PAGE EIGHT BLYTHEriLLE (ARK.) COURIER KEWf SATURDAY, AUGUST T, 1954 Tox Revision 7 Million Wdl Benefit From. Controversial Dividend Deduction NOTE: This is the last of a. series of articles explaining how tti* n*w *»* revision bill affects individuals. By CHARLES F. BARRETT WASHINGTON (AP) — More than seven million corporation stockholders will share in the most controversial tax cut in all the 1,000 pages of the new tax revision bill. Aicer talking about it for years,* — Congress finally has restored a special tax benefit on dividends. It will reduce revenues an estimated 204 million dollars the first year, J up to 363 millions in later years. I Dividend income received special I treatment under . tax laws until j 1936, when Democrats struck it out! in The heydey of the "new deal/' The new tax cut is a symbol of the return to power of Republican tax philosophy. It is far less than recommended by the Eisenhower administration, but- it is still substantial and it j in £ trial °E a charge of murder, re-establishes the-principle, j James A. Cogburn, 33, a disappointed candidate who started went bv a Korean Vet Faces Trial After Spree LEXINGTON. Tenn. Ltf—A former Korean prisoner of war, his dream of being sheriff shattered, sat quietly in a cell today await- The tax cut is two-edged: First, you pay no taxes on the! shooting after the 'vote iirst *5G of dividends received each J against him. was trapped year. You can automatically ex- massive posse near here yester- clude this $50 from your income day. lor tax purposes. i His brother, 31-year-old Roy, Second, you get a "tax credit" | wounded by two state highway pa"—a further direct tax cut—of 4 j trolmen during the manhunt, was per cent of your remaining dividend! in fair condition at a hospital in income. j nearby Jackson, Tenn. Timing Important ! A "third man, James Chadwick, The timing is important this 13-5, oL~ Knoxville. Tenn., surren- year. The $50 deduction, applies to t dered meekly. He caught a ride dividends dated last Jan. 1 or: with Cogburn while hitchhiking- thereafter. The 4 per cent credit I some weeks ago and stayed on applies only to dividends received j when promised a job as deputy tftcr last Saturday—July 31. sheriff. There is a limit to the amount i The manhunt was ordered after you can claim under the 4 per cent i a wild gunfight in which Lexington Reds Okay U.S. Offer Of Food BERLIN (A—The East German press said today Soviet zone acceptance of American flood aid is in line with the Communist regime's "striving for friendly relations" with the American people. Editorial comment in the controlled Red press represented a sharp turnabout. Only a week ago, the official party organ spurned President Eisenhower's offer of food for flood victims as a guise for American hiring of spies. See Use of Plan The Communist press hinted that East German government may try to use its acceptance for a lever for recognition by the United States. i i "The East German government does not exclude any possibility or wishes for talks with governments having equal rights when this serves relaxation of international tensions and peace." the party newspaper Neues Deutschland said. The United States and other nations of the West do not recognize ! the Soviet zone regime on the I ground that it does not represent i the people. DIONNE POLIO STRIKES EARLY—Bobby -Hill, three-month-old son of Mr. and Mrs. Stanley Hill, of Blanchester, Ohio, is believed to be the youngest polio victim ever treated in an "iron lung" at Cincinnati's General Hospital. dividend tax credit. On your 1954 tax return, due - next April 15, you can claim dividend credit totaling more than 2 per cent of your "taxable" income, which is your income after all deductions and exemptions—the final figure on which the tax rate is applied. In future years, you can't claim & dividend tax credit of more than 4 per cent of your taxable income. So if most or all your income i* from dividends, you probably won't be able to get the full 4 per cent credit. And you can't get any tajc cut on dividends received from mutual savings-banks or building and loan associations, life insurance companies, foreign corporations, nonprofit cooperatives, or mutual insurance companies. These firms already are either tax-free, or not taxed as heavily as most corporations. Joint Plan If a husband and wife both have dividend income, and they file a joint return, they can deduct dividends received by each of them up to $50, for a total deduction of $100. But if the wife receives $35 in dividends and the husband $65, they can deduct only 185—the $50 maximum for the husband and the $35 for the wife. Here are examples of how all this adds up on tax returns: Say you have a family of four with $9,500 regular income and $1.000 income from dividends—a total of $10,500. Both husband and wife have more Patrolman