Cottonwood Chronicle Newspaper, March 12, 1920, Page 4

FARMER’S INCOME SUBIECT TO TAX Gains for 1919 Must Be Figured Under U. S. Law—Returns Due March 15. LAND SALE PROFITS TAXABLE. Necessary Farm Expensss May Be De- ducted—Special Form for Farm iIncome—Cash er Accrual Basis for Computing. A farmer, shopkeeper, or tradesman must figure up his net income for 1919; and if the farm or business income plus his other income was sufficient to require an income tax returb, @ com plete return must be filed with the cal- lector of internal revenue by March 15 A farmer should ascertain the gross income of his farm by computing alt gains derived from the sale or ex- change of his products, whether pro- duced on the farm or purchased and resold. Farm Expenses. From his gross income a farmer !s allowed to charge off all of his neces: sary expenses in the conduct of the farm during the year, These include costs of planting, cultivating, harvest- ing and marketing. In addition to these costs he may deduct money spent for ordinary farm tools of short life bought during the year, such as shov- els, rakes, etc. Algo, the cost of feed purchased for his live stock may be treated as an expense, In so far as this cost represents actual outlay ; but the value of his own products fed to animals is not a deductible item. Other farm expenses allowable are the cost of minor repairs on buildings (but not the dwelling house), on fences, wagons and farm machinery ; also bills paid for horseshoeing, stock powders, rock salt, services of veterinary, Insur- ance (except on dwelling house), gaso- Mine for operating power and sundry other expenses which were paid for in cash. As to hired help, all the productive labor is a deductible expense ; but the wages of household servants, or help hired to improve the farm, as in tree planting, ditching, etc. cannot be claimed against earnings, A farmer is not allowed to claim a salary for him- self or members of his family who work on the farm. Wear and Tear. Purchases of farm machinery, wag- ons, work animals, etc., alse the cost of construction or extension of build- ings, silos, fencing, etc., should be con- sidered additional investments in the farm and are not proper deductions against income. - A reasovable allowance may be claimed for wear and tear on farm bulldings (except the farmhouse), fences, machinery, work animals, wag- ons, tanks, windmills and other farm equipment which is used in the cen- duct of the farm. . As to autos and tractors, the cost of these is not an expense, although the cost of their upkeep is an allowable deduction, if the machines are used ex- clusively for farm purposes and not for pleasure. Also, in such cases, a de- duction for wear and tear is allowed. Farm Losses, The loss of a growing crop is not a proper deduction from incon.e, inas- much as the value of the crop had ..ot been taken into gross income. The loss of a building or of machinery through storm, lightning, flood, ete., is an allowable deduction, but care should be used to ascertain the correct loss sustained, ag restricted by income tax regulations. No deduction is allowed in the case of loss of animals raised on the farm, but a loss is deductible from gross in- come if the animals had been pur- chased for draft or breeding purposes. Shrinkage in weight or value of farm products held for favorable market prices cannot be deducted as a loss, for the reason that when such products are sold the shrinkage will be reflected in the selling price. Sale of Farms and Land. The value of agricultural lands has been jumping during the past few years, and during 1919 many owners }y sold out part or all of their lands at big profits, All such gains constitute in- come and must be taken into the net income for the vear. Any person who sol! part of a farm or ranch, or part of a parcel of land, must also show any gains realized by the sale. The method of figuring gains and losses on such transactions is prescrib- ed in the Income Tax regulations, copies of which may be secured from Internal Revenue Collectors, Forms for Returns. The Internal Revenue Bureau has is- sued an improved Form 1040F for the use of farmers, This fdrm, together with Form 1040A or 1040, will give the farmer explicit information as te how to properly figure his net income for 1919. There are two methods of figuring a farmer's {ncome tax return this year. He may wake his return om the basis of the difference between the money and goods received for his products and the cash paid out for actual allow- able farm expenses within the year. Or he may make his return on the ac- erual basis, which means computing the receipts and expenses that pertain to the taxable year, e.cluding income earned and expenses incurred in pre- gious