Carrol Daily Times Herald from Carroll, Iowa on July 15, 1974 · Page 9
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Carrol Daily Times Herald from Carroll, Iowa · Page 9

Carroll, Iowa
Issue Date:
Monday, July 15, 1974
Page 9
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Page 9 article text (OCR)

Applications for Disaster Loans Ready Pursuant to President Nixon's declaration on June 24, of the major disaster in Iowa because of damages and losses caused by severe storms and flooding beginning about May 13. the Farmers Home Administration (FmHA) is authorized to make 5 per cent loans with no forgiveness benefits in Greene and Carroll Counties, reports John H. Duesbury, supervisor. Applications for loans may be made at the county office of the Farmers Home Administration serving the county where the applicant lives. Greene and Carroll Counties are served from the Jefferson Office, 1407 N. Elm St. Office day in Carroll is every Tuesday, 10:30 a.m. to noon at the S.C.S. office, 1240 Heires Ave. Application for losses of a physical nature, such as for replacing an essential farm building or dwelling, will be recived through August 26, 1974. Applications for loans based on qualifying production losses will be taken through March 27,1975. Loan applications are taken under terms of the law (P.L. 93-237) enacted January 2, 1974. Individual examination will be made of each application to determine date of the disaster occurrence and type of benefits for which the applicant is eligible. Applicants will not be required to prove that they are unable to obtain their credit elsewhere as a test for eligibility. However, reviews on the availability of other credit are made after being indebted two years for an emergency loan. If normal credit is available after that time, emergency loan borrowers must accept other credit even though the loan initially may have had a longer repayment period. The FmHA is limited to making loans to only those actively engaged in farming. Loans can include funds for costs not compensated for by insurance or otherwise to repair or restore damaged farm property as well as reimburse applicants for expenses already incurred for such purposes. When loans are made to repair or restore farm buildings or other real estate, the loan must be fully secured on the farm real estate. To receive an emergency loan for production purposes applicants must have actual losses due to the disaster of at least 10 per cent of their gross dollar income for a normal year. Loans for production purposes will be used to reimburse applicants for production expenses which went into damaged or destroyed crop and livestock enterprises but they cannot be used to produce new crops. Production purpose loans are limited to (1) paying off outstanding production debts SIDE GLANCES 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. Question — I have a joint bank account with my son. Are we each taxed on one-half of the interest received? Answer — No. You are taxed on the interest in proportion to the amount you each contributed to the joint account. For example, if you contributed all the money in the account, you would be taxed on all of the interest. Question — My mother lives with us. Her income consists of tax-free social security benefits and a small pension. Can I claim her as a dependent? Answer — Yes, In general, you can claim your mother as a dependent if she had gross income of less than $750 (tax-exempt income, such as social security benefits, is not included in the $750 gross income test) and you furnished more than half of her total support. For more information, see IRS French Meat Sales as High as Inflation by Gill Fox By Rosette Hargrove PARIS — (NEA) - To foreign eyes, the French way of overcoming the ever-soaring cost of living may appear odd. Not long ago, a survey by the newspaper "Le Monde" revealed that Frenchwomen are behaving true to form. However high prices may have risen, many women are continuing to buy expensive beef cuts. Obviously, food still comes first in the order of French priorities. incurred in the disaster year, (2) making payments for up to one year's delinquent interest and depreciation of fixed capital debts and for up to one year's taxes and insurance on essential property, and (3) reimbursing the individual for such annual production or