Arthur Gurley, 50. was killed and Police Chief Clovis Stanfill critically wounded. ! The early-morning battle occurred in front of the courthouse— where election officials were tallying the vote which showed James Cogburn running a poor third in the Henderson County sheriff's race. Cogburn, after his capture, told officers the violence exploded over "dishonest politics." Police officers said James Cogburn had been acting "peculiar" ever since he was released from a Korean prison camp to find that his wife, believ'ing; him dead, had New Hearing Delay Sought For Dr. Samuel Sheppard CLEVELAND — Defense at- remarried. She later divorced Cogburn and remarried her "extra" husband. torneys planned another legal maneuver today in their fight to block a preliminary hearing of a first degree murder charge against Dr. Samuel Sheppard. They said they would file an affidavit of prejudice against the man who ordered him jailed — Gershom Barber, Bay Village council president. It was Barber, as acting mayor, who issued the warrant charging the young osteopath clubbed his 31-year-old wife Marilyn, to death in the bedroom of their Bay Village home July 4. Sheppard, 30, on "a bushy- than $60 in dividends, so first you subtract .the S100 dividend exclusion, leaving $10,400 in income. Then you subtract your $2,400 in personal exemptions and standard personal deduction of Si,000, leaving Taxable income of 57,000. Your regular tax rate would run to a tax bill of $1.490. But now you take 4 per cent of the $900 in dividends left after your exclu- Press Must Be Served SACRAMENTO (f, — Gov. Goodwin Knight brought his pretty bride home to the executive mansion yesterday and carried her across the threshold three times. *The first was for tradition, he said. The others were for press photographers. Austrian to Visit Ike VIENNA. Austria W — The Austrian government announced today Chancellor Julius Raab will visit President Eisenhower next November. The announcement said Eisenhower had invited Raab to go to Washington Nov. 21-27. blames the attack haired stranger." Timothy F. McMahon, one of Sheppard's lawyers, said "from what I've read in the newspapers, the statements Barber has made clearly indicate his prejudice." He didn't say what the statements were. Originally Barber set the preliminary hearing for this afternoon. Later it was continued to next Monday. Unless both sides agree, it cannot be postponed any further. The purpose of the hearing is to decide whether there is enough evidence to hold Dr. Sheppard for the grand jury. Detectives last night took a lengthy statement from a 20-year- old Cornell University medical student who described himself as an admirer of Sheppard. They didn't tell reporters what they had learned from Gervase M. Flick, who had visited the doctor during the day. But Flick, son of an osteopath at Bay View Hospital, where Sheppard practices, said he "gave them several leads." In Detroit last night police found Mrs. Margot Pebbles. 32, a nurse, could tell them nothing about Dr. Sheppard's past. She denied knowing the doctor. The nurse had worked for -a Los Angeles osteopath several years ago when Dr. Sheppard was studying in that city. Mrs. Pebbles was one of five women police tried to link with Sheppard in an attempt to show a motive for the slaying of the doctor's pregnant wife. 3 U. S. Priests Freed by Reds HONG- KONG (M—Three American Roman Catholic priests, released by the Chinese Communists as a result of the Geneva confer- j ence.. reached Hong Kong tonight from Yuanliing, Hunan Province. They "were the Reverends Linus Lombard of Ipswich, Mass.; Earnest Hotz of Brooklyn; and Lawrence Mullin of Jersey City. The priests, who were confined to Yuangling but never arrested, said there is much purging of Communist officials going on now. Japanese Refuse Movie TOKYO UP! — Japan's infant army today turned down a movie maker who wanted to use troops for a picture. - „ ™,, . „__ , . , Reason: The Army was sup- sipn. This is S36 f which is subtract- p0 sed to lose. ec from S1..460 to leave a final tax! payment of $1,424, Boosts Investment The dividend provision saved you S58-S22 in your S100 exclusion and $36 on your 4 per cent credit. The administration argues all this will encourage public investment in stocks, and that this will help business expand and create more and better jobs for everybody. Republicans protest corporation profits are taxed twice—first under the corporation tax rate, and again under persona] rates when passed out as dividends. Opponents argue 80 per cent of the dividend tax cut, or 290 million dollars, will go to six-tenths of 1 per cent of American families. They say this is an unjustified special benefit to wealthy persons. Know The Law! You can fcave a free copy of the Motor Vehicle Safety Responsibility Law for the mere asking. Call or see "Dee" at the United Inur- ance Ajrency, ill W. Main Phone 3-6812 Man Slays Family TOKYO (/Pi — A 36-year-old man went berserk yesterday, and strangled his wife, hacked his four children to death with a knife, set fire to his house and perished in the blaze, police reported today. Man-Eating Fish NEW YORK (.