Herald and news. (Klamath Falls, Or.) 1942-current, February 22, 1956, Image 7

Historic Oregon Newspapers

Herald and news., February 22, 1956, Page 7, Image 7

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Newspaper Page TextWEDNESDAY. FEBRUARY 22. 1956 HERALD AND NEWS. KLAMATH FALLS. OREGON PAGF. SEVEN Morty Meekle EliglbUity Forlax Credit For Retirement Described nOWrOXXRIKE f I I'MICIUPOF MVCD&TUME I SUEE IS. - "X WORKER 1 ISN'T IT EXCT1N&? J I HAVE NO, I 1 I HOPE HE i -gv voj sen HivEst... ) sEHAvea cj lYANCSY? WriYJy' HIMSELF y 2-21 1M fcj &. I. " " Edllor-a Note: Of great concern to many of the read? rs re aspects of retlrrment income in relation to federal income tax. The Oregon Association of Public Accountants lax information committee has pre pared the following discussion, pie- deeds. seated by Herald and fJews as a in both classes of retirement in. reader service.) com the law establishes a niaxi- mum of Sl.Mfl on which the crcait Th. insa intern.: revenue act : is to be computed and reduces provides a tax credit, for retire ment income which is a new fea ture for taxpayers who at some time in their lives have had earned income of at least 1600 a year for 10 years. ctllUili... In. this tHit i riif. .-f'." 7.11. a .-Alices above $900. lerei.i ior umjojck ,i,.inn nf irliip. ment Income the moss rentals re ceived before deduction for ex Is materially broadened to Include personal services in computing any Hie amount of the retiremeni all pensions and annuities that are 1 reduction due to personal Income credit is further limited to the taxable, whether from public or . j eXcess of $900. ' I amount of trie tax computed on in; private retirement tysiems, retire-1 - ment pay 110m tne arnica ioiccs, interest, rents, and taxable divi- face of the return, less any divi-1 mallon on retirement Income ready dends received credit. I bclore you start to I lie your return Be sure you have all your iufor-or to seek professional assistance. this bv any - amoums received under the social security act. the railroad retirement act. or other retirement income which is 11 o t taxable: and. in cases of laxpay- I ers under ;s years oi axe. all in come received from personal serv- those over 6; For taxpayers under 65. pensions and annuities received from public retirement systems, such as civil service retirement, teacher retire ment, and various state and mu nicipal retirement systems, are the only items that qualify and are used in computing the credit. Retirement pay from private pen sion nlaus do not quality. Tor taxpayers over 65 the base on which the credit is computed penses is used and 30 per cent of the income from a trading part nership is presumed to be from Plaques Given Ski Students DUNSMUIR Of the 116 students talcing skill tests at the Mt. Shasta Ski School finales at Snowman'.? Hill on Saturday morning only two were awarded Class A plaques. Qualifying as experts were Leo Galley of McCloud and Cordon Buck Jr., of Redding. Leo Galley also won the Lions Club trophy in the Junior giant slalom ' in the afternoon events. Gordon Buck was second and Dan Haglstrom was third. In the girl's Junior giant slalom, Marion Thie Ibolt of Mount Shasta won the Rotary trophy with Shirley Graves, second, and Yvonne Brown, third. The men's open giant slalom and the Dicker's trophy was won by Chap Wentworth; Bernie .Young, second; and Russ Luddon. third. In the women's open giant sla lom, Jo Herbert won the Bill's Ski Shop trophy. Colleen Court wright, second; and Julie Jcnni, third. In the Class B uphill, downhill race, David Carlberg. first; Pal Gutman. second; Helen Gutman, third. In the Class C downhill, Robert Marchl, first; Ted Mich ael, second: and Randy Messen ger, third. In the Class B down hill. John Carlberg, first; Mike Au bert, second; Steve Runyon, third, The ski school was conducted by the Mt. Shasta recreation district and the Mount Shasta Herald j Jack Murtha, recreation director, reported that 296 pupils registered and the average daily attendance for the school was 1M pupils. He estimated over 150 spectators were present on Saturday to watch the tests in the morning and ski carni val in the afternoon. Murtha expressed particular pleasure in the 12 volunteer in structors who conducted the school and to Beat Jenni. school director. He largely credited Jenni with the school's success, noting that Jenni had been a ski instructor in the Swiss Army and on the Swiss Olympic team. FARMER KILLED STANTON, Ky. If An 82-year-old farmer was killed