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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Dec. 25, 1962)
SECTION B PAGES 1 to 14 MEDFORIV&i&TRlBUN ' TUESDAY DEC 2i, 1962 Incorporating Family Farm Said To Be Good Idea Washington - IUPD - Incor porating the family farm may be a good idea, according to the Agriculture Department's Economic Research Service, j The chief value of lncorp . oration of the family farm lies in taxation advantages and j the disposition of a deceased owner's estate. ERS said that a farmer, like any other business man, can j organize his operation in sev-1 cral ways. He can run it him-1 self, he can manage it with a i partner, or he can incorpor- ate. But he should consider ' the best way to do it. Usually the family farmer Is the sole proprietor of his business. As such, he needs no ! legal formalities. But a sole : proprietorship is difficult to ! transfer from one generation i to the next. When there is ! more than one heir, the farm j business often must be sold after the death of the owner in order to divide the estate among the survivors. Partnership Difficult A partnership also Is hard to hand on from father to son. Furthermore, each partner Is liable for all of the debts of the others. A limited partner ship restricts debt obligations to the partner's investment, ' but the limited partner can not work for the firm. j When a farmer incorporates his farm operation, he can limit debt liability and still manage his own business. It will cost him, general speak ing, S300 to $500 for an at torney to prepare and file the articles of incorporation. Also, a corporation is required to have its record audited each year. The bookkeeping in volved, however, is no more complex than for any other type of business organization and the process provides an accurate set of records for running the farm. 30 Per Cent Tax Corporations currently pay a 30 per cent tax on the first $25,000 of taxable income and 52 per cent on all Income over S25.000. If a farmer has a gross income of at least $20,000 a year, it may pay him to incorporate. But the more deductions he has for depend ents, the more mony he has to make before incorporation is an advantage. The big advantage In in corporation, even more than for taxation purposes, Is in making it possible for farm families to share equally in an estate without dividing or sell ing the family farm. By giving his family shares of stock, the farmer can pass the operation inlact to a son who wants to stay on the land while giving other heirs a fair share of the income from the farm. Stock in the farm corpora lion can be given as gifts dur ing the farmer's lifetime or willed to his family after dealh. If the son who remains on the land wants to own the entire corporation, he can buy out other heirs In installment payments. Attorney General For Truman Dies Palm Beach, Fla.- (UPH -Funeral services were pending today for James P. McGran ery. U.S. attorney general un der former President Harry S. Truman. McGrnncry, 7. a native of Philadelphia, died of a heart at lack Sunday night in the ho tel where he was spending a Christ mas vacation with his wife Rrgina, and their three children. As a U.S. district court judge. McGrancry presided at the 1950 trial of atom spy Harry Gold in Philadelphia, and later sentenced him to .10 years in prison. He was creditrd with doing the preliminary work which led to the 1054 Supreme Court decision that outlawed racial segregation in public schools. PENNEY'S' iVlVERS Downtown . . . Medford Force of Freezing Wafer Shapes Metals Fanningdale. N.Y.-'lTfi-One solution to the problem o( shaping hard-to-(orm aero spate metals and alloys may turn out to be "almost as sim ple as making a bairn of ice cubes." according to engin eer? here. Manufacturing researchers at Republic Aviation corpora tion report they have success fully applied the principle of umhc the force produced when water is change.: into ire to shape metal parts. This freezing technique. Ihry say. ha accomplished the shaping inh at a lower cnt than af forded hv ttie u-r nf conven tional forming machine and t--!. 300 Dresses reduced from stock! Late Day n' Casual Fashions ! Wools ! Cottons ! Blends! $ 7 We must sell these dresses to make room for new fashions, so prices have been cut to the lowest price of the year you'll find . . . cotton plaids, stripes and prints, rayon jersey, rayon butcher weave, dressy rayon crepes, cotton knits, nylonacetate lace, nylon jersey prints. Find tailored, dressy or casual styling in this large assortment of dresses, all reduced from higher price ranges. Juniors, misses and half sizes, PENNEY'S MEZZANINE FLOOR ARRIVED LATE Choose from 400 ROBES! Cotton quilts lush nylons, cotton cheniles, plush sueda blends ... ll here in a SPECTACULAR FASHION ROBE CLOSEOUT! Rush to Penney'i tomorrow for the greatest robe buy of the year. , . , Thu shipment arrived too late for the holiday telling so we've priced them far below their regular selling price. Tremendous selection in all sijes and colors! K V JI i Y n ) 1 Eii&JimM)lv&iJte f M . SI BARGAIN SPREE! HUGE REDUCTIONS! FABULOUS SAVINGS! "No Money Down With Penney's Charge Account" lj Hie iffil FUR-TRIM I V',?V '''WW COATS-Now X3T;4:, M.ny .n..f iklnitt nil I J I LOOK! The Biggest COAT SELLING EVENT OF THE YEAR! Tomorrow at 9:30 A.M. Sharp! A coat event so big we've taken the entire center aisle of our main floor Rack after Rack of this season's most sensational styles and fabrics at the biggest savings of the yearl 100 WOOL PLUSHES ! 100 WOOL FLEECES ! WOOL ZIBELINES WOOL BOUCLES I WOOL TWEEDS I From this country's leading makers come this tremen dous year-end coat buy . . . Penney's large 1700 store buying power brings you these remarkable values. Pick of the season's best silhouettes ... all freshly in terpreted in wools with slim lines, flare lines, full linesl Culminated with chin-chin collars, wedding band con vertibles, button bonanzas! Pick of the colors. BUY NOW! After Christmas when Penney's can give the biggest coat values of the year! When, the best-of-the-latest coats can be specially made for us. See the large selection tomorrow, now for better-than-our-usual low prices! , ' " ' MEN! Don't Miss This Terrific WORSTED SUIT SPECIAL 200 to choose from, all clearance priced! Fantastic Values! WORSTED SUITS MEN'S SPORT COATS Imported Italian Velours ! Rich Imported below iport coallngi, woven In Italy and tailored in thit country by Roien blatt and Mercury. Superb tailoring plus ex citing new pattern! now at the lowest price of the year. Brown or grey tonei In lizet 36 to 46. Regulars, longt, and thorts, MEN'S WEAR... PENNEY'S STREET FLOOR $1Q II O REGULARS ! LONGS ! SHORTS ! $ 34 Compare 'em with suits costing much more. 3 button styles in wanted colors and patterns. . , Pleated trousers. Hurry! MEN'S DRESS SLACKS Closeout Buy ! Another Big Pnnv Yr-F.nrf Dv ! fvptflly tihrrt lUckl in 1 00'lri woolen, orlro nrf wool hltnn'i in your fa vorite f vl Th RouUvJ.rH, ConltnnlAl, or Umvevtitv C-A- Chrtn1, Hjirk ory. f oHv( m 79 .1o. $ .... 7 III I JL' ."- VI S . Tti "M .,t ; r i 1 - i V 1 1. . pile-lined MEN'S ALL WEATHER TOPCOATS! ZIP-LINED! IS Special savings on cotton print topcoats with zip-in acrylic pile liners. Deep tone plaids, checks . . . tailored In knee length Unl-versity-Grad model with split raglan shoulders. Wool Topcoats Reduced! Terrific vlue! CnvarM, vflours, twetdv and saoniei. Choosa set-in sleave tlvla with tlan pocten nr raqlan ileava slah pocket model, SHde of hrown or gray in regu- Sif 36 tn 44. 25 -
