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Show THE SAN JUAN RECORD Thursday September 3, 1981 - Page 14 Average family poorer in 1981 (The following article appeared in the September-Octob- er issue of The Utah Taxpayer) After Federal taxes and inflation have taken their bite, the American family will finish 1981 $427 poorer in real purchasing power than it was a decade ago, say economists at the Tax Foundation of Washington D. C. This, despite a current dollar increase of more than 125 percent in the family's income. Federal tax burdens have more than tripled over the decade, while inflation has cut purchasing power by nearly 56 percent. median U. S. family (married couple with two children, supported by one worker, e, d, employed filing a joint return) will earn an estimated $23,700 before taxes The full-tim- in year-roun- 1981. Ten years earlier, its income was $10,314. However, Federal income taxes will claim $2,801 of those earnings this year, to in 1971, an in$933 compared crease of over 200 percent in the tax burden. Social security taxes will also take a much larger bite $1,576 in 1981versus WEATHER $406 ten years earlier, an almost 300 percent boost. Aug, This represents a total bite in direct Federal taxes of $4,377 in 1981, an increase just shy of 227 percent over ten years. So much 25 26 27 28 29 30 for taxes. When inflation enters the picture, the family's plight becomes ever more dire. An apparent gain of $10,348 in take-ho- 31 pay for the last ten years turns into a $427 loss in spending power when inflation is factored in. Measured in 1971 doUars, today's median family survives on an annual income of $8,548. Unlike than it could ten routine aerial background radiation survey will be made at the Atlas Mill site near Moab. A red, white and blue helicopter, number N46983, will fly at low altitudes over the area surrounding the mill. The survey is expected to take about one week. Similar monitoring has been conducted around many facilities in the United States for more than twenty years. The U. S. Department of Energy Irrigation in Utah under study at USU Allowing for variations in soil type and soil fertility, it takes approximately five inches of irrigation water per ton of alfalfa hay produced in Utah. Greater production per unit means a more 4 effective use of irrigation water, says Richards Griffin, Utah State University extension irrigation specialist. A more efficient use is important in Utah where irrigation water is limited and pumping costs are increasing. Griffin and fellow engineer, Robert Hill, are installing access tubes in various areas around Utah to gain more soil moisture information for farmers. The diameter aluminum pipes reach a depth of eight feet. The will take moisture engineers readings by inserting a neutron probe into the tubes. Alice's experience in Wonderland, the American family may run as fast as it can, but it still can't stay even. For ten years, it has been slipping slowly backwards in the struggle to keep its income from eroding. occococcocooccocoooa Leave work at The San Juan Record IGXsX? Scooococooosooeoooooed .20 56 .04 of 5,734 feet. The discovery is separated by a dry hole from Is may oil and gas to production a mile -- and the southwest in Broken Hills field and is three miles west of Bluff field, where oil and gas are produced from Paradox. Davis has staked six offsets to BOLD grower remained stable. Harvest was active in every county in the state, with major a. .concentration on third crop alf-alf- Hay cutting, varied from second crop in higher elevations, to fourth cuttings in parts of Wash-inton County. In the major agricultural valleys, third crop was about 40 percent cut. By September 1, both dry beans in San Juan County and onions in northern Utah were coming out of the fields. Rains have favored the bean crops, and yields should be good. the discovery, all scheduled :o Akah at about 5,700 feet. Mogadon Enterprises will drill State, a planned 10,100-fo- ot test of Mississippian miles northwest of Wilson which produces from Canyon, Paradox, and . two -- and miles north of North Lisbon field, where production is from Mississippian. Closest drilling is a 10,070 -- foot failure approximately two miles to the south. 1-- two-and-h- alf -t- hree-quarters Phillips Petroleum h as abandoned three locations intheRat-herfor- d Unit west of FLat Top Mountain in 41s-23- e. plan will exchange land BOLD, a proposal to exchange state -- owned land for BLM land. BOLD is an effort to permit better blocking and management by both levels of gov- Fourteen areas of Bureau of Project Land Management (BLM) land have been identified for possible transfer to state ownership in ernment. Chickens get vaccinated will BOLD Scientists have now vaccinated chicks through the eggshell before they hatch to prevent Marek's disease, a technique which could greatly cut the nation's poultry losses in the years ahead. A vaccine for Marek's disease has been used since 1971, but a technical problem limited its effectiveness. Chicks are usually vaccinated within a few hours after hatching, and then placed in a brooder house where exposure to Marek's disease can occur. The time between vaccination and exposure sometimes is so short that the chicks do not develop adequate immunity. Ma.:ek's disease is the leading cause of poultry losses. Before the vaccine became available, the disease cost the poultry industry almost $300 million a year. Benefits of the vaccine are expected to reach $2 billion by 1983. Cost of producing the vaccine over a period was $32 million. 