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Lethbridge Herald Newspaper Archives

- Page 36

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Lethbridge Herald, The (Newspaper) - October 17, 1972, Lethbridge, Alberta Tuesday, October 17, 1972 THE U1HMID6E HER AID 13 F-Day vital period for tax calculations Is a valuation day appraisal of farm lands necessary for cal- culating income tax on capital gains? Most landowners who have lived in a district for any length of time are well aware of how their lands compare with other lands in the area, for example whether they are much the same or better or worse. Sales which have taken place from say June 1971 through the early months of 1972 are of Im- portance and should be record- ed. Any sale in the area is al- ways thoroughly discussed and in great detail, but rumours abound as to the exact selling price and whether or not there were items such as buildings, machinery or livestock includ- ed in the sale. In addition, some sales may not be "a r m s- in other words, they may be between relatives, as exchanges or estate distribu- tions. Landowners who maintain firm records of aclual sales in the last half of 1971 and early 1872 on an exact per acre basis, set up a comparison of the lands sold with their own and ejjsure that the parties to the sales (on an "arms-length" basis) and the dales oE the sales are recorded, should have little difficulty with the tax de- partment when the need arises for them to show the value of their lands as of Dec. 31, 1971 (Valuation Many advisers, such as lawyers and accoun- tants, may agree with the ap- proach mentioned above; but the best way, of course, to be as sure as possible, is to have a formal appraisal done by a pro- fessionally qualified experienced in farm lands. Such professionals are happy to pro- vide evidence of their qualifi- cations through, for instance, tire Appraisal Institute of Can- ada. Great care must be taken to ensure that the appraiser has these formal qualifications be- cause they are acceptable to the tax department. OUR REGULAR LOW ON 1972 NEW AND RENTAL SKIPPER TRAILERS AND CAMPERS 1972 SKIPPER 4' TRAVEL TRAILER 10v Ik, hi svsle T972 SKIPPER MODEL SO r. CAMPER VIEW THESE NEW, LOW, LOW MILEAGE RENTAL UNITS IN THE COMFORT AND QUIET INSIDE OUR NEW SPACIOUS 8 UNIT SHOW ROOM FACILITY THESE ARE ONLY A FEW OF THE EXAMPLES OF THE FANTASTIC SAVINGS NOW IN EFFECT DROP IN AND GET THE BEST DEAL AROUND FROM TRAILER LOU 1503 3rd AVE. SOUTH TRAMELCRAFT SALES RENTALS 1503 3rd AVE. S. PHONE 327-4064 ;