Newspapers / The Waynesville Mountaineer (Waynesville, … / Feb. 13, 1956, edition 1 / Page 11
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Tax Accounting Method Shows Income, Expenses (EDITOR'S NOTE?This arti cle, the Ihirl in ? series deecrlb inc the provisions of the Federal income and Social Security Ux laws as they affect farm people, was prepared by Charles R. Push, W. L. Turner, and C. W. Williams, extension farm man agement specialists, N. C. State College.) An accounting method should ac curately reflect income and ex penses. This purpose is valid whether records are being used as a basis of reporting taxes or as a means of measuring progress in farming. Record systems can be organized to lit the basis of report ing income tax, found most favor able to the individual farmer. ' The most commonly used ac counting method used by farmers is the "cash receipts and disburse ments" method. Under this system all taxable income ? whether re ceived in cash or property?is list ed in the year received. Expenses incurred in producing farm com modities are deductible only in the taxable year in which they are paid. Gross income under the cash method includes reecipts during the taxable year from the sale of raised livestock, poultry, crops, and produce breeding fees; rents; agri cultural program payments; patron age dividends; and profits from the sale of livestock and other items which were purchased. Many farmers who are likely to sell two or more years' production in one year use the "accrual" ac counting method. Under this sys tem, farm income is included in income for the year in which it is earned, regardless of when pay ment is received Changes in in ventory values of livestock, crops, produce, feed, etc. during the tax able year are considered equivalent to increases or decreases in in come. Unlike the cash method, complete Inventories at the begin ning and end of the year are re quired for reporting on the accru al method. Under the accrual meth od, farm expenses are deductible In the taxable year in which incurred, whether paid or not. Over a period of years, the accru al method may allow a smaller tax outlay since taxes are progressive and since a more uniform taxable income is shown than under the cash method. On the other hand the cash method has certain ad vantages for more simplified rec ord-keeping. When using the cash method, proceeds from crops and products are not included until re ceived and inventories are not needed to determine income. A farther filing an income tax return for the first time in 1956 may choose the accounting method most suitable to his situation. How ever, once the accounting method is established, a change requires the consent of the Commissioner of Internal Revenue. The accounting method of farm records should be identical to the method used in reporting income tax In order to provide adequate information for completing tax re turns. Regardless of the method of accounting used, entries should be kept up-to-date and properly iden tified. For example, all items of receipts should be described to show whether they are taxable. Records of expenses enable the farmer to substantiate his deduc tions. Since expense transactions occur more frequently than income, carelessness in record - keeping could cost extra tax dollars when some of fhe numerous expense items are overlooked or forgotten. In addition to income and ex penses, purchases of capital items as machinery, and livestock held for breeding, dairy, and draft pur poses should be recorded. Without a record of the cost of such items, the depreciation allowance cannot be determined. Records on capital assets and depreciable property used in the farming business are also necessary to compute gains and lose from the disposition of | such items. NOTICE OF SALE On Monday, February 27, 1956. at 11:00 o'clock A.M., at the Court House door in Town of Waynes ville, N. C., I will offer for sale, at public outcry to the highest bid der for cash,-the following describ ed lands and premises situate, ly ing and being in Pigeon Town ship, Haywopd County, N. C., to-_ wit: BEGINNING on a stake in Northwest margin of Central Ave nue at the Eastmost .corner of the lot conveyed to Clyde Jackson (Deed Book 134, page 52). and runs with line of that Lot, North 50? 30' West 147 feet fo a stake in Southeast margin of Sunset Drive; thence with margin of that street, three calls as follows: North 54* 55' East 40 feet; North 64" 55' East 41 feet; North 54* 55' East 27 feet to a stake, which stake is the West most corner of the Homer Forney Lots (Book 133. page 168); thence with Forney's line, South 59? 30' East 100 feet to a stake in said margin of Central Avenue; thence with margin of that Street, South 32" 30' West 100 feet to the BE GINNNING, and BEING Lots Nos. 4 and 5 of a survey and subdivi sion made by Nathan Rogers, Sur veyor, of the property conveyed to Moses Osborne and wife, Lizzie Os borne. by James W. Hall et ux. by deed dated October 24, 1946, and recorded in Deed Book 130, page 561, Haywood County Registry. Sale will be made pursuant to the power and authority conferred up on the undersigned Trustee by that Deed of Trust dated December 29. 