f«gc 4
THE KINGS MOUNTAIN HERALD. KINGS MOUNTAIN. N. C.
Thursday, October 22, 1970
IRS Answers Taxpayen'Qnestions
Tills column of questions and
answers on federal tax matters
is provided by the local office
of the U.S. Internal Revenu»‘
Sen iee. and is publisned as a
public serviei- to taxpayers.
'Phe column answers questions
must fi-equently asked by ta.v
(layers.
yi—A fellow at the place where
1 work after school says I can
stop income tax withholding on
my pay if I want to. Is that
right? '
A V<'s, you may .stop incomr
the (layment is not identified by
the taxpayer’s social .security
number.
If the payment carries a social
security number then it can be
readily identified and credited to
the taxpayer’s account
Q My neighboi's tell me I can
sell my hoiuse and not pay any
tax on the profit since I’m over
(si. Can I really do that?
A Ves, all or part of the prof
its from the sale of the home
may he lax fr«> If you are 65 or
ov.'r iK'fore the date of the sale
tax withholding on your I'arn-I and owned an I used the house
ings if you owed no kAsleral in
come tax last vear an<l exp<‘ct to
owe none this year. This is doni
by comideting form W-l E arid
giving it to your employer. If
you earn less than $1725 this
year you won't have to |)ay tax.
Q The $7f) (jayment I sent in
several weeks ago was not de-
ducted from the lax hill you .sent
met What should 1 do?
as .jour principal residence for at
least five of the last eight years
When these conditions are
met, all the profit is lax free
when the adjusted sales prioe
is $20,000 or less. When the
price is above that, only a pro
portionate part of the profit is
taxable.
For details in this and other
I benefits for taxpayers 65 and
A—Reduce the bill by the a- | over, send a post card to your
mount of yoL:r last paymcml and i district office and ask for a
pay till- difference. Return the free copy of Publication 554„ Tax
bill with your pa.\7nent and note | Ilenefits for Older Americans,
on it tlie amount of >our previous i Q d’m IhinJcing of buying
pawmeni, the date (laid and .some shares of sitoetk. Is there
wltere it was sent. What might any advantaige of putting the ac-
have happened is that the bill
wa.s i.ssuet) tx-’tore your payment
had h<“en processed and ercHlitcsl
to your account.
Sometimes, hi*wever, payments
are r<‘c<‘ivc‘d that cannot be erect
count in my wife’s name as well
as my own?
A- There are many considera
tions to be taken into acoount.
From a Federal Tax standpoint,
the owner of stock is entitlqd to
itcJ because there js insufficient | exclude up to $100 in ordinary
information to identify th<‘ pay | dividends from his income. If the
ment. This hapixms when the i slock is jointly owned, then each
payment is received without an 1 could receive up to $100 in dlvl-
accompar.ving bill or notice' and'dends tax fre<'.
once-a-year
CANDY SPECIAL
IV4 lbs reg. $350. ....$279
FAVORIJE8
MovJf Russell
Stover FAVORITES at a very special price . . . you'll find a
° nuts, caramels, miniatures, milk
chocolates, dark vanilla chocolates and butler bons Treat
yourself and your family or friends to this generous sampling
ol many Russell Stover FAVORITES. *
GRirnN'S DRUG
YOUR PRESCRIPTION STORE
FREE PICKUP & DKLIVERY
PHONE 739-4721 • 129 MOUNTAIN ST.
ROSES
GET A HUGE
11x14 WALL
PORTRAIT ONLY
of Yoor Child
2 Days Only!
Frie-Sat.
Oct. 23-24
PHOTOGRAPHERS HOURS:
10 A.M.-l P.M.; 2 P.M.-5 P.M. DAILY
No Appointment Necessary • No Ago limit
• Limit; One Per Child — Two Per Family
• Groups Taken At $1.00 Per Subiact
215 S. BATTLEGROUND
What effect will the long sum
mer drought have on ornomen-
ttal trees and shrubs? This qliaes-
tion has been asked many times
and there is no satisfactory an
swer that can be given. Some
Siay: prune heavily, keep water
ed and fertilize, and the p.lants
w'ill make a quick lecovery and
be as good as new. This, simply,
is not true as I will try to point
out.
Some plants, have, obviously,
been kUl^ completely and must
be replaced. On the campus I ob
served 12 Helleri hollies dead un
der one redbud tree. Thv could
not compete for moistuie with
the deeper roots of the reibud.
We also lost five out of six Hel-
leris in another location with no
tree root competition. They were
in fulJ sun and the water loss
through the leaves by transpir
ation w’as very' high. With no
sou ntoisture to countor-balance
the loss of water through the
leaves, the plants could not sur
vive So much for plants that
have died.
