PARKING CRACKDOWN - Officer K.B. Griffin strides away after ticketing a
car for illegal parking on West Elwood Avenue. Police have been seen
frequenting the block looking for overtime porkers.
Boy Scouts Need Bus
Boy Scout troop No. 434 is soliciting funds for the purchase of a bus,
scoutmaster James O. Cunningham announced.
Twenty three members are in the troop and a bus is needed because
the troop is growing larger, Cunningham said. The only transportation
available is the scoutmaster's truck.
The scouts are asking help for this project with cash contributions or
donations of equipment. Contributions may be sent to Troop No. 434,
c/o James O. Cunningham, P.O. Box 811, Raeford 28376.
? Bank Of Raeford Offers
Social Security-Deposit Plan
The Bank of Raeford is offering
direct deposit of Social Security
checks as a new service, president
Gene Carter announced.
Customers may fill out a form
available at the bank to participate.
The service assures the customer of
automatic deposit to the account by
direct mailing of monthly Social
Security payments.
Taxpayers Ask IRS
This column of questions and
answers on federal tax matters is
provided by the local office of the
U.S. Internal Revenue Service and is
published as a public service to
taxpayers. The column answers
questions most frequently asked by
taxpayers.
Q - My home was burglarized
recently and I sustained a loss of
several thousand dollars. Can I take a
deduction for this loss?
A - Yes. A personal theft loss is
deductible to the extent it exceeds
SI00 and must be claimed in the
year you discover the theft. The
amount of the theft loss deduction is
the lesser of: 1) the fair market value
of the property; or 2) your adjusted
basis in the property, that is,
generally what you paid in cash or
property, with adjustments for
depreciation, capital expenditures,
etc. The theft loss must be reduced
by any insurance or other
compensation you receive or
anticipate receiving for the stolen
property and by the $100 limitation.
For example, if your total loss
equalled S6.000 and you received
$3,000 in insurance compensation,
your loss is $3,000. With the $100
limitation for ? theft and casualty
losses you may deduct $2,900 on
your return.
If the loss occurred on property
held for personal use six months or
less or if this was your only theft or
casualty loss for the year on property
held for personal use, yot^ .may
report the deduction on lifl'es 25
through 29 of Schedule A, Form
1040. If the property was held more
than six months, it must be reported
on Section A, Part I of Form 4797,
Supplemental Schedule of Gains and
Losses, along with all other casulty
gains and losses on property held
over six months. If you had more
than one casualty or theft loss during
tire year, you should first complete
Part 11, Form 4684, Casualties and
Thefts.
Q - I just read about a new law
which allows individuals who^are not
self-employed to set up their own
retirement savings program. How
does this work?
A - Under the Pension Reform
Act of 1974, eligible individuals may
establish their own retirement savings
program by making contributions
each year equal to either 15 percent
of compensation or $1500 per year,
whichever is less. Such contributions
are generally tax deductible and
create a fund from which the
individual can draw income during
retirement.
To be eligible for the individual
retirement savings program, an
individual must not contribute
during any part of the tax year to: an
employer's qualified pension,
profit-sharing, stock bonus, annuity
or bond-purchase plan; a government
retirement plan; an annuity contract
purchased by certain tax exempt
organizations or public schools; or a
plan for self-employed workers.
For further information on how to
set up an individual retirement
savings program, read Tax
Information on Individual
Retirement Savings Programs, IRS
Publication 590, free from your
nearest IRS office.
Q - I bought a new home last
month, but did not qualify for the
Ave percent housing credit because
the seller could not certify that the
sale price of the home was the lowest
ever offered. Is it true that this
requirement for the housing credit
has been changed'1
A - Yes. A new law may qualify
you for the credit if the seller can
certify that your new principal
residence was purchased at the
lowest price offered after February
28, 1975. Because this dtange is
retroactive, you may still qualify
even though you have already bought
the home. You should contact the
seller of your home who must certify
in writing: 1) that the sale price was
the lowest price offered after
February 28, 1975; and 2) that
construction of the home was begun
before March 26, 1975.
