The Winkler County News (Kermit, Tex.), Vol. 40, No. 47, Ed. 1 Thursday, August 26, 1976 Page: 4 of 16
This newspaper is part of the collection entitled: Winkler County Area Newspapers and was provided to The Portal to Texas History by the Winkler County Library.
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Page 4, Sec. 1
The Winkler County News, Kermit, Texas
Thursday, August 26,1976
Tax Deductions Available
Following Casualty Loss
What kind of tax deduction
are you entitled to if a fire
destroys an antique table
appraised at $350 although
you only paid $ 15 for it?
Can you realize a tax
savings if a storm destroys
your expensive new
landscaping?
savings because they don’t loss. It is helpful to remember private property, you are
understand how to handle that terminology used in entitled to a $1,900 ($2,000
making insurance claims may minus $100) deduction on
not always apply to an income your income tax return. There
tax return. is no $ 100 limitation on losses
their
A on business property.
Smce insurance payments ,n cafcu£tin losses,
are tied to the actual cost of remember there are different
property losses on
income tax returns.
Tax advantages are offered
for any “casualty” loss.
According to the Internal
Revenue Service (IRS), a , . . „ , . .uhwhuv. «.wv u.uc.cu.
useapmg: casualty loss means property ^Sfods-often cdcXed"at SetS of ruleS wl?,ich/pPly t0
If your home is flooded but damage or loss resultmg from HpnrfHatpd Va1ue-the rpal “real ProPerty (such as
you have no flood insurance, any sudden, unexpected event ln£ for income ta„ nummp! houses) and “personal
can you claim a tax such as a storm, fire, robbery “s PraPert/’(such as furniture),
deduction? or automobile accident. , . , even though the losses
There are no simple Deductions are available for ' wnen , Ppens’ occurred because of the same
answers to these kinds of losses to both personal tfte amerence can De claimed catastrophe. In no event can
questions-but now that it is property (such as automobiles as a casu y oss e uc lon‘ the “loss” claimed on the
income tax time, and furniture) and to real Example: Suppose your income tax return exceed the
property (such as business and home which originally cost amount originally paid for the
homes). $30,000 was damaged by a property.
Computations are based on tornado. The appraised value The real property value
the reduction in the value of 0f the property prior to the includes any improvements to
the property. The amount of storm was $32,500 and the property such as extra
any insurance settlement must immediately after the storm buildings and ornamental
be subtracted from the total was «27 500 The overall trees. To help prove the value
“loss” would be $5,000. If the of the property before and
insurance company paid
$3,000, you still have an
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individuals in similar
situations should check
carefully to see how to handle
their return.
The Texas Insurance
Information Center says many
people overlook real tax
v » fy
ROSS
ELECTRONIC SERVICE
Perry Ross — Owner
601 E. Austin Phone 586-5631
Kermit
★ ★ ★
TV & STEREO REPAIR
ALL
PARTS & SERVICE
CASH
20 VEMS EXPEDIENCE
“Serving The Kermit
Area 4 Tears1’
Iia *
after damage,
recommends
the
that
IRS
Employees of the Perry R. Bass company celebrate 600 days
which were accident free with a barbecue at Winkler County
Park Saturday, Aug. 21. Seated (left to right) are Robert
(Toby) Wood, operator; Henry Ridings, repairman; Jack York,
operations foreman; and S. W. Dixon, assistant district
manager of plants. Standing (from left) are Jack Speer,
CELEB LATE WITH BARBECUE
operator; Billy Mitchell, student labor; Don Carrell, repairman;
C. B. Jones, plant foreman; H. W. Brooks, safety director; Mike
Denny, clerk; P. D. Sprague, district manager of plants;
Charles Wade, repairman; E. C. Locklear, Winkler County
judge; Bill Mitchell, contract welder; and Robert Richardson,
repairman.
additional $2,000 “loss” on experienced, reliable appraiser
the property, and most of this be hired. The cost of the
is tax deductible.