1952, executed by LeRoy Martin and wife, Rozella Martin, and re corded in Book 84, page 192, Hay wood County Registry, default hav ing been made in the payment of the indebtedness thereby secured, and demand for sale having been made by the holder thereof upon the undersigned. Sale will be made subject to 1956 taxes. This January 25, 1956. A. T. WARD, Trustee 2611?J 30 F 6-13-20 k*iii*11 iiT*Tv BP Get them tlarteJ right...give them a Good, Fast Start with "SO" Chick Starter (It's really got startin' quality!) PARTON FEED STORE 42| Depot St., Waynesville Bring Us Your A.S.C. ORDERS We'H Fill Them With Finest Quality Seeds ? ORCHARD GRASS BLUE GRASS LADINO CLOVER FESCUE WHITE CLOVER TIMOTHY RED CLOVER ALFALFA SEE US FOR BLUE RIDGE PLANT FOOD We Have A Complete Line of Farm l and Garden Tools ? CLINE - BRADLEY CO. Joe Cline ? Dick Bradley 5 Points Hazel wood Pre - School Centers For U.S. Urged By JANE EADS WASHINGTON ? Chrlatine M. Heinlg. pioneer In nursery school education, is urging community sponsored centers for pre-school children. She says she would like to see community child service centers within a five-mile radius of every residential area, to be used as laboratories and guidance clinics, offering parent education as well as complete health, recreational and training facilities.. and cus todial care for youngsters up to regular school age. Miss Heinig serves on the head quarters staff of the American Assn. of University Women. She has Just returned from a tour of New Zealand. Australia, New Guinea, Fiji, and the Philippines where she was invited to appraise the status of preschool education and advise on expanding programs. The tour was sponsored by the State Department. She said she was especially Im pressed with preschool centers in New Guinea. Operated by a hand ful of top citizens, these centers arc set up in scattered posts Of civilization in jungle country. They aye so important that a regu lar airline plane which she was to take to a speaking appointment was held back to await a delayed shipment of vegetables and school supplies. She was flown on, in stead, in a single-engine plane. At one place the local tribe pre pared the land for the building of a center. "They used only bones and shells for tools," Miss Heinlg observed. "They wore bones of the casso wary bird (like an ostrich) through their nose; bird of paradise feather ?headdresses and loin cloths." She brought back some of the bone and shell tools, a head hunter's axe, [ some native weaving, bamboo flutes and strings of seeds with holes drilled in them for beads. In answer to a reporter's sug gestion that the public might be disinclined to provide funds for the kind of centers she advocates here because of the existing short age of school facilities, she said an AAUW study of taxation and school financing urged a general re-assessment of real estate taxes. It also asked federal aid to edu cation to speed construction and allow for expansion in the period of adjustment ahead. Bookmobile Schedule Tuesday, Feb. 14 IRON DTTFF . RIVERSIDE . HYDER MT. Mrs. E. W. White 9:15- 9:30 Grady Davis 9:45-10:00 Helen Sanford 10:15-10:30 Dewey Davis 10:40-10:50 Floyd Green 11:00-11:15 Ruby Arrington 11:30-11:45 Ollie Mack .12:15-12:45 Thursday. Feb. 16 RATCLIFFE COVE J. P. Ledbetter 9:15- 9:30 Parris Store 9:30-10:00 Wright's Store 10:05-10:15 Wiley Franklin .... 10:30-10:45 Mrs. Henry Francis 11:00-11:15 Mt. Experiment Stn 11:30-11:45 Ratcliffe Cove Grocery 12:00-12:15 Hugh Francis 12:30-12:45 H. F. Francis 1:00- 1:15 Friday. Feb. 17 CRUSO Robert Freeman 9:30- 9:45 Sam Freeman 10:00-10:10 Cruso Grocery 10:15-10:30 Cruso School > 10:40-11:40 Dois Rogers .11:45-12:00 Mrs. Ella Pless 12:15-12:25 J. S. Williams 12:30-12:45 Burnett Cash Grocery .. 1:00- 1:15 Chemotherapy is the method of treating infectious diseases with chemical substances or drugs. The 17-year locust takes 16 years to develop from the egg stage to a full grown adult. FIRST COMMUNITY CENTER in Haywood County is this one at South Clyde, for which (round was hrohen in May, 1933. Added last year to the building were new chairs, cabinets, kitchen stove, serving counter, running water, sink, new heater, window and door screens. The interior of the buildinc. which measures 24 by 40 feet, also was painted last year. (County Afent's Photo by llolloway). N.C. Horticulturist Advises _____ Against Topping Of Trees (EDITOR'S NOTE ? The fol lowing article by John H. Harris, extension horticulturist, la print ed at the request of the Mountain View Garden Club of Waynes rille.) By JOHN H. HARRIS Stop, look, think, and you won't top your trees. Why? Here are four reasons. 