Lethbridge Herald (Newspaper) - March 11, 1971, Lethbridge, Alberta
-' Thurtday, March 11, 1971 - THE LETHBRIOGE HERALD - 21 1i\ \\ 37.00 Trans Can A 62.00 5.25 Trans Can Warr 10.25 7.00 West Trans 24.A 252% Oct 2561/4 256 256 Nov 254% Rapeseed Vancouver Mar 317 316% 317 May 296% 293y4 296% Jly 28iy* 2777/s 281V.I Sep 260% Rapeseed Thunder Bay 293% 284% Apr Jun Oct Dec Oats May Jly Oct Dec Barley May 131 Jly Oct Dec Ry� May Jiy Oct Dec 292% 280% 85% 85% 130% 114% 107% 106% 113% 106% 106% 294% 284% 261 254% 85% 85 85% 85 131 128% 122'/t 124% 114% 107% 106% 110% evaluated it at $54,000 and entered into sale agreements with his son and grandson. GIFT TAX A few years later, the Tax Depart m e n t reviewed the transaction and said the farm had really been wortht $115,000 and herefore thet head of the family had made a taxable gift of over $60,000 to his son and grandson. They charged him the gift tax on the $60,000 The taxpayer took the position that he knew better than anyone from Ottawa what Saskatchewan farm land was worth, and off he went to eouw. W. O. Davis, who heard the appeal, decided he was right, despite the fact that the Revenue Offic i a 1 s presented evidence from a member of the Appraisal Institute, to supptort its view that the land was worth $115,-000 and not $54,000. That the tenacious taxpayer won his case is of passing interest. That the appeal board accepted the taxpayer's valuation of his own farm over that of a qualified appraiser is unusual, but justified in these circumstances. It will also be of some comfort to family estate planners and their advisers that the courts still do not frown upon legitimate estate planning, and tax minimization plans. But what should be learned by all taxpayers, inclined toward family asset preservation through estate planning, is that where family assets are sold to relatives, there is no substitute for having an independent appraisal made, at the time of sale, to determine the market value. It may save a good deal of time and costly argument. The tax dangers are far too great to assume that all inter-family transactions will have the good fortune to be given the benefit of the doubt as hap-ptned in this case. (Mr. Asper is a Winnipeg lawyer). Wholsale trade up in Alberta EDMONTON (CP) - Wholesale trade in Alberta increased by six per cent in December to $110 million from $103.6 million in December, 1969, the provincial government reported here. The December figure raised the total for the year to $1,624 million, a 1.3 per cent increase from $1,604 million in 1969, the government said in a report on Alberta business. Retail trade In November, dropped by 1.5 per cent to $194-million from $197 in November, 1969. The 11-month total for 1970 was $1,993 million, a drop of 0.5 per cent from $2,004 million in the first 11 months of 1969. The Edmonton-Calgary consumer price index rose .02 per cent between December, 1970, and January, 1971, to a level 2.3 per cent above that of a year earlier. All indexes increased during the month with the exception of housing and recreation. Serving you with O INTEGRITY O STABILITY EXPERIENCE For over 60 years We write all kinds ef INSURANCE HOME-BUSINESS-FARM-AUTO-and LIFE and can save you $$ MONEY $$ SEE US SOON- iQlSTtR HGtNCY fMUHlNCI MANAGIIS � ItOKtltl � ACfMfl A continuous family enterprise for over 60 year* 706 3rd Ave. S., lethbrido* Phone 327-2793 '^Processing and *S>\j stems jCimited 1003 4th Avenue S., lethbridge Telephone 328-4426 rocessing ervices Watch For Our Gigantic BONANZA SALE STARTING TUESDAY, MARCH 16th Store Hours - Monday thru Friday 9 a.m. to 9 p.m.; Saturday 9 a.m. to 6 p.m.; Closed Sundays and Holidays FREE DELIVERY Westminster Drug Westminster Shopping Centre Phone 328-7833 Revlon Dealer LTD. Boyd's Pharmacy Zeller's Shopping Centra Phone 328-3760 Post Office Facilities Max Factor Dealer LTD.