The Courier News from Blytheville, Arkansas on January 17, 1955 · Page 7
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The Courier News from Blytheville, Arkansas · Page 7

Blytheville, Arkansas
Issue Date:
Monday, January 17, 1955
Page 7
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MONDAY, JANUARY 17, 1955 BLYTHEVILLE (ARK.) COURIER NEWS Your Income Tax—1 Changes Aid Taxpayers By FRANK O'BRIEN AP Newsfeatures This Is the time of year when every citizen or resident of the United States who had as much as $600 Income last ycur (51,200 if you were 65 or older) must file a federal income, tax return. You will be filing this year under a revamped Income tax law that made 14 major changes for the individual income tax payer, all 14 In the taxpayer's favor. Later Filing First off, the new law gives you until April 15 to get your return made out and mailed to your district director of Internal revenue. That Is a month more filing time than you had under the old law. But It's still the early filer who gets the early refund, and the late and hurried filer who is likely to make costly mistakes. The 1954 Internal Revenue Code Introduced something new that will take a direct bite out of the tax liability of millions of people. This is the "tax credit" which may allow you to deduct a percentage of your Income from dividends, or retirement funds, directly from the tax you otherwise would pay. The previously existing deductions, exclusions and exemptions of Income are carried over Into the new law. Some new ones have been added. But .In addition, there are the two new tax credits for those who can claim them. You cannot claim these credits If you use form 1040A. They can only be claimed on form 1040. This new concept has brought about considerable revision of the ,ax forms, but the same forms — 1040A and long or short 1040 — are still the basic returns for all taxpayers, and the district director's office still does the figuring for users ol I040A. In making out an income tax return you arc still going .hrougn the same basic process you always have — reducing your .otal (gross) Income to your taxable income. New Credlti But the new credits may add a profitable final step for those who nave either dividend or retirement income. Under the old system, you first set aside, out of the tax laws' reach, all possible income under the headings of exemptions, exclusions and deductions. That gave your taxable income, and told how much tax you owed for the year. Under the new system, persons with enough retirement or dividend income, from specified sources, will subtract a percentage ol that ncome from their tax liability. That will give them their tax. In addition to any ta« reduction that comes your way because ol the new tax law, you are paying at rates which, for most people, are about 10 per cent lower than rates of a year ago. Pick Your Form The revenue service has mallec each taxpayer the same kind of form he used last year. But you should use the form best suited to i your 1954 income. You can gel additional forms of all kinds (rom your local bank or post office, or at any revenue service office, iave enough forms to keep a copy of your return, and hang on to the receipts and other records that jack up your return. During tax paying time, the re- enue service spots its agents all over the country as tax consellors. Their services are free, and their instructions are to help you get the benefits of the law as well as to help you comply with the law. The major benefits to the individual taxpayer under the new revenue code not already mentioned are: A new joint return provision for widows or widowers; nev exemption provisions for children, other dependents and Individuals supported by more than one taxpayer; and exclusion for sick pay Income; new deductions provisions for expenses of employees; a deduction for soil and water conservation ex penditures. A new method for computing exclusion of income from annuities and pensions and additional methods for computing depreciation; additional deductions for contributions: a deduction for interest on installment debts; additional deductions for medical expenses, and a deduction for child care. Booklets Help These are discussed in the Instruction booklet mailed with your return. An Index to them is on page 3 of the instructions. An internal revenue service book, available for 25 cents at banks, post Wrong Balcony Seen* PHOENIX, Ariz. W> — A 50-year- old Indian came to town and electrified pedestrians by skipping from one balcony to another on a hotel building. Then William Hassell missed and landed on the sidewalk 20 feet be.