The journal., December 12, 1957, Image 11

About The journal. (Caldwell, Ohio) 1934-1961

Image provided by: Ohio History Connection, Columbus, OH

                
i Thursday, December t% t§»7
INCOME TAX
This is the third in a series
of your articles on federal in
come taxes. The articles are
based on information provided
jjy the American Institute of
Certified Public Accountants
and the Ohio Society of Cer
tified Public Accountants.
If you are one of those in
dividual taxpayers who is con
stantly being collared and dol
lared for charitable contribu
tions, you may save money by
paying particular attention to
the timing and planning of your
ym r-end donations.
feefore paying off on any more
1867 pledges you might have
made, remember that you will
not receive a tax credit for your
charitable contributions unless
you itemize deductions on your
return. You can't take the
standard 10-per cent deduction
and a special deduction for
donations to charity. You may
take only one or the other so
plan your year-end pledge pay
ments accordingly.
Planning Charitable Gifts
If you will be forced to take
the standard 10-per cent deduc
tion this year, your best tax
move would be to defer pay
ment on your outstanding
pledges until after January 1,
pyramiding them into 1955 when
you may be able to itemize
deductions. However, if you
have had a better-than-average
inirome year and are trying to
bunch itemized deductions on
this year's return, you should
pay not only the pledges you
have made but possibly the
pledges you would ordinarily
make in early 1958.
1
Here is an important point to
keep in mind as you plan your
year-end pledge payments: a
charitable contribution will be
considered paid—and therefore
deductible—in the year when
the check is delivered to the
charity and not when it is
actually cashed.
Property Donations
A gift does not have to be in
cash to entitle you to a charitable
deduction. It can be in property,
and since you can claim a deduc
tion for the full market value of
a property gift, it may actually
pay you to give away items that
are now worth more than they
cost.
For example, suppose that you
own a few shares of stock that
cost you $100 a few years ago.
Today the stock is worth $150,
and apparently full priced. If
you know you are going to be
approached by a church, charity,
college or the like for a sizeable
donation within the next few
months, you might consider con
tributing these securities before
the end of the year.
By giving this property away,
the organization you care to
favor will benefit by receiving
property which they may hold
©resell, and you will establish
a $150 charitable deduction for
your 1957 tax return. Further­
INSURANCE
Si
PRODUCT
ftS OTTOMAN
Phone 128
FACTS
ro« NOBLE COUNTIANS
more, you avoid paying a capita
gains tax on the profit.
If you must dismiss the idea
of giving away a piece of real
estate or a block of stock within
the next few. years, don't over
look the opportunity of building
up your charitable deduction by
donating such "property" as
used furniture, clothing, books
and toys to a worth charity. The
value of these items is deduc
tible, too.
Prepaying State Tares
The state and local taxes
which you pay are also deduc
tible items that often can be
pyramided to give a tax advan
tage. Some taxes that fall due
early in 1958 can be prepaid to
give you an additional deduc
tion on this year's federal tax
return. On the other hand, it
may be to your advantage to
delay payments until 1958. Be
careful when you do this, how
ever. You may incur a late pay
ment penalty.
Farmer Tax Tactics
While businessmen and farm
ers can do everything that a
salaried worker can do to cut
their tax bills, they also have
special opportunities to time
year-end deductions.
A farmer, for example, who
reports for tax purposes on a
cash basis, can deduct his ex
penditures in the year paid. By
purchasing his 1958 grain re
quirements in December, he can
increase deductions on his 1957
return. If he borrows money to
make this purchase, the inter
est paid on the loan during the
year is also deductible.
A businessman, whose year
end tax plan calls for bunching
deductions on this year's return,
can time the sale of used equip
ment to establish loss deductions.
For example, by selling a truck
that has a depreciated value of
$800 and a real market value
of $500, a businessman may claim
a tax credit for his $300 "loss."
If he sells the truck before Dec.
31, he can take this deduction
on his 1957 return.
Taxes are only one factor to
consider when you are investing
or divesting but if you had
bad luck this year in the stock
market, remember that careful
planning of your year-end
security transactions can turn
errors of investment judgment
into dollar-and-cents tax sav
ings. A word of warning, how
ever: the capital gains and loss
law is not as simple as some
people believe it to be. You
would be wise to consult your
tax advisor "before you begin
shuffling your stock holdings to
establish losses and gains on your
tax return.
