JF HOME NEWS
,v ^ Every Friday at McCrory, Ark
pja1,S:;fR W. RANEY, EcJ. and Puh.
... 00 per Year ir Advance.
Phone: *0
.-.d 'is second-class mat- i
Eta t 26. 1915. at the post
?A^t McCrory. Ark., under
March 3. 1879.
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announcements
Tte Home News is author
'd to announce the following
Semen as candidates for
office under which their
sBcs appear, subject to the
tjion of the Democratic party
Cl' Congress:
E. E. ALEXANDER
W. J. DRIVER
FRIDAY, MARCH, 5, 1920.
RKANSAS MAY BE
WEALTHY IN KAOLIN.
aluable Variety of Clay Said
tc Abound in Several
Counties.
Arkansas’ greatest source
)f wealth may yet be far from
lily developed if the opinions
if Jerry C. Smith of Washing
on, D. C., and former State
Geologist John C. Branner,
i’ho is now in California, are
orrect. They say that Fill
er’s earth or kaolin clay
[bounds in unlimited quanti
les in southern Arkansas.
Three boxes of white clay
ent to Gov. Brough by Mr.
iouth have been received and
•$ve been turned -over to the
ommissioner of mines, manu
actures and agriculture. The
overnor has received a letter
rom Mr. South, saying that
e sincerely desires that the
fficials of this state take the
natter of locating and ana
vzing the clays in Arkansas
P immediately. He says
lat the clay, if found here in
leat quantities, is “Arkansas’
latest source of wealth.”
is very valuable in The
^akmg of higher grades of
aper and especially in the
aanufaeture of linoleum.
he best known deposits of
f kaolin are those irf Saline
juty near Benton, accord
:Zl0. the report of Dr. Bran
ds”1*1 tv!1*8 “Clays of Arkan
o * , .^ke, Garland, Dallas,
hi c? and other counties
J he Southern part of the
are. said to have deposits
the clay.
ha/<n?rann.er once declared
time w°uld come
tones o-F6 Claf and buildin£
one if 01, Arkansas would be
of if,, n°t trie greatest sources
wealth.”—Arkansas Ga
;ette.
Gains for 1919 Must Be Figured
Under U. S. Law—Returns
Due March 15.
land sale profits taxable.
Necessary Farm Expenses May Be
Deducted—Special Form for Farm
Income—Cash or Accrual
Basis for Computing.
A farmer, shopkeeper, or tradesman
must figure up his net Income for 1919;
and if the farm or business income
plus his other income was sufficient to
require an income tax return a com
plete return must be filed with the col
lector of internal revenue by March 15.
A farmer should ascertain the gross
income of his farm by computing jJTI
gains derived from the sale or ex
change of his products, whether pro
duced on the farm or purchased and
resold.
Farm Expenses.
From his gross income a farmer is
allowed to charge off all of his neces
sary expenses in the conduct of the
farm during the year. These include
costs of planting, cultivating, harvest
ing and marketing. Iu addition to
these costs he may deduct money spent
for ordinary farm tools of short life
bought during the year, such as shov
els, rakes, etc. Also, the cost of feed
purchased for his live stock may be
treated as an expense in so far as this
cost represents actual outlay, but the
value of his own products fed to ani
mals is not a deductible item.
Other’ farm expenses allowable are
the cost of minor repairs on buildings
(but not the dwelling house), on fences,
wagons and farm machinery; also bills
paid for horseshoeing, stock powders,
rock salt, services of veterinary, insur
ance (except on dwelling house), gaso
line for operating power and sundry
other expenses which were paid for in
cash.
As to hired help, all the productive
labor is a deductible expense; but- the
wages of household servants, or help
hired to improve the farm, as in tree
planting, ditching, etc., cannot be
claimed against earnings. A farmer is
not allowed to claim a salary for him
self or members of his family who
work on the farm.
Wear and Tear.
Purchase of farm machinery, wag
ons, work animals, etc., also the cost
of construction or extension of build
ings, silos, fencing, etc., should be con
sidered additional investments in the
farm and are not proper deductions
against income.
A reasonable allowance may be
claimed for wear and tear on farm
buildings (except the farmhouse),
fences, machinery, work animals, wag
ons, tanks, windmills and other farm
equipment which is used in the con
duct of the farm.
