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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Oct. 25, 1962)
THURSDAY. OCTOBER 2S. 1962 MEDFORD MAIL TRIBUNE. MEDFORD, OREGON " v s 9 'r i X i r ft ATTEND CEREMONY George Meany. left, president of the AFL-CIO, and Supreme Court Justice Arthur Goldberg are shown huddling following the swearing in at the State Department in Washington of William C. Dougherty, former president of the Postal Workers Union, as the united states ambassador to Jamaica. Dougherty, partially shown In cen ter, received a recess appointment to the post from President Kennedy. (UPI) Hatfield To Attend Timber Conference Salem-MPH-Gov. Mark Hat field said today he has accept ed an invitation to attend a timber salvage planning con ference at Portland next week. The conference was called for by President Kennedy for next Tuesday and Wednesday lo plan the best way to sal vage timber knocked down In Oregon, Washington and Cali fornia by the Oct. 12 storm. Invitations to take part In Ihe conference were sent Tuesday to senators, congress men, governors, slate forest officials and private timber owners from the three states. Hatfield also announced that he has sent a telegram lo the U.S. Tariff Commission asking it to consider storm cumaRH to limbc- on the Pa cific Coast in making its de cision on proposals to cut down the flow of Canadian softwood lumber Into the United States. The governor said there would be an increase in the volume of lumber on dis tressed markets during the next three years because of necessary salvaging of trees. The Fashionette- "Quality Is Not Expensive" Largs Assortment of Coats Wools Water Repallanr Silks Twills Imported Velveteens Washable Italian Leathers Corduroys and Car Coats Coats Priced $3500 7998 m Mr 1 J . Wool Coals Sites 8 to 18 Guaranteed Linings 1 Drive OnlvT Mk: 7 ytM' Congressmen, Governor Will Attend Briefing By United Pren International Incumbent Oregon congress men and Gov. Mark Hatfield plan to Interrupt their cam paigns to attend a State De partment briefing in San Fran cisco Friday on the Cuban cri sis. Sen. Wayne Morse, chair man of the subcommittee on Latin American Affairs, was briefed on the crisis in Wash ington, D.C., Wednesday and plana to return to the state Friday. Morse said after his brief ing the Cuban "quarantine" was "necessary to protect the security of the Western Hem isphere." Sig Unander, Morse's Re bulican rival, cut loose at Morse In a Linfield College talk Wednesday saying Morse ". . . has consistently refused to recognize . . . the danger that has existed and grown in Cuba for the past two years." Sparks flew in the guberna torial race, too. Democratic nominee Robert Y. Thornton charged Hatfield's approval of a test case by the attorney general was "in my opinion . , . a 100 per cent political grandstand stunt." Over Legal Aid The two candidates appear ed on Ihe same platform in Portland Tuesday night and Hatfield gave Thornton a let ter authorizing the latter to go lo court if he believed Hat field committed an illegal act in hiring his own legal aide. John Davis Lodge, former governor of Connecticut, ap peared in Portland Wednes day in behalf of Republican Stanley Hartman, who op poses Rep. Edith Green ID Ore.) for Congress. Lodge said he supported the Cuban quar antine. "The result will de pend on courage and resource fulness on our part." State Rep Carl Fisher, GOP Fourth district congressional candidate, said in Eugene to day he believed the people should be kept as fully in formed as possible "in Ihe continuing crises which this nation will face In the ninnlhs and years ahead ... so long as release of the information is consistent with national se curity." Not Welfare Slate Blaine Whipple, who op poses Rep. Waller Norblad (R Ore.) In Ihe first district, said in Salem Wednesday the fed eral government was not ere allng a vast welfare slate. He said facts do not support claims there has been a "drift to socialism" In the