■What about the plants that
wore less severely damaged by
the drought? A deal short or
limb here and there. One third
of the plant affected, etc. How to
handle these plants is our prob
lem.
Most home gardeners have ob
served that some plants are more
subject to water ddriciency than
others. The reason for this is the
fact that some plants have the
'ability to hold (bind) water more
than others.
We should remember, too. that
we have the cold winter temper
atures ahead of us and th "
effect of freeing is veriy •imUBr
to drought damage since, in oot.-i
cases, water is lemoved fram the
growing tissues.
Since we do risk the chance of
coM damage to plants already
drought damaged, I would sug-
igest no drastic pruning at this
time. I wci:ild, however, suggest
that dead shoots and limbs be
carefully removed from drought
damaged plants back to live tis
sue and that no pruning be done
beyond this treatment until
growth starts in the spring.
The plants will do their best
to overcome the injury by put
ting out new (adventitious) buds
to replace damageid- areas. When
this occurs, you will be in better
position to prune intelligently.
I would lightly fertilize the
plants in the spring, mulch, and
keep them watered.
Western Electric employees
studying with the assistance of
the Tuition Refund Program
earned a total of 155 degrees at
the college level.
In aid to edi-cation Western
Electric gave 2,241 varies of ap
paratus. equipment and machin
ery to more than 400 colleges.
Foote Mineral
Sales. Earnings
Up 13 Percent
Ebdon, Pa. October 15, 1970 —
Foote Mineral Company reported
higher sales and Improved earn
ings for the third quarter of 1970
and for the first nine months oi
1970 compared to the same per
iods in 1069.
Sales for the third quarter OH
1970 were $24,779,776 compared to
$31,768,592 In 196.0, an increase
ol 13%. Net earnings for the 1970
quarter Increased threefold to
$898,714 from the $293,787 report
ed a year ago. The net earnings
were equivalent to $.09 per .share
of common stock in 1970, after
provision for the pro rata preXerr
ed stock earnings requirement.
For the first nine months of
1970, net sales were a record
$78,418,881 representing a 13%
Increase over the $68,867,287 re
ported for the same period of
1980. The net eeirrUngs for Che first
nlhe months of 1970 were $3,148,-
674, an increase of 93% over the
$1,631,403 reported for the 1969
period. Net eamlngs per conunon
ahare tor the first nine months of
1970 were equal to $.50. after pro.
vision for the pro rata preferred
stock eamlngs requirement,
6-W Students
To Intern Here
flOaJNG SPRINGS — Five Gaid-
ner-Webb College student teach
ers will begin their Internship on
October ^ In .the Kings Moun
tain School System.
Kings Mountain schools partici.
pating ate: West Elementary and
Kings Mountain High School.
This is the first time Gardner-
Webb will participate In a teach
er training program on a senior
college basis. A total of 126 sen
iors will be sent this year to
teach in the two Carolinas, ac
cording to Dr. R. E. Carothere,
Chairman, Department of Educa
tion and Library Science.
These students will be involved
in student teaching for a period
of eight weeks. They will begin
by observing and participating on
a small scale and will eventually
take over full teaching responsi
bilities for a minimum of ninty
hours and up to 200 hours.
On April 3 these student teach
ers will take the National Teacher
Examinations. Then the N. C.
State Department of Publfc In
struction will examine their t’-nn-
scrlpt* at which time, Jf all ta
in order, the student will receive
a class “A” N. C. Teaching Certi
ficate.
Tie students are: Nancy B>Td,
Asheboro; Sandra Howell, Greer,
S. C.; James Roemer, Shelby: Wil
liam Crowe, Ellenboro; and Pren
tiss (hoggins, .Moaresviile.
CONGRESSMAN
IlM BROYHILL
IS THERE WHEN YOU NEED HIM
In addition to speaking for you a-
bout the great issues facing the coun
try, your Congressman. Jim Broyhill,
makes service r to the people of the
' 10th District' a top priority. He is
there when you need him. Thousands
of families have had his help in solv
ing their problems ’with the Federal
government. Through his offices in
Lenoir and Gastonia, offering 24-hour
service each day, he is on the job for
you. His mobile office moves into
every community bringing Congres
sional service directly to the people
and he / is working in the District
whenever the Congressional (schedule
permits him to leave the Nation's
Capital.
KEEP YOUR HELPING HAND IN WASHINGTON
BE-ELECT
CONGRESSMAN JIM RROYHIIL
TO CONTINUE SERVICE TO NORTH CAROLINA'S 10th DISTRICT
CLOS
OUT «*
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Durable Press Care on this
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Dryer, too
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Big Even-Heat Oven has
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2 storage drawers.
Lower drawer removes for easy
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$249
OR
VC
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trade
Frigidaire bothers to build
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