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Show The law states that deductions should be computed on a monthly basis dividing the adjusted cost of the improvement by the number num-ber of months left in the 60-month amortization period to obtain the deduction allowable for one month. A copy of Public Law 287, 83rd Congress, can be obtained at the price of five cents by writing to the Superintendent of Documents, U. B. Government Printing Office, Of-fice, Washington 25, D. C. No regulations or instructions on the grain storage provision are available avail-able at this time. Grain Producers To Get Income Tax Reduction Special income tax deductions have been provided by Congress for grain producers and warehousemen ware-housemen who complete or acquire ac-quire additional grain storage fa- i cilities between January 1, 1953, j and December 31, 1956, A. Full-1 mer Allred reminds farmers of , Sanpete county. Public Law 287, recently signed by President Eisenhower, pro- vides, in place of the ordinary depreciation de-preciation allowances, for income tax deductions based on -amortization over a 5-year period of the cost of building new grain storage stor-age facilities or of converting or enlarging existing space for grain storage. The deductions apply to corncribs, grain bins, grain elevators, ele-vators, or any similar structure suitable primarily for the storage of grain and intended for that use. To take advantage of the benefits bene-fits provided under Public Law 287, Mr. Allred says that a grain producer who qualifies under the act for such deductions needs only on-ly to state his intention in his income in-come tax return for the year in which the facility was acquired or completed. Permission before adding the facility is not needed to obtain the tax deduction. |