The Abilene Reporter-News (Abilene, Tex.), Vol. 82, No. 195, Ed. 1 Saturday, December 29, 1962 Page: 2 of 22
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Tax Rules to Be Tightened
On Co-Ops in Coming Year
U.s. WIATNat
THE ABILENE REPORTER-NEWS
Abilene, Texas, Saturday Morning, December 29,1962
re duct from income the amount nec- ;
essary to bring reserves and sur- I
By JOE HALL and some irrigation co-ops
WASHINGTON (AP)—Coopera-tax-exempt by law.
tives and their members will find. Another section of the act in- plus up to 12 per cent of the de- 1
the federal tax rales governing creases substantially the taxes for posits at the end of the year 1
them tightened under the new tax savings and loan associations and The Treasury advised Congress '
revision law, starting in 1963. mutual savings banks that under this system the institu-
Secretary of the Treasury Doug- Under the law now, they can de-tions had been paying only mini-
las Dillon says the new provision mal taxes in the past decade al-
should bring in considerable rev- Da s thought hey had grown phenomen-
enue now lost. Patients to Move ally in this period.
This is one of several sections ... ... The new law would allow a bad-
of the tow which will boost levies New Hathia debt reserve deduction which
on various business organizations IU NUR HUMHSE would be limited to the larger of
Congress tried in 1951 to tax all a 60 per cent of taxable income or
income of cooperatives whethe At Bal linger Jan. 1 the amount needed 10 increase the I
it was retained for the business PE ---901 "- " balance in the reserve for losses
to patrons W : — - — : w on real estate loans to 3 per cent j
But its efforts "were frustrated BALLINGER (RNS) — Bal- of such loans outstanding at the
when the courts held that distri- linger Clinic Hospital patients will end of the year.
buttons were not taxable to the be moved into the new Ballinger Mutual fire and casualty insur-
members, although they remained memorial Hospital moada ance firms also will face in-
deductible to the co-op itself. ' . - , „ A creased levies under the revision .
The 1962 law seeks to close this Year’s Day, beginning at 9 a.m. law. They will be taxed on under-
loophole. It provides that patron- administrator Carroll Gregory writing income for the first time
age dividends will remain deduct-said. They will be taxed at corporate
ible to the co-op but will be fully The new hospital, built at a rates on their total income, both
taxable to the member cost of 5346.590, was dedicated in divestment and underwriting, ex-
In receiving such dividends, the ceremonies Dec 16. It is located cept that 25 per cent of under- By THE ASSOCIATED PRESS
patron must consent to include within the city limits on State writing gain plus one per cent of ■ High Low Pr
the stated amount in his income Highway 158. incurred losses can be placed in a Atlanta, cloudy 56 38
even though he does not receive The Clinic Hospital will be con- deductible account to be used to Bismarck snow 40 10 1
cash. The consent can be given verted into a clinic with Dr Oren cover losses. Bismarck, Snow ......*
mermens or br.hol Meme A CHAMA er: Dr. Chare F Ball if this account is not drawn otton dr :: 22 2 :
by laws stating that membership ley and Dr. John Green Jr. in upon for c fivel wearS taxable in-Buffalo, clear ........n 2.01
constitutes the required consent, charge of operation. Its name will creased by the one ner cent of in- Chicago, cloudy 35 14 .
An additional provision states be changed to Ballinger Clinic, r losses and Air of 1° mn Cincinnati, cloudy .. 42 13 . covered virtually all of Texas A light drizzle fell all day in
that a coop must pay at least Nine patients were being treat- dertriting cain dialed the D Cleveland, clear ......31 23 .
20 per cent of its patronage divi-led in the Clinic Hospital Thurs- Cone th € h D P aged in the ac Denver, clear ......51 12 .
dends, in cash to obtain any de-day. Gregory said . , Companies with total receipts Des Moines, cloudy ... 37 12
duction on the noncash portion. I Plans call for closing second 1: O --2 Detroit, clear ...... 30 22 .gloom of fading December. noon, the city needed only .49 of
The law applies to an .market-floor of the Clinic Hospital when The present limit is $75,000 Fairbanks, clear -11 -35 Most of the ram was light, an inch more to set a new wet
ing and purchasing co-ops. But the patients are moved. It is Those with receipts between Fort Worth, cloudy 48 41 11 although spots along the coast record. _---j
co-ops which furnish electric and located on 3rd St and Phillips $150,000 and $500,000 will be taxa- Honolulu, cloudy ... 80 6f
telephone service U1 rural areas. Are___ble only on investment income. Indianapolis, cloudy. 34 3
Profits from the sale of depre- Jacksonville, cloudy 57 54
FORECA
Fer Daytime Saturday
Figures Show High Temperatures Epecte
WEATHER
ELSEWHERE
FORECAST FOR TODAY
RAIN LIGHT
ORESCENT
L DRIVE-IN
South Treadaway Blvd.