fixed costs which he may have paid from his own resources. Loans scheduled for payment over a period longer than one year but not more than seven years may be secured by the best lien obtainable on the applicant's farm machinery and-or livestock provided the loan balance does not exceed $25,000.00 and provided there is adequate equity in such security to fully secure the loan. All loans scheduled for payment over a period in excess of seven years or exceeding $25,000.00 must be fully secured by equity in the applicant's farm real estate. The basic objectives of emergency loans is to indemnify eligible farmers for losses resulting from designated disasters in order that they may continue their future farming or livestock operations with credit from other sources including FmHA operating and farm ownership loans. In some cases qualifying production losses from the designated disaster will not be possible to determine until 1974 crops have been harvested. This is not to say that inflation is not affecting France. It is — painfully. Strikes against the high cost of living and demands for increases in basic minimum salaries and old-age pensions have occurred. It is becoming more and more fashionable to discuss the cost of living at cocktail and dinnerparties. Le Monde's study surveyed five women in lower income housing units (known as HLM — initials of the French words for "moderate rent housing") and five more in luxury apartment houses in Auteuil andPassy. Although all 10 considered waste evil and economizing a virture, few thought seriously about budgeting their income. A canteen worker insisted on buying only expensive "whole foods," while a working-class family, complaining about having to sk'imp on holidays, bought a new trailer — for cash. Younger women were more careless than the older. One moaned about the money shortage but kept her electric hair roller set on for hours and never turned off her lights. Generally speaking however, all 10 tried to save money on non-essentials. An engineer's wife had given up the theater, books, records and dining out. An executive's wife acquired only one spring outfit, plus one summer dress instead of her usual three or four. Most cut down on entertaining first, then clothes. Making clothes at home and other do-it-yourself occupations are becoming popular. Publication 501, "Your Exemptions and Exemptions for Dependents." It's available free from your IRS office. Question — After receiving $10,000 under an educational loan program to go to medical school, I agreed to practice medicine for five years in rural areas of the state. As a result, each year one-fifth of the loan is cancelled. Am I taxed on this amount? Answer — Yes. If any part of the loan is cancelled in a particular year, that amount must be reported as income for the year. Question — I work as a waiter. Do all my tips have to be reported to my employer? Answer — No. If you receive less than $20 in tips in the course of your work for one employer during the month, you are not required to report that amount to that employer, but you may do so if you wish. However, you must include this amount in income on your tax return. If you receive tips of $20 or more in a month while working for any one employer, you must report the total amount of those tips to that employer on or before the 10th day of the following month. This can be done on IRS Form 4070, "Employee's Report on Tips," available from any IRS office. DEADLY RAINS NEW YORK (AP) -George E. Wilson, whose company provides safe-driving information for its car and truck fleet leasing clients, says rain probably plays a part in two-thirds of all bad weather highway crashes. More people are killed on rain-slicked roads, he points ou t, than on ice and snow-covered roads combined. In a heavy rain, he cautions, the tires of a fast-moving car can actually ride like a hydroplane on the film of water that forms on the road and lose contact with the pavement. The two best ways to avert rainy-weather accidents, Wilson says, are to slow down and leave more space between your car and the one ahead. It's essential to keep windshield wipers and defogger in good condition. Also you're less likely to make like a hydroplane on water-soaked roads if your tires have plenty of tread and are properly inflated. Wilson is vice president of CIT Service Leasing Corp. I. , , .J.