Last article: Year-End Tax
Steps That Could Save a Depen
dency Exemption.
The concentration of clay and
brick factories in Tuscarawas
County, Ohio, entitles it to be
called "The Clay Center of the
World".
Farley and Elswkk Agencies
JOE YONTZ
West Street Phone 14-J
GF ALL
A
SfWMfi R08M
"Qualify Furnitun
FN RECOUPS
Murphy's Furniture
Pcikal Haffers
And Otherwise
By JESS S. HARRIS
(Continued from Page 2-B)
the country's chief executive.
Should the condition of his
health necessitate such action,
then right and proper if for
someone's personal gain, then
wrong. With possible war ahead,
the commander-in-chief of this
nation's forces should be one
with the qualifications and past
experience of General Dwight D.
Eisenhower. Day by day Ik?'s
attending physician reports that
he continues to improve all
rcspects. He spert last Saturday
afternoon watchihg, over TV,
the Army-Navy football game at
PHladelphia, Pa.
Some 30 or more Ohio munici
palities have adopted a munici
pal employees income tax as a
revenue source. Should the same
apply to the eottfity and state
employees?
Adlai E. Stevenson, twice de
feated for the presidency by
Dwight D. Eisenhower and re
cently appointed by the latter as
his consultant on foreign affairs,
has balked and says he will not
attend the Atlantic Pact meeting
at Paris, France, on Dec. 16 "un
less there is compelling develop
ments." Does this indicate that
Adlai is laying the groundwork
for another try for the presi
dency in 1960?
A Columbus young mother
drove her car to a grill to pick
up a girl friend and in doing so
left her infant child in the car.
When she returned, the car was
gone, and so was the baby. Two
young brothers stole the car,
drove to Portsmouth where they
were picked up by police and
returned to Columbus. Now the
brothers are facing two charges,
theft of the car and kidnaping.
The mother is charged with
vagrancy.
At Miami, Fla., on Wednesday
of last week, a 79-year-old man
with a cataract over each eye
drove his automobile onto a side
walk crowded with men, women
and children Christmas shop
pers, instantly killing two wo
men and seriously injuring eight
other persons.
By the natural gas explosion
in the basement under a drug
store in Georgia last Thursday.
16 persons were instantly killed
and a number of others were
seriously injured. The building
and four others were burned to
the ground by the fire that fol
lowed. At about the same time
two railroad trains collided in
an extremely heavy fog in Eng
land, killing 92 passengers and
injuring more than 200 others.
And in Brazil a passenger train
left the rails and killed more
than 200 person^.
Would the present day auto
mobile driver spend the coming
Merry, Merry Christmas Day
with his loved ones and joyously
greet the Happy. Happy New
Year upon its arrival on New
Year's Day? Then from now until
the arrival of those occasions,
drive with such care as never
before.
This nation's first attempt to
launch its satellite, in Florida,
shortly before the noon hour last
Friday, met with dismal failure
it simply "blew up" and was
destroyed by the fire that im
mediately followed. Luckily
nobody was killed or seriously
injured. It is not known, and
HANDY- DANDY
FOR KURHKT
Sine* 1925"
a
24"xl6"x16
CoMwsll,
Ohio
THE JOtmWAn CALDWM,n OHIO
The
probably never will be, how
many times Russia failed before
it succeeded in its efforts.
The lives of many motorists
would be saved if trees were not
permitted to grow alongside of
improved highways and others
that are there were removed.
Almost each day cars leave the
roadway, crash against a tree and
the motorist, and sometimes
others, killed. By all means let's
have those that are already there
removed at once.
By the explosion of an oil
stove on a recent morning, a dis
tant home was destroyed by the
fire that followed, in which the
eight children lost their lives
and the father was seriously
burned.
President Eisenhower is daily
confronted V/ith such trying
world affairs and national mat
ters as might cause his immedi
ate, if not fatal, breakdown ill
ness. For his personal safety and
the safety of the nation it might
be best, after all, for him to
resign as president, much as
such would be regretted. Anoth
er "Pearl Harbor" might bring
about a fatality to him. The
time may come, and not so far
distant at that, when the heads
of our nation may be desperately
in need of advice from such far
Christmas Spirit
When the Christmas rush gets started, long before the season's
thru,
Seems as tho each year's more crowded, by the things we want to
do.