10-y- 16 have an impact on Utah agriculture and livestock producers who hold grazing permits on either state of BLM land will be affected most. The 14 acres identified for transfer are almost totally with shale oil, coal lated and other minerals involved. energy-re- Exchanges of state and federal land are to be made on the basis of equal dollar value. All state land use goes to the highest bidder as governed by Utah law. -- A . public meeting will be held in Moab, Tuesday, September 14, at 7 p.m. for a public discussion of Project BOLD. ear ation. The exact flight schedule . is dependant upon weather conditions, and could be delayed by bad weather or too much moisture in the soil, which would affect the accuracy of the survey. MARKETS Wheat Beans $5.50 $25.00 ENTERPRISES Specializing in Fire Safety Services Chimney Cleaning Operations Clean - Efficient - Professional We use the August West System net Sales SARGOM FIRE EXTINGUISHERS Non Toxic - Non Corrosive - Non Acidic 10 year Guarantee ABC Rated Lightweight - Simple quick operation - - Commercial 303-562-47- Short Life Expectancy (Land Sales) By Francis M. Lyman, CPA LYMAN & THOMPSON, CPAs MIDONA Residential Cortez, Co.K 51 55 .01 $5 per ton. Bran, laying feed and turkey environmental monitoring program. Information gathered during the flights will be used to map the natural terrestrial profile of the area surrounding the Atlas Mill Site. Ttie aircraft will fly at an altitude of 159 feet or higher during the day in a area (2 miles x 10 miles) including the Atlas Mill Site and the town area of Moab. These flights have been coordinated with the Federal Aviation Administr- Call Collect 445 N. Broadway 48 59 52 49 50 Average prices paid by Utah farmers for feed were also down somewhat. Middlings declined 20 cents per cwt., cottonseed meal (41 percent) dropped $1 per cwt., soybean meal (44 percent) fell 50 cents per cwt., and dairy feed (both 19 and 16 percent concentrate) was down part of an ongoing research and Information from the tests will tell how winter precipitation affects soil moisture. irrigate, preventing water waste in spring and faU. 83 83 78 79 84 84 south and a new wildcat in the north update recent oil exploration in San Juan County. Davis Oil's 1 Recapture Pocket discovery is reported by Petroleum Information to be pumping 57 'barrels of oil and 12 barrels of Production is water per day. from Desert Creek at a depth 89 58 .01 88 57 93 57 88 60 56 tr down $1.10 per cwt. (DOC) owned aircraft is operated Aerial Measurements' by the Operation of EG&G, Inc., located in Las Vegas, Nevada. This survey is performed by the DOE as 2-i- nch The tests will be used to help farmers decide if, and when, to 50 .15 Reporting Service. Sheep prices rose 50 cents, but lamb prices continued to decline, and by mid -- month were Radiation survey at Atlas mill A 82 A successful completion in the Average prices received by Utah farms were fairly stable for the month of August. Cattle prices increased only Cows were up $1.60 slightly. per hundredweight (cwt.) and beef cattle up 30 cents, according to Utah Crop and Livestock In 1971, that family's paycheck, adjusted for inflation, had i purchasing power of $8,975. This means that the family can buy about 5 percent less goods and 1981 Monticello Blanding HI. Lo. Pr, Hi. Lo. Pr. Utah crop and livestock me services in years ago. Davis oil reports producer 78 Serving the Four Corners Area Blanding, Utah Individuals, who for one reason or another, have a short life expectancy have special considerations in the decision to sell property. There can be a substantial difference in the tax consequences of a given piece of property which is sold shortly before a taxpayers death as opposed to a sale which is made after the property has been valued in an estate. For example: a piee'e of property selling for $200,000 with a cost of $50,000 could create total federal income taxes of as much as $30,000. The same piece of property passing through an estate, where it is valued at $200,000 and subsequently sold for that figure, will produce no icome tax liability. Property which passes through an estate is entitled to a step up in basis. This has the effect of changing your original cost to a cost determined by the fair market value as reflected in the estate. This step up in basis is not permitted on an installment contract receivable. Even though an installment contract on a prior sale may be presented in the estate at full face value, the beneficiary of the estate is still required to report the gain on subsequent receipts in the same manner as would have been required by the deceased had he lived. There is still worthwhile planning to be done for those estates which contain existing contracts receivable. The regulations state that the. fair market value of a contract is its unpaid principal plus accrued interest, unless the estate can substantiate a lesser value due to a low interest rate, long maturity, or other causes. Since there is no step up in basis (no future income tax benefits) there is no merit to reflecting full face value (adding to your estate taxes) if you can defend a lower value for a contract. There are economic and financial planning considerations which may temper the income tax concerns. |