If you have additional questions
about the credit, contact Taxpayer
Assistance at your nearest IRS office.
Q. 1 bought a brand new house in
April 1975. The builder told me that
he could not certify the house to
qualify for the 5% tax credit now
available on some new home
purchases, since he had raised the
original sales price of the house in
January. Now I understand I may be
eligible for the credit. Is this true?
A. Yes. The original law was
changed so taxpayers have to show
that they bought the house at the
k>we?t price offered since February
28, 1975, not at the lowest price ever
offered. The law is retroactive, so
you now may be eligible for the
credit. All you need is the
appropriate certification from the
seller. For further information see
IRS Publication 591. "Tax Credit for
the New Home Buyer."
Q. At the urging of our employer,
five of us have formed a car pool to
drive to and from work. I would like
to know if the car pool expenses arc
deductible, and if the money 1
receive from the riders is taxable
A. The gas, repairs and other
expenses for operating a car pool are
considered personal expenses and are
not deductible. On the other hand,
the money received from each of the
riders is considered reimbursement
for travel expense, and is not taxable
income, unless you have developed
the arrangment into a business or
trade for transporting the riders.
Q. A flood completely destroyed
new carpeting we were installing in a
bssement family room. Our insurance
company declared the carepting a
total loss, but since we were
underinsured, they reimbursed us
only $700 of the $ 1000 we paid. Can
I deduct the $300 as loss?
A. Since you intended to use the
carpeting in your home and not in a
business, the loss is considered a
personal casualty loss and is
deductible to the extent it exceeds
$100. Your allowable loss would be
$200, that is the $1000 cost minus
the $700 insurance proceeds and the
$100 limitation.
You must be able to show the
natury of the casualty and when it
occurred, that you owned the
property when the casualty occurred
and that the loss was a direct cause
of the casualty.
Then you must show the amount
of deductible loss with some records
documenting property's initial cost,
the property's value before and after
the casualty and Value of insurance
and other compensation, including
free repairs and cleanup offered by a
disaster relief agency.
Housing Authority
Begins Hunt For Funds
The Raeford Housing Authority
met Wednesday night and endorsed
plans for an agent to assist low
income families throughout the
county and then agreed to investigate
sources of funding available for
housing construction.
Chairman Neill McFadyen and
secretary Dayna Pate explained the
housing agent proposal to the panel
and briefed the members on their
appearance before the county
commissioners.
The agent will be placed in the
county agent's office under a grant
administered by A&T University for
two years at no cost to the county.
The idea was approved by the
commissioners Thursday.
McFadyen reported to the
committee on possible funding lor
low income housing construction
under section eight, housing
assistance payments program of tire
Department of Housing and Urban
Development (HUD).
The city might be eligible for aid
to construct up to 40 units, Mrs. Pate
said. The committee agreed to
submit an application for the
program.
Mrs. Pate was also designated to
investigate other sources of funds
through HUD and report her findings
at a later meeting.
The committee has set the first
Wednesday of every month as a
regular meeting date. The meetings
are held at city hall and are open to
the public.
Historic 'Scotch Tigers'
Will Gather Sept. 13
Bill Williamson, insurance
salesman of Hamlet, is president of
the "Scotch Tigers", who will have
their annual reunion and banquet at
the Parkton National Guard Armory
Saturday, Sept. 13.
The "Scotch Tigers" are the
former National Guard members who
were mustered into federal service on
September 16, 1940. They were
known back in the U.S. Army during
World War II as Company "L" 120th
Infantry of the Famed 30th Infantry
Division.
The Historical Parkton National
Guard was organized in Lumber
Bridge on October 12, 1847. Captain
Arch Malloy was their first Captain.
On April 13, 1862 the Military
Company became Company "D"
North Carolina's 51st Regiment and
participated in the War Between the
States. Captain Robert J. McEachin,
was their Captain. The 51st, 31st,
and 61st Regiments made up the
General Thomas L. Clingman's
Brigade. In 1860 Thomas L.
