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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 7, 1972, Lethbridge, Alberta S3 THR Tax cases in United Slates more varied than in Canada 1, 11. ASl'KH lliml. The case same tax Some nx-ciit twists am! hint: In llw United States tax law art of intcreM in Canada in a: much as judicial Ihinkins mi and Interpretation c( lax law knows no Iwiiudiirics. As a trend In tax ruling develops in one country, it isn't long before it is considered in tin." other. particularly in the West era I Hemisphere where Ihe tax sys- tems arc comparable. That being (lie case, 1'ana- rtian pony well to consider some rocen' U.S. tax court rulings on the taxability of eanililin" winnings and the dcdiict'ilvlity of gam- bling losses. From one recent court ruliny, it appears that uinninR at the racetrack is easier than prov- ing one's Losses to offset against his winning bets. For example, a call driver won a twin double and duly re- ported that as his ga come. But Lie thwarted in an attempt io offset Ihe patron saint the profit against a deduction j for in losses, The ax court ruled that it was up to him to prove his losses. The losing belting tick-; ets he had filed to substantiate his losses had all had a com- mistftkoble imprint of heel him t.i Lay Mesican natuniid j cusls ami sluniljl he-fa u (has leudins the per- lottery ticket No. mill. e.Mvnse.s llu i haps somewhiH. cynical judRO lo whole of tickets hear- Omlrasl this will, the fad i conclude that they hail txvn ini: this mmilx-r was tracked picked up off the flwv ran- down, bill for which was Tin' cnse was put up hy another Mexican fate IwfcLI a uncle. The tickets were all Real ivslulc men fear inter fere HOC Livestock market VANC'UUYKU (Cri CL'inueiil iiUenTiilimi is threat- tliat a lew years a Toronto real estate (U-i'.amzalions eouiiiany raided the same uiik'h have tried to set up and men! in the Canadian tax i ra er chamng cocWaii wait-[ Worcd in the Texan's name, ress who won M6.0CU on a twin m" do.uble race combination. She claimed losses of an equivalent amount, but the court denied Lier the tax deductions on the ground lliat she couldn't ade- quately prove them. Canadian hinulic'iippcrs take note: Ihe Ca- nadian courts are also requir- ing stricter proof of gambling loses. On the move optimistic side of the tax question surrounding cbanoe winnings, comes an oh- vioasly divinely-inspired case a lottery j prize. It seems thai a deeply reli- gious Mexican wlio made Then ulo! the ticket won million. The U.S. tax author- ities moved in anil taxed tin set standards and improve th pea! board, nnd was not only business williout oulside inter- thrown out of court lint was j ference. the new president of treated to a lecture on chari-I the Canadian Heal Kslate Asso- lahle thinking, replete will, iiuo- i ciation said here, tiilions from the Bible, lo boot. I Allwrl Fish of Cuelph. Oiil. Mexican uncle so the windfall 'iinMin'a in- pilgrimages to pay lie was age to the Virgin of Guudalu hom- .ipe This may be a real lesson for Canadians in how to buy lottery tickets if you are. expecting to win. Still in the of-things-to-come i department, consider the estate single women at one rates, while applying a lower effective rate to married women. But we all have a feel- ing thai we haven't heard the end of that argument. (Mr. Asper is a Winnipeg tax case where an estate of a deceased was allowed a tax (Je- of all Mcxi-! Auction