PHONE 0W 2-3131
Adm. 60-50—Children Free
3 BIG ONES - DON’T MISS THESE!
BE HERE EARLY-EACH PICTURE SHOWS 1 TIME ONLY
CARY GRANT JAYNE MANSFIELD- SUZY PARKER
- KISS THEM FOR ME HE
EXCLUSIVE SHOWING - ADULT ENTERTAINMENT
PLAYBOY seys: STAGGERING - MAGNIFICENT - MIGHTY
SENSATIONAL MEASUREMENTS (43-22-36)
June 6
ilkinson -
"THE
COLOR
DON KENNEY-KARENDOR-WELLY FRITSCH ..
PLUS HIT #3 - THE LATE CHILLER
SLAVE OF THE TUE U A MDIDE'C cuneri
BLOOD LUST! THE VAMPIRE 5 GHOST
OWER I WIN
I DRIVE
IN
WEST HIWAY SO
BUSINESS ROUTE
SOUTH SCREEN
r Exclusive 1st Drive-In Showing
SANDRA DARIN
ass*
IFAMA
ANSWERS"
HDOTHANG UP
-.. "-g-ou-E
UN!
PLUS CO-FEATURE
/Escape From Fort RrnvAlli IN
EDCOPe TON TOIT Dravo: t-coior
WILLIAM HOLDEN-ELEANOR PARKER- JOHN FORSYTHE
NORTH SCREEN—1st RUN DRIVE-IN - REG. ADM.
DANGER
AND DEAT
RODE THE
STAGE TO
DANCERS
STAGECOACH To
La, DANCERS’
2 ROCK.
>»MM NBA WARREN num I JODY /JU0)
——— J » STEVENS /LANDAU /LAWRANCE /DAN
PLUS GO-FEATURE
Robt. Mitchum-Cary Grant-Deb. Kerr-Jean Simmons
"THE GRASS IS GREENER" PROVES THAT VARIETY IS
TATE PRADO URSENER THE SPICE or LIFE
_____________IN TECHNIRAMA AND LIVING COLOR
BOTH SCREENS-SOUTHWEST CONFERENCE FOOTBALL
Stores Will
Seek Impact
” Beer Permits
the permit after the hearing, if .
no legitimate protest is made.
The applicant then must pay a
$10 state and $5 county tax on
the permit at the county tax of-
fice. Owens added that the City of
Impact also can, and does, coUect
a $5 permit tax.
After all these require-
menu have been met, the local
D
(AP Wirephoto)
Clouds Covering
Most of Texas
By THE ASSOCIATED PRESS weather was forecast for
Rain, drizzle, fog and clouds night.
Friday.
Dallas, where the all-time record
LCB office sends a clearance re-
port to the Austin LCB office
Both impact liquor store own- and the applicant sends his origi-
ers plan to apply for permits to nal application.
sell beer at their stores but gave
no definite dates Friday when
permits would be sought.
Joe Dailey of San Antonio, own-
er of Dailey’s Liquor Store in Im-
pact, said he would apply for
an off-premises beer permit
"sometime after the first of the
year."
John McCown of Odessa, owner
of the Impact C. C. H. Liquor
Store, said he planned to apply
for a beer permit but had "no
idea" when he would do so.
Both have been selling liquor in
impact since Saturday on liquor
store permits issued Dec. 20 in
Austin by Liquor Control Board
Administrator Coke Stevenson Jr.
Friday Abilene LCB District
Supervsor Loyd Owens outlined
the steps in getting a beer permit.
| The applicant must first file an
application with the county clerk
and in not less than five nor more
the than 10 days after this, the county
judge must hold a hearing on the
application.
In the meantime the local LCB
Only the Panhandle and ex- of 55.14 inches of rain in a year
treme west escaped the cheerless was threatened. By early after-
and isolated inland areas were The Weather Bureau said the
soaked.
rain was expected to end gradual-
The permit is then issued by the
License and Permit Dept. of the
LCB.
