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Show Page 4 Bill proposes changes in federal estate, gift taxes Legislation that would carry out Farm Bureau policy for changes in federal estate and gift taxes has been introduced by Representative Omar Burleson (D.) of Texas. The Bill (H.R. 15435) proposes to (I) raise the present estate gift tax exemption. (2) increase the marital deduction. and (3) provide fora method of valuing farms and woodland for estate tax purposes at levels of their current use rather than at higher potential uses. Under the bill, the personal estate tax exemption would be raised to S200.000, up from the 560.000 exemption adopted in 1942. This new amount an effort to relate the 1942 purchasing power to current economic conditions. With the Consumer Price Index being 48.8 in 1942 and 141.5 in February. 1974, this means the purchasing power of SI is equal to that of 34 cents in 1942. is VIEWPOINT By Booth Wa Dentine ceived a packet of irrigation permit regulations which they had to wade through. After long hours of reading, and in some cases a call to the Farm Bureau office, virtually every one of them found out they weren't covered by that particular regulation. Dairymen have city, county and state health codes to learn about and inspections to prepare for. Cattlemen have drug withdrawal certificates. Then there are highway use tax forms, employee tax and social security forms. ! UFBF Executive Vice President Lost in a jungle of forms Every farmer or rancher has found it necessary to hire a lawyer or tax accountant once in a while. In fact, it just makes good business sense to get this kind of expert help in Surveys add to the flow running a farming operation. But the myriad of forms and reports now required by a long list of government agencies is forcing the farmer to spend more of his time with bookwork and less at the business of producing food. It used to be that only large, nonfamily farming corporations were affected by all the required Now its practically every farmer. There are the OSHA safety regulations and reports for a farmer to learn about. The EPA has a list of regulations as long as your arm. Many Utah farmers recently re report-makin- g. Add to this an incessant stream of survey forms from government agencies and the universities, and you e have the makings of a job for a farm accountant as well as the need for a lawyer on retainer. Not that all the bookwork is bad. Some of it helps make a more efficient, safer farm operation. But all too much of it is gobblygook. The needless proliferation of government paperwork for farmers and ranchers is costing taxpayers money, cutting back on food production, and making life miserable for farmers and ranchers. If you have a thought about this. I'd like to hear from you. full-tim- TIRE TIPS FOR VACATION TIME When you lake off this summer with your head in the clouds, make sure you have all four wheels planted firmly on the ground with one of these three dependable Co-o- p tires. They're rugged performers that give you what you expect and more. Choose the line that fits your needs and pocketbook. Then stop at your nearest Intermountain Farmers Association store see for yourself the careful design and construction that will protect you and your family wherever you travel. Don't forget your big Farm. Bureau member discount. And you can have up to ten months to pay. Or use the y payment plan. no-inter-est MARK X August 1974 Utah Farm Bureau News STEEL RADIAL passenger car tire Under February conditions, an exemption of over SI 75.000 would be necessary to equal the 1942 purchasing power of S60.000. The marital deduction provision provides for a SI 00.000 deduction plus 50 percent of the value of the estate over that figure. Current law provides that the marital deduction shall not exceed 50 percent of the value of the adjusted gross estate. The provision for appraising farm property for estate tax purposes at its current use is designed to offset the present Internal Revenue policy of setting its value at the highest potential use. This policy often forces the sale of the FB wins halt on Smoother ride Easier handling Longer tire life pickup truck tire MARK V POLY GLASS BELT passenger car tire When you reach out for the open spaces in your pickup and camper, this is a tire that will give you peak performance, Proven superior in competition with other major brands, the Super Cargo Carrier features a scientific tread design that gives sure traction. Its tough nylon cord assures long life,-- insert slots cut stone ejection to a minimum. UTAH FARM BUREAU SERVICE COMPANY 629 East Fourth South, Salt Lake City, Utah 84102 Phone (801) 521-36- 90 ar collected. 2,4,5-- T ban Due to lack of evidence proving danger to man and the environment, hearings on a possible ban of 2.4.5-- T as a brush control on rangeland and rights of wav have been called off. Thje action was a victory for Farm Bureau. Environmental Protection Agency (EPA) had scheduled the hearings prior to cancelling use of the chemical on rice, rangeland and rights of way. Under pressure of a lawsuit by Farm Bureau and other groups, the agency's attorney announced withdrawal of the cancellation and invescontigation orders in a ference in late June. However. EPA stated that there will be continued and intensive efforts to develop the information required to resolve the questions associated with the The pre-heari- ng joins FB underwriting staff Howard Troop, a native of Salt Lake City, has joined the underwriting staff of the Utah Farm Bureau Insurance Company. M. E. Carroll, executive vice president, has announced. As a commercial underwriter. Troop will work with various types of casualty coverage in the Salt Lake headquarters office. He was educated in Salt Lake City and holds a Bachelor of Science degree in business management from the University of Utah. He also attended the Travelers School of Insurance for one year. The new staff member spent five years as commercial underwriter for It's practice time for Talent Find Top performers of all ages and talents are polishing their acts in preparation for the annual Talent Find contest sponsored by the Utah Farm Bureau Young Farmers and Ranchers Committee. Largest talent contest in Utah, this years state competition is scheduled to take place at the Utah State Fair Saturday, September 7. County Talent Finds will take place before August 30, deadline for entry forms in the state Farm Bureau office, according to Jake Fuhriman. YF&R advisor on the UFBF staff. Three age divisions are again available. Full contest rules and entry blanks are available from county Farm Bureau presidents and YF&R chairman. A full range of cash prizes will be awarded for top performers in each age bracket. Winners will be recognized at the state Farm Bureau convention in Salt Lake Gty in November. enter-4ainme- Gas economy SUPER CARGO CARRIER m 30-da- The Mark X gives you all the advantages of a steel belted tire with rayon radial body plies and a nylon cap ply: Superior car control Better traction With two fiberglass belts and four polyester cord plies, the Mark V is an outstanding tire for safety and performance. The big, bold wrap-aroun- d tread wider than conventional tires design gives you long mileage, sure stops and starts. The four plies of polyester cord assure a strong tire that will meet the demands of vacation driving. The two fiberglass belts offer increased stability and handling. use in farm property for a non-farorder to provide funds for the payment of estate taxes. For the property to qualify for such an appraisal, the bill provides that it must have been used for farming for the five years previous to the death of the decedent and must remain in that use for five years after the heir has elected to use this estate valuation. In the event the land is sold, transferred. or substantially converted to a use other than farming during that five-yeperiod, the use of such estate valuation would be revoked and additional estate taxes on a higher value would be Farm Bureau Talent Find state's largest talent contest, attracts young performers such as Jennifer Jones, Logan, a prize winner in 1973. nt |