- low "Did you hurt yourself?" a by- 1 ICE COLD TREAT—And lt'« not the watermelons advertised on this cold-storage addition to an ice house at' Independence, Kan. The real treat lor Kansa. farmers, is the snow. Tons of the stuff which have fallen during recent storms, are expected to provide much-needed moisture to 1 lands parched bjr last summer's drousht. offices and government offices, called "Your Federal Income Tax" goes into the new provisions at length. The instructions and "Your Federal Income Tax" also reviews the other main provisions of the tax law, In language intended for the layman's understanding. This series of 10 daily articles is intended as a guided tour through the business of making out your Income tax return. As nearly as practicable, it will make up subjects In the order they come up as you work through your return form. Articles Listed Since your first decision is what form to use, that will be the subject of the next article. Then comes the joint return, where there are important new provisions for PAGE SEVEN slander asked. "No. I'm an acrobat — watch," Hassell replied. Ho went back to his room, reappeared on the balcony and made two five-foot leaps. On the third try he missed and ended up in the hospital. of income other than wages from! which tax has been withheld, and! the tenth will be a guide to winding up the return by finding or computing your tax, entering any j tax credits due to you, and finding your final tax. i (Next: Choosing your form.) Really "SOCKS" RHEUMATIC, ARTHRITIC PAIN Thousands are grateful for the way the salicyiale action of C-2223 spee<la relief to rheumatic, arthritic, muscle pain. Many call it "the old reliable," use it time and again to enjoy more pleasant periods of greater comfort! Price of first bottle back if not satisfied. Get C-2223; file as head of household. The fourth article will deal with exemptions; the fifth with exclusions, and the sixth with the new tax credits. At that point, all subjects necessary lor filing the 1040A form will have been covered. The seventh article will deal with business-connected deduc- recent widows and widowers, andirons; the eighth with personal de- provisions under which you may auctions; the ninth with reporting What the Regulation of Gas Supply Means to 25,000,000 American Families T HE FIVE THOUSAND producers of natural gas—large and small—believ* that the free competitive system which has increased your gas supplies and kept rate« low tc the best for consumers, for the industry, and the economy. They believe the proposal to abandon competition and clamp bureaucratic controls on gas production will hurt consumers, damage the industry, and benefit mo one. Here are some answers to questions you as a consumer may have on this vital issue. What h This Regulator!? Sixteen years after a 1938 law vine passed, a new interpretation of some of it* worda now forces the Federal Power Commission to do what H has eleven limes refused to do—try to fix the arias that an interstate pipeline pays the 5000 com- pering producers who find the gas and get H from the ground. Will This Regulation Reduce Our Gas Bills? Hardly. Only about 10% of the average gas bill goes to the producer who finds the gas and sells it The other 90% pays for constructing, maintaining and operating the long-distance pipelines and local distribution systems—already regulated. How Will Regulation Affect Supply? It will reduce the supply. Most natural gas is produced by "wildcatters" and other independents. They are used (a keen competition and big risks. But put them under Federal controls— with permits, endless forms, licenses, hearings and suits—and the work of exploration is sure to suiter. Three new pipeliue project* to bring gas to more consumers have been suspended since regulation took effect. Hasn't Gas Always Been Regulated? Gas attribution, yes. It makes sense to have only one pipeline bring gas to a community—and one gas company distribute it in the community. Both do a good, efficient job for you, and as monopolies they are naturally regulated. But there's no monopoly in Ending gas. Far from it. Gas production is risky and keenly competitive. There are five thousand large and smaB producers looking for gas—and finding it hi only one out of every nine exploratory wells they drill. They compete vigorously to sell their gas. A single pipeline may buy from 200 or more producers. Is Gas Different from Coal or Oil — or Grain? It isn't. And if there's price-fixing for natural gas at the well so can there be next for coal at the mine or oil at the well—or lumber in the forest, or gTcdn on the farm. How Did Thf Consumer Fare Before This Regulation? Here's the record, [n the past 16 years natural gas production has increased 200% and the price the consumer paid for gas has risen only 1,'llth as much as the general cost of living. Do Only A Few Big Companies Prodwe Gas? No. The largest 37 companies produce less than half the nation's gas. No single company produces more than 5%. The small producers do more exploratory drilling than do all the hig companies combined. And oone of the producers has >\ny monopoly, any exclusive franchise, or any protection. What Is The Natttral Gas and Oil Resowces Committee? It is made up of companies and individuals concerned with natural gas. It includes a great many large and small gas and oil