The Clinton chronicle. (Clinton, S.C.) 1901-current, February 19, 1970, Image 5
THE CHRONICLE, Clinton, S. C., Feb. 19, 1970—-5-A
Minding Your Business
Interest
'Battle Of Bands'
Slated Feb. 29
By Local Jaycees
The Clinton “Battle of the
Bands* will be held Feb. 29 at
the National Guard Armory,
sponsored by the Clinton Jaycees.
The program is to start at
7:30 p.m.
BY JOHN J SUTHERLAND
Certified Public Accountant
To be deductible as interest
there must be a valid obligation
to pay a fixed sum of money plus
interest. Therefore, if you make
payments for a friend or rela
tive you will not be allowed the
deduction because you had no
obligation to pay. Neither can the
friend or relative because he did
not make the payments. A per
son giving a note to another per
son without consideration and
then paying interest on that note
will not be allowed an interest
deduction. However, if the note
was given to a charity, the “in
terest" would be allowed as a con
tribution.
The obligation to pay must lie
binding. An interest deduction
was denied when a son claimed
that his father’s payment for the
son’s education 20 years earlier
was a loan. Generally, loans
between relatives would not be
deductible unless it can be pro
ven that there was a definite
obligation to repay the loan.
Normally, it does not matter
what the proceeds if the loan
are used for. These are some
exceptions: if it was borrowed
to purchase tax exempt bonds it
is not deductible. Money bor
rowed to prepay insurance pre
miums, normally due annually,
is not a loan and interest is
not deductible. A taxpayer deal
ing with his controlled corpora
tion must be careful in that loans
to and from it may be consider
ed as equity investments ^r as
dividends. If the corporation is
classified as a “thin * cor
poration, interest paidt^a stock
holder on a note will n d tie de
ductible and may be considered
dividends. A “thin” corporation
is one which has a too high debt
to equity ratio.
Interest is deductible if paid on
delinquent taxes or additional as
sessments, however, if there is
a lump-sum compromise, special
rules apply. One must be care
ful that the additional payment
is not a penalty rather than in
terest because only the interest
portion is deductible. Penalties
are not deductible even as busi
ness expenses.
Interest on installment obliga
tions has special rules. Where
the interest is separately stated
by the lendor, it is deductible.
If the interest is not separate
ly stated, the taxpayer may de
duct only 6 r c of the average un
paid balance during the year. This
computation is made by adding the
amnunts owing on the first of each
month during the year and divid
ing by 12.
Interest rates between related
parties such as wholly-owned
subsidiaries or blood relatives
are always subject to adjustment.
If an adjustment is made to the
interest expense of one party, a
correlative adjustment is usually
required on the tax return of
the recipient party. If you are
taking advantage of the in
stallment method of reporting in
come on a casual sale and the
installments do not call for 4^
interest or more, the government
has a right to arbitrarily apply
a rr rate so that part of ttie
proceeds will be treated as in
terest. This is known as the un
stated interest rule.
Interest has always been a lu
crative playground of the mani
pulators. The complications de
scribed here are all the result
of the government’s efforts to
close htopholes.
First prize will be $150, atro
phy and the right to participate
in the national competition.
Second prize will be $75 and
a trophy. The best individual
talent will receive a trophy.
The Jaycees are signing up
local groups for the program.
There will be a $3 registration
fee for each member of each
group participating.
The registration fee goes to the
state organization to finance a
state contest. The local winner
will be eligible to participate
in the state contest.
Each member of each group
participating must be at least
13 years of age and not over 19.
Anyone wishing to participate
may sign up with Len Caricofe
at the Jewel Box in Clinton.
* * *
Clinton Students
On Lander List
Two Clinton students are on
the Dean’s List at Lander Col
lege for the first semester.
They are Nancy Donnan and
Charlotte Neil.
To be on the Lander Dean’s
List, a student must have a B-
plus average or better in all the
academic subjects carried.
* * *
Methodist Meeting
The United Methodist Subdis
trict meeting will be held Feb.