or succeeding years. —-_ se —— REVENGE TAKEN BY ANIMALS | Story on Record of Huge Mastiff That Killed Thoughtless Groom at First Opportunity. Careful observers have put on ree | ord some very extraordinary instances | of dogs and other animals which have | remembered injuries put upon them, } and bave eventually retaliated, says | London Answers. There is a terrible story on record of a dog, a huge mastiff, kept as a watchdog by a Stafforishire gentle- }man. The great brute was kept | chained In the stable yard, and during the very hot weather one of the grooms, noticing the creature panting with heat, threw a bucket of cold wa- | ter over him. A week luter the dog was loose | when the same man entered the yard. | He sprang upon him and caugbt bim by the throat and killed him. A touching little episode happened a few years ago in a Worcester vil- | lage. A boy was the proud owner of a very handsome pair of fox terriers, named Mick and Jerry, Jerry went off one day into a wood near by and | tackled a badger, which killed him. Raymond, his waster, went out to look for him, but could not find him, But two days after Mick was found mourn- | Ing over the dead body of his com- | panion. | He was brought back. One day he did not return, His master searched and found him laying dead, his teeth in the throat of the badger, which was also killed. An amusing incident was that of an Indian elephunt whose revenge on @ new mahout whow he took a dislike to was rather funny. He picked him up and deposited him in the branches of a thorn tree. NO NEED FOR FURTHER TALK Argument Had Convinced Man That Arctic Expedition Was Just the Place for Him. A middle-aged man, with what sp- peared to be a load on his mind, visit- ed the arctic steamer just before it stirted on the expedition, and seemed greatly interested In what he saw. “Say,” he said to the officer on deck, “I'd like to go with you on this ex- pedition of yours.” “It's awfully cold up there,” re- marked the officer, discouragingly. “I don't care for that.” “You have very little to eat, and you might starve to death.” “That wouldn't be pleasant,” ob served the visitor. “{ should say not,” returned the officer. “And you might be eaten by your comrades.” “And then,” continued the officer, “you wouldn't see your wife for three years, and possibly longer. You know you can’t take her with you.” “Oh!” returned the would-be ex- plorer, after # long pause, “then you can put my name down on your books, Your last argument captures me.” France Seeks Mauritius. There is a movement in France to ask Great Britain for the return of Mauritius, the Beloved Isle of France, which was lost in 1810. It is contend- ed that, in spite of being under Brit- ish rule for over a hundred years, the island is still essentially French, and that the people desife unton with their mother country. Great Britain has no particular rea- son for keeping the island, says the Neweastle Chronicle. It has no stra- tegle or economic tmportance, nor has it any sentimental associations, so far as Great Britain ts concerned. For the French, on the other hand, it is the place to which many of thelr nobles emigrated, and is the island which Bernardin St. Pierre immortalized in his idyl, “Paul and Virginia.” The islanders gave proof of their feeling for France by sending many of their sons to fight in the French army. Labor and Christenings. W. Wallace Alexander, associated with the Elkins estate and a leading light in the Orpheus club, at a camp- fire gathering was humorously de- scribing his troubles at a Peunsylvania coal mine which he was seeking to put on a paying basis. “The miners were getting out coal two days a week-—the other five days were devoted to christenings. For every christening the whole neighborhood took a day to prepare, a day to celebrate and a day to re- cover. Finally the problem was solved by hiring a brass band, arranging a pa- rade and having all the christenings take place on the same magnificent; uproarious, welkin-ringing day. Who says a business man has no need for the creative Imagination ?