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Features Business & Finance

The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset.

Here are 10 facts from the IRS on capital gains and losses:

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Local Officials gather at the site of the former Whitley Plant last Thursday to officially welcome the new company, Franklin Tubular Products Inc.

The new company, owned by Tricorn Group which is based in the United Kingdom, specializes as a manufacturer of manipulated tubular assemblies.

The company purchases the Whitley operation, saving nearly 100 jobs. Over the next three years, Franklin Tubular Products stands to bring 30 additional jobs to Macon County and invest $4 million in operational costs.

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The Franklin Chamber of Commerce recently held a ribbon cutting at Dustin Chitwood’s State Farm Insurance office located at 129 Commons Drive.

Chitwood has twelve years of experience in the insurance industry and was in the corporate office at State Farm before opening his own office here in Franklin. “We are proud to offer over 45 years of combined insurance experience to the folks of Macon County” said Chitwood.

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Whitley Products Inc. looked as though it could be closing its doors for good just a week ago. Quick action and dedicated local officials were able to stop that from happening and now Tricorn Group PLC, a holding company for a group of companies that develop and manufacture pipe solutions for international sale, has officially acquired the Franklin facility, business and certain assets of the plant. The company, which is based in the United Kingdom, will open Franklin Tubular Products Inc., a manufacturer of manipulated tubular assemblies in Macon County according to a press release from the Macon County Economic Development Commission released this week.

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