Newspapers / The Wallace Enterprise (Wallace, … / March 2, 1950, edition 1 / Page 8
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Income Tax Hints To Farmers Most farmers need consider able information on hand when they make out their Income tax returns. Many farmers will want the help of a person familiar with -tax-return forms and the tax law as it applies to farm income. If the services of a represent ative of a collector’s office is not readily available, then a county agent, banker or other depend able adviser may be able to help. Information about the farm business should be collected in advance of filling out the return. It includes a summary of farm receipts and expenses, a record of profits or losses on the sale of purchased livestock and a de preciation schedule for farm buildings, machinery and other depreciable property. Farmers who employ the cash method of accounting must use the special form 1040-F along with form 1040 in making out their returns. On 1040-F they put down their various kinds of in come and figure their net profit. Then the amount of the net profit as shown on line 10 form 1040-F is entered on line 23, sch edule C, page two of form 1040. Then form 1040 is filled out and the amount of tax determined. Farmers who use the inventory system of accounting may use either form 1040-F or schedule C on form 1040 to show net pro fit or loss. However, 1040-F has a convenient schedule for report ing inventories and for listing deductions. Farmers usually have many de ductible expenses. Among them are: Costs of purchased feed, min or repairs to farm buildings oth er than the farmer’s house, cost of small tools which have a • short period of life, fuel and oil used for farm work. Also deductible are costs of repair of farm machinery, cost of hiring laborers and machines, including the cost of board for laborers and of wages to domestic workers to the extent they are necessary to serve farm laborers. The farmer may deduct live stock fees for breeding, registra tion, transfer, cow testing, exhibi tion of animals and sheep shear ing. He also may deduct rent paid for pasture land, crop land and firm buildings, interest paid on notes and real estate mortg ages, the cost of sprays and other materials for insect and disease control, various purchased seeds and plants, insurance premiums nn farm hiiUriines. livestock and crops, farm organization dues and farm business travel costs. Some farmers who lose live stock in last winter’s blizzard (1949) get a tough break from an income standpoint. A farmer is not allowed to deduct the cost of destroyed animals which he has raised unless he uses his inventories to show his income. If he uses the inventory me thod, instead of the cash system of accounting, the loss of the animals must not exceed the pur tion of the animal. However, the loss of livestock purchased by farmers may be deducted. The amount of the de duction in the case of purchased animal must not exceed the pur chase price less the deprecia tion of th animal. The law does not allow deduc tion for losses of raised livestock on the grounds that the taxpayer can’t claim a loss on profits that are anticipated. For the same reason, he cannot deduct losses of crops he has grown. If a farmer pays his child for working for him, he may deduct the sum of the child’s wages as a farm expense. He cannot de duct the value of the child’s ser Many farmers will want to look into the special provisions for reporting income from the sale of timber, livestock and real es tate and depreciable property. Watha News Mr. and Mrs. Tommie Phillips of Norfolk, Va., Miss Peterson and Mrs. Lennor of Freeman were dinner guests of the Mills family Saturday. J. A. Teachey of Wilmington visited his parents, Mr. and Mrs. Isaac Teachey, Saturday. Mr. and Mrs. Ira Williams and Mr. and Mrs. O. E. Sharp of Dur ham visited Mr. and Mrs. Hicks Rooks Sunday. They also visited the azalea gardens in Wilming ton. Mr. and Mrs. R. F. Briggs of Henderson visited her aunt, Mrs. W. Y. Thompson, Sunday. Mr. and Mrs. L. F. Rooks visit de in Castle Hayne and Wilming ton Sunday. Clifton Wallace of Jacksonville