In our minds we start to ponder, of the gifts we'll buy to give
To our friends and our relatives, matters not where they may live.
Those we cherish much more highly, must have presesnts extra
fine
So on paper down we jot them, for a Christmas list outline.
There's a feel someone's forgotten, tho we use the utmost care
For it always seems to happen, times it don't are very rare.
Shirts and sox, neckties and billfolds, handbags, dresses, jewelry,
Toys for youngsters of all ages, are important as can be.
Blankets, rugs, lamps, chairs and tables, for the home so useful
are
But inflation ruins budgets, dollars don't go very fair.
After gifts have been assembled, and the house becomes a mess
We must wrap and tie with ribbon, then each one we must address.
Tho the presents are a problem, still there is another phase
That s the trend that's growing bigger, its' the Christmas greeting
craze.
Cards of colors ultra modern, so designed in every size
T*a* conveys our seasons greetings, in a way that will surprise.
Every j^ear our lists grow longer, despite efforts to be brief
Wnere the last one finds the mailbox, there ire sighs of great
relief.
If we'll think, we'll find solace, be not downcast or resigned^
There are several million others, with the same befuddled" mind
From our daze to fill tradition, and our lot we have assessed
Comes that good-will sort of feeling, trying hard to have expressed
Deep beneath the man-made tinsel, lies the jewel of real worth.
May we keep the Christ in Christmas, Gods' great gift to ill on
earth.
Be it treasure or a trinket, if we give or if we get
May it bear the good-will trade mark, of the Christ child's sil
houette.
W. C. GARRETT Summerfield, Ohio
MORE
CLEAN LINE MODERN STYLING:
No frills. No fins. No fads.
The Big is as clean and
straight as a skyscraper—
a bridge—the newest
designs in all fields. And
styled to stay in fashion.
Now more than ever, The
Big sets the automotive
trend.
MORE
seeting Americans as Dwight D.
Eisenhower, Herbert Hoover,
Douglas MacArthur and others.
This nation's two most illus
trious Americans, yet available
in case of necessity, are Former
President Herbert Hoover, public
affairs consultant and advisor,
and General Douglas MacArthur,
consultant and advisor'on mili
tary affairs. Both are tremen
dous assets to the present na
tional administration, should
their advice become desired or
necessary.
A country home in Wisconsin
was destroyed by fire last Sun
day forenoon during which eight
children, aged from one to ten
years, were burned to death. The
father was employed in a lum
ber camp some distance away
at the time and the mother, upon
returning home from a nearby
tavern, discovered the flames
and fainted. The two oldest chil
dren lost their lives in attempt
ing to save the others.
An Ohio State University stu
dent was placed under arrest
upon his return to Columbus
charged with passing forged
checks. He had been employi
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UP TO 360 H0RSEP0WER
cut heat and friction to boost
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Mm.
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da
In Washington
(Continued from Page 2-B)
the home, the local school, and
in the home town. Americans
are now understanding the nec
essity for scientists in the same
terms as the need for minute
men in another era of our his
tory* It must also be understood
that our national standard of
living is not progressing as
rapidly as it might because our
industries cannot find enough
trained men to produce the items
for daily use that are now ready
for mass production.
I know of no other problem
facing us today which calls for
such a mobilization of national
energy in the interest not only
of national defense, but in a bet
ter life for all Americans and
for our children today and to
morrow. However, we delude our
selves if we look for easy ans
wers. This is a problem for
which every American in both
public and private life holds a
responsibility.
Ohio's Farms
Within the past several T»«eks,
I was furnished a study of Agri
culture in Ohio which presents
some gLmpse of the nature of
farm life today. Like farmers in
other states, Ohio's average rural
family lags behind their citv
dwelling brothers. However, the
e a e n o A i u u e s
study shows 85% of the State's
123,527 commercial farms had
automobiles, 97.4% are equipped
with electricity, 72.6% with
piped running water, 77.7% with
tractors, 65.1% with television
sets and 44£% with home freez
ers.
