MEDFORD MAIL TRIBUNE. MEDFORD. OREGON
WEDNESDAY. JULY 25. 1962
W- MONTGOMERY WARD
117 S. CENTRAL
773-7301
OPEN FRIDAY 'TIL 9
Furniture, mattresses, floor coverings,
draperies and other home furnishings
all of splendid style and quality, and
now priced for very exciting savings!
;. "'rt-sJ-s ?:.". S, ! - - . . 1
4-pc. sectional ' 1 JfHlWJ, I
SMS1 ,J,HI ste S-- .
PILOTS HONORED-NASA test pilots Joe Walker and Cmdr.
Forrest S. Petersen observe actresses Janet Blair and Gisele
McKenzie as they demonstrate the proper climb-out attitude
of the X15 rocket plane. The actresses were guests at a
luncheon honoiing four X15 pilots at San Diego, Calif. (UPI)
Annual Meeting Set In Ashland
Ashland-The Southern Ore
gon Conference of Historians
will hold their second annual
meeting Friday. July 28, at
Southern Oregon college.
Registration will begin at
fl a.m. in Britt Student center.
Dr. Robert Whitner. pro
fessor of history at Whitman
college, will speak on "Myths
and Myth-Makers" at 10 a.m.
Dr. George G. Bruntz, pro
fessor of history at San Jose
State college, will discuss
"The Historian and His
Search for Truth" at the noon
luncheon in the Mark Antony
hotel.
A visit to the Jacksonville
museum will begin at 1:30
p.m. with a reception and tea
sponsored by the women of
the Jacksonville First Presby
terian church following.
The day's events will be
concluded by attendance at
a performance of "Coriol
anus" in the Shakespearean
theater.
Registration fee will be $1
per person and the public is
invited to attend, according
to Dr. Arthur S. Taylor,
chairman of the social science
division at the college.
The conference is spo isored
jointly by the Southern Ore
gon Historical society and
Southern Oregon college.
r-
.i
Your Money's
Worth
By SYLVIA PORTER
Copyright, Hall Syndicate, Inc.
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BUSINESSMEN: GET EXPERT HELP ON
DEPRECIATION RULES
There is one professional man who will work harder be
cause of the Treasury's widely heralded liberalization of the
rules governing the tax deductions which you, as a business
man, can take when you invest in machinery and equipment
thc so-called depreciation rules. That professional man is
your accountant.
There is one move you, as a small businessman par
ticularly, should make before you even try to take advantage
of the new rules. That move is to ask your accountant to
explain precisely how much the new depreciation schedule
can put into your pocket in lax savings and this goes
whether you're investing in hand towels for your motel or
in highly expensive machinery for your factory.
The newspapers have printed millions of words in the
past 10 days about the Treasury's first lull-scale liberalization
nf the depreciation rules in 20 years, with each report
emphasizing that the changes give businessmen a "tax cut"
amounting to SI 5 billion a year.
Yet as Leon Gold, chief tax expert of the Research In
stitute of America, put it to me when we discussed the
new rules the other day. "I've had calls daily form some
of the most qualified businessmen in the country asking
what the new guidelines mean to them, although they have
read the new giudelines as well as all the news stories."
Your accountant should cut through the technicalities and
formulas for you. But here, in everyman's language, is what
this is about
(1) The Treasury has shortened its official list of the
period of years over which a businessman buying machinery
can deduct the cost of this equipment from his taxable in
come Let's say that in MltiO, you bought $20,000 of equipment
which the Treasury's old rules said had a 20-year useful
life. Under a common method of figuring depreciation, in the
past two years you have charged off that equipment at the
rate ot Sl.noo a year, thereby cutting the income on which
you had to pay taxes by S 1 .000 in 1960 and again in 1981.
Now the Treasury says the useful life of your equipment is
10 years So. as of ll)2. you can charge it off at S2.000 a year.
This cuts the earnings on which you have to pay taxes
by an extra SI. 0(10 annually in the years immediately ahead,
so you report a lower income and thus pay a lower tax. It's
not a tax cut in the direct sense It's a tax savings and the
"tax-savings pot." as Gold puts it. is estimated at SI 5 billion
a year.
i2) Tiie Treasury also has greatly simplified the system
nf figuring u.-eful life. Instead of listing 5,000 items:, each
with a separate useful life, it has put out a short boonlet
which sets a single useful life for all equipment used in an
industry as a class. For instance, all the equipment used in
the hotel industry- ranging from blankets to fire alarm
equipment - has been grouped under one class and given
a class life of 10 years. This (implication in itself can be
of major benefit to you.
i.l) You can set any useful life you wish on an individual
equipment purchase as long as the average of your equip
ment purchase works out to the average useful life for the
class of the equipment. Ynu could, with expert help, save
much more than is apparent on the surface of the guide
line (4) You nerd not worry about Treasury arguments as
long as you stay within the mathematical standards set by
the Tre.'isurv A Gold says, "informed businessmen, by
shuffling lives of individual assets wilmn the class of equip
ment bough', could step up actual depreciation taken by
thousands of dollars, sharply increase savings. Also as long
as businessmen don't ko below the guidelines' life, they need
not worry about any fight with a Treasury examining agent
(or three v.irs even if the life of their assets is obviously
longer than that set in the guidelines " A moratorium on
Treasury quetinninB has been declared for three years.
The one negative aspect. Gold stresses, is the complex
procedure required in arriving at the new mathematical
standards. Hundreds of thousands of businessmen even
new aren't taking the depreciation breaks available to them
end countless thousands more will forfeil the maximum
benefits unless they get expert assistance.
Moral Tu.s time. Mr Businessman, big or small, spend
jj.or.fv' -n mvc on taxes Dn t try to wade through this
pne en y-:ir o"-r I
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