Show TN 7 LoC Instructions How ToMake To ToMake Make fake Income Report t A new inc income me tax blank has bas been prepared by the state tax commission to aid the farmers in computing computing- their Income Farmers Farmer I were supposed to use WIt tJi the larger of the two forms mailed a couple of weeks ago but Inasmuch as the phraseology is rather that of commerce commerce commerce com com- merce than agriculture the new blank was prepared to be substituted In Impart part for the old On this form the farmers farmer's gross income in income in- in come cane Uv iV determined from schedules for the sale of livestock and their products of crops and produce e other receipts and the fam faro inventory at the end of the year Suggestive lists are provided under each schedule with plenty of room for the taxpayer tomake to tomake tomake make any additions if some Items may not be covered Under the heading other receipts he may list the value of merchandise received from produce machine work stork hire for teams from the farm fann breedIng breedIng breeding breed- breed Ing fees and other Items The Inventory inventory tory provides space for listing the livestock estock produce machinery and equipment on hand Having determined the total of these four main classes of Income the farmer may deduct his Inventory at atthe atthe atthe the beginning of of the year the cost of livestock and product and of machinery machinery machinery ma ma- chinery and equipment purchased during the year rear expenses coni repairs interest taxes and per and perhaps perhaps' per per- haps haps' other claims for deduc deductions 1 ns The total of all aU such expenses Including the Inventory at the beginning of the year deducted from front the total gross Income Including the inventory at atthe atthe atthe the end of the year rear gives the net income from the farm for the year There 1 is fa no particular pa object in undervaluing undervaluing undervaluIng un un- the inventory at the end endI I of the year rear because it is the beginning begin begin- beginning ning inventory Inventor for the following r year r. r I Among the items a allowed owed for farm I expenses In addition t to the e stoc stock stocks produce and knit ma machinery ln are hired help for the farm feed teed purchased purchased purchased pur pur- chased threshing costa costs fertilizer and spray n materials insurance on the other than the dwelling and andI I property property other I personal effects watt wate water rent rent for forthe forthe forI And AndI nd I the farm and costs of repairs I. I blacken thing |