visited Fred Rooks Sunday. Friends of Mrs. Marie Rooks will be glad to know she is able I to be at home for a visit after ♦ Jaaduuf TlewA—SodaLi Personals Mrs. Ellen Wells has returned from Washington, D. C., where she visited relatives Mr. and Mrs. M. W. Gardner and Nell of Asheboro visited Mrs. E. G. Forlow and other relatives. Miss Allene Wadsworth of Ral eigh spent the week-end with her parents, Mr. and Mrs. J. S. Wadsworth. * Mrs. W. M. Hearn, Mrs. Carl Orr, Mrs. Charles H. Hearn, Misses Carolyn Turner. Hilda and Ruth Hearn spent Wednes day in Wilmington. Mrs. Rivers Rouse, Mrs. Edg ar Wells, Mrs. C. T. Fussell Jr., and Miss Janice Rouse spent Friday in Wilmington. Mr. and Mrs. Hubert Boney spent the week-end visiting rel atives at Nohunta. J. P. Blanton has returned to Raleigh, having spent some time with his parents. Edgar Wells Jr., Mrs. Chas. H. Hearn and Ruth accompanied Mr. and Mrs. Jim Ramsey and Lindia to Raleigh on Friday. Mr. and Mrs. Rivers Rouse, Mr. and Mrs. Frank Fussell and baby visited Mr. and Mrs. Ben Wallace of Seven Springs on Sun day. Mr. and Mrs. J. M. Smith oi Clarkton visited Mr. and Mrs. W. M. Hearn Sunday. Mr. and Mrs. Levi Simmons and son have returned to their home in Raleigh, having spent some time with relatives. Dinner guests of Mr. and Mrs. George H.McMillan of Fay etteville on Sunday were Mrs. Chas. H. Hearn, Misses Janice Rouse, Ruth and Mirion Hearn, John Bland, Mrs. G. H. Robin son of Wallace, Mr. and Mrs. E. T. Van Court, Elmer Ray, Mar garet and Frances Van Court, Mr. and Mrs. J. D. Mallard, Mr. and Mrs. R. W. Wells, Mr. and Mrs. Woody Tate and children of Greensboro, Mr. and Mrs. T. R. McMillan, E. D. McMillan, Jar vis, Doris and Suzanne McMillan being a patient in Duke Hospit al in Durham. Mrs. Inez Swimson and Mrs. Nancy Swimson of Magnolia vis ited Mrs. Hattie Cavenaugh over the week-end. Mrs. Kenneth Sutton and child ren of Rocky Mount spent the week-end with her mother, Mrs. Daisy Cottle. of Fayetteville, Mrs. S. F. McMill an of Thomas ville. Training Union Members of the Baptist Church had a large attendance and sev eral to get certificates at their meeting for the past week and all enjoyed the pictures. Women Of Church Elect Officers The Women of the Church met on Monday afternoon at the Presbyterian church, electing the following slate of officers: Group 1, serving one year, in cluding Mrs. J. L. Wells, presi dent; Mrs. Charles H. Hearn, historian; Mrs. J. S. Wadsworth, chairman of world missions; Mrs. D. F. Rivenbark, chairman of annuities and relief, Mrs. Janie Ward, chairman of spirit ual growth; Mrs. Rivers Rouse, chairman of church extension. Group 2, serving two years, were Mre. Bill King, vice-pre sident; Miss Sarah E. Wells, treasurer; Mrs. Ray MacMillan, secretary; Mrs. David Wells, chairman of education; Mrs. Manly Teachey, chairman of stewardship; Mrs. Ben Brinkley, chairman of assembly special causes. Mrs. Charles H. Hearn was in charge of the program and re viewed the topic “Take Home Pay." The meeting closed with prayefr by Mrs. D. F. Rivenbark. One half of North Carolina’s forest land is In farms. This nine million acres of timberland is an important part of any farm management plan. More than 5,000 industrial plants in North Carolina depend directly upon the forests for raw material, and the value of their production is about $159,000,000 yearly. Compromise — (Continued From Ftxae One) opted, after being formally pres ented on the floor by Jimmy Powell of Bladen, stated that the board of directors would request the management division of the Rural Electrification Administra tion in Washington, D. C„ to make a survey and study of the territory now being served from the Burgaw office. It provided that a report be fil ed with the directors setting for th whether the most efficient and economical administration of the affairs of the corporation can best be served by allowing the office to remain in Burgaw or transferring it to Wallace, and pledged the directors to abide by the decision of the survey. Following adjournment of the meeting, *R. D. Ezzelle, Wallace, was awarded an electric range at a