nl w'1al seems like bi- dream. Apparently circumstances, not gener- decided to reward cans, had the Virgin hi? devotion The day aflcr he bod dream, he phoned his U.S. citi- zen nephew in Texas and told him of his vision in which Ihe mon flaw, nicy bore the -'Virgin of Gnadampe instructed recommended as good es- tale planning. The taxpayer had launched a prosecution against Ins son-in- law for attempting to murder him. Before the taxpayer could bring his claim to court, he of natural Grain prices Winnipeg Grain Letlibridge Livestock Snlis Monday to l-'ridny. Cat- tle -27.1; calves 120; hoys lambs w. Butcher cattle prices 50 cents lower lor week. Re- placement catlle steady lo Traiie active. (loixl and' choice batcher slecrs anil lu'jfors selling 50 coils lower. All classes of selling readiiy at steady prices. Medium ami slocker and feeder cattle selling readily to local buyers at strong prices. .SI.AVGinT.US Steers: choice 20.70-31.50. Heifers: choice I9.iW-30.80. Cows: good 25.30-20-10: medium -25; ciimiers and cutters. IIEI'LACKMEXTS Good fceiier steers over Ibs., good feeder steers under Ibs.. good feeder heifers. 34-36: Flock heifer calves 34.2542: e.ood stock steer calves 42.50- i 52.50. HOGS. LAiMDS 1 Bntcl-.er nous sold tliis week at the I.eihhridge yards. 37.20- -Hi.yrs base price. Weaner and feeder liogs sold steady to 1.00 steers over 700 Ibs. 32.50 lo 37.25: heifer calves 250-400 Ibs. 3U to 43: heifer over 400 Ibs. 34 to 38.25; plain quality heifer calves 30 to 33; feeder heifers (iOO- SOO Ibs 32 to 35.25; plain quality and short keep heifers 27 lo 31; feeder cows 23 lo stock COWS 250 to 297.50. IIOI'.S AND CAI-VKS Market d r e s s c d weight 37.75 to 40.20: wcaners IS lo 21.50: lifiht wcaner.s 3.25 to 15; no lighl feeders. Heavy feeders 25 to 42.25: bred sous 75 to 90: light ami dairy calves to 172. report Kair lo medium steer calves, 40.00 to 45.00. heifer calves, 38.00 lo 40.50; fair lo medium, 35.00 to 37.70. Butcher hogs last week, 37.35. Weaner liogs, 511.75 to S1900; liglit feeders, to heavy feeders, SW.UO to J53.00; sows, lo Ottawa Livestock WINNIPEG fCP) quotes Friday (basis the sale of land to non-residents and the federal competition act as ominous examples of the trend to intervention. If this went too far and the authority of real estate organ- j were usurped by gov- ernments, ''the problem of 1 picking up the pieces, looking i after the ethics and doing the things we are trying to do'1 i would remain, lie said. He doubted that real estate men could gain recognition as j uve, 130 ]hs professionals. "Tlie government jces pg, heMl seems to be getting away from I smvs anrf giUs :jfi-124 per head, i Good lambs OTTAWA (CP) Lighter re- ceipts due to the harvest pro- duced a mcHlerateiy active mar- ket this week with ctioice steen ami heifers under pressure causing easier prices. Good cows reflected the eas- ier trend while replacements active and steady. Veal calves remained steady, with lamb prices lower. Hog prices TABKll On offer thi.s advanced in all centres. Receipts of entile at the nine Taber Livestock DO YOU KNOW YOU CAN DELIVER? "FUXSEED FOR CRUSHERS" Present quota 15 bushels per acre OR "FLAXSEEO" (Export) Present quola 3 buslielj per acre delivery and or, higher >n export f Max Oct 3 Nov Dec Mav 3 NOTE: Fixed pritai for net a' future liable DELIVERED TO DIVERSIFIED CROPS LTD. CANADIAN GOVERNMENT ELEVATOR LETHBRIDGE 8 a.m. to 4 p.m. Mon. to Frf. IMPORTANT: Permit Book must