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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Jan. 17, 1960)
PAGE 6 A HERALD AND NEWS, Klamath Falls, Ore. Sunday, January 17, I960 r . . - - I J- i It A Income Tax Facts PAGE LAMOREAUX, a Cali fornia auto dealer and Klam th Countv ranch owner who travels the world as a per sonal Communism fighter, will spealc at the annual meeting of the Klamath County Chamber of Com merce Wednesday at 6:30 in the Wilard Hotel. On The Record gISKlTOtT mVNTV niRTIIS IIOVS BUI.I.ERWELL Born to Mr. nd Mrs. Wlllard Carl Billlrrwcll January 7 in McCloud Hospital a boy, weigh ing R lbs.. 14 oq. CROSBY Born to Mr. and Mn. Wil llam JfltnM Crosby January 3 Mount Shata Community Hoipital boy. weiirhinlt .1 Ibi., B34 oza. LEEPER Born to Mr. and Mrs. Richard Dean Leeprr January 2 Mount Shasta Community Hospital boy, welshing 3 lbs., 13 ozs. Gim.s CIBBS Born to Mr. and Mrs. Gene Autry Gibbs January 1 in Siskiyou General Hospital a girl, weighing lbs.. 11 '4 OTS. GRAZIANI Born to Mr. and Mrs Robert Bruno Grazianl December 30 In Siskiyou County General Hospital ffirl. welshing 7 lbs.. 11 ozs. MORT Born to Mr. and Mrs. Carl Frederick Mort December .10 In Sis kiyou County General Hospital a girl, weighing 7 lbs., lo', ozs. SISKIYOU COIINTT MARRIAGE LICENSES Philip Jefferson Huasey, Grants Pass. Oregon, and Florence Belle Da vis, Central Point, Oregon. Gaetano Peter Castellano, Yreka, and Gloria Ann McRoberts, Yreka. DEATHS Alberta Reed, 62, Weed, on Janu ary 8. Thomai Clifton Slater, 74, Tulelake, on January 4. Editor's Note, This is one In a series of articles on icaerai in come lax filinK. These articles are based on information provided by the American Institute of Certified Public Accountants and the houth em Oregon society 01 teruiieu Public Accountants in cooperation with the Internal Revenue, CASUALTY, THEFT BAD DEBT LOSSES You can ' Eet some lax relief from casualty, theft, or bad debt losses, but there are a number of considerations you should be aware of before you go ahead and deduct such losses. Thnro am a Breat number of natural and unnatural elements that can damage or destroy the property you own. Such things as fire, storm, flood, and explosion are but a few of the more com mon elements. In any event, the damage must occur wim some Middenness. It is usually not dif ficult to show that a casualty loss ofpnrrerl. but there may be a proo- lem in showing the amount of the loss. To determine your loss, you sub tract the fair market value of the property after it was damaged, from the fair market value of the property before it was damaged. In other words, the tnnerence ne- ween what you could have sold it for and what you can now sell it for. Once you have deter mined the net loss in value, you must subtract any insurance o r other compensation payments you cceive to arrive at the amount you can deduct on your tnmnit lax return. You can't make a profit on a loss deduction. Say, for example. hat you bought an antique chair many years ago for $20. As it has grown in age it has grown in value, reaching a top catalogued alue of almost S230 just before it was destroyed in your living oom fire. The total amount you would be allowed to deduct for the chair would be $20, since a casualty loss deduction cannot ex ceed the amount the chair a c- tually cost you. It is important that you get an appraisal of the value ot your uroperty as soon as possible alter the damage occurs. The appraisal months. Your friend runs into a scries of hefty financial difficul ties and it becomes clear that there is no chance of your loan ever being repaid. You can now rnnsider the amount you loaned Joe a non-business bad debt. If, in a later year, Joe pays you hack, the rcDavment will be in if lh earlier deduction of the debt helped reduce your taxes, Deductions for casualty and theft losses can be itemized as "other deductions" on your tax return Non-business bad debt losses must be treated as short-term capital losses and, as such, are subject to certain limitations. If you have any non-business bad debts, you should seek more information be fore attempting to claim any kind of tax relief. You can get additional informa- I'nn nn vour casualty, then, ana bad debt losses from the instruc lion booklet furnished by the In ternal Revenue Service each year. HAMBER OMMENTS by GEORGE T, CALLI5UN Assistant Mqr. KLAMATH COUNTY CHAMBER OF COMMERCE Members of the Klamath County Chamber of Commerce and their guests can consider themselves fortunate that they will have the opportunity to hear an outstanding speaker at the annual meeting Wednesday evening. He is Page Lamoreaux, who, besides being a California automobile dealer and a Nana Valley and Wamatn county ,.nio ranrhnr is one of three American businessmen engaged in one of the boldest enterprises yet conceived to combat Communism in Asia, Africa and Eurasia. Known as Private Enterprises, Inc., the organization, backed by American invpstmnnt money, seeks out worthy young businessmen in foreign lands, and makes capital available to them to launch or expand their businesses. The deal is made on a partnership basis unlit the loan has been paid off from the profits of the venture. So far, he has helped finance a business that will export timber, develop oil wells, mine ore, and develop diamond resources in var ious parts of the world. He has an interest in a retail furniture store Athens, Greece; a factory to make spring coils for textile machinery in Istanbul, Turkey; the manufacture of women's sport coats from goat hair in Beirut, Lebanon; a furniture company to make steel chairs and tables in New Delhi, India, and a business selling chocolate ice cream bars Bangkok, Thailand, among others! 