Since the tax law does not
permit a deduction for the
first $100 of a loss claim for
appraisal is tax deductible.
Photos made before and after
damage will also be helpful in
proving a loss.
For personal property, the
- loss is computed individually
CLINIC SERVES for each piece of
BLIND PUPILS property—that means each
For blind and near-blind stick of damaged furniture,
children, a visit to the dentist Insurance companies have
can be even more frightening for years recommended that
than for most persons. homeo wners keep an
Sixty-one visually uP-‘°-date inventory of
handicapped pupils in Detroit Per,so.nal property w.th photos
public V however, have 0 “P ^ Z
the advantage of attending a ln e eve 0 a ., "
free dental clinic sponsored by same mven,or>; ^ould seTve as
the dental fraternity at the a starting point for a taxpayer
University of Detroit trying to compute personaly
property casualty losses tor
“We proceed very slowly income tax returns,
with these children and try to Inventory sheets make the
allay their fears,” said Dr. job easier. These are available
41
Donald Smith.
“These children are
super sensitive-so tuned in to
the smells, sounds, and
sensations around them that
they can conjure up all kinds
of terrifying ideas,” he said.
“Our dentists talk to them
constantly, so they can focus
on him instead of their fears.”
Rev. Bob Fagan, pastor
220 S. Olive
586-2841
Sunday School 9:45 a.m.
Sunday Worship
11 a.m. 7 p.m.
Training Union 6 p.m.
Wed. Prayer Meeting 7:30 p.m.
GRACE TEMPLE BAPTIST j
Everyone is invited.
Nursery provided. 8
A SOUTHERN BAPTIST CHURCH^
Shop Our Wide Selection of
Allercreme Cosmetics, y
and Many Other Items
n
Allercreme
Trial Size
PETAL LOTION
★ Moisturizing
★ Enriched Moisturizing
★ Skin Cleanser
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LUBRICATING CREAM
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Price
Allercreme
BLUfHER
free from insurance agents or
by writing the Texas Insurance
Information Center, 1011
Congress, Suite 501, Austin,
Texas 78701.
Detailed information about
how to handle specific
insurance payments and
casualty losses on income tax
returns is available in IRS
Publication No. 547, titles
“Tax Information on
Disasters, Casualty Losses and
Thefts.”
The IRS has set up
information service lines all
over the state to answer
inquiries about preparation of
tax returns. A copy of the
publication can be obtained
free by calling one of the
offices.
The phone numbers are:
Fort Worth (334-3811); Dallas
(742-2440); El Paso
(543-7 572); Houston
(244-82 1 1); Austin
(472-1974); and San Antonio
(684-7111).
Persons living outside those
metropolitan exchanges may
call the IRS toll free
information line. That number
is 1-8004924830.
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(Staff Photo)
School Menu
Texas State
Optical.
420 N. GRANT
ODESSA
Allercreme
-—3 3
'ii<!&f'
GREAT EYE BEAL
★ Liners ★ Cover Up Sticks
UliillltllU
COWTQww
SHOOTS
GOING AWAY PARTY
Miss Charla Newman is shown here with local attorney Glen Williamson at her farewell party,
which was held in Williamson’s office Tuesday afternoon. Miss Newman has been employed
by the attorney this summer and now plans to return to West Texas State University at
Canyon, where she will be a sophomore. She is the daughter of Kermit School Superintendent
and Mrs. Max Newman. (Staff Photo)
Bill Designed To Cut
Paperwork Clears Committee
A bill which would save the Known as the Records
taxpayers an estimated $150 Management Act, the bill is
million annually, introduced designed to save the federal
by Congressman Richard C. government time and money
White, D-Texas, has won the by managing federal
approval of the House paperwork.
Committee on Government The amount of money
Operations and will now be spent on paperwork increased
considered by the full House, from $8 billion in 1966 to $16
■**i billion in 1974, according to
LOREAL
LIPSTICK & NAIL POLISH
NEW FALL COLORS
COTY
ONE BOX ASSOR. MAKE-UP.................................