<?)—A rare black piranha, an 11-inch man-eating fish that can bite a'finger off with one snap, is on exhibition in the aquarium of the Bronx Zoo. Two more are being studied in tanks in the Zoo's laboratory'. Although other species of piranhas are common, these are the first black piranhas to be exhibited in any aquarium, zoo officials say. It is impossible to keep more than one in a tank because they bite huge | chunks out of each other. A nat- j uralist once described the piranha i as "probably the wickedest fish that swims; by the side of him a shark is a perfect gentleman." Harrison Girl Wins Water Carnival Crown BATESVILLE, Ark. tfj — Hazel- eyed Ann Akers of Harrison, Ark., was crowned Queen of the White River Water Carnival last night. (Continued from Page M weakened her, nurse Believeau said, and in the morning she refused her breakfast. Third Stroke At 9 a.m. she appeared to be sleeping. The sister who had been at her bedside went to Mass, thinking the girl was no longer in danger. • Returning, the sisters discovered she had suffered her third stroke. They summoned Dr. Albert Joannette from Ste. Agathe. He pronounced her dead when he reached her bedside about 10:30 a.m. Her father, in Callander, announced the death during the afternoon. He said the body will lie in the living room of the big Dionne house before the funeral. Mourners will be permitted to pay their respects, but curiosity seekers will not be admitted. The funeral services will be at 9:30 a.m. Monday in the Sacred Heart of Jesus Church in nearby Corbeil, with. Rev. W. H. LaFrance the parish priest, officiating. Emilie will be buried beside her four grandparents in the tiny Corbeil Cemetery. Emilie, considered the most affectionate of the five identical quints, always was closest to Marie, the tiniest and most delicate. When Marie left the Quebec City cloister of the Servants of. the Blessed Sacrament last month after spending six months there as a postulant and two as a novice, Emilie went from Ste. Agathe to Montreal to meet her. Lost in Traffic She became lost in the city traffic and asked directions of police. They questioned her at the station and then sent her to the Catholic archbishop's palace. She and Marie were finally reunited at the Cease-Firt Set In Cambodia SAIGON, Indochina (*—An official cease-fire was declared in j Cambodia today, completing four of the five stages to halt the Indochina War. The cessation of hostilities by French Union troops and the Com- unist-led Veitminh WM ordered into effect more than a formality, however, since there has been no real military activity in the kingdom of three million people for several weeks. Negro Deaths Services for Mary Etta Nelson, 59. who died Tuesday at her home, will be conducted tomorrow at 2 p.m. at St. Paul Baptist, Church by Rev. H. Boykin. Survivors include her husband Carl Nelson; one son, Walter Short; three sisters and one brother will be in Carr Cemetery, with Caston Funeral Home in charge. iowrence Goodman Services for Lawrence Goodman, (Continued from Page W blistering attack upon the Eisenhower administration and Secretary of Agriculture Benson. "Real dirt farmers," he said, have been crowded out of key job! in the Agriculture Department under the Republican administration while Benson has formed numerous study and advisory groups "loaded with non-farmers." Earlier debate saw both defenders and critics of the administration plan firing verbal shots, at th<* others' viewpoint. Sen. Bridges (R-NH) and other flexible support backers attacked past high level price props, saying they had piled up multibillion- dollar crop surpluses in government hands. Bridges said that if higher supports continue, farmers face "tighter and tighter government controls" that may push the nation "farther down th« road to a socialized agriculture." On the other side Send. Lehman (D, Lib-NY) accused the administration of trying to stir conflicts between consumers and farmers and between Eastern and Western . farm groups. He said the admin- i istration is seeking to force out of business the small farmer and "leave agriculture in the hands of 64, who died Wednesday night at 'Chickasawba Hospital, will be conducted at 2 p.m. tomorrow at St. Paul Baptist Church by Rev. H. Boykin. Survivors include his wife, Willie Goodman: two daughters, Lillie Mae Vample and Roberta Johnson; and one son, Percy Goodman. Burial will be in Mt. Zion Cemetery with Caston Funeral Home in charge. the big, the corporate producer." Giraouard Que., but home at not before Waterloo, "both had The 