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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 10, 1973, Lethbridge, Alberta jo HfcKAlD Wednesday, October 10, 1973 Tax Column Asset appraisal factor in new tax system Kyi. H. H the new Canadian tax system has guaranteed anything, it is that the future of asset appraising a> a well-paid profession is assured. This is so because the impact of the new and a.s yet uninterpreted law depends more than ever on the lea! value of the assets thai are ttie subject ol a business transaction Never before has it been M> important for the tax- pavers to know the true value ol their assets A mistake in judgment will usuallv produce significant and unexpected Uix results WESTERN QUARTER HORSE Performance Demonstration Sale SHANBOMA STABLES 12 Miles Southweit of Calgary SATURDAY, OCT. 13 Plan to this outstanding prevew sale ol show- and working horses See these well trained horses perform m Enalish Western pleasure reining jumping cutting, roping and trail demonstrations Preview starts at 10 00 a "i Near A Q H A Champion horses, R O.M. horses; Youth mares and geldings with records, 1 stallion orospect 6 well started 3 year olds; 4 started 2 year ol'ds, several well trained mares and geldings, some breeding stock proven cutting mare: young jumping prospect nicely started TERMS: Caih or Cheque. Auctioneer a Salts Manager: LARRY IRVINE, Lie. 010069 1320-10 Avo. S.W.. Calgary, Phone 2452422, Ev.2451087 Lunch available. Salea MRS. MARY BURWASH, St. S.E., Calgary Phona: 274-3969 FOR INFORMATION CONTACT HANS HANSMA, 403-2363819, Granum, Alberta vA h11e Ca nada has a growing body of professionally trained asset appraisers, there are not enough lor the job that lies ahead in helping the thousands ol taxpayers who will need valuation advice in the years ahead. KcjiJally important is the lact that the business com- munity must itself with the court- approved tests that must be applied in putting a vlue. lor tax purposes, on an asset A law. accoun- ting, commerce or business administration decree is no longer an adequate training background (or business advisers unless the cirnculum lias included a modern course on valua- tion The new income tax act calls lor valuation in many areas previously ignored I'ruler the old law. ap- praisals had to be made in order to determine the tax- able value of employee stock options, business in- ventory, land and buildings u h e n recapture o I depreciation taxes were anticipated-, goodwill when businesses were sold, and the like. The new system adds many new circumstances under which an indepen- dent appraisal of one's assets is needed The most pressing situa- tion arises Irom the capital gains tax because the amount ol the taxable gain on assets owned before January I. depends on their value at that date. Here the taxpayer has several options as to the amount of value he assigns his assets including valuing them at their ac- tual cost to him or taking the January 1. 1972 fair market value. Obviously in order to make a wise choice lor tax purposes, it will be very helpful il he knows the lair market value The same valuation necessity applies to per- sonal assets which might attract capital gams tax. n d e r certain c i r cumstances. tax will be payable on the sale ol pain- tings and other works ot ;