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