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Second Class Postage Paid In Boiling Springs, N. C. 29017
Thursday, Sept. 3,1981
See It Your fTay”
$6.00 Per Year Single Copy 15 cents
Taxes To Be Topic
At Public Seminar
Reagan’S tax plan, enacted by Congress, July 29, will be the topic for a
three-hour seminar Thursday, Sept. 10, at 7:00 p.m.
The session will be
held on the Gardner-
Webb campus in the
Charles I. Dover
Center, and is spon
sored by the col
lege’s Broyhill Aca
demy for the Study
Independent Con
cepts. in cooperation
with Ernst & Whin-
ney, a national ac
counting firm.
Broyhill Director
Dan Moore empha
sized that the ses
sion will be a work
ing one for people
concerned about gift
and estate taxes, for
accountants, busi
ness owners, and
recipients of interest
and stock dividends.
“Farmers will be
particularly interest
ed in possible
changes in the estate
taxes,’’ Moore said,
“to enable a family
farm to be inherited
without selling a
chunk of it to pay
taxes.’’
The session also
will cover invest-,
ment tax credits pro
visions, tax savings
on inventories, in
centives for research
and experimenta
tion, tax rates, tax
credits, sub chapter
“S,” special amori-
A New Tax Law
Primer
The 1981 tax changes will have a significant effect on the small business
owner. In fact it is estimated that the total reduction in business taxes in 1981
will be 1.6 billion dollars, and 11.2 billion dollars in 1982. Most Americans will
benefit directly, starting this year with a 5% cut in withholding taxes set for
October 1. The withholding rate will be cut an additional 10% in July 1982, and
another 10% in July 1983 for a grand total of 25% reduction in federal income
taxes during the next 22 months.
The capital pins tax will be reduced to an effective 20% of the gain.
Reagan administration hopes this cut will excite new interest in the stock
and new venture development.
New incentives will be provided for rehabilitating older industrial
commercial buildings. The 10% tax credit that now applies to rehabilitatinj
buildings 20 years or older will be enlarged. The new tax credit will be 15% fi
industrial and commercial buildings at least 30 years old; 20% for buildings
least 40 years old; and 25% for historic structures, including residence.
Buildings less than 30 years old will no longer qualify for this program.
Small business will be allowed to write off a small part of their capita
investments in the first year, rather than having to spread it out over their
normal depreciation period. You will be allowed an all-at-once, capital write-off
of $5,000 in 1982. This figure will rise to $10,000 a year, starting in 1986. In
addition, more used equipment will qualify for investment tax credit. The
current ceiling of $100,000 for used equipment will rise to $125,000 this year and
$150,000 in 1985.
Corporate tax rates will be cut in the lower income brackets, starting in 1982.
The lax rate on the first $25,000 of income will be cut from 19% to 16% in 1982
and to 15% in 1983. The rate of income between $25,000 and $50,000 will be
reduced from 20% to 19% in 1982, and to 18% in 1983. The rates will remain
30% to 46% of income in excess of $50,000.
Rules will also be modified to allow firms with small or no profits to transfer
unused investment tax credits and depreciation benefits to firms from which they
lease equipment. This will enable the lessor to offer a lower charge for your
leased equipment. It is expected that this rule change will double the current
level of equipmment leasing in this countiy.
Apple Days
5,^
tr
“It’s a tiresome job, but they just don’t quit coming,” said
Mr. and Mrs, S.R. Holland of Boiling Springs, peeling apples
and sitting together on a summer morning. The Hollands
are pictured sharing this homey chore early this August;
by now the apples have found their way into sauces, pies,
)and cans as our apple days gradually turn to autumn. The
Hollands live on North Main Street.
Area News
zatlon rules, tax ad
ministrative provi
sions, interest exclu
sion, retirement
savings provision,
special dividend and
stock ownership pro
visions, and estate
and gift tax provi
sions.
“What are your
new depreciation
rates?’’ Moore ask
ed. “We’ll be ans
wering that question
for farmers and
small businesses.’’
Certified Public
Accountants may re
ceive credit toward
requirements.
Anyone desiring to
register may contact
Dan Moore or Pam
Scruggs at the Broy
hill Academy office
at 434-2361.
“I decided to do a little of the 'begetting’ that resulted
in Cleveland County," said Dr. William Withrow, in
troducing his speech Thursday night to the Broad River
Genealogical Society,
Withrow, a political scienife professor at Gardner-
Webb College, spoke to the Society Aug.27at the Cleveland
Memorial Library. Much of the early information in
Withrow’s talk came from the records of the 3rd. Militia
Regiment of N.C. Volunteers, raised in this area in
1838 for an expedition against the Cherokee. Withrow
read the names of some of the 70 officers and enlisted
men, a roll-call still prominent in Cleveland County:
Hamrick, Harrill, Horne, Jolley, Lovelace and Scruggs.
"Did they do anything worse than we today?’’ Withrow
asked. "I don’t know. Were those the 'good old days’?
1 doubt it,” he said. "They were different old days.”
from the Boi;ing Springs and West Cleveland Schools,
Choir directors will be on hand to enroll children in
the appropriate choir.
All area Children in kindergarten through sixth grade
are invited to attend and to enroll in choir. For farther
information, parents may call the Boiling Springs Church
office at 434-6244.
This Place, That Time
1 remember one time I was up at the crossroads at
the store Md Cash was there (W.J, Cash, winner'of
The Mind of the
\ ■■ ^ how - about
the Caes^ian operation, and it was Cash who told me
the operation was so named after Julius Caesar who
supposedly had been delivered that way. ’
Paul Huggins, in conversation with the editor, Aug. 21,1981
The Choir Parents of the Boiling Springs Baptist Church
Will host a Western Jamboree for children in kinder-
garten through sixth grade who are interested in iolninff
one of the church's children's choirs.
The Jamboree will be held Wednesday, Sept. 9, from
2^45 - 3:'5 P.M. at the Boiling Springs Ba'ptist Church.
The church van will provide transportation tothe Jamboree
The Inside VIEW
Billy Graham pagg 3
Soybean Reports . Page 8
Community News Page 2
Boiling Springs People This Week
A
f
LEFT: Cleveland’s Junior Miss was
crowned Saturday night at Malcolm
Brown Auditorium, in Shelby. Miss
Kirby Pfeiffer, center, won the crown
and a $750 scholarship. First runner-up
is Miss Tiffany Pendleton, right, of
Shelby, who won a $400 scholarship.
Second is Miss Laura Williams, left,
who won a $200 scholarship, including
a preliminary $100 youth fitness award.
Miss Williams is the daughter of Mr.
and Mrs. Glenn Williams of Shelby
and Boiling Springs.
4-;}.
1 i'v
t*.-.
RIGHT: The Rescue Squad is $300
richer and some residents are on a diet
after a successful cake and ice cream
sale Sunday to raise funds for the unit.
Pictured at the sale are, top row from
left: Cynthia Jones and St^ve Hawkins.
Bottom row, left to right: Nellie
Hawldns, Debbie Bartee, and David
Atkins.
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