COTY “24” SUN GLOWS.....................................
GREAT COVERAGE MAKE-UP..........________________U.L.
CREME BLUSH......__________________________«!_______________
KERMIT PHARMACY
BOB GREEN—Registered Pharmacist
810 Myer Lane 586H2556
Kermit
Marriage
License
Aug. 24,1976
Jeri Linn Roberson and
Miss Linda Lois Collis
Aug. 25,1976
Louis Homer Beckwith and
Terishia Odell Talbot
Dennis Lee Davidson and
Dorothy Elaine Hagood
the Comptroller General’s
report in 1973, because of the
rapidly increasing federal
paperwork and the inefficient
management of these
mountains of paper.
“This expense to the
taxpayer is unbearable and
unnecessary,” Congressman
White said. “My bill will be a
considerable improvement in
this situation.”
Monday
Meat Loaf-Brown Gravy
Whipped Potatoes
Seasoned Green Beans
Peach half
Cornbread
Chocolate Cake Squares
Tuesday
Breaded Veal
Cutlet-Cream Gravy
Snoflake Potatoes
Blackeye Peas
Fresh Garden Salad
Hot Rolls
Butterscotch Pudding
Wednesday
Beef and Cheese Pizza
Golden Hominy
Cole Slaw
Fruit Cup
Thursday
Fish Sticks-Catsup
French Fries
Early June Peas
Lettuce with Dressing
Peanut Butter
Hot Rolls
Strawberry Jello
Friday
Hamburger
Le ttuce-Tomato-
Pickle-Onion
Potato Chips
Red Beans
Peach Cobbler
COCKATOO WINS
ACTING HONORS
Highest honors in the
annual Patsy Awards for
animal actors went to Fred the
Cockatoo, the wise-guy
feathered friend of
television-detective Baretta.
Fred .took the Grand
Champion Patsy award as well
as a special-category award for
response-trained animals.
Results were announced in
Los Angeles.
A panel of celebrities and
columnists judged the events
which also included categories
for wild animals, dogs, and
horses.
The ceremonies ‘ were
videotaped for later broadcast
on a syndicated basis around
the country.
THIEVES STRIP
PATROL CAR
Deputies are scratching
their heads about what
happened in the sheriffs
parking zone in Sacramento,
Calif. Someone stripped a
patrol car.
Bill Miller, information
officer for the sheriffs
department, said $600 worth
of equipment was taken from
the vehicle, including its red
and yellow lights.
Hundreds of pairs
Dozen of styles
Factory imperfects
Q^ity DENIM JEANS
LEVI'S I295 WRANGLER 11,s
ALSO HATS — SHIRTS — BELTS — BUCKLES — ACCESSORIES
MONAHANS Pecos - 512 West 3rd
911 East 4th Odessa - 1217 East 8th
943-3652 Alpine — 113 North Second
Open 10 AM-6 PM, Mon.-Sat.
Cowtown Boot Factory Outlet Stores in; TEXAS — Alpine, Del Rio, Denton,
Denison, El Paso, Euless, Ft. Worth, Houston, Lancaster, Longview,
Mesquite, Monahans, Odessa, Pecos, San Antonio, Stephenville, Uvalde,
Waco, Wichita Fails. ARIZONA — Glendale, Phoenix, Tempe, Tucson.:
NEW MEXICO — Alamogordo, Carlsbad, Las Cruces, Santa Fe.
FOR INSURANCE SERVICE
CALL
Don Handlin
608 E. Austin
586-3413
□DIM I—
ACEISUZY
r-'
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Brewer, Bert. The Winkler County News (Kermit, Tex.), Vol. 40, No. 47, Ed. 1 Thursday, August 26, 1976, newspaper, August 26, 1976; Kermit, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1009440/m1/4/?q=%22%22~1: accessed July 15, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Winkler County Library.