producers. AH beKeve there ie DO more reason for OPA-h'ke price-fixing on gas than on steel, coal, autoe, meat, or shoes, which could be next. All believe that free competi- tiou is better for all of us than a price-controlled economy, which has historically led to stagnation, scarcity and rationing. What Can I Do? You can reason out the issues, reach your own conclusions, and make those conclusions known to your friends and neighbors. Under free competition without federal regulation— • Natural gas became plentiful—output rose two hundred per cent in the past sixteen years. • Natural gas stayed reasonable— and gas prices to the consumer rose only one-eleventh as much as living costs in the past sixteen years. • Natural gas has helped create thousands of jobs in industry and now supplies one-fourth of the nation's energy resources. NOW cumbersome federal controls threaten al! this progress. FOR MORE FACTS WRITE FOR T.H1S BOOKLET NOWI You have the ripht to hnow the facts about this new government regulation—a peacetime control of free, competitive producer*. Send todny for lh« booklet, "Natural Gs»—The Fncte Al>oul. A Key Kesotir™ in Jeopardy." ARKANSAS NATURAL GAS AND OIL RESOURCES CO'MMITTEE H. P. Jolly, Chairman 1216 Donaghcy Building, Little Rock, Arkansas HALSELL SCHOOL OF DANCING 2091/2 W. Main Ph. 3-6391 Open 2 P.M. to 10 P. M. You can quickly learn all the newest dance steps under our expert instruction. • FOX TROT • RHUMBA • WALTZ • TANGO • JITTERBUG • SAMBA -MAMBO- Come in & Let Us Analyze Your Dancing! FIRST LESSON FREE! Call for Appointment! Owned & Operated by Roy E. Halsell IN THE CHANCERY COURT FOR THE CHICKASAWBA DISTRICT OF MISSISSIPPI COUNTY, ARKANSAS Drainage District No. 16, Mississippi County, Arkansas Plaintiff vs. No. 12,889 Certain Landj ind Clara Croome, et al DefendanU NOTICE OF PENDENCY OF SUIT All persons having or claiming an Interest in any of the following described lands are hereby notified that suit is pending in the Chancery Court for the Chickasawba District of Mississippi County. Arkansas, to enforce the collection of certain drainage taxes for the years 1953 and 1954 on said lands, each supposed owner having his or her name set opposite his or her track of land or lot, together with the amounts of taxes severally due from each, to-wit: RURAL Years Delinquent Total Tax Per Year Assumed Name Parts of Sections Sec. Twp. Rge. Acres 1953 1954 Clara Croome .... N 2Vi Ac. W',-j E'.i NW NW 18 14 3 2Vi Leila B. Staudenmayer . ...E'-j SE 2 15 8 40 Leila B. Staudenmayer. .NE NE and SW NE 9 15 8 80 Ernestine 'Francway ....Lot 1 E'-i NW NE.. 17 15 8 Laura E. Allen N 40' S 150' Lot n. E'.i NW NE n IB 8 W.M.Roberts N 50'Lot 18 E' z NW NE... U 15 8 James Raleigh Adkerson Lot 19 E', NW NE n 15 8 John Causey Lot 20 E'.j NW NE n 15 8 Paul and Luclle Wilson E 40' Lot 3 SW NE—Irregular Lots 17 15 8 J. F. Baker ......W 260' S 380' SW SE E of HR except Lot. 108' x 108' SW Corner TOWN OF MANILA IRREGULAR LOTS Sec. Twp. Ran^e Mary Jo Button E 85' W 309' NE NE 36 15 8 J. W. Russell Lot 3A NE NE 36 15 8 Herman Singleton and Jackie Jean Pierce W 858 E 352 Lot 6A NE NE 36 15 8 F. C. McKemie Lot 2B NW NE 31 15 9 Burl McHenry Lot 2D NW NE 31 15 9 Bur! McHenry Lot 11 SE NE 31 15 9 W. W. McKemie Lot 2 NW NW 31 15 9 F. C. McKemie E 50' Lot 3A NW NW 31 15 9 TOWN OF MANILA 1.73 80.01 64.48 .75 .75 .25 5 .75 .75 30 15 8 2 1.41 1.41 .10 .25 .25 .31 1.20 .15 Lot lilock Charles Stroud John Russell HENUY ASHABRANNER ADDITION W 50' 14-15-16 E 50' W 100'.., 1- 2- 3 ORIGINAL SI RVEY Luler Riley 8 Maggie Billings - 8 Marlon Bishop 189A and 190A M. O. Robertson ~ K Jack Tipton ~ 38 PARKVIEW ADDITION" Louise Ashabranner W 20' 1 and 8 Louise Ashabranner - 9 SOUTHS1DE SUBDIVISION Olan Sales - 2 T. R. Short 8 1VEST END ADDITION Chas. E. Crow •* Chas. E. Crow _* Merlin Gilbert ?•'» Delia McGraw :)C ' J W. Dunn G WILI.IFOKD-GARK1SOX ADDITION 1 TOWN OF I.FACHVH.I.E .75 .75 .54 .75 .75 .75 .75 .75 .75 .50 .75 Cora Nevins IIAYKS ADDITION B. L. and Sarah L. Roberts E : ? E. L. Stockinger N^imr Victoria Justus w 5"' E. L. stocklnger Elnier Smiley O. .1. HKl'TER ADDITION' W. 45' HOOKER ADDITION • .25 .49 O. J. Heuter Unknown E. D. Jones O. L. Bogart O. L. Bogart MATTHEWS FIRST ADDITION- MATTHEWS SECOND ADDITION MATTHEWS THIRD ADDITION Howard and Martha Selby '• NELSON FIRST ADDITION Leila B. Staudenmayer N'a N'- Lella B. Staudenmayer S'j S'j S'j nnd Lelia B. Staudenmayer • • N'J N'J NKI.SON SITOND ADDITION Ott Myrnele : 'n/ June Ola Staudrnmayer ''• ''" PARK ADDITION J. T. Turnbow K :l ° '' SMITH ADDITION J. W. Buck J. W. Buck STAUDKNMAYKR ADDITION Ruby Buckner ••••• B. and Ruth Flnnnlfian - h •'•' RKPI,AT OK I.KUA STAIJDMNMAYKR AMillTIOX Lclia Stauilenmaycr K pt. of E 100' "I .19 .19 .75 .75 11 j! * Jj J .18 .10 1 50 .52 .75 .25 tercsl, penalty nmi costs allowed by law. Dattd January 13, 1955. omAJjDim , IjISTOH . „,„ (Seal) Hy ° nal DoylC ' Oscm- F»ndler, Attorney for Drainage District No. 18

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