accompany each load tlorage until day you elect to sell -No dating or sell out date -fixed price! for future delivery available on export -C.W.B. permit book can be changed from crush lo export or export to crush up to May 31, 1973. Quota was 25 bushels per acre loll year. May lame Ihii year. For delivery arrangements or inquiries contact DIVERSIFIED CROPS LTD. CALGARY Phone 245-1223 flax died, hopefully causes. Next, his son-in-law sued his own wife as the executrix of her father's estate, claiming that the attempted murder charge had been malicious. The family then sat down with law- yers and apparently agreed that the father-in-law's prose- cution may not have been in good taste and wasn't entirely all he did die of natural causes. In the result, they decided to pay damages to the son-in-law who had been improperly ac- i cused. Then, in filing their es- tate-tax return, they claimed a tax deduction for what had__ been paid to the son-in-law, be- May cause all debts of the estate are Jly deducted before figuring out j the estate tax. i The tax court soberly consid- ered the evidence, reached the conclusion that the parties were serious, and allowed the claim, thus reducing the tax. As one American commentator ob- I served in reporting the case: "A little estate planning to re- duce taxes is acceptable, but this is pushing it a bit too And in what might be re- garded as a breakthrough deci- sion, not yet likely to be re- peated in Canada, but certainly a recognition of the real rule, the U.S. tax court has allowed a corporation to deduct from its income a charitable contribu- tion in excess of the legal limit for that "charitable" contribu- tions by companies aren't al- i ways charitably motivated but i are really business promotion drain i self-regulatory organizations in Lake-! other professions. Perhaps it is j not realistic for us to look for it at this time." were 010 heads of livestock con- sisting of cattle and public slockyards from Monday liogs. Trade was active with nil [to hTursOay were 313.209 head, classes holding steady, linlcli- i below last week and 391 er steers steady. tlie same week in 1971. Heifers '2-> cents higher.: Butcher cows cenls stronger fecf'or cov.'s S1.0H. Rails sterdy. Feeder steers and heifers steady. There were no strictly choice steer calves of- higher Weaners 11-22.25. Light j fered. Fair to medium calves feeders under ICfl Ibs.. 20.50- sold steady. Heifer calves were 23 cents higher Good to choice butcher steers, 32.50 to 32.90: fair to medium, 31.75 lo 32.25. to choice butcher steers. 327 4 334' i Hnneseed Vancouver Xov 287s s 2S'i'i Jan 275as Mar 278 273 Jun 274 271) -WVz i 273 270 Kapcsced Thunder Ray Oc Nov Dec May Oats Oct Dec Barley Ocl 124'i Dec May !27'j Jly Rye Oct 121 Dec Mav va 1237i 123's S2S7i> 12W, 126 Vi 252 259 US 81 >z 120' 127 121 121', ISC', 126 Used 50 names lo colled benefits EDMONTON (CPI A man using about aO different names managed to collect between and in unemploy- ment insurance benefits, the j RCMF reported today. They said the man apparent- ly covered northern Alberta as regular mail run, collecting tlie cheques whenever due. Bernard James Winiewski. 