Owens said the applicant can
then request the LCB to wire
back his operating number
collect, wait for his permit to be
mailed back or pick up his op-
erating number in Austin. He can
then begin selling beer.
Owens said that without com-
plications it takes from six to 10
days to get such a permit
Applications for a beer permit
are obtained either from the lo-
cal LCB office or the county tax
office
: WAS ELMWOOD
ADULTS 50c SKYLINE DRIVE-IN
DIAL OR4-9507 For License GilI
3 Cartoons “White” 7 a 10:30
“Ride” 8:30
office checks out the applicant to
see that all qualifications are met.
These include an adequate build-
ing. Also the applicant cannot
have been convicted of a felony
IDLE MURPHY-GIA SCA
LaGrange, midway between ly from west to east during the _
Houston and Austin, measured night and Saturday. A long range EA
and must be of good reputation
and moral character
The LCB office reports to the
county judge and the judge grants
RIDE A *
CROOKED TRAII
IN F
ciable personal property will be Juneau, clear 21 14 .uustou amu .usuu, ..caouncung_____-__.__
taxed at ordinary income rates on Kansas City, rain .41 15 .012 20 inches of rain between dawn weather forecast made no men-
the difference, between the sales Los Angeles, clear 62 42 and 10:30 a.m. Galveston had 1.02 tion of rain for New Year’s day-
price and the book value after Memphis, rain . 41 25 .11 inches from 6 a.m. to noon Lufkin Tuesday.
depreciation. Miami, cloudy .......80 73
These profits are now taxed at Milwaukee, cloudy 31 4
the capital gains rate. This is one- Mpls. -St Paul, cloudy 35 8
half the normal levy up to a 25 New Orleans rain 54 48 .45
per cent maximum. | New York, clear .....38 26
Omaha, clear .........36 20 .
Philadelphia, clear ... 37 17
Phoenix, clear .......57 41
Pittsburgh, clear . . . 30 16
Portland, Me., clear . 29 15
Portland, Ore . cloudy 50 44
43 26.
44 18
88. College Station .82, Beaumont —————————————-
49, Houston .43 and Palacios .28. If a person weighed 120 pounds
Temperatures throughout the on earth, it is estimated he would
state were mild, usually in the weigh 19 pounds on the moon.
40s and 50s. Slightly . warmer 102 on Venus and 217 on Jupiter.
000
DRIVE IN THEATRE
OPEN 6:00—SHOWTIME 6:15
ADM 75-50-CHILD FREE
* 3800 PINE *
NEW YEAR'S EVE
DANCE
JOE TERRY
AND HIS BAND
Dec. 31st
9’ ‘TIL
$5 PER COUPLE
PUBUC INVITED
V. F. W.
2230 N. 1st
DANCE
Jimmy Mackey
& The All Stars
SAT. DEC. 29
9 P.M. ‘TIL
ROUND-UP HALL
Stamford, Texas
3304203
ICE
SKATING
Richmond, clear
St. Louis, cloudy
San Diego, clear
San Francisco, clear
Seattle, cloudy
Tampa, cloudy
Washington, clear
Winnipeg, cloudy
(T-Trace)
51 42
47 40.
73 63
39 23
30 2 1
DAILY 10-12 NOON
2-4:30; 4:30-10 P.M.
SPECIAL PARTY BATES
ABILENE
ICE CENTER
Behind
Holiday Inn
Phone
OW 2-5215
A ETRO ADMISSION
I 45c-35c15c
One of Abilene’s Best Theatres
1726 BUTTERNUT
SHOW STARTS 12:00
" courp.a ACTRES - 14.
Manroe moss
SAFEatHOME
” Go-feature
James Brown in
"GUN STREET”
1ST DRIVE-IN SHOWING
2 PERFORMANCES NIGHTLY 6:15 - 9:59
GREATEST ADVENTURE AND ROMANCE IN A THOUSAND YEARS
SAMUEL BRONSTON Pm;
CHARLTON SOPHIA
HESTON ihi LOREN
DANCE
Every Saturday Night
WESTERN CLUB
S 2nd & Sycamore
—FEATURING—
KENNETH BOX
AND THE
MUSIC MASTERS
9 TIL 12
FOR TABLE RESERVATIONS
OR 3-6337
DANCE
Every Saturday Night
Western Music
Featuring—
DARREL WAYNE
And The
LONE STAR DRIFTERS
KEY CITY
SPORTATORIUM
Far Reservations
OR 4-9914--OR 4-8095
1750 N. TREAD.
PH. OR 3-2141
Open 6:00 - Showtime 6:40
DOUBLE PROG.A/X
CmemaScoPE,
PLUS Musser,
The
HELL-HORDE
OR I
attalion!
