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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
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on August 20. 1906, under act of
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postage paid at Klamath Falls. Oregon,
and at additional malllnp offices.
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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
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