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Home My WebLink AboutClinton News-Record, 1972-12-14, Page 19MUFFLERS GUARANTEED FOR THE LIFE OF YOUR CAR 15 MINUTE INSTALLATION SHOCK ABSORBERS THE MUFFLERMAN I I 11 THE EXPERTS "YOUR SILENT PARTNER" WHERE QUIET BEGINS THIS IS THE AGE OF SPECIALISTS, SO WHY NOT LET OUR EXPERTIN- STALL A NEW MUFFLER ON YOUR CAR. WE CAN INSTALL YOUR MUFFLER QUICKLY, PROFESSIONALLY AND INEXPENSIVELY. STOP IN OR CALL FOR A FREE ESTIMATE MM. CHARGEX NMI MON.-FRI.- 8 A.M. TO 6 P.M. SAT. 8 A.M, TO 3 P.M. 7 8 3 ONTARIO ST. 27 1 -5 5 60 STRATFORD Amorsialmeemmink OPEN 6 DAYS A WEEK • BRIGHT AND ENERGETIC FORT LAUDERDALE'S FINEST FUN RESORT E=VERYTHIN G FOR YOUR WE RESERVE THE RIGHT TO LIMIT QUANTITIES TO NORMAL FAMILY REQUIREMENTS SPECIALS EFFECTIVE 'TIL SUNDAY, ¢ P.M. FOR YOUR CONVENIENCE WE ARE THURS.-9 A.M. TO 9 P.M. OPEN FRI,— 9 A.M. TO 9 P.M. SAT.— 9 A.M. TO 6 P.M. AT VANASTRA (FORMERLY C.F.B. CLINTON) AMPLE FREE PARKING Mincemeat 75c COOKING MAGIC— TURKEY—Pkg. 4 ROASTING TURKEYS GRADE "B" APPROX. 15 Ib. lb. emiat ...x.itedt)._ BRAND BANANAS LETTUCE HEAD ORANGE DRINK 39c MARGARINE 99c BIRD'S EYE-32 oz. BERES BLANCHED & SPANISH 16 oz. Pkg. COOL WHIP 69c Salted Peanuts 65c KRAFT CANADIAN SINGLES-16 oz. HAIR SPRAY CHEESE SLICES 9 5c s 6 146i BEANS 2 1 KLEENEX— 2 PLY 200's Country Market will always stock your freezer with quality beef for loss "never buy till you give us a try" GENERAL FOODS-12 oz. MINUTE RICE WHISKEY SOUR GIMLET DAIQUIRI COLLINS $ Reg. 92t t ••.•,!t • Clinton News-Record, Thursday, December 14, 197? 7 4 Transfer of farm assets 4 by J.J. Hagerty Many farmers are con - sidering changes in ownership of farm assets. The new tax laws and the resulting discussion• have encouraged people to ask questions about their own situation. One good thing about the tax changes is that it encourages us to think, plan and make some decisions. Hopefully these plans will benefit all members of the family. Separation of Principal Residence and One Acre of Land This has been recommended by some when buildings are in- cluded in a partnership and/or corporation. Some doubt has been cast on the advisability of this technique. (1) the zoning by- laws may not allow it (2) loaning agencies such as Farm Credit Corporation may not allow it (3) depreCiation of the house will not be taken as an' expense (4) local taxes might be higher due to separate assessments. However, there may be cases where houses should be kept out of the corporation to take advantage of capital gains exemptions on principal residences. e.g. Where 3 • 500 FT. PRIVATE OCEAN BEACH • TWO HEATED POOLS, SUN DECKS • LUXURIOUS GUEST ACCOMMODA. TIONS • GOLF PRIVILEGES ON 3 CHAMPIONSHIP COURSES • FREE TENNIS ON PREMISES • SUPERB DINING * NIGHTLY DANCING & ENTERTAINMENT • Visits to fabulous Disney World available, FOR MORE INFORMATION CONTACT; INNKEEPER 362.7637 212 KING ST, W. TORONTO . • • brothers live in separate homes that would otherwise be owned by the corporation. The brothers will then not have to pay rent for the houses (which is income to the corporation and a non-deductible expense personally). TRANSFER OF , DEPRECIABLE ASSETS The new tax regulations dic- tate that all depreciable assets purchased after December 31st, 1971 be depreciated using the diminishing balance procedure (Part XI). With the new In- come Tax Act, straight-line depreciation (Part XVII) is being phased out, All 'depreciable assets which were purchased prior to 1972 and are now being depreciated un- der Part XVII )the straight- line method), however, may be left under the straight-line system. 'Machinery and buildings sold or rented to an individual, partnership or cor- poration will have to be depreciated on the declining balance basis (Part XI). Most of these assets are on straight- line depreciation (Part XVII) now. Farmers with assets pur- chased prior to 1972 are strongly advised to continue with the straight-line depreciation method for all assets presently being depreciated by that method. The basic reason for recom- mending this course of action is the following: When the diminishing balance method (Part XI) is being used, all depreciable items are lumped together in various classes ac- cording to the maximum rates of depreciation allowed by the tax laws. If all machines of a certain class are sold, and if the returns from these machines are greater than the un- depreciated balance of that class, the excess is considered a capital recovery which is taxable income for the year in which it is received. Alter- natively, when an asset that has been depreciated under Part XVII .