Tax ruling cuts tax on cattle sales for Texas farmers
Texas farmers gain from an internal revenue ruling under the 1944 income tax law. Only 50 percent of a cow’s sale price from a farming herd is taxable if the animal was owned at least six months. Sales on calves may be affected as interpretation awaits Washington guidance. Farmers must file estimates by January 15.
MENTIONED IN THIS ARTICLE
Texas
Internal Revenue
Sam
A. and
M Ccollege Extension Service
Washington
Timm
Farmers Caution on Ruling for Sale and Feed Animals
Timm warns smart girl and yearlings cannot qualify under the ruling though a farmer hopes they become part of the active herd. He says market animal sales or culls for feeder or slaughter cannot count. Contact IRS offices in Austin or Dallas for guidance and use Schedule D for capital gains reporting.
MENTIONED IN THIS ARTICLE
Timm
Internal Revenue
Collector of Internal Revenue
Austin
Dallas
Visit Highlights Local Holiday Reunion Ties
Mrs. Otis Ogden and her son Billy of Torrance California visited friends and relatives during the holidays. Dorotha Stamphill and N T Ellrod of Plainview joined their parents over the holidays in a family reunion.
MENTIONED IN THIS ARTICLE
Otis Ogden
Billie
Torrance, Calif
Dorotha Stamphill
N. T. Ellrod
Plainview
Mr. and
Stamphill
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Cocanougher’s Cafe
Butterkist Bakery
Odessa, Texas
Hilda Terry
King Features Syndicate, Inc
Real Estate & Insurance
J. Guy Harris
P.O. Box
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McAdoo Chevrolet Co
Seagraves
The
Texas Insurance Department
Paul A. Rix
Sam M. Smith
Sam Wood
Andrews , Texas
the Fair Store
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