President Carter yesterday made public copies of his 1978 incometax returns and other documents showing that his net worth exceeds$1 million, including assets of $784,000 in a trust administered by hislongtime friend Charles H. Kirbo.
Conforming with the requirements of a new governmental ethics law, Carter filed a financial disclosure statement with the office of government ethics showing that his peanut farm business has extended more than $500,000 in loans for the Carter family peanut warehouse, which also is controlled by the president but managed by his brother, Billy.
According to the income tax returns, the president had a total income last year of $267,195, the bulk of it from his salary and expense allowance of $250,000. After taking $56,841 in deductions, Carter owed $89,805 in federal income taxes last year.
Because more than that was with-held from his salary or paid in estimated income taxes, the president is due a $15,909 refund from the Internal Revenue Service, according to the tax returns.
Included in Carter's deductions was $12,110 in expenses for parties and receptions for his White House staff.White House Press Secretary Jody Powell said the president's lawyers and accountants consider this a legitimate business expense and have asked the IRS for a prompt ruling on it.
The documents releases by the White House also included the results of an IRS audit of Carter's 1977 income taxes, which resulted in the president's having to pay an additional $2,704 in income taxes.
The IRS had held that the value of government-provided transportation to members of Carter's family not on official business should be considered taxable income of the president.
Carter routinely has made public copies of his income tax returns and a net worth statement every year since he has been president. But yesterday was the first time he and his top aides filed the more detailed financial disclosure statements now required by the Ethics in Government Act of 1978.
White House counsel Robert Lipschutz said he was not familiar with the details and unspecified dates of some of the financial transactions contained in the disclosure statement, and referred reporters to Carter's trustee, Kirbo. Asked for additional details, Kirbo replied," and referred reporters back to Lipschutz.
But the disclosure statement makes clear that the warehouse business in the president's hometown of Plains. Ga., has run into financially difficult times and has had to turn to another Carter asset, the farm holdings, for badly needed cash.
According to the statement, the warehouse partnership currently has a negative value, presumably because of the loans it owes. In his income tax returns, the president also reported a $28,065 lost last year from the warehouse, largely because of $73,572 in interest payments. This loss was deducted from his income and reduced his federal income tax obligation.
Carter owns 62 percent of the ware-house, with the remainder owned by Billy Carter and their mother, Lillian Carter. The president owns 91 percent of Carter's Farms Inc., which, according to the disclosure statement, has made two loans totaling more than $250,000 to the warehouse.
In addition, Carter's Farms Inc. loaned at least another $250,000 directly to Billy Carter for "working capital" at the warehouse, the statement said.
The latter loan was liquidated this year when Billy Carter turned over a 175-acre parcel of land that had been used as security for the loan to his brother's trust. The land abuts the president's two-acre home site in Plains.
The statement also shows that the warehouse owes more than $250,000 to the National Bank of Georgia in Atlanta.
The dates of these loans and other details were not required or contained in the disclosure statement.
The warehouse's complex financing is currently being investigated by a special prosecutor to determine whether any illegalities were involved, especially whether any money loaned to it was illegally diverted to Carter's 1976 presidential campaign. The president, his brother and Kirbo had denied that such a diversion of funds took place.
Under the new ethics act, Carter was required to file the disclosure statement or place his assets in a blind trust administered by an independent trustee. Kirbo, as Carter's close friend and trustee of the president's present blind trust, might not have met the standards for independence.
Technically, the trust now administered by Kirbo has been described by the White House as a blind trust. But its main assets have been well known.
In addition to the disclosure statement. Carter also released a net worth statement certifying for the first time that he is a millionaire.
The statement listed the value of the president's assets at $1.2 million, including $784,345 in the trust, $228,750 in savings and $89,400 as the value of his home in Plains. it listed $220,758 in liabilities, most of it money set aside for payment of future income taxes, and a net worth of $1,005,910.
Last year, Carter listed his net worth at $795,357 and said the trust administered by Kirbo was worth $557,717.
In his income tax returns, the president's main deductions were $18,636 in charitable contributions and $25,273 for "professional services," mostly to lawyers and accountants, according to Lipshutz. He reported $13,440 in interest income from his savings, $3,860 from the sale of stock in American Can Co. and $20,719 in royalties from the sale of his book, "Why Not the Best?" Carter has pledged to turn over the book royalty income to a foundation that will administer the Carter presidential library.
Vice President Mondale also made public a financial disclosure statement yesterday that showed his only substantial asset to be a home in Washington, the value of which he was not required to report.
In his income tax returns, also made public yesterday, Mondale reported taxes on an income of $85,367. When he initially filed his tax returns, Mondale's accountants made a $3,332 error in his favor, which was later corrected. CAPTION: Tax Form, Carter's 1978 tax return, disclosed under provisions of Ethics in Government Act. AP