— Philadelphia Public Ledger. Powerful Lens of English Make. The most powerful lens used in aerial photography during the war, it is sald, wes made tn Birmingham, Eng- land, It was 6% Inches in diameter and had a focal length of 86 Inches. The power and clear definition of this lens were such that when used in an airplane it gave good visibility and detailed information of what was hap- pening five miles below It. It is sald that the photographer could easily de- tect’the presence of barbed wire from e height of three wiles, and movements of troops that had been effected under cover of darkness were likewtse trace- able by the experts. Birmingham man- ufacturers have been so successful tn making lenses that they believe they GOOD AND BAD LUCK SIGNS Practically Every Country Has Its Favorite Superstitions Dealing With Marriage Ceremony. none .e Did you know that the expression, “tying the knot,” grew out of a super- stition? Among the Babylonians one part of the marriage ceremony was to take a thread from the garment of the bride and one from the groom and tle them together into a knot. Russia has curious superstitions. One ludicrous one is that the bride and groom race rapidly down the aisle as soon as the bridal procession enters the church. Whoever places a foot on the cloth in front of the altar first will be master !n the household. In Spain it was considered a good omen to tle around the necks of the bride and groom a silk sash fringed | with gold while they knelt before the altar, thus binding their love gthe stronger. ln France it ts held to be unlucky to allow a person older than the bride to enter the church door first. And there are other superstitions from many countries, It is lucky for a couple to run out of church hand tn hand. The bride and bridegroom must not look about or recognize any one on go- ing up the church aisle, for one who does it will go elsewhere for love in a short time. The one of the betrothed pair who gets up first from the altar will al- ways in after life be the one to get up first in the house. It is a sign of bad luck and separa- tion if a woman signs her maiden name instead of her new married name on the church register when she mar- ries, It is good luck to the couple if a pigeon alights on the church as @ couple enters it to be married. If the official clergyman has trouble to find his glasses it is a sign that one of ‘the two before him will not bear inspection. If the officiating clergyman makes a mistake some one is present who fs opposed to the match. It 1s bad luck to have a minister refuse to perform the ceremony on any excuse. If the pastor drops the prayer book while reading the service the couple will be blessed with twins. It is a bad omen for the wedded cou- ple if @ person in mourning passes the open church door while the ceremony is being performed. Tt is lucky to marry in a ruined church, Making Medals in Millions. The 1914 star recipients can be num- bered in tens of thousands; those who wear the ribbon of the 1915 star are reckoned by hundreds of thousands, and in millions must the men and women be counted who will be entitled to the gederal service medal for the | war, 1914-1918, says an English ex- change. On the other hand, in 1893 medals were awarded for special campaigns, in which the recipients were numbered in tens. Three little scraps occurred in West Africa during that year and the general service medal with a spe- cial clasp was awarded for each little brush. The Lake Nyassa clasp and medal is- sue was made to only 25 men for serv- ices in Nyassaland. Thirty-four only received the medal with the Liwondi clasp, given for the engagement with the Chief Liwondl. Forty were given the Juba River clasp and medal, as members of the naval brigade that went as volunteers to the rescue of two Englishmen held captive by the So malis, Of course, in Wellington's days, un- til Waterloo, only the chief officers and commanders were given medals, An Arrest That Failed. The moon had not yet come up and the motorcycle patrolman, who was on the lookout for spooners, now and then would turn a searchlight into the bushes of the lonely road. Suddeniy ahead of him he saw a small sedan, and as It passed under a street lamp he saw curly head resting comfortably on a dark shoulder, while the arm of this same dark shoulder was thrown protectingly around the curly-headed one’s neck, One ‘glance was sufficient for the observant patrolman, and he started his motorcycle forward until he arrived alongside. “You are under arrest for spooning.” he said gruffly, and then he looked tn- side. What he saw made him mum- ble a hasty “beg pardon,” and tear off down the street at a great pace. The curly head belonged to a small child asleep on her mother’s shoulder.