Newspaper Page Text
Page 8
Dividend Exclusion And Credit
For Taxpayers Is Explained
•‘Special tax saving rules ap
ply to most dividends reported
by taxpayers on 1964 Federal in
come tax returns," A. C. Ross,
ptrector of Internal Revenue for
the Atlanta Dsitrict, said today.
He explained:
If you received dividends, two
Many new types of business insurance pro
tection have been introduced during recent
years. You should know about these improved
coverages. Are your insurance dollars buying
all the protection they can 7 Call on us for qual
ified and experienced help on any insurance
problem . . . complete planned protection, safe
ty engineering and prompt claims service.
MORCOCK & BANKS AGENCY
101 tlark Slraat 706-2300 Ca.ingtaa, Ga.
■ rppi rm nt Ti tet ■
Reo Rose
MILK REPLACER
Red Rose Milk Replacer is more than an adequate substitute
for cow s milk. Scientifically formulated with dried skim
milk, plus vitamins A and D. trace minerals and antibiotics.
Red Rose Milk Replacer provides nutrients that even nature
does not supply. It's an economical and better wav to give
yonr calves a good start'
SMAU. EGGS
3 dozen SI.OO
HINTON BROS.
WE DELIVER
RED ROSE FEEDby Eshelman
Georgia's Best CORN MEAL
117 L Reynolds Street Phone 716-2234 Covington. Ge.
WE BUY WHITE MILLING CORN
ALSO TRADE FOR EGGS
FOR SALE
LIVE, NICE, YOUNG, FAT
HENS
50^ Each
Pick up at our Farm -
ALxMON DISTRICT, Covington. Rt. 2
hlnton bros.
(Best Coverage: News, pictures, and Features)
provisions of the Revenue Act
of 1964 are applicable to your
income tax liability.
One is the increase in the ex
clusion from SSO to SIOO of divi
dends received. The other is
a decrease m the tax credit for
dividends included in income
from 4% to 2%.
To qualify for the SIOO ex
clusion and the credit, the divi
dends must have been paid by a
fully taxable domestic (U. S.)
corporation.
Dividends on deposits in sav
ings and loan associations, build
ing and loan associations, and
credit unions, are not treated
as dividends for the purpose of
the dividend exclusion or credit,
but should be reported as in
terest income.
When filing a separate return,
the first SIOO of dividends re
ceived from a qualifying domes
tic corporation may be excluded
from income. If husband and
wife file a joint return, and
both have dividend Income, each
may exclude up to SIOO of div
idends received, but one may not
use any portion of the SIOO ex
clusion not used by the other.
For example, if the husband re
ceived S2OO in dividends, and the
wife SSO, only $l5O may be ex
cluded on a joint return.
If dividends are community
property income under state law,
the dividends are considered to
have been received one-half by
each.
The credit for dividends rec
eived generally is 2% of the
qualifying dividends after exclud
ing the first SIOO. However,
the credit is limited to the
smaller of (1) 2% of your tax
able Income, (2) your total in
come tax, reduced by foreign
tax credit, or (3) 2% of your
taxable dividends. The credit
is deducted from your tax and
may be claimed only if you file
Caldwell, Lassiter,
Prosser, Schell
Honored at NCHS
Judson Caldwell was selected
by the student Council of Newton
High as December Cttzen of the
Month for his outstanding service
to NCHS. In his Senior year he
is serving as President of the
Key Club, Manager of Football
Team, Referee for B-team gam
es, and is a member of the
Hi-Y, Beta Club, and Student
Council.
E. G. Lassiter was chosen
in January as School Citizen of
the Week. Also a senior, he
has shown himself worthy of
being chosen “Most Dependable"
by his class while acting as
President of the Hl-Y and Y
Council and as a member of the
Beta Club.
Priscilla Prosser, an unusual
member of the Junior class was
honored in January as Citizen of
the Week. Priscilla has shown
much promise and improvement
whUe being on the Girl’s Varsity
basketball team for the last two
years. In addition she is Trea
surer of the Gamma Trl-Hi-Y, a
delegate to the 1965 Youth As
sembly, and a member of the
Beta Club.
On January 25, the Student
Council saluted Frankie Schell
as School Citizen of the Week.
For his leadership and respon
sibility throughout his high school
years Frankie received the high
est honor of Mr. NCHS from his
class, as a Senior he is Presi
dent of the Beta Club, Vice-
President of the Key Club, and
Treasurer of the Student Coun
cil.
s
■ •
1
Mrs. Marie Dodd, Mrs. Tali
tha Bonner and children, and Mrs.
Annie Jenkins spent last week
end in Warner Robins, Georgia
as guests of Mr. and Mrs. G. R.
Karreker.
♦♦ ♦ ♦
Friends of Mrs. Henry Dennis
are interested that her sister,
Mrs. Fannie EUenberg, of At
lanta was brutally beaten in a
robbery at her business estab
lishment in Atlanta on Wednes
day, January 20, and is seri
ously ill at the Grady Memorial
Hospital.