yesterday by a runaway mule team which dragged him about 100 yards on a gravel road. Charles Norton Crowe had been gathering com on his farm and his young mules apparently became frightened as he drove them onto the road. He fell between the animals onto the wagon tongue. pST0Pjl KISCO Roll Cutters Makes Delicious Clover Leaf mni Far) Tan Butter Rolls. Goeller's 522 Main SMOKING HADIT Safe Easy Way TOIACCO BtlATH TOLMCCO NltVIl TOIACCO HflAlT r" t T W. tnt-n-n hatnl with it health kitlirtf rflectx on heart, ihroat and limp. Nicotine Is pouonoui ana m rtai oaiifcr 10 tno tmnn. Don't he fooled by Uxiay'aCijrarellf advenuing with it tricky savings and catchy jingles. Tobacco smoke DOKS dry out the throat and male vou couf W- Make up your mind to break .r tArnfcnhahit trvlav. tee) brttrf .eat hrttrr. sJeep better. Senaliortal SMOK -NO-MOR Tablets must help you break th imokwf habit WlUun one snori. wees or money iciunum, MOUtAt $.O0 PACK A.I SPICIAI...ONIY $1 LEE HENDRICKS Your Neighborhood Drugfitt 2212 So. 6th Phono 4321 "An auto insurance P. policy is a jrromise ...as good as the company behind it!" LAx-7 . Bobirt E. Wood, former Chairman he Board. .Van. Roebuck and tympany founder of the Allslale Insurance Company eerpWENTY-FlVE YEARS AGO I Stood i- before the Sears, Roebuck and Co. Board of Directors and enthusiastically recommended the founding of ihe Allstate Insurance Company. I was convinced we eould give the car owner a belter value for bis aulo insurance' dollar. Bui just as important, I was conlidenl we eould set a ' new high standard for ;laimelllenienls. "After all, an aulo insurance policy is a promise to protect you against certain linancial losses in lhe event of an aulo accident. Like any promise, it is only as pood tis the company behind it. Ve were determined to treat each claim with lhe fame ah-olute fairness that had made Sears one of lhe most li uMeil names in American business by promptly paying a dollar for every dollar due. "By following this philosophy of fair play, Allstate has risen to world aulo insurance, leadership in just 25 years. Over 3,230,000 policyholders tay much belter than I can that 'vou can be sure you're in good hands with Allstate." Ue're proud of this record t As Allstate celcbratea it liber annivenarT, e poiot with pride to the high percentajfe of policv holHeri who continue with us year after year. Thi fact alone it convincinf ei i dencr that Allstate i livin" lip to the Hand ard of fat. fair claim srttlnnrnts pet worn the enmpmv hh founded. ll'tate has alo lept ilk promise to df lit er a better auto insurance value. Over the past 2j vears, car owners base Med million nf dollars with Allstate, lou ju't i-an't buy 6e(iT auto insurance, why pay more'? See or pi,. .18 your Allslol Agtnl Fred Lawrence and Lloyd Mudder Sears, Roebuck and Co. Bldq. 133 So. 8th St. Phone 5188 You're In good hondi with . - Lias MtUAHCl M e A v K COMPANY PROTECTION ttwmitt faart Audi ond kaWtn irt mi itponw Inm t aorinl. Ston, KoitHxl ond Co. Horn Otar Sioitt, lflin'i e.t. eo The big move is to the big CoJercury Your dollars buy more in the big Mercury FOR 1956 For The Best Deal Ever See Us Today .' BASIN MOTORS DO 424 So. orh Ph. 7778 a easier than " vfST 9ush,ng A BUTT0N V BECAUSE WE ALL THE WORK! Thai's tight! Just as lion as you sail, wa takt ovor your hcotinf problaml. Wt mak sura thot you ntvar run out of oilf chock your haot Ing equipment, and fivo you ttio best -tiblo service ovoiloblt. Call tedoyl s I 835 Market Phone 5149 PEYTON & CO. u 11th & Klamath Phone 8141 FREE PARKING while you shop! - t li lUlpUUll Automatic Electric Range 1799S Was 279.95 SPECIAL New Super Speed surface heating; unit - world's fastest! 5 accurate heats for each of 4 surface burners! Giant Super Oven . . . cooks complete meal for 24 ! k Automatic Oven Timing Clock k 3 Storage Drawers - Titanium Porcelain Enamel Finish k Many more 50th Anniversary Features. 5 down 24 months fo pay Ll y ' Coodyear lira -i .-' 'WW"','.V'''S'WW'W''''', of this sensational Sale Price 4.00x16 . &tJo.70xlS. plut lax and your rncappabh tira Offers like this don't happen often, and when they do they don't last long. Better get yours today while this limited supply is still available. Marathons feature Goodyear't saw-tooth tread design . . . for added safety, more stop-and-start traction . . . longer mileage! BOY'S OK GIRL'S 26 inch Bike 38s8 Only TRANSfSTOX fORMBLf Bst buy in full-iitt bikt today. CoMter brakei. 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