21. of Teepee Creek, Alta., was charged with fraud in the case. He is scheduled to appear in court on Tuesday. Perikh Livestock There were 2.001! head of live- stock sold this weak at Pcrlich Bros. Auction Market Ud. Receipts included 1.501 cattle and 507 hogs. Price quotations i as follows: SLAUGHTERCATTLK Good to choice steers 32 to 32.GU: good- to choice heifers to (1.50; good 26 to 27'IJO: medium cows 2-1 to 2ti; canners and cutters 20 to 24: shelly cows 15 to 20; bologna bulls ......26.25 to 18. REPLACEMENT CATTLE Steer calves Ibs. 46 to 52: steer calves 400 500 [j Ibs. 12 47: plain quality steer calves 35 to 40: steers 550-700 Ibs. 39 to 43.10; I 700-850 Ibs. 36 to 42; plain i quality and short keep j 32 to 35; hohtien steers 500-, i 700 Ibs. 35 to 38.75: holstien Eastren deliveries were head and western deliveries hsacl. Choice Toronto 34-35; Winnipeg 33-33.50: Saskatoon 31 31.SO: Edmonton 31.50-32; Cal- gary 31.75-33.50. Choice lieifers: Montreal 30- 32.50: To-onto 33-34; Winnipeg Saskatoon 30-31: Ed- monton 30.50 31.25; Calgary 30.SO-31.50. Good cows: Montreal 25.50- 32.50 to 32.90; fair to medium, j Toronto 26.50-27.50: Win- 31.75 to 32.25. j nipeg 25.M 2C.50: Saskatoon Good to choice butcher ticif- j 23.50-24.75: Kdmotilon 24-24.25; ers, 30.75 to 31.20: fair to me-1 Calgary 25.50-26 SO. dium. 30.00 lo 30.50. Good feeder steers: Toronto cows. 2G 25 to 2h.7lt: fair to medium. 25.00 to light feeder cows, 27.00 to 23.20; bulls, 24.00 to 29.50. Good yearling feeder .steers. 650 to 750 pounds, 40.00 to 42.00; 750 lo 800 pounds, 39.00 to 40.50: fair to medium feeder steers 600 to 800 pounds. 37.00 to 39.00. Good yearling feeder heifers, M.40 to 3730: fair to medium, to 36.25. 38-11: Winnipeg 36-12; Saska- toon 31-41.70; Edmonton 31-42; Calgary 31.50-3li.50. Good and choice veal calves: Montreal 50-58; Toronto 38-43; Winnipeg 48-55; Sakatoon 40.50; Edmonton ofi-40. Good lambs: Montreal 25- 29.50; Toronto 30-36.50: Winni- peg 25.25 26.50; Saskatoon- 21.50-21.75: Edmonton 22 23; Calgary 21.50. Hog Railing Country PICTURE BUTTE AUCTION MARKET Ideollv lotaltd in Ihe ccnlro of o targe Feeding CALF SALES FEEDER EVERY WEDNESDAY AT 1 P.M. 400 HEAD Highlighted by: SO HOLSTEIN STEERS 500 10 600 Ibs. from B. O. Nolan and Sont iO YEARLING STEERS 'rorn ona owner Servlt' ailnbl. i( Trucking Branding Vaccinaling Order Buying Government Egg prices Cattle Sttle EVERY Saturday at 1 p.m. Veterinary Feeding Pens MARKET HOGS ASSEMBLED MONDAY THRU FRIDAY or JOE JURIS For Information and tiiUngi contact Butlo Market Piclurs Bulle, Aim. Auction markel locatod 16 milei nortti ol Lelhbridge Highway 55 Phone 732-4400 Picture EDMONTON' (CP) Weekly j geg and puliry report issued by the federal agriculture de- partment: Eggs: To producers: A large 45, A medium 42, A small 24, B 25, C 6, cracks 8. retailers: A large 56-57, A medium 52-54, A small 36-37, B 41, cracks 28. (Two cents extra in cartons) To consumers (in cartons': A large A medium 60-til, i A small 4W5. i Poultry: To producers: Live No. 1 chicken broilers 23, 6 and over, 27, 5 and under Fowl under 4, 4-fi. Turkey under 12, 12 18, 28Vi, over 13, 26'.4. Live No 2 chicken hroilers 19, 6 and over, 23, 5 and under i R, 20. Turkey under 12. I 12 to 18, 25Vi, over IS, Wfi. COMMUNITY AUCTION SALES ASSOCIATION FALL SALES SCHEDULE Wednesday, October Hih at 11 a.m. PINCHER STATION SAIES YARD REGULAR MIXED CATTLE SALE 400 HEAD 400 Highlighted by: 115 HEAD YEARLING FEEDERS from Ernis Harm, PincKer Creek 100 HEAD YEARLING FEEDERS from Muiil Sro. Nntal, B.C. Thursday, October 12th at 1 p.m. CRANBROOK SALES YARB, CRANBROOX, B.C. MIXED CATTLE SALE Friday, October 13th at 1 p.m. PINCHER STATION SALES YARD HEAD OF HEREFORD CALVES Monday, October 16th at 1 p.m. PINCHER STATION