The Courier News from Blytheville, Arkansas on January 23, 1956 · Page 5
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The Courier News from Blytheville, Arkansas · Page 5

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Blytheville, Arkansas
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Monday, January 23, 1956
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Page 5
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MONDAY, JANUARY 23,1958 BLYTHEVILLE (ARK.) COURIER NEWS PAGE FIVE InCome Tox Primer VI: If You Sold Property at Profit, Uncle Sam Expects His Share By RICHARD A. MULLENS Written for NBA Service If you sold property at a profit in 1955, Uncle Sam will be expecting to share in your good fortune. And. to make sure he gets his share, there is a separate schedule in the Form 1040 tax whicrris- used to report property sales. If you had one or more of the following transactions in 1955, you will have to fill out what is called "Separate Schedule D" and file -it along with Form 1Q40: . 1. Sale of your home, ear, household furnishings, jewelry, or other personal property for MORE than it cost you. If you sold any of these Items for less tl.an It cost, you CANNOT deduct the loss. 2. Sale of securities you bought for investment or speculation. 3. Securities or noi^buslness loans which became worthless in 1955. All of these transactions would be reported as Capital Assets on Schedule D,- under either "Short- Term Capital Gains and Losses" or "Long-Term," dependinr on this rule: A non-business or personal loan which became worthless in 1955 is a short term capital loss regardless of how long ago you made the loan.. The rest of the transactions will be short-term if you held the property for six months or less and long term if held for more than six months., If you told your residence In 1955, read over the special rules on page 8 of the official instructions. Note that under certain circumstances where the proceeds of the sale are used to buy another ribuse, part or all the gain realized may not be taxed. Then check over the following additional information and tips: The term "residence" Includes a house, houseboat, or house trailer. If you live in more than one place It much be your principal residence. When part of the property ii used H your principal residence, and part is used for business purposes or rented out, only the allocated rain on that part of the property used as the principal residence is not taxed. The fain on the tmsineaa or rented part of'the property must be reported. For example, If a taxpayer renting one-third of his residence sells it for $8,000 profit, he must report one-third of. the gain, or. »2,000, - but need not report $4.000 of the profit if h« otherwise' complies with the ipeclal rules on sale of s. residence. In determining how much you have to put Into a new house in order to postpone the tax on a prof- It you made during 1955 In selling your old house, you start with the gelling price of your old house and subtract selling commissions. In addition, you can subtract expense* for redecorating done to assist the sale and performed within a 90-day period ending on the day you sign a contract to sell the old house, provided you pay for the redecorating within SO days after the date of sale.-' For example, if you sold your house for $15,000, paid a $1,000 commission and a $1,000 redecorating Bill just after you sold, you will not be taxed on any profit if within the proper period you buy or construct another home costing $13,000 or more. This is true even though you may have, only paid $10,000 for your old home and hence have «. gain of $3.000. If you claim toe benefit of special rules on the sale of your residence, be sure to attach to Schedule D the Information aiked for In the official instructions, Even though you did not purchase a new home by Dec. 31, 1965, if you think you may either buy or, build within the required period you need not report a tax on the profit from tt» sale of your old Tts- ideiice on your 1955 return, but should enter "none" in column (h), headed "gain or loss," of Schedule D. If ti develops that you don't buy or build and occupy a new residence within the specified time, then you must file an amended 1855 tax return and pay a tax on the profit. Here are some tips to help you fill out Schedule D: • 1. After tilling in columns (b> and (c), the date acquired and the CAN'T WE TAKE OUT THE $1,000 WE LOST WHEN WESOLP OURCAP.7 AjO, DEPUCT LOSSES ON CARS USED date sold, check to make sure all i also goes in column (f) is what you property listed under long-term capital gains and losses was held for more than six months. 