—Kan- ‘e| sas City Star, New Iiluminant. Tluminating gas, in whieh acetylene replaces ofl gas in a mixture with coal gas, has been tried in Swiss expert- ments, and the results seem to have been satisfactory. With the acetylene and coal gas ip equal proportions, the illuminating power proved about the same as that of the oll gas combina- tion. It is reported that the new mix- ture can be safely used at a pressure of nine atmospheres, and heated to 100 degrees C without danger, Eskimo Had Right Spirit. There was one native Eskimo In the American expeditionary forces, George Saggak of St. Michael, Alaska, who wrote home in one of his letters from the trenches: “I am trying just my best in’ a the firing line. I cer- tainly like see, Germans lose the game and we are all good American beys very anxious to go over the top and give a good punching te Ger mens” < - => 288 = —— —= “nae POMBO ERT SOR ITE TET Why man— we made this cigarette for you! sje AMELS fit your cigarette de- C sires so completely you'll agree they were made to meet your taste! Unique flavor, fragrance and mel- low-mild-body due to Camels qual- ity and expert blend of choice Turk- ish and choice Domestic tobaccos area revelation! You will prefer the Camelblend to either kind of tobacco smoked straight! With Camels you can gothelimit without tiring your taste. They leave no unpleasant cigaretty after- taste; no unpleasant cigaretty odor! oo Ann ete la To get a line on why Camels win you so completely compare them puff-for-puff with any cigarette in the world at any price. You'll pre- in adinsioe: paper cowered ca, fer quality to coupons or premiums! rton for the home or of J. REYNOLDS TOBACCO CO., Winston-Salem, N.C. fice supply or when you travel. Camels are sold everywhere in scientifically sealed pac: of 20 cigarettes for 20 or ten packages (200 cigar SOO HOS Set eee ee See eee ee eT ee eee ee ee eee eee eee eer TS S| CHARTER NO. 7923, RESERVE NO, 12 REPORT OF THE CONDITION OF THE FIRST NATIONAL BANK At Cottonwood in the State of Idaho, at the close of business on February 28, 1920. RESOURCES Loans and discounts, including rediscounts . ... 248,605.74 Total loans : . 248,605.74 Deposited to secure circulation (U. S. bonds par value) 25,000.00 ast Owned and unpledged Ph PR SS 24,300.00 _Total U. S. Goverment securities ..... aie anes ‘ z ee 49,300.00 Securities, other than U. S. bonds (not including stocks), owned and unpledged . 2,160.18 Total bonds, securities, etc., other than U. S. ........... ica 2,160,18 Stock of Federal Reserve Bank (50 per cent of subscription 1,200.00 Value of banking house, owned and unincumbered ............. 6,000.00 ; Equity in banking house obese saree 6,000.00 Furniture and Fixtures ane ‘ 2,000.00 Lawful reserve with Federal Reserve Bank ...................... 15,761.98 '@ Cash in vault and net amounts due from national banks ...... 31,387.26 Checks on other banks in the same city or town as reporting bank ’ 36.75 Total of Items sMh scat =, Eee $1,424.01 ; Redemption with U. S. Treasurer and due from U. S. Treasurer . ‘ ne 1,250.00 Interest earned but not collected—approximate—on Notes and Bills Receivable rot fied past due ............. Ree Ses 2d} 2 OE eee 1,653.03 Other assets, if any 1,586.75 TOPAL. .....:..... 860,941.69 LIABILITIES MARA AROMA AN 5, Sith nssouccgieceasssocssnerdesisess nausejatasese Surplus fund ............ 1500000 Undivided profits . 5468.05 | Less current, expenses, interest and taxes paid 2 rR eet aitroe ene 3,160.77 2,307.28 Interest and discount collected or credited in advance of maturity and not earned— eaee : (approximate) - ‘ AEF. 3,082.26 Circulating notes outstanding 25,000.00 Certified Checks Outstanding "62.00 Cashier’s checks on own bank outstanding 3,502.59 Total of Items . 8,564.59 Individual deposits subject to check Poth "161,281.29 Certificates of deposit due in less than 30 days (other than for money borrowed) 24,101 04 Other Demand Deposits 4 i ae eee 1,012.77 Total of demand deposits (other than bank deposits) subject to reserve “. 176,895.10 0 Certificates of deposit (other than for money borrowed) . EAS a. 110,692.46 Total of time deposits subject to Reserve 110,592.46 ae TOTAL es ae 360,941.69 , Of the total loans and discounts shown above, the amount on which interest and dis- count was charged at rates in excess of those permitted by law (Sec. 5197, Rev. Stat.) exclusive of notes upon which total charge not to exceed 50 cents was made) was None. The number of such loans was none. i STATE OF IDAHO, COUNTY OF IDAHO, SS. I, GEO. M. ROBERTSON, Cashier of the above-named bank, do sol that the above statement is true to the best of my knowledge and lee ne come GEO. M. ROBERTSON, Cashier. Aug Schroeder, Felix Martzen, T. B. Parker, Directors. CORRECT—Attest: Subscribed and sworn to before me this 5th day of March, 1920. M. M. Belknap, Notary Public. (SEAL) PLPLOL PSHE Preteen tent eed POINTED PARAGRAPHS. mocha ts awn,” \Read The Ads In This Issue! Sweet are the smiles a man’s wife hands him on pay day. Some men are born kickers and some fall ‘victims to dyspep- sia. . A dignified man’s hat is sel- dom as large as he thinks it ought to be. Most of the lectures delivered by women are to a one-man audience. The Almighty evidently didn’t have much to do when he creat- ed some people. SPP OSES SSG SOG G S955 OHO OG O OHSS ES Swan Bros. Dray Line HAULING OF ALL KINDS Nezperce Phone No. 4025. Prices Reasonable. SWAN BROS., Props.