9th and Pine LT. COL. W. E. PARKHOUSE Advice Board OfSA Meets Monday KLAMATH FALLS MIRTHS Melvln Benson January 14 in Klamath should be by a qualified expert, Lt. Col. William E. Parkhouse of Hospital a boy. w suing 10 lbs. and should be in writing. The San Francisco will nresent the EMERT Born to Mr. and Mrs. I Jew Franklin Emert January 14 In value nl property Detore DCing Klamath Valley Hospital a boy. weigh- rlamaecd is sometimes difficult to in I 1 IDS., ayi OZS. I D liiRi.s i assess, rtccorus oi oners to ouy K&zf lk Born lo Mr. and Mrs. vauey Hospital a gin, weighing & lbs.,tpropeny was recently acquired WI1.1.1AMR TWn In lb,.. JW" omuh nil. uia v, v.wii.i rit wimams January 14 in Kiamathl In some cases, repair bills will .....y nosp.ia. a girl, wetgmng a lbs., i)B suicicnt evidence of the Boys: 24 innil RUM MARV Girls: IS Gas Chamber To Be Shown The controversial women's pris on at Salem and the state prison gas chamber will be featured Sun day at 2:30 p.m. on KOTI Televi sion as the second of a new docu mentary series, "In Our Care," produced for the State Board of Control. The board, with Gov. Mark Hal field as chairman, has made plans for a separate women's prison. The film depicts present facilities and the site selected for the new in stitution. The gas chamber has not been Used since 1D33. A vote in No vember, 1938, retaining capital punishment in Oregon could mean Its reactivation. The film shows In detail how the chamber works. Other departments of the pris on includo the prison farm, for- estry camp, custodial, industrial, educational and pre-release pro grams, and staff training. The film was produced for the board by the department of Ed ucational TV, General Extension Division, State System of Higher Education. Water Well Drilling Set Drilling of a second tost hot water well on the O'Connor site for the new Oregon Technical In stitute campus will begin immedi ately, Director W.D. Purvine an nounced. The well was authorized by the State System of Higher Education. E. K. Storey of Klamath Kalis won the drilling contract. At a depth of 704 feet, the first well has hit water measuring a consistent KM degrec temperature. Drilling on both will continue to at least 1,200 feet unless adequate hot water for heating new facil ities is hit before drillers reach that dcplh. Test wells are essential in lo cating adequate hot walcr, Pur vine says. Drilling operations are tricky and speculative. A hot but dry well in a volcanic core may be located only g few feet away from a potential hot artesian well, he said. change in value. But be sure to gather any information you can that will show the value of the properly before the damage. Your problem in claiming a theft deduction may be in proving lhat the theft actually took place When you discover that a theft has taken place, you should no tify the police. All the evidence you can gather police records, eye-witness reports, newspaper ac counts, and so on will help to support your claim that there was a theft. Obviously, you can not always tell when the theft ac tually took place. For this reason Hit date of the theft is not ncccs sery for tax purposes. But you must claim the deduction in the year lhat you discover your prop erly missing. For lax purposes, business and non-business bad debts are treated dilfercntly. Since, as an Individ ual, you are more likely to be concerned with non business bad debts, this discussion will cover only those debts which are not created or acquired in your tratle or business. for a non-business debt lo go bud, it must first have been an actual debt with legal liability that could be enforced in the courts This distinguishes the debt Irom the type ol loan you may give your son, without any serious ex pectalion of repayment. The non-business debt must also be completely worthless. In other words, it is not sufficient that the debt is uncolleetable today lt must also be probable thai the debt will remain uncolleetable in I ho future. Say, lor example, that you lend money to your friend Joe Doakes. This is a bona fide loan payable with interest at the end of s i x The venture was born when Bill Graham, young Kansas oil mag nate, stopped olf in Thailand while on a round the world trip in 1957. There, he was apallcd to find what he described as "young and in telligent faces, and idle hands." Graham considered the combina tion a dangerous one, particularly in view of the inroads Communism was and is