Herald and news. (Klamath Falls, Or.) 1942-current, January 14, 1960, Image 2

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Herald and news., January 14, 1960, Page 2, Image 2

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Newspaper Page TextPAGE 2 A HERALD AND NEWS. Klamath Falls. Ore. Thursday. January 14. lflfiO Space Awards To Be Made SAN ANTONIO, Tex. (AP) - Space diplomas the first ever presented exclusively for comple tion of space medicine studies- will be awarded Friday. the sheepskins will go to an International class of physicians and scientists at the Air Force School of Aviation Medicine at Brooks Air Force Base. Col. Robert Blount, school com . mandant, will present the diplo mas at the close of the first course in space medicine presented In the 4)-year-u!d school's history. Astronomers, physicists, rocket and missile men, and space medi cine experts from 43 states and IB other nations attended the semi nar. Warm Hand Of Friendship Extended By Show Business NEW YOKK (AP)-Show busi ness extended a warm hand of friendship Wednesday night to teen-agers of the far different world ot slums, poverty and de-i linquency. The outstretched hand literally and figuratively represented the start of an effort by the enter tainment world to help the city combat juvenile crime. The show business attempt to help the city's youngsters is part of Mayor Robert F. Wagner's en tertainment program for youth. That program was begun Wednesday night in the heart of a slum area, in a public school on Manhattan's west side. There were many stars on hand 4-1- ' : DOORS OPCN Somewhere In the North Atlantic li hidden the itrang story f Gideon leh th thip ho KILLED h man h iavd -and the deadly lacret they shared! T. of Gideon -f 1 HL V ' v; .av.d-.nd . m( jsi1" .... , t et v 4 tel r wit . .-H. I f t mmwm, yrfx r METROGOLDWYNMAYR presents GARY COOPER-CHARLTON HESTON in A JULIAN BLAUSTEIN PRODUCTION THE YRECK m MARY DEAEE' in CINEMASCOPE and MCTKO COIOR Cunt Stirs Michael ROGRAVE - Eirflyn WILLIAMS Cecil PARKER kmMMmMM Joey Adams, Louis "Satchmo' Armstrong, Eddio Fisher, Eileen Barton. Tommy Edwards, Phil Foster, M o r e y Amsterdam, Brooks Benton and others. They didn't confine themselves to a song or a joke. Each toured the audience, extending their hands to many of the more than 500 teen-agers from the west side slums. Many were Spanish - speaking most of the others Negroes. One pretty youngster, Emelina Escariz, 13, asked Adams, the master of ceremonies, if she could personally thank Fisher. The singer extended his hand but the girl, blushing, moved quickly and kissed him on the cheek. He responded with a hug. The rost of the youngsters in the auditorium roared approval Adams waited until late in the show to make a short speech in Spanish. Then, to show he had more than a limited knowledge of the language he held a con versation in Spanish with Gilda Valencia, t Brazilian actress. The program was jointly spoiv sored by the American Guild of Variety Artists and the City Youth Board. The New York City Central Labor Council (AFL - CIO) has given Its support with a $20,000 gift. AGVA has given $10,000. In the near future, similar pro grams will be given at others of the city youth centers nightly. The program will last 20 weeks. Jackie Robinson, former Dodger infielder, spoke briefly at Wednes day night's program. "No youngs ter in this area," he said, "could be worse than I was as a kid Cheered repeatedly, he told the youngsters: "This is for you be cause you are so tremendously important in our scheme of things." Home Extension PROJECT MEETING CRESCENT The Crescent-Gil- christ Unit of Home Extension met January 7 at the Crescent Com rnunity Club for an all day pro ject meeting. Mrs. Jesse Kersten and Mrs. E. B. Stumbaugh, project leaders, led the group in making soups. Several soups were discussed, pre pared and served. The next meeting will be Janu ary 21 at the club. .as Sam Gatlin on the night 5i a newspaper teletype t(A started ticking fl llkeabomb 1 & "DENNIS THE MENACE" 'AW I'LL TeUYAW8iM wing