drawing. Forty— (Cnntinved From Page One) Edwin Futreal, Chinquapin; Roy Sanderson, Beulaville; Fred Revelle, Warsaw; Rodney Harp er, Deep Run; C. H. Hearn, Tea chey; John Francis Arcuri, Fai son; Bland Noble, Pink Hill; Wal ter Rhodes, Beulaville; Zollie Kornegay, Mt. Olive; G.»H. Blan ton, Wallace; W. G. Dixon, Rou te 2, Rose Hill; C. R. Wells, Rou te 2, Rose Hill; James Ward, Rose Hill. Stories — (Continued from Page One) dren. "Before the Red Cross started this program I had some exper ience with blood transfusions. My wife had to have about 19 or 20 of them. I had to scour the town, ask my friends, urge my family, and do everything under the sun to get the blood for her. I had to buy a lot of it and that meant between $35 and $50 a pint. Even when you had the money to pay the fellows for donating it, it wasn’t easy to find ’em because most people don’t like to sell their blood. Then you always have to worry about the right type, you know. “Well, we have a Red Cross Blood Program now and all that is ended. I talk up the Red Cross program at the lodge and at the plant too. If more of those guys realized what it means to be able to get blood when someone in your family needs it, they’d go down and donate in a hurry. Gosh, you can’t tell when you or your wife or one of the kids may need it—and right away too. If you have to wait around to find the right person or dig up money to pay for the blood in advance, you could die in the meantime. I’m mighty happy that the Red Cross has changed all of that.’’ This picture represents one of the big changes being made in Duplin County and throughout the South as > a result of conservation farming. From cotton to fescue grasses, clover and cattle, that’s the history of the improved pasture shown above and which supervisors from the Southeastern Soil Con servation District are helping farmers to attain. Improved pastures, part of a year-round grazing sys tem, are in many instances made possible by good land use and soil conservation methods. “Many farmers damage their pastures or in some cases ruin them completely by grazing too early or too much,” said Ellis Vestal, chairman of the Duplin Coun ty Soil Conservation District Supervisors. He pointed out that if the improved pastures were grazed too close, the undesirable grasses and weeds would come up and shade out the stunted Ladino clover and Fescue the next summer. Mrs.— {Continued From Page One) Henderson County. Orgaized team games followed, and this fall and winter saw the beginn ing of instruction in hand crafts, with classes meeting each Sat urday morning. Now, clay modeling known as Huckleberry primitives are be ing made and placed on the mar ket, as the native clay seems to offer a future in ceramics. The year-round students are also do ing simple woodworking, weav ing and other crafts. Weeks (Continued from Page One) Fermate, also dithane, and Z-78 (Parzate). While discussing the tobacco disease, Mr. Weeks indicated that there is a wide-spread con cern among growers who are finding that insects are attack ing the plant beds and doing"*" some damage. He pointed out that there are several insects in evidence; how ever, “the following compounds will be generally effective agai nst most of the attackers. The first recommendation was the use of 1 percent of Parath yron applied one-pound to the 100 square yards. Five percent DDT applied the same as Para thyron was also recommended. The cold weather we have had this week will act as a tem porary stopper against further damage by the insects, but as soon as the weather turns warm again, Weeks concluded, the in sects will resume their destruc tive work and it will take a che mical agent to bring the attacks under control. Quality Printing Model B-3 BOSTITCH Carbon Paper • Show Card Inks • Stamp Pad Inks • Laundry Marking Outfits • Pastes—Cements Ink Eradicator Solution • Carter’s Fountain Pen • Robber Stamp ;/■ SEE US FOR YOUR REXT PRINTING ORDER " 1 ' .— IN STOCK Art ff\eta\
The Wallace Enterprise (Wallace, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
March 2, 1950, edition 1
8
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