^1 1974 by NEA. Inc A M Big US P»l OK "Come on, Estelle! We're all going over to Lucille's and unthink Watergate!" THE BORN LOSER "I did it grinding my teeth at the supermarket!" by Art Sonsom <t> 1974 by NtA, Inc.. T « Kit U.S. fll. Ml BUGS BUNNY WAVE YOU l_ I &ELIEVE SO, FOUND THE "X MISS TROUBLE? A PETUNIA/ by Heimdohl ft Stoffel r us-\ JT L YOUR O&FUS GATOR ISN'T PUUSATiNO IN UNISON WITH TOUR FRAMITZ VALVE, BUT I'M SURE WE. CAN FIX. IT// WHAT WAS THAT ALL ABOUT? I DIDN'T UNDERSTAND A WORD YA SAID/ NEITHER \ DID I, l GUV'NOR.' BUT IT MADE THE CUSTOMER HAPPY/ PRISCILLA'S POP by Al Vermeer YOUR OWN VEGETABLES. 1 YOU'VE GOT IT MADE' ARE YOU KlDDINfS- \ fSS ' P -O^^J^^^ •r**" I'VE GOT TO RGrMT FOR EVERY CARROT//. •Junior Editors' Quiz on- SHORT RIBS by Frank Hill U.S. INDEPENDENCE Egypt C VVHATS 5OINIG- . )NMERE?/ ' " OUR SPECIAL INVESTIGATOR AND AUDITOR, SIRE. JUST RETURNED FROM WU-KNOW-WHERE". ILL HAVE. TO GIVE UP TRVINQ TO COLLECT TAXES FROM THE WITCH. ACROSS 1 Capital of Egypt 6 Egyptian river 10 City in Prussia 12 Dwelling places 14 Masculine nickname (pi.) 15 Persons beyond hope (coll.) 16 Domesticated 17 Lively frolic 19 Bitter vetch 20 Movies actor, Charles 21 Perform 24 Wilkes- —, Pennsylvania 25 Medicinal plant 26 stone (found in 1799) 29 Brazilian macaw 30 Assumed name 31 Embalmed bodies 33 Dread 34 Fork prongs 35 — cat 36 Forest in Warwickshire 37 Candlenut tree 40 Loam deposit 41 First man (Bib.) 42 Great seas 45 Flower part 47 Juts out 48 Egyptian god 49 Egyptian bird 50 Wingless insects DOWN 1 Human group 2 Sacrificial table 3 Articles 4 Ramble 5 Individual 6 Not any 7 Cyprinoid fish 8 Brythonic sea god Answer to Previous Puzzle EEK & MEEK by Howie Schneider HAVE IT SE6MS IT'S MDT LIBERTY, EqxjAJLITV AMD FR/XTERjUlTV AMVMORE... ITS WATIOfJAyL SECURITY EXECUTIVE PRIVILEGE SEPARATION OF R3UJO5S I by Bob Thoves FRANK AND ERNEST 9 Sigmoid curve 11 Classify 12 Concur 13 South African 18 Royal tombs of Egypt 20 Nocturnal mammals 21 Turkish regiment 22 Inner part 23 Social events 24 Stand 25 Upper limbs 26 Log float 27 Margarine 28 Asian country 29 Egyptian god oflife 32 International group (ab.) 34 Lock of hair 36 Top qua lily (coll.) 37 Worship 38 Obsession 39 Hoard 40 Lingers 41 Seed covering 42 Kimono sash 43 Young animal 44 Man of Yale 46 Order of Saint Francis (ab.) (NEWSPAPER ENTERPRISE ASSN.I QUESTION: Who wrote the Declaration of Independence? * * * ANSWER: The Declaration of Independence set forth with great eloquence the philosophy of democracy and constitutional government. It was mainly the work of Thomas Jefferson. After the battles of Lexington and Concord in 1775, sentiment for independence was accelerating. On June 7, 1776, Richard Henry Lee of Virginia, introduced to the Continental Congress a resolution that "these colonies are, and of right ought to he. free and independent states". On June 10, 1776, Thomas Jefferson of Virginia, John Adams of Massachusetts, Benjamin Franklin of Pennsylvania, Roger Sherman of Connecticut and Robert Livingstone of New York, were appointed by the Congress as a committee to draw up a declaration of independence. The task of writing it was turned over to Thomas Jefferson by the committee. Some paragraphs of his draft were deleted by the committee and -Congress, but in the main, it is Jefferson's language. The immortal document drawn up by Jefferson was accepted with few changes. 7-15 (Elizabeth Ilogan of Champaign, Hi, wins a prize for this question. Yon can win $10 cash plus AP's handsome World Yearbook' if your question, mailed on a postcard to Junior Editors in care of this newspaper, is selected for a prize.) ...AMD THIS ONE WAS DONE ABOUT THE TIME THE I fit CIVILIZATION BEC-AM TO DECUMC 'V;'. 1 ' 'v / " T7r ^77^^^ ' '!'',' '' ' '.' ",''!MI i i 1 , ,'i i.'''' l /^V^VT r;77T ^, O'1974 by NIA.'lii...«."««, US '« 0", ' ( l / \ / ( > t V , • ALLEY OOP YOU WANTED > YES, CAPTAIN/ UNPORTUNATELY. I T'SHOW ME ) DID NOT GET A CHANCE ^- SOMETHING, < TO WITNESS THE BE- / ... BUT GENERAL? ) GINNING OF YOUR / SINCE I ^-/FL\6KT THIS MORNING...! MADE TWO S^T A. _A KITES... •J-lS by Dove Greue ...I THOUGHT I'D GIVE I THAT SOUNDS LIEUTENANT SCO THE I LIKE A DARN [ OCN PRIVILEGE OF DEMON- \ GOOD IDEA, STKATING MY INVENTION T HAN SIN/ ONCE. AGAIN/

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