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Show Poge 8 UTAH FARM The A POINT FOR OUR SIDE Court Ruling May Mean Tax Savings BUREAU February, 1967 NEWS Never-Give-U- ps (This editorial appeared in Scripps-Howar- d newspapers across the nation on January 21. It is reproduced by permission of the Scripps-Howar- d chain.) It is clear the Johnson Administration has no intention of doing anything substantial about the most gigantic of all wastes of taxpayer farm programs. money the There was not a single word about this in President Johnson's State of the Union message. Jack Steele, reporter for The Washington Down In Arizona where the water Daily News and other Scripps-Howar- d Newspapers, explored the table is dropping steadily year after on found no Hill and hint of any change in AdCapitol prospects year and a rancher can almost ministration farm policy. predict when he will be out of busThere is no need for the government to manage supplies, fix prices, iness from the well running dry, control acreage and otherwise run the country's grain production. somebody decided to do something There has been no need for some time, and now the huge government about it. This rancher hasn't figout how to save the water but surpluses have dwindled down to less than minimum needs for the ured countries elsewhere, some on he decided how to save some tax United States, not to mention food-sho- rt money. the verge of famine. He reasoned that if a truck fleet For years we have advocated phasing out the costly farm programs, owner can write off as an annual gradually returning the farmers to a free market. No longer is there expense on his income tax return a part of the cost of his trucks any need for a phasing out of the grain programs. The near shortage on the theory that they will last of grains in this country and the world market have eliminated need only so many years, why cant a for that approach. There never has been a better time to bring these temporary prorancher write off each year part of the cost of his land on the theory grams to an end, says Charles B. Shuman, president of the American that the water that gives it life Farm Bureau Federation, biggest farmer organization in the nation. will last only so many years? He Consumer demand is strong and market prices generally are above tried it. support levels. Disappearing Water There is no sensible explanation for maintaining these programs. He got a land appraiser to give And the only possible excuse was posed by Mr. Shuman when he said: him an estimate of what his land There is no such thing as a temporary government program as the would be worth if the water dispolitical bureaucracy, once entrenched, tends to grow and grow. appeared. The difference between Mr. Shuman is a prime example of the good sense Washington that figure and what the land cost refuses to accept. him, is the cost of the water. Next he got a geologist to estimate how many years it would be before the water dropped to a level where it wouldnt be economical to pump it. The geologist estimated THI5 PLAN WE'VE ALREADY ACHIEVED THE "GREAT $0CIETr BY FOLLOWING so-call- ed 40 years. On the Horns of the IRS The rancher divided the cost of water by 40 and deducted that on his annual income tax unt return. "You cant do that! said the Internal Revenue Service. Why not? asked the rancher. The IRS explained that the law permits depletion allowances for oil, copper, sand or gravel or anything that was a fixed quantand ity obviously would be used up but not on water. Every time it rained, some of the rainfall soaked back into the water table under the ranchers land. Court Ruling The rancher went to court. The court ruled that the rancher had bought water with his property, that the water was being used up as a part of the ranchers business, and that the rancher was entitled to deduct each year a resonable es--f- timate of how much of the original cost of that water was used that year. THIS SPACE CONTRIBUTED BV THE PUdLiS-- E Do you know the seven warning signals of cancer? What's your life worth? $200,000.00? $250,000.00? $300,000.00? Those are typical lifetime earning figures and your earning capability probably lies in that bracket somewhere. Think it over. What if your life stopped? Your earnings would stop also. Will your family be able to carry on adequately? Think it over. Are you figuring your life insurance protection on the basis of monthly payments or on the real protection your family will need? Think it over. Just in case you don't: 1. Unusual bleeding or discharge. 2. A lump or thickening in the breast or elsewhere. 3. A sore that does not heal. 4. Change in bowel or bladder habits. S. Hoarseness or cough. 6. Indigestion or difficulty in swallowing. 7. Change in a wart or mole. If a signal lasts longer than two weeks see your doctor. It makes sense to know canI cer's warning signals. I It makes sense to give to the American Cancer Society. FARM BUREAU insurance! M 62 9 EAST 4TH SOUTH V" rsiLj LJ SAIT LAKE CITY. UTAH14102 I PHONE 364-650- 9 |