SAIES YARD 1300 HEAD HEREFORD CALVES FOR INFORMATION AND LISTINGS CONTACT Community Auction Sales Assn. Ltd. "Operating Livestock Auctions Since 1939" ED GROSS DON fITZPATRICK Rev 627-2285 Rei. 627-4083 Officn 627-3466 Yard 627-3660 PINCHER CREEK, ALBERTA THE STOCKMEN'S MARKET WESTERN THOROUGHBRED SALE Lethbridge EXHIBITION PAVILION SAT., OCT. 7th AT p.m. age, weanlingt, mares. Stallions. Brood 300 TO 500 HOGS SELL TUES., at 1 p.m. AISO DAIRY COWS BABY CALVES SHEEP SPECIAL FOR TUES., OCT. 10th FRED DUXBURY SWINE DISPERSION 22 YORK SOWS AND GIUS 30 WEANES AND FEEDERS 150 LIGHT BEEF AND DAIRY TYPE CALVES 150 to 400 Ihs. Market Hogs Shipped Daily Beef futures WINNIPEG Live beef futures ThursiJav. Nov 34.SOB; Jan Mar 3330 35.80A, Wednesday's volume: 18 con- tracts. I l NOTE: DUE TO THANKSGIVING DAY HOLIDAY MONDAY, OCT. 9 FEEDER HOGS BABY CALF SALE WILL BE HEID ON TUESDAY, OCT. 10th ot 1 p.m. SELLING AT AUCTION HARRY GORDON DAIRY DISPERSAL WED., OCT. 11 at 2.30 p.m. 25 TOP QUALITY MILKING STOCK NClUDlNGi in ihfi 6 Two year old Heifnri to freshen i 4 Shorl 7 year olds lo Freshen in Ic 4 Qavn He if en 4 to 14 months WEDNESDAY ot 10 FAT FEEDER CATTLE SALES SLAUGHTER HOGS ASSEMBLED AND SOLD MONDAY THRU FRIDAY BUY FAT AND FEEDER IAMBS MONDAY THRU FRIDAY FRIDAY at 10 a.m. FAT AND FEEDER CATTLE SALES at 1 p. in. SPECIAL STOCK CALF AND FEEDERS EXPORTERS OF SLAUGHTER HOGS EXCELLENT FACILITIES FOR FEEDING AND LOADING HOGS SB FRENCH 328-3986 3AN KLASSEN 345-4353 KEN MILIEU, MAGRA1H LOU DtJAGER 345.4189 WHIT KEMINGER 376-7354 CONSIGN ALL YOUR LIVESTOCK TO C. E. FRENCH LIVESTOCK LTD. HI THE HEART Of CANADA'S RANCHING COUNIRY AtBERTA STOCKYARDS Phono 327-0101-Res. 328-3986 P O. BOX SS 1-1-7. WaUh for Yearling and Feeder Special Salo REGULAR CATTLE SALE t EVERY MONDAY AT A.M. (PLEASE NOTE NEW TIMEI HOGS SELL AT 11 A.M. Due lo the tremendous response to our Special Soles through Ihe heavy fnll runs in the we, at Prairie Livestock Ltd. have let the fallowing rialei to help our cuitomerl decide on which clay they would choose lo sell their itock. We alia remind you that ALL SALES WILL BEGIN AT II AM. SATURDAY, OCT. 7 Special Calf Sole SATURDAY, OCT. 14 Special Calf Solo THURSDAY, OCT. 19 Slock Cow and Bred Heifer StiU SATURDAY, OCT. 21 Special Calf Sale SATURDAY, OCT. 28 Special Coif Sale SATURDAY, NOV. 4 Spociol Cnlf Salo SATURDAY, NOV. 11 Special Calf Sole THURSDAY, NOV. 16 Slock Cow and Bred Heifer Sale SATURDAY, NOV 10 Special Calf Sale SATURDAY, NOV. 25 Special Calf Sole SATURDAY, DEC. 2 Special Calf Sale SATURDAY, DEC. 9 Special Calf Sale THURSDAY, DEC. 21 StocV Cow and Bred Heifer Sale THURSDAY, JAN 18 Stock Cow ond Bred Heifer PRAIRIE LIVESTOCK LTD. PHONE 223-3921, TABER DAY OR NIGHT HARlTON Lie. 293 GARY JENSEN THIS WEEK SPECIAL RANCHER CALF SALES WED., OCT. 11th AT 1 P.M. and every Wed. in Oct. Nov. Dec, HEAD INCLUDING: 70 CAIVES from DON BEAGLE RANCH 100 CALVES from JONES BROS. YEARLING FEEDER AND FAT CATTLE Thursday 1 p.m. HEAD 800 100 HEAD YEARLING STEERS and HEIFERS from a B.C. rancher. All Breed Registered And Grade HORSE SALE LETHBRIDGE Exhibition Pavilion FRI.. OCT. 13 1 P.M. GRADE HORSES OCT. >3 6 P.M. REGISTERED HORSES SAT., OCT. 14 10 A.M. GRADE HORSES G. L. JONES CHAROLAIS CHIANINA SALE Man., Oct 16th1 p.m. 200 CHAROIAIS COWS BRED CHIANINA PERLICH BROS. AUCTION MARKET LTD. Lrxnietf In the Hub of Soulhefn livestock InHutlry 3 milei en it of Ipihhru'yo on 3 end U BOX )OS7r LETHBRIDGE PHONE DAY OR NIGHT ;