23 at Hopewell United Methodist
Church at 7:30 p,m.
Reg. 6.28 Save 1.84
Artificial __
Bark Planter
4.44
—In weighted container
Split Leaf, Giant, or Dubia
ROSE’S NOW OPEN ALL DAY WEDNESDAY
OPEN UNTIL 7:00 P. M. THURSDAY AND FRIDAY
Shop Rose’s — Clash — Lay-Away or Master Charge
HOW CAN I?
BY ANNE ASHLEY
Dear Sir:
On January 24, 1970 a German
police dog broke thru the ice on
Lake Greenwood. The Laurens
County Resque Squad was called
to the scene at approx. 7:00 p.m.
Within thirty minutes there were
ten members of the squad there
to get the dog out.
We would like to commend the
Resque Squad for their prompt-
Somehow cotton continues to
slide down the hill in favor of
synthetic fibers. I can’t believe
this is because of consumer de
mand, but instead because of
manufacturers interests. It is al
most to a point of “take it or
leave it". I find it difficult to
locate an all cotton shirt or
all cotton anything any more.
So, it simply means sales peo
ple have put it on the market
whether we like it or not. The
only thing that will change the
situation is for consumers to
simply demand cotton and refuse
to buy anything else.
There is no comparison in
comfort. The biggest difference
is in work clothing. There just
isn’t any coolness about synthe
tics. They stick to you and
don’t allow air to pass through.
In addition, you get some of those
synthetics dirty and they won’t
come clean. Merchants have let
sales people over sell synthetics
and we are now at a point where
there are few cotton goods stocked
We were told a sad story of
cotton in Columbia last week.
ness, but most of all for their
dedication in coming out on a bad
night, as it was on this parti
cular night in order to resque a
dog.
We all need to support them in
their work as none of us know
when we will need to call on
them and they are all ready and
willing to come at any hour.
Mr. and Mrs. Joe B. Medlock
Textile mills need a larger
surplus of cotton to pick from,
so we are told. So the Govern
ment permits another million a-
cres to be planted.
One farmer stated that cotton
was still his best cash enterprise.
He felt in many instances he had
used too much fertilizer, that not
only did not give returns but cut
his yield by growing too much
stalk in the fall. This brought
on uncontrollable insect prob
lems.
It was revealed at the meet
ing that South Carolina had one
of its worst cotton years in 1969.
Apparently the late rains caused
the situation. As one man brought
out at the meeting, we always
look forward to another year.
We are planning a meeting for
our Cotton Producers in which
we will have the Enginnering,
Agronomy and Entomology pha
ses covered. This meeting has
been scheduled for March 3, here
at the Agricultural Building.
Sediment
Damage
Discussed
“Sediment Damage and Means
of Control" was the subject dis
cussed at a recent meeting of
Laurens Soil and Water Conser
vation District Supervisors with
local contractors and county road
officials. Also, a new Soil Con
servation Service picture “Mud”
was shown to the group.
Among those attending were
Ryan Lawson, Chairman of the
District Supervisor; J. W. Tins
ley, District Supervisor; W. J.
Camp, Soil Scientist; RayStod-
dard, Soil Conservation Techni
cian; M. Y. Blakely, District
Supervisor; J. Ben Hunter, Hun
ter Brothers Construction Co.,
Jimmie Dowd, Dowd Construc
tion Company; James E. Bryan,
Maintenance Engineer, S. C.
Highway Dept.; Horace Martin,
District Supervisor and Martin
Brothers Contractor; J. M.
Wham, Wham Construction Com
pany and Furman Thomason,
Laurens County Supervisor.
J. B. O’Dell, District Conser
vationist, said that added empha
sis is now being placed on sedi
ment control and how it relates
to an improved environment. Se
diment as a result of soil ero
sion is filling our streams, ri
vers, lakes, and harbors and is
the most serious pollutant of our
water supply.
Soil and water problems are
not the concern of the farmer a-
long. As urban sprawl changes
the once rural landscape the e-
rosion problem is often tremen
dous during the construction of
new homes and factories.