making in nations where opportunity for the individual is so circumscribed. Since then, Lamoreaux and J.H. Jrying, a Hibbing, Minnesota, architect have joined with Graham in the project and it has mushroomed. What made Lamoreaux devote himself so vigorously lo the ven ture? He says it was what he saw of the United Stales' and Capitalism's failing prestige wher ever he went in the Near and Far East, and how great an ineffec tiveness he discovered our govern ment aid agencies to have with he masses of people we have tried to help and befriend. He says it was the sight of how much more clever the rival Com munist "missionaries" have been in investing themselves and their Soviet nation's money and supplies, instead of giving them away. He says it was the circumstance lhat the 23 new ' nations born since World War II all turned to de mocracy instead of to communism, only to slip into the misfortunes of any democracy born in poverty and half-understanding. These people must be finally and solidly won over to democracy, Lamoreaux feels, and, from per sonal experience he believes the only way to do it is to give some thing of ourselves as American people along with our dollars our partnership in a business, as he has done with more than 40 issorted young men of 12 foreign lands, our know-how, our human interest and our good will. It was the prospect of hearing this vital message from an Amer ican businessman so dedicated to the cause of freedom and private enterprise that prompted me to say, at the outset and it s worth repeating members of the chamber and their guests can con sider themselves fortunate that they will have the opportunity to hear Page Lamoreaux at the chamber's annual meeting, 6:30 Wednesday evening, January 20, at the ' Willard Hotel. Many People Want Pooch BOSTON (AP) So many peo ple want Scamp that a sweep stakes drawing will be held next week to determine his new home. Scamp is a 4-month-old brown black and white puppy who tugged at hundreds of heartstrings when his picture appeared in newspa pers across the country last week. The Associated Press Wirephoto showed Scamp with big casts on his rear legs after some cruel per son brutally kicked the dog. Angell Memorial Hospital re ceived 500 phone calls and 300 letters and telegrams from per sons seeking to adopt the home less puppy. Pact Awards To Be Made The county court expects Wed nesday to award a contract for a county-wide radio network to be used by the sheriff's and road de partments. Bids for a transistorized system were opened by the court a week before, and were reviewed by Civil Defense Director Joe Searles. The federal government will match costs 50 per cent because the net work will be adapted for Civil Defense work. Bids were received from Motor ola, for $26,994, and General Electric, for $23,820. The network is to include four control stations, five remote con trol units, 19 mobile units, three portable units, and installation costs. ... GARY HAS SORE THROAT HOLLYWOOD (UPI) Bing Crosby held a news conference Tuesday to explain why Gary Crosby wouldn't appear with his three brothers on Bing s television show . Monday night. "He's got a bad throat and won't be able to sing for more than two months," the elder Cros by said. The four brothers attended the conference. GET YOUR SHARE 50,000 PRIZES Movie I. Q. Contest Phone TU 4-8484 Evenings Phone TU 4-3188 4TH ANNUAL TIRE AND BATTERY Newspaper SPOT ADS ore inexpensive repeated daily $1.16 Salvation Army's approach to youth problems of today at the an nual Salvation Army Advisory Board meeting Monday, January 18, at 6:30 p.m. in the Winema Hotel. Colonel Parkhouse is well quali tied to speak on the subject of youth. In his present appointment as the Territorial Young People secretary and candidates sccre tary for the Western Territory of the Salvation Army, he is rcpon- sible for securing candidates for Salvation Army oflicership and supervision of all youth programs in this area. More than 16.000 young people attend Sunday School in this territory and he is responsible for establishing many other youth programs. The colonel is an internationalist. He was born in the United States, but in 1900 his parents returned to Great Britain where he was raised and educated. He is a third generation Salvationist, raised in the hub of Ihe Salvation Army the city of London. He entered full lime service in the Army while still a young man. During his early years he held many ap pointments in the London area and at International Headquarters. In 1937 he and his family moved to the United States Western Ter ritory. Since that time he has held appointments in both corps and di visional levels before his appoint mont in I9.3 to his present position The public is invited to attend Saturday night's meeting, where recognition will be given persons who performed outstanding serv ice for the army during 1959. New board members and officers for 1900 will also be installed. Tickets may be secured from any advisory board member or at the door. is gggaiftl MOVING? 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