18-year-old beauty is o 6 inches tall and weighs feet 118 pounds. She plans to enroll as a freshman at the University of Arkansas next fall. Runner-up in the beauty contest was Jean Read of Helena, Ark. Sue Hackler of Mountain Home, Ark., was third. made the .newspaper front pages. Until Marie entered the convent last November, the five girls always had lived together — first in the northern Ontario farmhouse where their birth in 1934 made medical history, then in a special nursery as the whole world watched their early progress and finally in the family's, $80,000 mansion. It was built from profits from motion picture rights, endorsements of products and other promotions. The fortune built up by the quints has been estimated at between 1 Emilie's divided among i million dollars. probably will be her parents and all their children, a Toronto official said. The death of Emilie leaves the Diligenti quintuplets — two boys and three girls — of Buenos Aires, Louise B. Colbert Services for Louise B. Colbert, 76, will be conducted at 1:30 p. m. tomorrow in the New Bethel Church by Rev. W. M. Mitchell. Survivors include her husband, Harvey Colbert of Blytheville: three sons, Harvey Colbert and Charlie Colbert both of Gary, Ind., and Clarence Colbert of Hudson, N, Y.: and two daughters, Renda Kimbrough of Clarksdale, Ark., and Gertrude Colbert of Gary, Ind. W. F. Cobb Funeral Home is in charge. Vith the Courts COMMON PLEAS — West-side Cooperative vs. E. C. Brown of Manila, $462 indebtedness and interest. WITH TA 377 1 COL 7 FT BF Emilie Dionne There are breeds of tailless eat* other than the Manx, particularly in the Orient. Argentina, as the only known living' quintuplets. They celebrated their llth birthday July 15. Blytheville's Only Exclusive Children's Shop 110 South Second Street EXPERT WATER PUMP REPAIR Hubbard Hardware Phone 2-2015 AGENTS FOR BUTLER AND COLUMBIAN GRAIN BINS Byrum Implement Co. 118 E. Main—Phone 3-4404 Home & Farm Supplies WHAT EVER YOU XEED SEE US Over 30,000 items in Stork — Jf We Don't Have H . . We'll Get It. General Hardware And Appliance Co. 108 W. Main Phone 3-4585 WILSON'S TV & Radio Service Guaranteed Service A1J TV and Radio* (home or auto). Phone J-42J7 114 So. First—Ingram BIdg TV and RADIO SERVICE Minor Repairs and Tube placement in home (inside theville city limits) Re- Electrical & Plumbing Supplies For That Hard to Find Item — See Us. General Hardware And Appliance Co. 109 W. Main Phone 3-4585 Bicycle Parts Complete Stock Parts & Accessories General Hardware And Appliance Co. 108 W. Main Phone 3-4585 ELECT . H. (Buddy) HOWARD STATE REPRESENTATIVE Flione 2-2115 Only More Than 2« Years Training and Experience. Factory Serric* Guarantee #n All Makes. Blytheville Sales Co. Felix Carney, Mgr. 109 E. Main * Ph. 3-3616 Paint Closeout MA*7 Type* and CwUra i Price Hubbard Hardware AUTO, TRUCK AND LONG HAUL TRUCK INSURANCE At Low Rates United Insurance Ajrcy. Ill W. Main Ph. 3-6812 Complete Photo Supplies • FILM • MOVIE FILM e FLASH BULBS * COLOR FILM • POLAROID FILM BARNEY'S DRUG STORE A man with a record that proves his ability to perform A man we know to be educationally qualified PAINTING And RE - MODELING Interior and Exterior All kinds of floor work — Tile, Plastic Tile. Bathroom Tilt Genera] Contracting Extra R«OIIM, Car Porte, Bridie- way*. r*r Estimates Call Mt. WH1 «r 4M1 LANDRUM, GIBBS and REEVES Braggadocio, M*. 2006 W. Main Phone 3-3647 BIG WATERMELONS ICE COLD 2'/2C Lb. — Hot 2c Lb. PEACHES & PLUMS $2.29 Bushel Red Triumph POTATOES No. 1 A Size . . Ibs. POTATOES 100 $fl50 Peck 69 BIYTHFVIM i'CURB MARKET Main St.Wholesale or Retail Biytheviiie We business men and farmers of Leachville earnestly ask your vote and influence for our friend and fellow-citizen. Our confidence in his ability to represent, in an impartial manner, aH the people of Mississippi county, and the entire state as well, has been gained over a period of years,, and not just since the present campaign started. Hi» integrity and honesty encourages us to recommend him to you with the untmost monfidence and* sincerity. 17 years as a business man — sucessfully combining civic responsibilities with expansion of his but" iness from 1 to 4 placet Voted "Man Of The Year' 7 , in 1952 — The year he led Leachville in a statewide contest that brought a champion home-town to Mississippi County President of Leaehville Chambtr of Commerce for six terms Membtr of Leachville City Council two years A Mason — Past-Master of Leachville Lodge No. 689 Past President of Leachville P.T.A. A graduate of Leachville High School A graduate of Gupton-Jones School, with special studiei at Vanderbilt University, Nashville, Tenn. Vote for H. H. (Buddy) Howard Tuesday Aug. 10 V" This ad paid for by HOWARD FOR REPRESENTATIVE CLUB, W. V, Branniim, Chairman. .
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