country. State Democratic Chairman Ed Spencer urged elk hunters who plan to be in Ihe field on election day to obtain ab sentee ballots. "Voters may be hunting elk while their po litical parties are hunting voles on Nov. 8," he said. Your Money's Worth By SYLVIA PORTER Copyright, Hall Syndicate, Inc. Thirly-four per rent of lflftTs total radio output was in models for automobiles, ac cording to the American Auto mobile Association. THE NEW TAX LAWS' MEANING TO YOU IV INVESTMENT CREDIT IS TAX BONANZA If you're a businessman, salesman, physician, dentist, ac countant or In any other occupation where you buy de preciable equipment, autos, etc., In connection with your income-producing activities, you may find you are entitled to a completely unexpected tax cut when your prepare your 1082 income tax return. If you report on a fiscal rather than a calendar year basis, you even may be entitled to a tax refund right now if you already have filed your return for a year ending in 1002. This unanticipated lax bonanza comes from the new In vestment tax credit which Is the heart of the 1962 Revenue Act signed by the President into law last week. A first point you easily might overlook Is that while this tax credit is designed to spur economic activity and updating of America's industrial plant by encouraging businessmen to buy new equipment for modernization, it applies to all qualified purchases of equipment, regardless of why the equipment was bought. A second point which has been obscured is that the credit is not limited just to businessmen. Many others in the professions and trades who buy de preciable equipment in connection with their professions or for the production of income also are entitled lo the credit. For tha overwhelming majority of business and profes sional men it will be just a happy windfall since they would have made their purchases of the equipment wheth er or not the credit was available. The Treasury itself estimates the lax savings pot created for those who buy machinery and equipment will come to $1 billion a yearand it's available for all qualified pur chases starling with the years ending after 19B1. The new Investment credit Is, In effect, a tax rebate given to you on the purchase of depreciable tangible personal property such as autos, equipment, furniture, etc., used in a business or for the production of Income (it doesn't apply to livestock or buildings'.) But instead of giving you the rebate in cash, the Treasury lets you take the credit as a direct reduction of the tax you owe on your return. Thus, If your 1062 tax is $1,500 and your credit is $200, you will send the Internal Revenue Service only $1,300. Since the credit Is In the nature of a rebate, It reduces the cost of your asset in figuring depreciation. For example, if you buy equipment for $10,000 and are allowed a $700 credit, you can deduct $9,300, not $10,000, as depreciable over the life of the asset. The credit isn't allowed equally on all depreciable tang ible personal property. The odd result of this is that although (he credit is designed lo spur replacement of assets, you get the biggest credit the longer you intend to hold the assets. If you plan to hold the assets for eight years or more, your credit is 7 per cent of the cost; for six io under eight years, the credit is 424 per cent and for four to under six years, 2'3 per cent. Thus, if you bought a $3,000 business auto this year which you will keep for three years, you get no credit. But if you expect to use it four years, you get a credit of 2Vi per cent of $3,000 against your 19S2 lax bill. The credit Is allowed In full in Ihe year that you buy the asset, based on your estimate at that time on how long you expect lo use it in the business. Say you buy $20,000 of business equipment on Dec. 30, 1962, and place It In service on that date, estimating that the equipment will be used for more than eight years. You can get an immediate credit of $1,400 to be used against your 1962 tax due in