As to autos and tractors, the cost of
these is not an expense, although the
cost of their upkeep is an allowable
deduction, if the machines are used ex
clusively for farm purposes and not
for pleasure. Also, in such cases, a" de
duction for wear and tear is allowed.
Farm Losses.
The loss of a growing crop is not a
proper deduction from income, inas
much as the value of the crop had not
been taken into gross income. The
loss of a building or of machinery
through storm, lightning, flood, etc., is
an allowable deduction, but care should
be used to ascertain the correct loss
sustained, as restricted by income tax
regulations. *
No deduction is allowed in thencase
of loss of animals raised on the farm,
but <i loss is deductible fro;., gross in
come if the animals had been pur
chased for draft or breeding purposes.
Shrinkage in weight or value of farm
products held for favorable market
Prices cannot be deducted as a loss, for
the reason that when such products
are sold the shrinkage will be reflected
in the selling price.
Saie of Farms and Land.
The value of agricultural lands has
been jumping during the past few
3 ears, and during 1910 many owners
sold out part or all of their lands at
big profits. All such gains constitute
income and must be taken into the net
income for the year.
Any person who sold part of a farm
or ranch, or part of a parcel of land,
must also show any gains realized by
the sale.
The method of figuring gains and
losses on such transactions is pre
scribed’ in the Income Tax regulations,
copies of which may he secured from
Internal Revenue Collectors.
Forms for Returns.
The Internal Revenue Bureau has
issued an improved Form 1040F for
the use of farmers. This form, to
gether with Form 1040A or 1010, will
gether with Form 1040A or 1040, will
give the farmer explicit information
as to how to properly figure his net
income for 1919.
.There are two methods of figuring a
farmer’s income tax return this year.
He may.make his return on the basis
of the difference between the money
and goods received for his products
and the cash paid out for actual allow
alfle farm* expenses within the year.
Or he may make his return on the ac
crual basis, which means computing
the receipts and expenses that pertain
to the taxable year, excluding income
earned and expenses incurred in pre
vious or succeeding years.
—Join Community Club—
G. W. BARBER
NOTARY PUBLIC
INSURANCE
L. SHUE
Cold Drinks
and Lunches
»
Across the street north
of Station.
BUM
MR. LAUGHTER’S NAME
SEEMS TO FIT HIM BADLY
—
Memphis, Tenn., March, 2.
E. A. Laughter, known
; locally as “King of Bootleg
gers,” was sentenced to two
years’ imprisonment at the
Atlanta federal prison and
fined $100,000 for conspiracy
to violate the Reed amend
ment by Judge J. E. McCall
in federal court today. When
i the Atlanta term is over,
Laughter will be required to
serve six months at Covington,
Tenn., and pay a $1,000 fine
| on a similar charge, a sentence
; also pronounced by Judge Mc
| Call. The sentence today
I ends a long legal battle in
Laughter’s behalf. He has
just finished serving 11 months
and 29 days in the Shelby
county jail for pistol carrying.
—Join Community Club—
For flowers for any occa
sion see Walter W. Raney,
Undertaker and Licensed Em
balmer. He is the authorized
agent for all leading florists in
Little Rock and Memphis, and
can save you telephone ex
penses in ordering.
—Join Community Club—
“1
THE UNIVERSAL CAR
EVERY FORD OWNER SHOULD KNOW
Just what Ford service is, and why it is dif
ferent from ordinary garage service. The Ford
dealer is a part of the Big Ford Family. He
carries a large stock of genuine Ford parts
for repairs and replacements, and he uses
only genuine parts because he knows the im
itation parts are not dependable.
He has a thoroughly-equippe d, up-to-the-min
ute garage with tools that enable his Ford
mechanics to efficiently and properly make any
repair—from a minor adjustment to a com
plete overhaul.
Now, we are Authorized Ford Dealers—a
part of the great Ford Service organization
which was formed chiefly to put within each
community a dealer who would have more
than a passing interest in Ford repairs and ad
justments. Drive in or phone and we’ll come
for your car.
RIGGS BROTHERS, McCrory^Ark.
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