1. Put "0" in column (e) (depreciation) unless at some time yo'i rented out the property or used it in a business. You must show depreciation for any period during which the property was so used or rented. Watch for Article 1 for instructions on how to compute depreciation. 3. Remember to include in column (f) the cost of any improvements, such as an additional room, front porch or the like. Do not include the cost of repairs and ordinary maintenance such as painting the house. Any cost you include here reduces your taxable gain. Tour cost or other basis, which paid for the property if you bought it. If it was inherited, it is the fair market value at the date of. the decedent's death, or one, year later at the election of the executor. If it was a gift received since 1920, the basis is its fair market value at the time of the gift. Tlie schedule automatically includes only half of any long-term capital gains in taxable income. This half becomes part of your income, taxed at the same rate as your other income until you pass the 50 per cent bracket,After the separate Schedule D is filled out, transfer either the gain or loss to the small Schedule D on page 3 of Form 1010. NEXT: The small business or professional man. Berserk Sunday School Teacher Kills His Wife and Two Sons MARTINSVILUE, tad, (*—A Si- year-old Sunday School, teacher who police said thinks he Is »«»"« Christ killed his wife and two sons with a shotgun yesterday. "This" is doomsday and I sent them to heaven," Robert Heclcman, a truck driver, told Sheriff Victor Young after he was picked up st the home of his father. The naked bodies of Rick, 11, and Chad, 10, were found lying in a bathtub full of water in the Heckman home at Brooklyn, 11 miles north of here. Outside the' bathroom to the hall lay the body of Mrs. Jane E. Heckman, 30. Young said*Heckman told him in an oral statement that he shot his wife, then killed the boys. The sheriff said Heckman,'a for-, mer farmer who taug-ht Sunday school classes at the Brooklyn Methodist Church, "believes he Is Jesus Christ. He gave that as his name when I asked him." The Morgan County grand Jury will be called tomorrow to consider the case. Sheriff Young said. No charges were filed. Young said he was told Heckman was treated at a private mental institution in Indianapolis last September. 'Happy New Year' Comes Late WAKEFIELD, Mass. (/Pi — With shouW of "Happy New Year," 32 persons dropped in on Mr. and Mrs. Frank Pollar.d yesterday. For the past 10 years the Pollards have celebrated New Year's Eve with fouryilhode Island couples, but bad weather prevented the reunion thls?year—until yesterday. The four'Rhode Island couples and'their 24 children arrived in a chsrtered/bus and stayed with Mi. and Mrs/Pollard and the four.Pol- lard children for about three hours. Stowaway Cat . CORTE MADEBA, Calif. Ufl — Spectators guffawed as Mrs. Dora Blunden drove along the street. Curious, Mrs. Blunden pulled up to a curb, got out and looked at her car. Along for the ride, on top, was her Siamese cat. There are more than 900,000 species of animal life known at present, including 675,000 Insects Man Drowns Under Ice , .PARIS, Ky. (let— Stuart W. Frye, 26, drowned under the ice of frozen Stoner Creek yesterday after a heroic effort to rescue him. His brother-in-law James Matherly, 28, said the ice broke under them as they started out to check some animal traps. Both fell into the water. Matherly regained nls footing on the ice and tried to reach Frye with a long tree limb, but the ice broke again, dropping Matherly into the stream a second time. Again he climbed Iree and obtained another limb. Frye, too numrc to grasp It with his hands grabbed the limb with his teeth. He was nearly ashore when his grip failed and he sank under the ice. The body was recovered later. Burglar Glad To Be In Jail CLEVELAND Ml—Accused burglar Robert Hodge was in the City Hospital prison ward today, and j mighty glad to be there. . | Two pals had tried to remove aj bullet from his shoulder in their' house, using a kitchen knife and a fifth of gin for a pain killer. Midway in the operation, Hodge regained consciousness and bolted, screaming at the top of his lungs. Police found him lying on a sidewalk and arrested him as a drunk. Surgeons removed the bullet later Hodge, 26, was shot by restau- ranto wner Bert Fant early Friday morning after he and his two accomplices robbed the place of S30, police said. ' The story of the attempted operation was told yesterday by Hodge and one of his would-be benefactors, whose name was not a large. Read Courier News Classified Ads BIG MONEY ... BIG FUTURE IN A BUSINESS OF YOUR OWN With the Sensational New Infra Red Sandwich Bar as advertised in LIFE Here's an amazing opportunity to cash in on the tremendous market afforded by this