1. Heavy cutting back of trees removes the limbs on which the leaves grow. The leaves make food for the tree, therefore, reducing the leaves reduces the food. The tree in desperation, puts out new limbs, but this isn't enough to sup port a large trunk and root system. The roots an dtrunk begin to decay and in a few years the tree dies or is blown down. 2. Topping trees destroys their natural shape. Prnue young trees when transplanted to offset loss of roots, but after that little prun ing will be necessary. Nature will put the right shape on the tree if the tree is given adequate light. 3. Cutting off limbs will make a tree compact. But most trees are too compact, they may need thin ning out to let more sun in. Also, more sun is needed on the grass un derneath. 4. Unless large limbs are properly removed and the wound kept covered with special tree plant (water soluable asphalt will do*, de cay will set in and you have a dis eased tree. To summarize, don't top your trees. If you need to remove large limbs for safety, have an expert do it. Any man that comes around wanting to fop your trees doesn't know the first thing about tree pruning. Consult your county agent for a list of reputable tree sur geonts. If some of your trees and shrubs get broken by snow or ice, prune off the broken limbs and shape the plant as best you can. Don't worry too much, nature has a wonderful way of reshaping plants Some plants will "bleed" profusely when broken or cut in late winter dr early spring. There isn't any way to stop this bleeding and, too, it doesn't seem to hurt the plant too much. So, don't get excited. By Return Mail ROCKFORD. III. <AP> ? Police are busy locating the owners of 80 stolen wallets found In a box beside a drtve-up mall box. Oscar Bratton, superintendent of a branch post office, said they were neatly packed In the box with identification still intact. By questioning the owners po lice- hope to learn how the thief operated. I Study Being Made Of Noises, And Affect On Health By PETE IVEY Some noises are spine-tingling. Other noises make flesto crawl. 1 Some sounds nauseate the hearer. I Others don't bother him at all. ! At a special occupational health seminar at Chapel Hill this week, doctors and manufacturers are get ting together to discuss health of employes and general productivity. The effects of noises on workers is one of the topics. Some factory noises grate on the nerves. Other loud noises may have an impact on the emotions ? and the output ? of workers. ''Psycho-Acoustics" is the name the medicos have thought up for it. "I don't see how noises make any difference," said a reporter to one of the doctors in charge. "News papermen work smoothly in' spite -of all kinds of noises and disturb ances. The clackety-clack of a doz en typewriters is music to report ers and editors." It was also stressed that there's a lot of noise in the blacksmlthing business. Pounding the anvil, and all that. Yet look at Longfellow's vision of the village blacksmith? "A mighty man, with strong and sinewy hands." It may not always be the loud ness of the noise that disturbs and dismays the listeners, the doctor said. "It could be that a regular noise, like pounding on an anvil, is not bad at all, healthwise. It may be that the variety of noises is the thing, or the rasping effects, "or some other aspect of the noise factor." The noise topic is just one of the health-industry subjects to be discussed at Chapel Hill. Over 1100 manufacturing con cerns i/i the state have been in vited to send representatives to the meeting. The UNC Medical School, Liberty Mutual Insurance Co. and others are co-operating. Calm Celebration DOUGLAS, Ariz. (API ? Every had a real blow-out at the party honoring Frank Crabtree's retire ment except the guest of honor. He had to take it easy. Crabtiee, a postal employee here for 35 years, went to work bright and early the next day as office manager for a refrigeration store. NOTICE NORTH CAROLINA HAYWOOD COUNTY The undersigned, having quali fied as executrix of the Estate of Paul William McElroy, deceased, late of Haywood County, this Is to notify all persons having claims against said estate to present them to the executrix for said estate. Mrs. Josephine M. McElroy, Lake Junaluska, North Carolina, on or before the 5th day of January. 1957, or this notice will be pleaded in bar of their recovery. This the 9th day of January, 1956, Mrs. Josephine M. McElroy Executrix. 2601?J 9-16-23-30 F 6-13 ADMINISTRATOR NOTICE Having qualified as Administra tor of the estate of James Cald well, deceased, late of Haywood County, North Carolina, this is to notify all persons having claims against the estate of said deceased to exhibit them to the undersigned at Waynesville, Nofth Carolina, on or before the 16th day of January. 1957 or this notice will be pleaded in bar of their recovery. All per sons indebted to said estate will please make immediate payment. This the 16th day of January, 1956 Gudger Cagle, Administrator of the Estate of James Caldwell, deceased. 2607?