KIDNEY DANGER SIGNALS
Getting up nights, burning, frequent
or scanty flow, leg or BACKACHE
may warn of functional kidney dis
orders—“Danger Ahead/* Give a lift
with gentle BUKETS (take only 3
tabs a day). FLUSH KIDNEYS. RE
GULATE PASSAGE. Your 48c back
if not pleased in 12 hours. NOW at
YOUNG’S PHARMACY
Q. How can I go about wash
ing a girdle properly?
A. Use mild suds and luke
warm water. Do not wring or
twist if it contains elastic. Roll
into a turkish towel to remove
moisture, then dry flat on a dry
towel away from artificial heat
and sunlight. Wash latex girdles
after each wearing, dry and dust
generously with talcum powder.
Fabric panels of girdles may be
ironed with a warm iron, but
don’t press the elastic portions.
Q. What can I do when egg
whites refuse to beat stiff?
A. Add a teaspoonful of cold
water and a pinch of salt. Add
ing a pinch of baking soda while
beating also helps, makes it more
fluffy, and prevents its falling if
it must stand for any length of
time.
Q. Is there any way I can
quickly renovate old, hardened
glue?
A. Try placing a few drops of
vinegar in the glue container.
Q. What is the best way to
iron embroidery?
A. By turning it face down on
a turkish towel, then pressing on
the wrong side. This brings out
the depth of the pattern, instead
of flattening it Use this same
method for braided trimming.
Q. How can I prevent brass
from tarnishing during damp
weather?
A. After polishing your brass,
rub it with a cloth moistened in
olive oil. One section of my new
household manual deals with the
care, cleaning, and polishing of
all metal articles.
Q. What can I do when burned
food is difficult to remove from
casseroles?
A. Fill the casseroles with
warm water and add a teaspoon
ful of baking soda. The crusted
matter will loosen quickly.
Q. Can you give me some tips
on the care of painted wooden
floors?
A. These look better and are
much easier to keep in good
condition if they are waxed. Wash
with warm water and a mild
soap. Use fine steel wool dipped
in liquid or paste wax or a mild
scouring powder to remove stub
born spots and marks made by
rubber heels.
NOTICE OF MEETING
Republican Precinct No. 2
City of Clinton
Notice is hereby given of a meeting of a Clinton
Republican Precinct No. 2 Meeting to be held in the of
fices of Jacobs Press, Inc., j^t 7:30 P. M. on the night
of Thursday, February 26, 1970, for the purpose of
electing delegates to the Laurens County Republican
Convention and to take up othpr matfprs nf importancp.
All Republicans who vote at the Clinton National
Guard Armory during County, State and National Elec
tions are urged to attend this important meeting.
Robert F. Black
Precinct President
Synthetic Fibers Hurt
Market For Cotton
BY M. L. OUTZ
COUNTY AGENT
Clinton Plaza Shopping Center Highways 56 and 72
- 4 ^ ^ A -
LAYAWAY FOR
SPRING NOW!
WOMEN'S DRESSES
REGULAR Stt.iMi
AND UP
Lay-away for Easter now and save! Women's
one and two piece dressses . . . color-keyed to
fashion. Fresh, new spring styles to choose from
in most women’s sizes.
GIRLS' SPRING DRESSES
REGULAR OFF
AND UP ■ /U
Smart young styling for little girls.
CREST TOOTH PASTE
Family Size — Regular or Mini
2/1.00
HIDDEN MAGIC
Normal and Extra Hold
Giant Size
77c
lust Wonderful
HAIR SPRAY
Reg. 69c — Limit: 2
22c
SCOPE
FAMILY SIZE
2/1.00
KLEENEX TISSUE
Reg. 34c — Limit: 3
3/97c
BUFERIN
60 Fount — Reg. 1.05
22c
Limit: '
22" ROTARY MOWER
19” ROTARY
MOWER
OPEN 9 AJML-9 PJM
• *•