The Groom News (Groom, Tex.), Vol. 31, No. 42, Ed. 1 Thursday, December 20, 1956 Page: 11 of 12
This newspaper is part of the collection entitled: Carson County Area Newspapers and was provided to The Portal to Texas History by the Carson County Library.
Extracted Text
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THURSDAY, DECEMBER 20, 1956
THE GROOM NEWS, GROOM, CARSON COUNTY, TEXAS
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THANK YOU FOR PAST FAVORS
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of our feeling toward you at this
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Holiday Season.
CITY TAILOR SHOP
BUCK, SUE and DOUG WHATLEY
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MRS. JOHN H. MUTHERSBOUGH
SAYS
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made within three years before
date of death shall be deemed to
have been made in contemplation
of death and shall be taxable in
the estate of the one who dies.
It may be advisable to “look a
gift horse in the mouth” for the
A Pipe Lightner . . .
“How close did it come to you?”
asked the farmer when his hired
hand took shelter during an elec-
trical storm.
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“Showing off her kitchen is a point of pride for
any homemaker. What is more eye appealing than,
a beautiful electric range supplemented with the
other electric necessities that make a kitchen attrac-
tive and convenient.” Mrs. Muthersbough’s kitch-
en bears out her statement with the attractive
^apartment-size electric range she uses.
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“You can go out as often as you like with the
time you save with an electric range. Takes no time
at all to clean. Just lift the element, take out the
drip pan and wash it like you would a saucer. Your
family will enjoy the meals and your fresh appeak-
ance, too.”
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(This column, prepared by the
State Bar of Texas, is written to
inform—not to advise. No person
should ever apply orinterpret any
law without the aid of an attor-
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The warm wishes we send today
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are but a mild expression
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IT’S THE LAW
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A public service feature
of the State Bar of Texas
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“To me ELECTRIC COOKING is the only
way to prepare meals for my family.
federal: and
IS THAT CHRISTMAS
GIFT TAXABLE?
Although it may come as a sur-
prise to some people, the federal gift may cost the one who receives
government levies a tax which ap- the gift in income taxes as well
plies to gifts made by one person as the giver in gift taxes.
to another. However the govern- j For income tax purposes the
ment has no desire to tax ordi- cost basis of property received by
nary birthday and Christmas gifts, gift is the cost to the giver re-
The law therefore excludes from gardless of the fact that the giver
taxable gifts the first $3,000 given may have paid a gift tax on the
to each individual in each calendar gift. The other rule is that in
year. I case of property received by in-
“Money’s a big item for any modern family.
Making the dollars stretch and putting nutritious
meals on the table are a challenge to any young
housewife. Cooking electrically assures a careful
planner that she loses nothing in the cooking pro-
cess. Meals look good, and the family stays within
its budget.”
a
nt
“Well,” said the hired hand, “I
don’t know, but my pipe wasn’t
lit before it started lightning.”
“Ready-made meals come out of modern electric
ranges. Ready for a hungry family to feast its eyes
on — and to feast, too! And getting ready to cook
electrically is a simple process. It’s so easy to cook
over an even Reddy heat that can be so readily
controlled.”
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puted on the fair market value of and to escape estate taxes, so he which resulted from the gift. How- ing the facts involved, because a
the property at the date of the1 gives the farm to his daughter. ever, depending upon individual slight variance in facts may
gift. • | Although he may " \ ‘ ‘
The purpose of many gifts is to gift taxes totaling several thou-I there may be occasions when a
the property from the tax- ■ sand dollars, when the daughter gift is advisable. Your lawyer
able estate of the giver at the decides to sell the farm for its can advise you on this matter.
would have taken the property at
a cost basis of $50,000 so upon
the sale she would not have had
to pay any income tax.
Of course, there would have'
been some estate taxes and ad-'
ministration expenses in the fath- j
er’s estate, but that would have
been much less than the taxes
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The law also excludes from tax- heritance, the cost basis is the fair
able gifts, gifts to the church, market value at the date of the
community chest, and similar decendent’s death.
charitable organizations, and al-| An example will show the appli-
lows each giver an exemption of cation of the rules. Suppose a
$30,000—before the tax applies, j farmer acquired his land in the
The tax applies whether the early days at a cost of $10,000.
gift is of money or of property., This property is now worth $50,-
If it is of property, the tax is com-, 000. The farmer wishes to retire ।
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time of his death. This may or $50,000 value, she still has to pay
may not be accomplished. The fed- income tax on $40,000 profit (dif-
eral law provides that transfers ference between the sales price
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mrEnraznanameremmmmvemnasauazznan
Frank P. Dove
ATTORNEY AT LAW
Specializing in Probate - Will
Administration of Estate
Panhandle Office Phone 4211
Groom Residence Phone 3471
■raassaBssrauBrasHEi
and her father’s cost of $10,000.)
On the other hand, if the farm-
! er had not given the farm to the ney who is fully advised
daughter, but had left it to her | -------------------
under his will, he wguld have —————————
saved the gift tax. The daughter 1
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SEE YOUR REDDY KILOWATT "h
ELECTRIC . Ci
APPLIANCE DEALER TODAY Tuvesemer, . .
ORDER YOUR ELECTRIC RANGE “ec-pcse - , "
IN TIME FOR CHRISTMAS +5
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Wade, Max & Wade, Helen. The Groom News (Groom, Tex.), Vol. 31, No. 42, Ed. 1 Thursday, December 20, 1956, newspaper, December 20, 1956; Groom, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1487364/m1/11/?rotate=270: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Carson County Library.