CINEMASCOPE
PROVEN
5 * HITS
• Guaranteed
OPEN
12:45
NOWI
PAUL NEWMAN IN
#1. "LEFT-HANDED GUN” Also
#2 IN MONSTERCOLOR
KONGAI ”" GIANT
RUNVA APE
43 MINE STORY OF A PSYCHOTIC KILIEI
4% A wow IA
HOURS FA CASTLES PA
OF THE
BEST
SUPER TECHNIRAMA
TECHNICOLOR
SWUBRONSION PRODUCTIONS cAm=DEAR AL PROOUTONS *** AUDOMS
PLUS LATE SHOW FOR AU YOU NITE OWLSI
THEY CALLED HIM THE BULL OF THE PACIFIC asace
_ James Cagney haring
The as Admiral Halsey " CEE
Gallant Hours 8
Released Thru United Artists
A COLUMBA PCTURES
TOWN & COUNTRY
On 3.6461 • TWIN DRIVE IN THEATER • MOI MOCKINGBIRD LANE
"STARTS 7:15 - "A" - SOUTH SCHEIN - ADM. 50-60
STRICTLY ADULTENTERTAINMENT
Due to Length of this Feature It will not show 2 complete
times. Be here by 8:22 to see complete show.
ADARRMLFZANUCK
6 PRODUCTION des
DOPE
The personal story behind a sex survey
from the controversial best-selling novel.
SELF MINES INERMROK ERSIMBNSL CAMEROON TONE -E I
No opt under 16 will be admitted unless accompanied by an adult.
PLUS - 9:49
‘NO TIME FOR SERGEANTS’
ANDY GRIFFITH
"B" - NORTH SCREEN
9 BIC uoPPOP€ EACH SHOWS
J DIU HUKKENS 1 TIME ONLY
STRANGEST
OF ALL
|HORROR
STORTES!
— n
NO. 1 - 7:22 - 12:08
“NIGHT OF THE
BLOOD
BEAST"
NO. 2 - 8:47
“TALES OF TERROR"
NO. 3 - 10:47
"NIGHT CREATURES"
QUEEN PA RAMGE
ABILENE’S FAMILY THEATRE 1 Anrenerekal
- OPEN 12:00—ADM. $1-75-35
PERFORMANCES AT
12:15 - 2:45 - 5:20 - 8.00
HELD OVER
2nd BIG WEEK!
GIGANTICT
'An intense and
illuminating
experiencer"
"BARABB
SILVANA MANGANO ARTHUR KENNEDY
KATY JURADO HARRY ANDREWS
VITTORIO GASSMAN JACK PALANCE
ERNEST BORGNINE
OPEN 12:45 TODAY
—FEATURES—
1:40—3 40—5:35—7:35—9:30
ADM $7-75-25
HELD OVER
2nd LAUGH
FILLED WEEK!
MONEY
OBRIENSCOT WESTON WHe
QUESTEL JONES TASHLN MURKA
A PARAMOUNT RELEASE
ATE name a
MOUNT
Z THE "ACTION"
STARTS AT MIDNIGHT
SPECIAL PREVIEW 1
SHOWING OF
WHO’S GOT'
ME ACTION?
ihaoni ana or mN N
00041 cows 11.45-Au MATS 3100
TONIGHT
ONE PERFORMANCE
. ONLY
By 1
WASH
ces 0.
gold me
dy’s ths
of the s
in this
charge |
fice Fri
Secret
Celebrez
pointmet
vestigati
fice bei:
ganizatic
Administ
sion.
Along
will rece
$1,090 a
pay to $
Dr. Ke
was not
her new
with the
in the fi
voted he
"Frank
the new
said, “an
Dies of
drafted a
The F
I ration
new dru
which Dr
being est
ports of
new dru
and othe
DA
YOU
ALL
YOU
CAN
EAT
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But
Cateri
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FII
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WE SI
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Excelle
Fully C
OPEN
7
33
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The Abilene Reporter-News (Abilene, Tex.), Vol. 82, No. 195, Ed. 1 Saturday, December 29, 1962, newspaper, December 29, 1962; Abilene, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1672537/m1/2/: accessed June 12, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Abilene Public Library.