Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
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but less than 6 years, you' count only 1/3 of your investment. If its life is at least 6 years, but less than 8 years, count only 2/3 of the investment. If its life is at least 8 years, count the full amount of your investmegj. Every tax payer who btiys farm machinery and equipment or builds new fences after December 31, 1961, is affected by the provisions of the law, because the investment credit section of the law is not optional. The credit reduces your cost basis and cuts down your total depreciation deductions, whether you take the credit or not. For instance, you buy a tractor for $3,000 (expected useful life of 10 years) and are entitled to a $210 credit against your federal income tax, your depreciation basis is cut to $2,790 whether you claim credit or not. You must claim the credit (on Form 3468) for the year the property is put into service; it may be claimed for that year only, although it may be carried back 3 years and carried forward over 5 years. A carry-back applies only to a taxable year ending after December 31, 1961.
90.8%