Three thousand of the State's
farms had sales of their products
over $25,000 while 32,562 report
ed sales of between $5,000 and
$10,000. About half of the State's
commercial farms sold products
for 1954, the latest year for
which figures are available, valu
ed at less than $5,000.
Although these and other pub
lished figures show a great in
crease in the cash receipts per
farm in the past 20 years, they
also demonstrate the gap in liv
ing standards that exist today.
There are many bills now pend
ing in Congress in'ended to im
prove the condition of the small
farm family. Whether this can
be done through legislation is
the big question which remains
i
at Chicago, 111., and had intends i
to return to his labor in thu
Windy City earlier this week.
1958 MERCURY:
V«M
mmm
-x A,
FEET OF
No other car gives you as much for your money.
Not only does the 1958 Big give you more than
any car in its own field—you can actually own a
1958 Big for less than many models in the so
called "low-priced" field! Come in and see for
yourself—right nowI
J-Jm
lJT-
Don't miss the big television hit, "THE ED SULLIVAN SHOW," Sunday avenlnf, 8:06 to t:M. Station WSTV, Steubenville, Channel 9.
UyjWRLMOIORSJnc. 3IS Wesl ilrsel, Ciidws!!, Ohio Phone S4
Cumberland
INSURANCE
Mrs. Neva Conn
Reed Insurance Agency
Phone 43 I. O. O. F.
CALDWELL,
OHIO
V PER FOOT
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PER POUND
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THE BIG
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Wii!
As Worthy Matron, 0. E. S.,
Cuiaoci io lid Chapter .hastern
Stars will have installation of
officers on Thursday evening at
8:00 p. m. There will also be a
Christmas party and a one dol
lar gift exchange.
Mrs. Neva Conn will be in
stalled as worthy matron Wil
liam Hartfield as worthy patron
Mrs. Floy Tilden as associate
matron Harry Ellis as associate
patron Betty Frisbee, secretary
Bertha Bell, treasurer Ruth
Carr as conductress Amanda
Dudley, associate conductress.
Mrs. Erma Ellis is installing
officer, assisted by Mr. Charles
Hawkins, with Mrs. Vera Bates
as installing marshal.
New Grandson
Mr. and Mrs. Harold Bates re
ceived the announcement of the
arrival of a grandson on Friday
evening, born on December 6 to
Mr. and Mrs. Robert Bates, of
Dayton, weighing eight pounds
and named Harold Robert,
In Columbus
Mesdames Elizabeth Barnett
and Mabel Ruth Craft accom
panied by Mrs. Barnett's niece.
Betxy Watson, of Zanesville.
transacted business in Columbuj
on Thursday.
Called Here By Death
Mr. and Mrs. Clyde Bond and
son, of Portland, Oregon, also
Mr. and Mrs. Ivan Bond and
daughters, of Tampa, Florida
returned to their homes on Fri
day, having been called home or
account of the sickness and death
of their sister, Mrs. Dorothj
Bond Man son, of Zanesville.
In Hospital
Mrs. Ruth Koontz, of Car
street, is a patient at Bethesda
hospital for observation anc
treatment.
Women's Guild
The Women's Service Guild o:
the Presbyterian church wil
meet on Dec. 17 at 8:00 with i
OF ALL
TYPES
Page Tfiree—#
Be Installed
Thursday
change.
The committee is Mesdames
Howard Frisbee, John. Bell, Wal
ter Waller and Miss Hacel Luke.
Lodge Program
Cumberland JRebekah
v I
Bldg.
Lodge
will meet on Dec. 16 with a pro
gram and 50-cent gift exchange
and refreshments by Alta Gregg,
Elizabeth Barnett and Eula
Carr.
FOUR-H BEEF CLUB MEETUKI
An organizational meeting of
the Noble county 4-H beef club
will be held Thursday, Dec. 12,
beginning at 7:30 p. m., in the
court house, according to as
sociate agent, Paul Jonard. Loria.
Sanford and Bob Ball are the
advisors for this organization.
Election of officers will be held
at this meeting and all old and
new members are urged to be
pi'esent.
Ohio has gained over one mil
lion in population since 1950.
The greatest gains have come in
those counties where are de
veloping industrially.
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OHIO P0WER
COMPANY