ABOUT RUFF: he neves picks FIGHTS WITH OOGS THAT APS. W&APlN ' GLASSES. Income Tax Facts Editor's Note: This is one in a series of articles on federal in come tax filing. These articles are based on information provided by the American Institute of Certified Public Accountants and the South ern Oregon Society of Certified Public Accountants in cooperation with the Internal Revenue Service. BUYING, SELLING OR IMPROVING YOUR HOME In today's economy, with con stantly rising prices and land val ues, it is quite common for the family man to look upon his home as an investment. Not that he en tertains the idea of selling it neces sarily, but at least he knows that it will probably climb in value, and that he could then sell it if he wanted to.. However, as an in vestment, the ownership of a home differs in many respects from the ownership of stocks or bonds, and these differences have important tax implications that you should be aware of, If you sell your house' (which is your principal residence) at a prof it and move to a new house, you may not have to pay tax on the profit. Let's say you bought a house five years ago for $15,000, which you sold last year for $20,000. Since you held the house for more than six months, the profit of $5,000 is taxable as a long-term capital gain at a maximum rate of 25 per cent. However, ' if you move into a new house either one year before on one year after the sale and if the new house costs $20,000 or more, then you pay no tax on the $5,000 profit. If you are -hav ing the new house built for your self and construction begins either one year before or one year after the sale of the old house, then the period of replacement is extended to eighteen months from date of sale, providing you occupy it with in that period. The important point here is that the new house must cost as much or more than the amount you re ceive for the old house. If it cost only $19,000, you must pay the long- term capital gains tax on the bal ance of $1,000. You could actually sell your house at a profit and buy a new one every few years without pay ing a tax on the profit, but you aren't really avoiding the tax, you are merely postponing it. The cum ulative gain will be taxed when the last house is finally sold with out being replaced. Even this tax can be avoided if the house is sold after your death by your heirs or estate. The total cost on which the gain will be figured will be the amount you have invested in the house over the years. For example, you originally invested $15,000 in a house. You sell the house for $20,000 and buy a new one for $22,000. Your tax cost for the $22,000 house Is now $17,000 '.$22,000 less the gain of $5,000 on the sale of the old house.) What ever you sell it for above $17,000 will be a taxable gain. If you sold your house during the year and haven't yet purchased another, but plan to do so before the replacement period elapses, you must give the details oi the sale on Schedule D of Form 1040. You need not report the gain. When you do replace your house within the required period you should advise your local District Director of Internal Revenue in writing. If you change your mind and decide not to buy another house you must file an amended return for the year of sale of your old house to report any gain. A home owner is usually in a more advantageous tax position than a person who rents. This is because home owners who elect to itemize their deductions rather than use the standard 10 per cent deduction are allowed to deduct in terest and property taxes paid dur ing the year. They can also de duct the loss on damage to their house and grounds resulting from a fire, storm, earthquake, or other casualty. Taxpayers who rent their homes from others undoubted ly are paying for these costs by rent, but they cannot claim any tax deduction. Repairs to your home are con sidered personal expenses. They are not deductible, and for tax purposes, no not increase me cost of your house. Although repairs and maintenance costs are deduc tible, they can be used to reduce the amount