Rio Grande Herald (Rio Grande City, Tex.), Vol. 33, No. 20, Ed. 1 Thursday, February 27, 1975 Page: 18 of 20
twenty pages : ill. ; page 16 x 11 in. Digitized from 35 mm. microfilm.View a full description of this newspaper.
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0
N
FRIENDLY
COURTEOUS
SERVICE
w
VALLEY
federal
SAVINGS
McAllen
Edinburq
Pharr
Wesloco
Starr Students Scheduled
To Graduate TSTI
TIIK HIO GKAMDK I IKK A 1.1) PAGK lS'nUKSDAV. KKBKI AKV -'7, 1975
Farm Taxes Affected
9*
By "Operating Loss'
HARLINGEN - One hundred
seventy-seven students of the
Rio Grande Campus of Texas
State Technical Institute will be
candidates for graduation in
ceremonies set for Monday.
February -4, 1H75. at 7:.'{() p.m.
in the Harlingen Municipal
Auditorium.
The Father Bill Penderghest
of Queen of Peace Catholic
Church will give the Invocation
followed by the Welcome Ad-
dress to be given by Ricky
Wyant, Student Congress
President. State Tech General
Manager, Archie Rosales will
give the Graduation Address.
The 177 graduates are
completing their education in
many specialized occupational
areas including medical
transcriptionist. electronics
technology, automotive
mechanics, and mechanical
drafting. They reside in all
areas of the Valley from
Brownsville to Rio Grande City.
The general public is invited to
attend.
Local graduates are from
Roma, Rio Grande City. and
Garciasville and are as follows:
Gilbert Gonzalez. Manuel
Martinez, Medical Tran-
scriptionist.
Mario Sanchez, Rosalinda
Bazan. Martha Alicia Her-
nandez, Clerk-Typist
Maria Veronica Canales.
Maria Conception Alvirde,
Bilingual Secretary.
Rosa Dalia Salinas and Irene
Sandoval.
A RAKE iHIPLK
CHERRY IJil.I., ). AI'i
A rarity recently occurred at
the Garden Stan' P.r'f rice-
track where an j mei. trainer
and jockev :•< t; e<I ;i inule.
They woi: the fc .t ■ sihtn :mi
ninth races.
The three .vir:.. were i ~Kis-
teied by .!amn Kdward's Aud-
ley Farm, u «in •! Mark W;-ul-
erstedt and jockey Burl
McBrlde.
COLLEGE STATION
Because the bottom dropped out
of the cattle and cotton markets
in 11174. farmers and ranchers
who suffered a net operating
loss" may be able to get some
income tax relief on income
previously earned.
According to Dr Wayne
Hayenga, economist for the
Texas Agricultural Extension
Service, the Internal Revenue
Service lias special provisions
that deal with net operating
losses."
The loss must first be
carried back three years and
applied against the taxable
income of that year," he points
out. If the taxable income of
that year was not sufficient to
offset the operating loss, the
remaining loss is applied
against the income of the
second preceding year, and
then to the immediate past
year.
if there is still a remaining
loss over the total taxable in-
come of the prior years, the loss
X
jr.;
SPRING
FABRIC
FESTIVAL
Have yourself a sewing spree.
Choose our colorful fabrics in
prints, plaids, patterns and
^-/ plains. All inspirational ... at
j, pin cushion prices. Buy yards.
A ' K
- * y ' ,
*
t -
PLAZA FABRICS
STARR PLAZA SHOPPING CENTER
RIO GRANDE CITY
is carried forw ard to each of the
next five years until all is used
to offset income."
When a net operating loss
occurs, a claim for refunds
must be filed to recover taxes
paid in prior years, points out
Hayenga This claim is also
necessary to establish the
amount of loss, if any. to be
can ied forward to offset future
income Some adjustments of
taxable income of prior years
may he required.
I Hie to some of the unusual
features of the net operating
loss" provisions, Hayenga
suggests the assistance of a
qualified tax consultant or an
IRS agent
A claim regarding net
operating losses can be filed at
any time within three years
after the return was due for the
year the loss occurred.
The deadline for filing farms
and ranch income tax returns is
Mar li unless an estimated
return was filed. In that case
the deadline for the final return
is Apr. 15.
Party Reform
Sought In
Texas
Senator Jack Ogg of Houston
introduced three bills today;
two hills establish a
Presidential primary in Texas,
and one bill iS.B. tilli simply
abolishes precinct conventions.
Two bills substitute a new
method of selecting delegates to
the nation conventions. In place
of precinct conventions,
delegates will either he
prorated in proportion to the
votes as Presidential candidate
receives in a statewide primary
(SB 41!)i or be prorated in
proportion to the votes a can-
didate receives in each
congressional district { S.B
4171.
The present system of
selecting delegates to the
national convention is com-
plicated, and there is little input
into the process by most voters.
People feel alienated by the
system currently used. Either
of these proposals will allow all
voters to decide how Texas will
cast its votes at the Presidential
convention," Senator Ogg said.
The statewide proportion bill
requires that delegates remain
pledged to a candidate until two
ballots have Ix'en cast by the
convention, or until that can-
didate receives less than l!5
ix'rcent of the convention vote.
The congressional district
proportion bill provides that
delegates lie nominated by the
candidates' State party
organization at the State con-
vention, thus insuring support
from the number of delegates
each candidate is allotted
By introducing these bills
together, the Semite will be able
to review the different methods
of organizing a Presidential
primary at the same time It is
necessary to involve as many
voters as possible at the grass
roots level and any one of these
hills will allow each votei to
have a say," Senator Ogg
concluded
The Ogg bill will lie referred
to a Senate State Affair Com-
mittee for further study before
the entire Senate votes on the
matter
I .
r
I
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Van Nest, Lloyd A. Rio Grande Herald (Rio Grande City, Tex.), Vol. 33, No. 20, Ed. 1 Thursday, February 27, 1975, newspaper, February 27, 1975; Rio Grande City, Texas. (https://texashistory.unt.edu/ark:/67531/metapth194498/m1/18/: accessed March 28, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Rio Grande City Public Library.