revolutionary, new Infra Red Sandwich Bar (not a vending machine). Serves an appetizing variety of piping hot, toasted sandwiches, sealed by a special process within sanitary jjiasticene bags. Unlimited market includes Taverns, Office Buildings, Drug Stores, Theatres, Restaurants, Bowling Alleys, Service Stations, and wherever else people congregate. This is an extremely lucrative new business, proven in many major cities. Operate on a part time basis, if you wish, or devote full time for maximum profitability. This company wlil assist you in getting started. To qualify you must have from $1,200 to $3,000 cash Immediately (which is secured), .good references, a car, and the ambition to earn $5,000 to $7,000 a year, or more. This excellent opportunity is available to dependable men and women interested In a brighter future and who are ready and . determined to make the most of it Age no barrier. You must be_ able iu start at once. For personal interview by factory representative in your area, write fully about yourself, giving phone number, adress, etc. WRITE BOX AB, c/o Courier News, Blytheville, Ark. CONSTIPATION Free Book — Tells Dangers Learn more about Colon Disorders, Piles, Fistula, Constipation, and commonly associated chronic ailments. 40-page book^-FREE. Also reference list of satisfied patients including many right here in town or nearby. The Thornton Minor Hospital, Suite 1372-C, 911 E. Linwood, Kansas City 9, Mo. Now It Is Possible To Own Your Own Home Yes, now it is possible for you to own your own home for a reasonable price. Delta Home Investment Company is making that dream come true for the people of this area. These homes are complete with all fixtures including bathroom, kitchen sinks and hot water heater. They have been completely remodeled inside and out. The size? Two, three, or four bedrooms depending upon your family's •/ needs. / Another feature is the fact that you need Nt) DOWN PAYMENT, if you own>your own lot. All you pay are the moving and closing costs which ordinarily will not exceed $300. And.your monthly payments are less than what you are probably now paying for rent. , , We urge you to come out and look over the opportunity of a lifetime. No obligation. Our office is open from 7:00'a.m. to 6:00 p.m. Delta Home Investment Co. Blyth«vill«, Arkansas OPEN WEEKDAYS AND SUNDAY 7 A.M. to 6 P.M. Air Base Road Phone 3-3369 FARM AUCTION 9:30 A.M. RAIN or SHINE Wed. Jan. 25 AT GEMEINHARDT ELEVATOR & GRAIN CO. ANNISTON, MISSOURI Cultivators 1_«WD" Ailis-Chalmers / Cultivator 1—4 Row International- Harvester Cultivator 1—8 ft. Culti-Mulchw 3—John Deere Walking Cultivators 1—Middle Buster 1—1-H No. 21,» Cultivator 1—2 Bow MWssey-IIarrls Cultivator 1_]-H Ni). 215 Cultivator for Fl'z. Plonters 1—John Deere 2-Row Planter 3—Avery Vetch Planters 1—4-Row M-M Cotton and Corn Planter 1_14 Hole Wheat Drill 1—I-H 2 Row Planter, 3 point hitch 1—7 ft. F16 Farmall Mower Used Tractors 1_"WD" Allis-Chalmers Tractor 1—Ford-Ferguson Tractor 1_"M" Farmall Tractor 1—Tractor Grader 1—1947 Massey-Harris Model "30'' Tractor l—F-12 Farmall Tractor Plows 1—"WD" Allls-Chalmers 2 Bottom Mixed Land Plow Z—Walking Plows 1—Graham-Hame Plow 2—3-Bottom, 12" Oliver Breaking Plows l_No. 47 Disc Plow for F20, Semi-mounted 1—3rd Beam Attachment for No. 8, 14" Plow 1—2 Bottom, 14" I-H Plow, on rubber 1—No. 90, 1-Bottom, 16" Mounted Plow for F1Z 1—Allis-Chalmers 2 Row Corn Picker 1—2-Row New Idea Corn Picker 1—I-H 2 Row Pull Type Corn Picker 1—Low Boy Trailer 1—2 Wheel Trailer 1—Ferguson Hay Rake SPECIAL 41 Steer Cattle •••.•••.•.i 1—Tra?tor Stalk Cutter 1—New Idea Mower 1—Hay Rake 2—John Deere 4 Wheel Trailers with steel beds 1—12 ft. Ferguson Rotary Hoe 1—Clod Buster, Practically new TERMS: CASH Discs 1—John Deere Section Harrow 1—5 ft. Disc 1—A-C 6 ft. Killlfer Disc 1—A-C, 8 ft. Killlfer Disc 2—John Deere "BK" 7 ft. Discs 1—10 ft. Land Leveler 1—No. 5, I-H 8 ft. Disc 16 — Cotton Chopping Geese With 4 Years Experience 1—John Deere, 12 ft. Fertiliser Distributor 1 — f-rl Baled Hay Loaded 1 _ 'NO. 69 M-M with motor and grain tank R. C. GEMEINHARDT. Owner AUCTIONEERS: "Joker" & Jimmie Warren — Clerk: Kenneth Stalling* Ring Men: Floyd Matthews, Herb Kellett B .... BIG ENP-OF-YEAR SHOE SALE MORE SHOES ADDED TO SALE GROUPS - SOME SPRING SHOES INCLUDED - UNHEARD OF PRICES - DON'T MISS IT! SHOES FOR MEN JARMAN — DOUGLAS — KINGSTON Group 4 UP TO 16.95 VALUES 95 One Group 8 90 SHOES FOR LADIES MADEMOISELLE — VALENTINES & OTHER FAMOUS NAMES — VALUES UP TO 19.95 • 2 95 -4 SPECIAL BARGAIN GROUP $1.49 — DON'T FAIL TO MAKE CHILDREN ACROBAT SHOES FOR BOYS & GIRLS — VALUES TO 6.95 One Group 395 Selection # BIG SALE AND SAVE DOLLARS! rifiNiir m»i 11*11

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