which must be spent on a new house in order to post pone payment of tax on the gain However, this only applies to such costs if they are incurred within 90 days before contracting to sell the house, or paid within 30 days after. , ; Improvements to your house are not deductible either, but they do increase the cost of your house. This is an important point' to re member when planning to sell your house. To determine the amount you will gain from the sale of your house, add the cost of improve ments you have made to the orig inal cost of the house and sub tract the total from the selling price. If you bought it for $15,000, added $2,000 worth ' of improve ments, and sold it for $20,000, your gain would be $3,000. When you invest in a home, it is almost like investing in a busi ness. To be able to take advantage of the legitimate tax considerations you are entitled to, you will need to keep accurate records of your various expenses. So don't forget to save your paid bills from year to year. BASIN BRIEFS Lakevlew resident, lsabelle Kratz, was admitted to Kiamain Vallov Hosuital, Klamaih Falls, Tuesday for treatment of a broken elbow. Mr and Mrs. Price Waltz from Wheatland, California, walked in on the Earl Sanfords at New Pine Creek last Friday for a surprise visit. Waltz is a rice farmer. rrrnii Plnud of New Pine Creek h mnveH a 30-foot house trailer which has been sitting on the Wil- imv Creek Grade for the past ween in nno nf his fields. The owner will come for it later.-The trailer hitch broke loose on it while it was hoino iransnorted south. It did not turn over and was only sligntiy damaged. Mr. and Mrs. Vernon Vann of Fort Jones called the fire depart ment to their home recently to ex tinguish a blaze in their pum-p house. Fnrt .limes Srhools have all re opened after a two-week vacation. A number of children are reported absent due to illness. Mrs. Lorraine Fowler of Happy Canm was a weekend visitor at the home of Mr. and Mrs. Sanford Miller and family at Fort Jones. Merwvn Rickcv. driver of the Greenview school bus, had to put chains on the bus to get the children to school recently. Icy roads caused the bus to slide into a ditch on the Quartz Valley Di vide Hill January 7. The children were 20 minutes late to school, but they arrived safely. Mr. and Mrs. Ronald Ward, Tule- 'lake, visited Ole Jamison and Gary Jensen, recently in Medford. Both are patients at Rogue River Me morial Hospital there. Mr. and Mrs. Ronnie DeRosa and children of Redding were re cent guests of Mrs. DeRosa's par ents, Mr. and Mrs. Ernest Hoven den, and DeRosa's relatives, Mr. and Mrs. Leo Davis, all from Fort Jones. Malin Parents and Patrons will meet Tuesday evening, January 19, at the high school. A panel of teachers from the Malin schools will lead a discussion on education al topics of current interest. Par ents and interested persons are urged to attend. Diane, Donna, and Bill, children of Mr. and Mrs. Ken Burton of Fort Jones, have returned to Red ding after two weeks at the home of their parents. Diane is attending a pre-teacher's course, Donna is going to Shasta College of Cos metology, and Bill will receive his Bachelor of Arts degree from Shasta College January 27. Germany, where he is stationed. He was graduated in 1958 from Malin High School. Mr. and Mrs. Jack Fensler ol Tulelake are in San Francisco this week where he has undergone surgery. Joseph W. Collins, whose wife, Doris, and parents, Mr. and Mrs. Homer W. Collins, live in Mer rill, recently was promoted to pri vate first class at his base in Schwabisch Gmund, Germany. He was graduated in 1958 from Mer rill High School. SMALL CAR, SMALL RE VENT TALLAHASSEE, Fla. (UPI)J The popularity of small- foreign and domestic automobiles it cost ing the state of Florida monev. Mrs. Ina Thompson, state motor vehicle commissioner, said Wednesday that although her of. fice sold a record number of li. cense tags last year, revenue from that source did not keep pace with the number of cars. She said the small cars carry 55 and $10 license tags compared to $20 for larger