-J 16-23-30 F 6-13-20 NOW IS THE TIME TO INSTALL FIELD DRAIN TILE ? PROVIDES BETTER DRAINAGE ? CHEAPEST DRAINAGE IN THE LONG RUN. ? SAVES LAND AND HELPS TO MAKE LARGER FIELDS Ask For Technical Help From Soil Conservation Service And Cost Sharing From ASC Committee. BUY YOUR TILE FROM US ? HAYWOOD COUNTY FARMERS CO-OP H. M. Dulin, Mgr. LET US FILL YOUR A.S.C. ORDERS We Have A Complete Line of Field Seeds ? Also Blue Ridge Plant Food . . . And ? RAGGED OR BULK LIME I ? 2-12-12 FERTILIZER ? SUPERPHOSPHATE ? POTASH . . . REMEMBER YOU SAVE TWICE AT YOUR Haywood County Farmers Co-op, Inc. H. M. DULIN, MGR. Depot Street Dial GL 6-8621 - v--y ctarted in January, Feb ruary, and early March... should moko $20 to $40 oxtra profits por 100 pullot chicks ... because they will lay more eggs in the fall and early winter when egg prices are highest. Book your chicks now for oarly dolivtry. Cline - Bradley Co. Joe CI toe - Dick Bridlry 5 Points, Hazelwood Diftl GL 6-3181 AV.V.VA I Many Farmers Fear fid Of Proposed U.S. Soil Bank By OVID A. MARTIN Associated Press Fan* Reporter WASHINGTON ? Many farm leaders fear that the proposed soil bank plan for reducing price-de pressing crop surpluses might sow seeds for future farm headaches similar to the one it is designed to cure. Under the soil bank plan, farm er* woujd be paid by the govern ment to reduce plantings until present oversupplies have been disposed of and farm prices?no longer burdened by surpluses?are free to rise to levels more favor able to farmers. The general Idea is favored by farm leaders in both major parties as well as by most of the major farm organizations. President Els enhower made it the major point in new farm program recommend ations to Congress. But many of the proposal's back ers look ahead and see the possi bility of new surpluses developing after the present ones are disposed of. This might lead to farm prices and incomes falling again?unless, of course, markets not now in sight develop. The administration believes that wheat, corn and other crops could be eliminated within three or four years if farmers went along with the program. Farm law authorizes'use of these controls only when supplies be come larger than the total of mar ket needs and a normal reserve. The year I960 would be a bright 1 one for farmers for still another | reason. Government price supports for the major crops would be back to the 90 per cent of parity level that prevailed during the war and 1 early postwar years under the Tru man administration. Parity is the price goal of farm programs. It Is a standard for measuring farm prices declared by law to be fair to farmers in relation to prices they must pay for necessities. The flexible price support sys tem of the Eisenhower adminis tration ? assuming, of course, it wore still in effect in 1960?would pull the price floors back to the 90 per cent parity level. State College Answers Tamely Farm Questions QUESTION: Is light or heavy pruning best for oldrr fruit trees? ANSWER: Prune young trees lightly, and older (13 years) bear ing trees as needed to open them anl permit adequate spray cover age and sufficient light for good quality fruit. QUESTION: What is the best way to keep land from eroding? ANSWER: When it comes to holding, the soil, controlling ero sion, and checMng runoff, a good sod is hard to beat Consider this when planning coservation prac tices to be carried out this fall. QUESTION: Can brown spot fungus carry over from one sea son to the next? ANSWER: Yes. According to Furney A. Todd, extension tobacco specialist. It's a good idea for grow ers to cut their tobacco stalks as soon as possible after harvest and to plant next year's croo in differ ent fields when possible. A recent survey of 424 herds doing DllIA testing in North Car olina showed that 422 of them? 75 per cent?were using artificial breeding. for Fast Effective V/ICKS Relief, use Vvaporub m HCAV/HO rot \ | CLINE-BRADLEY CO. J ? You'll find Ihc fined vegetable and lover oeede la town at... CLINE-BRADLEY CO. ft 5 Points ? Hanelwood Meet the man who performs hundreds of "weddings" a day.*. Bill I* just one of obout 1,300 Southern Bell coble splicer*. Been with the Com ? pony almost 10 years. He's octive in HkM PTA work, likes to bowl, and is as handy with tools around the house as on the %. ? job. Was "topkick" to his National I Guard pals for years. Meet Bill Baker, cable splicer for Southern Bell.* In his day's work he "joins together" the hundiem of tiny wires in the telephone cables which carry your calls. * Cable splicing is just one of many jobs it takes to fill your telephone needs. And Bill is typical of some 65,000 Southern Bell people who work as a well-coached team. Keeping intricate equipment in top shape. Putting your calls through. Giving you the kind of service you want. Because you can depend on the people behind the lines, you can depend on your telephone ? 24 hours a day. ? Southern Belt Telephone ? and T?l?graph Company
The Waynesville Mountaineer (Waynesville, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 13, 1956, edition 1
11
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