Clingman defeated Zebulan Vance
for the U.S. Senate for North
Carolina. During the war they won
every battle except the last.
After the War Between the States
the Military Company was
reorganized. Captain Hector
McEachin was their Captain. He later
resigned as he was elected sheriff of
Robeson County. Captain John D.
Malloy, of Civil War Fame, who had
previously taken the Captancy after
the death of Captain Robert J.
McEachin, at the Second Battle of
Cold Harbor, Virginia, took over as
Captain.
During the Spanish - American
War, the Military Company was
known as Company "F" North
Carolina's 2nd Regiment. Captain
Stephen J. Cobb, was their Captain
during the Spanish - American War.
Captain Cobb later made Colonel and
was Regimental Commander during
the year 1903.
During World War I the Military
Company was right there. It had just
served six months on the Mexican
border; then they trained at Camp
Sevier, near Greenville, South
Carolina. They entered World War 1
as Company "L" 119th Infantry of
the 30th Division. They participated
in seven major battles, including the
breaking of the Hindenburg Line.
After World War I the Military
Company was moved from Lumber
Bridge to Parkton. It then became
Company "L" 120th Infantry of the
30th Infantry Division and it
remained that until the end of World
War 11. It was during World War II
that they picked up the nickname of
"Roosevelt's Storm Troopers" as
they participated in five major
battles, including the breaking of the
Ziegfried Line, Battle of the Belgium
Bulge, Colone, and were just fout
miles from Berlin when World War II
came to a close.
Award Book
Names Man
Robert Taylor was chosen for
inclusion in the 1975 Outstanding
Young Men of America publication.
The yearbook recognizes the
achievements of over 9,000 young
men in the nation and is sponsored
by civic and service organizations.
Taylor now lives in Wyncote, Pa.
Me stock in America.
Buy U.S. Savings Bonds.
It was during the War Between the
States that the old Military Company
became very famous under their
nickname "Scotch Tigers". We as
members today are very proud to
claim the heritage of such a famous
outfit.
Colonel Ernest D. McGougan. also
a past mayor of Lumber Bridge, will
be present for the reunion September
13th. Colonel McGougan was
Captain of the Scotch Tigers on
September 16, 1940 when they were
mustered into federal service. He is
now 82 years old, but looks much
younger.
Williamson will preside over the
meeting. With him will be General
Robert A. Hughes, vice president and
past master sergeant John R. Walker,
who is secretary and treasurer,
Parkton's National Guard is the
oldest Military Company in North
Carolina, which still continues as a
National Guard and the second
oldest in our nation.
BY PASS ROUTE ~ Residents along Palmer Street (shown here J were unhappy
with the occasion last week that will make this street part of a by pass route to
carry truck traffic.
Arthritis Topic Of Program
Arthritis will be the topic of the
health education program offered by
the Hoke County Retired Teachers
Association on Sept. 17 at 10:30
A.M. in the fellowship hall of the
Raeford Methodist Church.
The hour - long program,
sponsored by the National Retired
Teachers Association and the
American Association of Retired
Persons, will include a film and
audience participation materials.
Further information may be
obtained from Mrs. Glenn Wood at
875-2026.
Two can ride cheaper
than one.
wei6h less
OR PAY NOTHING
Start losing weight today OR MONEY
BACK. MONAOEX it a tiny tablet that
will help curb your deiire tor excctt
food. Eat lett - weigh lets. Contains nc
dangerous drugs and will not make you
nervous. No strenuous exercise. Change
your life . start today. MONADEX
costs $3.00 for a 20 day supply and
$5.00 for twice the amount. Lose ugly
fat or your money will be refunded with
no questions asked by:
Howell Drug Store ? Raeford
MaH^^ders^hejj
J.H. AUSTIN
INSURANCE
SINCE 1950
AUTO-FIRE-LIFE ^
CASUALTY
114 W. Edinborough Avenue Rhone 875-3667
GUDDENWBbi^SALE
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Sale Days Sept. 11th Thru Sept. 20th
The Johnson Company
110 E. CENTRAL AVE.