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Newspaper
Andrews County News
Location
Andrews, Texas, United States of America
Date
Dec 20, 1956
Page
2
A farmer’s transfer of a farm to his daughter via gift versus a will affects taxes. If sold for 50 000, the daughter could owe income tax on 40 000, the gain over the father’s 10 000 cost. Gift tax may apply, while a will could alter basis and estate costs. Legal advice urged to weigh gift versus will implications.
American business circles revere Roger W. Babson as a premier commentator and adviser. His forecast work, begun after wartime service, drives weekly releases to 400 newspapers and 20,000 corporate reports. He founded Babson Institute and Midwest Institute of Business Administration, promoting fundamental, efficient management nationwide. His influence extends to the Gravity Research Foundation and public service efforts. Babson’s 1957 Business and Financial Forecast is set for publication in the NEWS on December a.
Dr Henry A Holle Texas Health Commissioner warns that holiday fever grants last minute rushing and fatigue. He urges organization rest and relaxation to reduce accidents and stress while preserving Christmas meaning for children and adults alike.
Pvt. Mickie Porter stationed at Ft. Hood will arrive Friday for a two week leave. He will visit his wife and his parents the Ray Porters.
Mr and Mrs John T Ballew and children plan trips to Abilene and Bertram for a holiday visit with G L Ballews and Clyde Youngs. George Clay hosts his parents Mr and Mrs B F Clay of Hamlin. Ray Porter hosts his sister and family from Abilene. Sul Ross College students Milton Fariss Jerry Wilson Jean Chesney Eddi Gayle Stewart J D Ransor Wada Brinson Billie Jean Porter Jax McCarley return to Andrews for Yuletide. R A Montgomery hosts her parents L D Winfrey of Abilene and Howard Clabhorn of Shreveport La. The group attended the cantata The Dawn a Christmas at the Methods Church Sunday evening directed by Mrs Montgomery.
A public explainer on gift taxes notes the federal government taxes gifts above certain thresholds. Exemptions include the first 3000 per recipient per year and gifts to charitable organizations, with a 30000 giver exemption. Transfers within three years of death may be taxed in the estate. The cost basis differs for gifts versus inherited property.
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