This form reveals a little bit about the political and economic setting in the Mineral District of Louisa in 1934. J.A. Kent was the Treasurer of Louisa County; he was to receive these tax forms back from the citizens within the Mineral District. On the forms, citizens would list the values of their property, real estate, and monetary funds; they would calculate the rate owed to the state and local governments.
This 1940 Schedule of Farm Income and Expenses, known as Form 1040F by the Internal Revenue Service (IRS), was utilized by farmers to calculate their income. The livestock, produce, and services listed – as well as their respective amounts – show what goods and services were valued at the time.
To calculate today’s value, note that $1.00 in 1940 has the same purchasing power as $15.58 today.