FARM MACHINERY Located along Route 272 at The Back, 12 miles South of Lancaster, Pa. Wednesday, April 15,11:00 a.m. 7 Tractors, 4 Harvesters, 4 wagons and many other articles not mentioned. Full ad to follow next week. Terms by WENGER IMP., INC. Food Furnished 800 FEEDER CATTLE & CALVES ALL LOCAL CATTLE Friday, April 10th at 1:30 Blue Ridge Livestock Sales, Inc. Charles Town, W. Va. Phone : 725-5021 PUBLIC SALE DAIRY CATTLE Along Road From Mt. Joy to Manheim, 3 Miles East of Mt. Joy, 1 Mile North of Erisman’s Church Along Erisman Road. THURSDAY, APRIL 16, 1970 1:00 P. M. 37 HEAD OF REGISTERED AND 2 GRADE HOLSTEINS 27 Cows, 8 Bred Heifers Due in Summer, 4 Open Heifers T. B. and Bangs Certified, Vaccinated; Sale held under cover; Curtis Candy Breeding for 8 years; Sires represented; 3 Star Man, 3 Chiefs, other leading sires of Curtis Candy; Charts Sale Day. OS 13,312 M and 507 F. AUCTIONEERS NOTE. Looking For Quota Milk? Many Due Summer and Early Fall. 400 Gallon Mojonmer Bulk Milk Tank with Washer, Dump ing Station and In-Line Stiainer Walker Stamp S P Surge 22 Vacuum Pump. 3 Surge Umts 1 - 50, 2- 40 lb. Better-Bilt Bain Cleaner with Heavy Drive Unit, Elevator, 2 Hoise Motor and 240 ft Chain Cow Trainers, Milk Can Rack Milk Cans, Water Bowls. APPROXIMATELY 20 TONS HAY 1015 lb. Delaware Valley Milk Base, 3 cow mats. TERMS BY M. EUGENE BOLL Kreider and Diller, Auctioneers Hardin Meets French Minister of Agriculture US. Secretary of Agiiculturo ClifToul M. Hardin recentlv com pleted two days of discussions with the French Minister of Agriculture, Jacques Duhamel, Hardin said. “Our discussions the past two days have ranged over a number of subjects re lating to agricultural develop ment and economic growth in the two countries Wo talked about the needs of rural people, and the adjustment problems that accompany rapid changes in farm technology. “We discussed rather fully the environmental concerns that af fect the entire world, including air and water pollution. Trade questions and the relationship between United States and Euro pean Community were also dis cussed informally, and I feel that these talks were extremely help ful to a better understanding of trade problems and viewpoints.” TRY A CLASSIFIED AD! <■ s , s ‘ _ v. k . N 'v s v s *!• t 1 ■.*#. f* t < l- MV *• *• ** ' n ' " ' 10lh ANNUAL Spring - Stocker - Feeder - Grass and Replacement Cattle Monday, April 6th, 1970. Time 7:00 P.M. 300 Head Steer & Heifer Calves 100 Head Yearling Steers EOO Head Replacement Steers, 50 to 100 Head Holstein Steers ALSO SOME STOCK COWS AND CALVES These are all Native Cattle From Shenandoah and Adjoining Counties. For Further Information: Contact Thomas Eagle, 459-4402 or Harry Gochenour, 459-3430 Woodstock Livestock Market, Inc. On U. S. Route No. 11 The Livestock Auction Center that Farmers of Shenandoah County help to build larger and better. K * ''' 2000 HEAD THURSDAY, APRIL 16 2 FEEDER CATTLE SALES (State Graded) 1 P.M. Culpeper Feeder Calf Assoc. 1000 head a't Culpeper Enterprise, 3 miles south of Culpeper on Rt. 29 Phone 703-825-9188 7 P.M. Marshall Feeder Cattle Assoc. 1000 head at Fauquier Livestock Exchange 1 mile East of Marshall on Rt. 55 Phone 703-364-4861 FARM MACHINERY AND REGISTERED AND GRADE Holstein Heifer Sale BLACK AND WHITE HOLSTEIN FARM % Mile West of Atlantic Breeders Co-op on U.S. 230 Lancaster, Penna. on Friday Morning, April 10th at 10 A.M. sharp Farm machinery selling at 10 O’clock in morning. Ford 3000 Gas tractor, Ford 5000 Diesel tractor, John Deere 720 Diesel tractor, J.D. A tractor, J.D B tractor, Case V.A.C. tractor, JD. 45 loader, J.D. Hay fluffer (New Cond ), J.D. flat wagon, 3 rubber tire wagons, Corn drag, Ochard disc, Roller Harrow 19 tooth, Int. hay crimper, Ford PTO Hay Baler, J.D. 14T Hay Baler, Ford 3 Bottom plow. White Tilt Cab Truck, Ford Tilt cab Truck and a lot of small farm tools and lawn and garden equipment. There are 20 Registered heifers here out of Dams with over 18,000 lbs. prod, records. This is a very good quality set of Heifers, with lots of size, type and condition and will make very good herd replacements. Abe Diffenbach, Auct. 2 Year Credit terms can be arranged prior to Sale. S •. \W s S * 90 Registered & Grade Holstein Heifers due to freshen from June thru October. 40 open heif ers, 5 good Holstein ser vice Bulls. CHARLES C. MYERS, Owner Woodstock, Virginia
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