(the straight-line method) is sold, the returns from the sale of this asset are tax free. Non-Arms Length Transfer of Machinery If machinery is transferred from father to son, it is tran- sferred at fair market value, The son would of course be using Part XI method regar- dless of the method used previously by father. If the machinery is tran- sferred from a father to a part- nership or corporation, it is transferred at the fair market value. On many smaller farms this is greater than book value. If the father has been using Part 'XVII there will be no recapture. If he has been using Part XI, the difference between book value and fair market value will be recapture of depreciation. On some large farms where machinery is used to cover many acres, the book value may be higher than the fair market value, If father has been using Part XI there would be a "terminal loss" to balance against income. Should father continue owning machinery that is now on straight-line depreciation? Maybe. When the time comes to trade in the old machine, father and son could both go to the dealer. Father would receive an allowance for his old machine. Son would buy the machine for the new price. This will allow him to take capital cost allowance on the full price, Father could make a gift to son, It will not be subject to gift tax unless it goes over the $2,000, maximum gift exemption bet- ween individuals in any one year. Drink milk before booze Ontario Christmas party- goers are being urged to prepare for the season in a dif- ferent way this year by the On- tario Milk Marketing Board in their billbo'ard campaign "Milk,. Before you get into the spirit" And while the billboard tends to raise a smile, it also underlines a medical fact — that food taken before liquor helps to slow down the absorp- tion of alcohol into the blood- stream. As a food, milk is ideal for this purpose. It is more con- venient to consume than other snacks which would produce the same effect and it doesn't leave you feeling too full to en- joy the party, Also, an eight oz, glass of milk takes no preparation and is readily available in most households. The OMMB billboard remin- ders will be seen in the five major markets of Toronto, Hamilton, London/St. Thomas, Windsor and Thunder Bay from now until Christmas. In addition, transit ads will be run in the Ottawa area, Despite the nature of their campaign this year, the OMMB is still asking anyone who is driving over the Christmas season to stick with milk before and during the party, Independent Shipper to United Co-operative of Ontario Livestock Dept Toronto Ship Yoko. Livestock With Roy Scotchmer Monday Is Shipping Day Fro* Varna Stockyird CALL BAYFIELD°56S.2636 By 7:30 Lin. MindloY Fir Pm** Silivits Ni Charge* OA Plcit.up ti TODAY'S CHILD BY HELEN ALLEN , THE TORONTO gljn SYNDICATE "The thinker" is Norman, an engaging seven-year-old who, truth to tell, is not often seen in such a contemplative mood. Norman is "all boy" — Lively and on the go — loving rough games. As well as having normal energy, he is hyperactive and impulsive. This is because of very slight brain damage, not because he deliberately tries to misbehave. However, he is among the top 10 in his Grade two class, an open concept type where each child progresses at his own pace. Ills teacher says that he needs extra understanding and at- tention but he is not a behavior problem in class. Norman enjoys. almost all sports, both as a player and spectator. He prefers the company of older children and often plays football with older boys in his foster home. Though he can't yet swim, he loves the water and is keen on camping and picnics. Norman is fond of animals of all sizes. A special interest is bugs, which he collects. Ile likes to build things'. • He enjoys music, especially singing, and .loves to read aloud from the library books he regularly brings home. Scottish in descent, Norman is a healthy youngster except for a tendency to bronchitis. lie has blonde hair, blue eyes and fair skin, his glasses are to correct a slightly crossed eye. Friendly, affectionate, inquisitive, talkative Norman needs warm, patient parents who are able to give him understanding, love and attention combined with firm control. To inquire about adopting Norman, please write to Today's Child, Box 888, Station K, Toronto. For general adoption in- formation please contact your local Children's Aid Society. ealtiacertnilliiellotet 3200 Galt Ocean Dr., Fort Lauderdale 33308 ,* `7A • v • - t i kaillikOdifri I 1;. " '410 0.444111.4 O. Opp ir April 18 thru December 14 doitY, Per person, dbl. occup, 56 61 420 rooms, European Plan Modified Amerjeen Plan: lavish dinner & breakfast, odd ;11 dolly, Workers'from Guenther-Tuckey Trucking in Exeter had to unload 25 tons of salt a bag at-a- time after one of their trucks left Highway 4 south of Clinton last Friday afternoon. The truck had swerved to miss an impending accident, left the road, and ended up in a plowed field. No injuries were reported and the truck suffered only minor damage. (News-Record photo)