models. MEN! Win a New Chevrolet Each Year For Life Coll TU 4-8484 Evening! William J. Rajnus, Army Spec ialist Four, son of Mr. and Mrs. William Rajnus of Malin, recently was promoted to that rate in Ulm, Salary Report Committees studying salaries for school personnel will report dur ing a meeting of budget commit tees for both city school districts in the Klamath Union High School cafeteria Friday at 7:30 p.m. Budgeters also will study organiz ation of sub - committees and consider a schedule for future budget meetings. JANUARY SALE h Storm Windows $12.00 and Up Combination Doors $39.50 &. $59.50 No Payment Till March F.H.A. Terms WE TAKE TRADES Furniture Tools Appliances McGaughey's TRADING HOUSE 2508 Altamont Dr. 2-4893 george' clark 2021 Lovey Sr. Ph. 4-3241 McrHtrn nWA RIMER BRD.Q. mr Xy'a llfll I I A 11 AAHPiAPk rinr uri amiI k1 tw VYILLIHIVI UUNKMU'UMV U NtLMJNktfk "a- GUNSMOKE IN TUCSON PLUS - 2nd ACTION HIT! Kr . r,- rr 'w b.leTl.irfT NS) MARK STEVEI UK DOBBINS' Klamath Falls, Oregon Serving Southern Oregon and Northern California Puhllihvd dally except Saturday by Southern Oregon Publishing Company Main at Esplanade Phone TUxedo 4-8111 FRANK J FN KINS. Editor BILL JENKINS. Managing Editor FLOYD WYNNE, City Editor Irttered a tecond clai matter at the post office at Klamatn Falls, Oregon, on August 20. 1906, under act of Congress, March 3, 1(179 Second-class postage paid at Klamath Falls. Oregon, and at additional malllnp offices. SUBSCRIPTION RATES Carrier 1 Month . I 1 SO 6 Monlha . f 0 00 1 Year .. 118 CM iv-r CINbimScOPE I COLO - - -J Ftoture Timai 30- At 7:00 and 10.35 "Gunimoka" at 9:00 ONLY Mail In AdvAnc 1 Month . ( Month, 1 Yr .. Carrier and Datfra dayi copy Sunday,, copy . I 90 , $ 8 SO 13 00 IOc UNITED PRESS INTERNATIONAL ASSOCIATED PRESS AUDIT BUREAU OF (MRCIILA I ION Subtcrtbrrl not wrtvtnd dellvtry ot their Hrrald and Ntwi. pltata phon Tl'srdo 4-1)111 htlora T P M After t r M.. phon Maurlr Miller Ctr culaUoat Manager at TUxedo 4-4731 : v. i 1 FREE DELIVERY on Drugi, Prescription! and Cosmetics in Klamath Falls First, thort art many different types of ulcers oil dangerous if neglected. Secondly, quick attention can bring relief and often cure. This h) important to remember.Thero are many causes, for ulcers. So don't believe the old wives' tales . . . don't accept advice from friends ... or bo a victim of the countless "cures" you may hear about.' If you suffer from a chronic, gnawing poin in your stomach . . . see your doctor. Then let our Pharmacist help him . . . help yo. RELY ON OUR PHARMACIST We Give Gold Bond Stamps 'jZZjfcin tor Yottr Drswj Noooh yf Mieaoearten For Year Drstaj Neoeta 7th and Main Phon TU 4-3563 JANUARY CLEARANCE 12 reC 16MM 2 TURRET - Bell & Howell MOVIE CAMERA WITH F1.9 TAYLOR HOBSON LENS REGULAR din 25 244.50 NOW REDUCED Vi 122 16MM - 2 TURRET - KEYSTONE MOVIE CAMERA With F4 Polytel & F1.9 Bausch & Lomb Lens REGULAR 274.50 din"f25 NOW REDUCED Vi 137 AIREOUIPT ELEC. CHANGER REG. 29.95 Make your present projector auto mafic. Fits most projectors. NOW REDUCED Vi 14" 8MM "134" Bell & Howell MOVIE CAMERA With 16 - 24 - 32 - 48 - 64 shutter speeds. Has f2.5 Bell & Howell Comat Lens. REGULAR 99.95 NOW REDUCED Vi 49 98 (case free) 8MM - 3 TURRET - DeJur MOVIE CAMERA F1.9 Lenses - Magazine Load REGULAR 274.50 NOW REDUCED Vz 137 25 8MM F3.5 Telephoto Lens R!9!'"..1.2:". 6.47 8MM Elgeet F2.5 Wide Angle Lens Fits Bell & Howell "172" REGULAR 41.50 20.75 Wallensok TCI CDUrYTn I CMC Regular 26.50 10 OC F3.5ILLU IIVIU LLI1J I I.J 1 Vi" '"'fl JELEPHOTO LENS Re9U,ar 41 ".. 20.12 ALL 8MM LENS IN STOCK PRICE! CIRO 35MM CAMERA, CASE & FLASH with range finder Reg. m M 97 & f2.8 lens. 69.95 Walzflex 2Va x 22 Camera, Case & Flash With F3.5 Lens 97 REGULAR 69.95 Ol 4-LITE LIGHT BARS Q47 With Globes . Regular 16.95 Q 4-LITE LIGHT BARS Q47 With Globes Regular 18.95 g 35MM FILE CASE 162 Holds 300 Slides . Reg. 3.25 BUD & CHARLOTTE'S NEWS & PHOTO SERVICE Cameras Film Magazines Greeting Cards 1004 i . . . .. I PHONE TU 4-4825 8 a.m. to 9:30 p.m. Daily MAIN I SUNDAYS 8 a.m. to 1 p.m.