March or April 1963 even though you hold the equipment only one day in 1962. But if you miss on your estimate get rid of It before eight years you will have to return part or all of the credit you took. In brief, you would have to refigure the credit based on how long you actually kept the asset and pay back the difference to the Treasury. Say in Ihe above example, you sold Ihe equipment In the sixth year of use. You would he entitled to a credit of only 4Jn per cent of $20,000 or $934. Since you had claimed $1,400, you would have lo arid $466 to the taxes you pay in the year you sold the equipment. Next: Specific hints on how to use the tax credit. ONE GROUP WOOL SKIRTS BULKY ORION and SWEATERS Values to 14.98 SC88 2 FOR $10.00 ONC GROUP Nationally Advertiied PANTY GIRDLES Nylon Power Nat. S., M., I. VALUES to $7.93 ONE GROUP DRESSES .,. ,Ki Arnel Jerieyi, Matte Jerseys Rayons and Cottons VALUES to $17.98 SCOO TjQ88 2 FOR $20.00 LAY-A-WAY FOR CHRISTMAS NOT OPEN FRIDAY NIGHTSI Please Shop During the Day The Fashionette 72 South Central (Acroit from Crelerian) SPECIAL MOONLIGHT PURCHASE IF m in stoCw rf -r-n X Doient of II ' ! Beautiful II. . Fall Bags lf i $l00Off 1 Each and Every . n Mention rr Famous Namei ' In I MOONLIGHT 25 OFF Choose From 30 Lamps in This Group FRIDAY and SATURDAY ONLYI Dinnerware Vl OP, SAll Jnd Floor .4 it? Rsauttful lamps for Every Room in tha Houss Pin-Upi Po! lmp Table Style in Colonial, Traditional and Contemporary f M-HUmi'l " P-M. FRIDAY SWEAA'S BOOKS-GIFTS RECORDS 217 E. MAIN ThriTivWfri DOWOTOWN -j STORE ONLY MOONLIGHT SALE OPEN 'TIL 11 PM FRIDAY - ALL SALE PRICES IN EFFECT SATURDAY ONE TIME EXTRA! SPECIAL PURCHASE LADIES 100 Orion Bulky Knit CARDIGAN SWEATERS Cable ititch affect with collar. Siiei 34-40. Colon, white, black, beige, red, gray, camel, blue, green. Reg. 5.98 488 CHOCOLATE COVERED MERRIES Reg. 59c 10-oz. Box TREAT TIME MIXED NUTS 1 3-oz. can Reg. 89c 57c VANILLA CREME COOKIES FULL 2 POUNDS Mrl. Allison'! Sandwich Cremei Reg. 1.78 Value 2 bags $ or 4-lbs. LOWEST PRICE EVER! Halloween Costumes All children's size. Huge selection of favorite characters. $1.59 value 8 fi C CHARGE See our complete assortment of Halloween needs Masks, Candle Cards, Paper Table ware !PlasticPumplins:Wigsetc. DINETTE CHAIR REPLACEMENT SET Reg. 3.98 each Set of 12 88 Two -inch box welled cushion and a curved back fit slip-on or screw on chair styles. Asst. pat terns in washable vinyl plastic. i fit' i 1 7 PIECE COPPER TINT GLASS BAKE SET For gifting and to beautify your own kitchen. Gleaming coppertint heat-proof glass with while linings. Set of 1 Vi-qt. casserole with cover, 9" pie plate, four 6-oz. custard cups. This set will be given FREE if you open an approved NEWBERRY CHARGE ACCOUNT for 19.95 or more ... or if you add a purchase of 19.95 or more to your NEWBERRY CHARGE ACCOUNT. (Offer expires Oct. 31, 1962. DOWNTOWN STORE ONLY L v 3 f HASSOCKS WITH A LEATHER LOOK 5.66 Newberrys low price Padded seats in leather look plastic. Round or square with black or walnut finish legs. 14" high. Many colorsl fa ELECTRIC CAN BOTTLE OPENER 6.38 Regularly 9.98 Single lever fingertip ac tionopens any sire or shape can. Magnet holds lid. 10yr. guarantee on cutting wheel. G.E. CLOCK RADIO CHARGE ITI Automatically wakes you to music or alarm, lever type clock controls. Built in antenna. 4' speaker. McGRAW STEAM IRON Non-Splash Design Reg. 9.98 2': pounds lighi for eay ironing. Special n o n splesh design. Ey-to-read control dial for all fabrics. (0 G-E ELECTRIC ALARM CLOCK 2.66 Famous G.E. Telechron accurate & dependable. Alarm sounds for 45 minutes unless shut off. Beige case. 4x3' 1". Plus Fed Tax 3 15-CUP ELECTRIC COFFEE MAKER 8 Reg. 12 95 High polished aluminum with Westinghouse thermo stat. Flavor selector. Fully automatic. CHROME POP-UP TOASTER Regularly 9.98 Makes toast to desired shade, pops up when done. Hinged crumb door. UL ap proved. CHARGE IT Newberrys DOWNTOWN Store Only Opn until 11 Tomorrow Night I V