♦♦ ♦ ♦
Sincere sympathy is extended
to Mrs. W. W. Cawthon in her
bereavement at the death of her
brother, Mr. Ernest Speer, in
Marietta, Georgia on January 25.
Area Consultant Explains Economic Opportunity Act
HBHMH BAK
Tw I I
| 'WB
DETAILS OF A COMMUNITY ACTION PROGRAM is explained by Jerry Moore (right), Area Consultant
for the Economic Opportunity Act of 1964, to R. L. Stewart (left), principal of the R. L. Cousins School;
and J. W. Horne (center), of the Newton County Agent’s Extension Office.
a return on Form 1040. more detailed information on this from the International Revenue
Document 5448 which furnishes subject is available upon request Service.
SPECIAL SPECIAI |
nT i 11 JLJBa ■!<10 ■ Mr • ; I I
* i Ji i 111 ~ Wr’ Im ■ Ml
MNfW 031 I I
w lIJB Xr - $ I far I
I J i ir roll abouy tv i ws g-e color tv I
■ ■ k y w sM«coMWt I I
, **7* , *T s ^* Stereo Recor ■
Oh ' / ZC^ 7 # i ¥«# ■
VL Rock n R 0” Ie kly - I
' ^*^4 western. 13 9 9
/ V—" H..
< Z think GOODYEARS COST MORE? ‘
I' I TRY TH,S B, s BUY!
Famous Nylon H E IAI fl
All-Weather "42" SfEVIAL I
with TUFSYN ■ * j
3-T Nvlon cord gives this tire
B IW greater strength than other econo-
mi line tires. And Tufsyn is the
W * toughest rubber Goodyear has ever EMI
use< ^ x uto
■ /VO VY Ek Q O 6.70 « 'X. |
JU!3 ' tax and old tire \ . ■
Whitewalls only $2 00 m °' e I
I BRAKE REUNE SPECIAL VT^X I
l/SklQ9s I
I Al I FILTER-fLO WITH I
■ > I w Most u - s - c ° rs ■ mini-wash system I
B hH| for small loads I
• We will install new brake shoes on all four a WASH CYCLES, 3 WASH
wheels | 1 3 4 RINSE TEMPERATURES
• Turn all four brake drums ^MM a AQS <tn cn
• Arc all shoes to fit drums |Mm M MM’
• Check front grease seals |vV wa-
B • Repack front wheel bearings i 1 5T48.95
B (All Wagner Brake Parts Used) ^^B G-E DRYE
I 3 BAYS ONLY Friday, Sat. I
COVINGTON SUPPLY COMPANY
101 Church St. ‘‘Your Friendly Goodyear Store Tel. 786-8175
THE COVINGTON NEWS
(Our Advorttaers Art Axturtd of Best Retulta)
Items The Forecasters May
Forget In Looking At 1965
It’S forecasting season again.
The air crackles with forecasts
about who will do what to whom
In Asia, Berlin, the Middle East.
The alarms are clanging over
1965’s iorseeable traffic deaths,
crime, political crises and fierce
new challenges.
Okay. But let’s get it Ln per
spective, hm? Thanks to our
resourceful researchers, it is
now my pleasure to present a
few of the items that forecasters
(even us) often forget.
Here are some things that
will happen in 1965:
About 7,233,000 children will
stop outgrowing their shoes every
couple of months.
About 194,100,127 Americans
will not be hurt or killed in an
auto accident.
Nearly 13,199,000 girls will
outgrow the Beatles.
About 750,000,000 acres of for
estland will not burn up.
About 44,503,000 couples will
stay married.
About 55,503,000 citizens will
PLAY RADIO
WITH
COVINGTON SUPPLY CO.
DAILY 4:30 P M ON WGFS
Thursday, January 28, 1965
file tax returns on which the
arithmetic is absolutely correct.
About 11,000,000 teen-agers
will drop out of high school, and
over 600,000 of those who go on
to college in 1965 will stay there
four years.
One out of every 4.3 golf balls
hooked or sliced into a tree will
bounce back onto the fairway.
Over 20 billion dollars’ worth
of auto loans will be paid off.
And all year long there will
be only one Friday the thirteenth.
There you are. Help yourself.
No charge.
(Changing Times)
MEETING
The covington Garden Club will
meet at the home of Mrs. C.
G. Henderson on Wednesday af
ternoon, February 3, at 3:30 p.m.
I FAT OVERWEIGHT
A^ilabla to you without a doctor > pro
acription, ou» product colled Golomb.
You itust lose uflly lot ar your -noney
bock. Goloaon io a robl.t and oooily
twollowM. Get rid of oecdM fat ond
live longer. Goloxort coats 13.00 and
■a sold on this guoronteo: if not satis
fied for any reason, just return the pack
age to your druggist and get yote full
money back. No quest ions asked. Golason
is sold with this guarantee by:
EVANS DRUG STORE -COVINGTON
MAIL ORDERS FILLED