Decatur Daily Democrat, Volume 31, Number 124, Decatur, Adams County, 25 May 1933 — Page 6

Page Six

REGULATIONS ARE ANNOUNCED Additional Rules on Gross Income Payments Are Published Indianapolis Ind.. May 25 —(Special) —New regulations concerning application of the Indiana gross income tax law were aunoMnc d here today by Clarence A. Jackson, director of the gross income tax division. The regulations were compiled by the legal department under direction of Leroy Sanders, of Indianapolis. Included in the regulations are rulings of especial interest to varied business groups. The new regulations follow. Q. How will a taxpayer dealing on margin be required to report such transactions in compiling his groce income tax return? A. A taxpayers dealing on margin shall report all of his gross earnings on marginal transactions, without deductions for any losses incurred, together with all other

IT’S SPRING CLEANING TIME FOR YOVR CAR W INTER is "one. Your car needs a lubrication. “Spring Cleaning." It needs to be put into shape for the severe tests of milder weather—for harder and faster driving, higher temperatures, longer mileage. Now's the time to do it. GET A PHILLIPS SPECIALIZED Lubrication Job —which means genuine CHEK-CHART service—a guarantee that every friction point IS CHECKED and LUBRICATED * I * "RS in strict accordance with your car manufacturers recommendations. As a special inducement for this week on y— ca i'W we will top dress you-car and thorough- &f Jy ly lubricate with Five different specialized Phillips Greases for ... . . T Knapp Service CORNER SECOND <&. JACKSON Save 15'r on a Set of Lee Tires before May 28.

‘ HWIH.MMimWMWMWBMBMMMMBMBBMm -’ Min' W luM >J» F - - -- - Golden Opportunity Days All This Month! XZ?x IT IS A POSITIVE FACT THAT MERCHANDISE IS ADVANCING IN PRICE. WE CAN NOT BUY THE SAME ARTICLE* Jf ABOI I’ol R NEU V AND SELL IT FOR THE SAME PRICE. WE HAVE NOT ADVANCED ONE SINGLE THING IN THIS STORE. DURING 7 11 KMTI RE DEPARTMI A ' IHE RES! OF I HIS MON I H \\ E ARE GOING TO SELL EVERYTHING IN OUR STORE AT DEPRESSION LOW PRIC ES ls vou have 1101 visile ‘ l OUI 1 ll,ni «»iMnnM—wi:i.n2Hi—wrnu r—.jmx jwk..fon-nim nmx nrr i ■ <> • . . v department on the second floor you are parsing up a golden opportunity to LADIES “NORITAKE” FINE QUALITY, NEW SPRING | beautiful new on furniture. /71 Full Fashioned DINNER SETS |p.| 1 ijw r.j OCCASIONAL |l SILK HOSE This Fine Quality | Vll IJ F »€! V OUCS R TABLES j|t Imported China comes , iwnr I~~r7', 1 ~~ r 7', ""v;. .:«■ x . . , .... ■g ■■■ 42 Gauge—First Quality j n Beautiful Patterns ur<<fs»V h 1 DA >S AKt r urmture is Advancing in I rice. >e Ki\ Sb fK2 Service Weight. and Gorgeous Colorings. AGAIN. Y have not advanced one single it< MB / tBFM »• o ... . e VIL WaX jsT f v GILES Look so Cool [«<:’' this store. Wil / HU spring shades. Service for 12. rjt-jAs in the Summer. .<■ 1 M v rIV , 111 / Ml Silk lops. Beautiful Patterns. X A. Gur New May of Display vvdlsh - I SPFCIAI PAIR Lowest Prices in years |p^sSiS|« b .;«gßr ' Jk you how your furniture will look in u' r i on Fine Quality China. w xr< v '" °" n b,,rne ‘ A jH HHH Ml I Zdi xw *< Bl Y NOW AND SAVE: [ •*l4 Q p 538.50 1 - c n v J Lk nUu T » *>e- ILJji 1 / SSO ZSC Yard ' Men’s New Men’s New ’THRIFT” BI LK 50c Size " I a ,iip® ( k SIC » » <7? . s 1 M M E k Seersucker GARDEN SEEDS "ngiey’s TIES GAKDE.NbEEDb Spearmint WHITE Y (o Beautiful Patterns ‘ ‘ Never before have we TOOTH PAQTF jdgT each Try These Cool Pants for enjoyed such a wonder- luuin IAo 1 n Tjl TTlOpn A F s^ Mr rul busineß9 . rllKoto bZS.yi) w “Thrift” Seeds are good ■■mr _• \ ® seeds and it is so much '’ w *' 1 Beautiful New Styles BEAUTIFUL . • « *' cheaper in the bulk. AW White and Grey MODERNISTIC BEAUTIFUL NEW TWO AND TIIKl E BED ROOM SUITE PIECE LIVING ROOM SUITES Tho CPLJ A rCD CTrtDC fl ft $84.50 T I lie ovnAiLK oIUKI UXi: r - cco * n cqq HARDWARE AND HOME FURNISHINGS | $39.35 up W 0 LU . <PvU

gross receipts, and shall be taxed at the rate of one per cent. ProvidI ed. however any such taxpayer who !' makes an out and out purchase by paying the full price of any article i shall be considered the owner i thereof and not a. dealer on margin, ' and the total amount received from J the sale of same shall b i ed gross receipts and be included in ,1 his gross income tax return for taxes. _ I Q. Shall the proceeds from a , mortgage loan, evidenced by prom- _ I issory notes, when received by the J borrower or the repayment thereiof to the lender be included by _! either or both as gross receipts in I the gross income return for taxa--1 ' iO P ? A. When a mortgage is only se- . I curity from promissory notes the receipt of the mortgage money by i the mortgager and the return of the ' money to the mortgagee will not be i included in gross receipts. Provid, I ed. however, when property is mort- : I gaged for the purpose of sale, and the avoidance of tax. the receipt of i the mortgage money by the niorti gagor (or seller) will be considered I as a payment on the sales price of the property so sold as though the money had been paid by the 1 purchaser. Q. Shall the proceeds from the

The Most Read Rook in The World Yes. you're right—it's the Bible. And. our Washington Bureau has ready now a new bulletin on CURIOUS AND INTERESTING EACTS ABOUT THE BIBLE, together with the history of the Old . and New Testaments, and the story of the Bible from earliest times. You will find in this bulletin a great many interesting things that perhaps you never knew about the Bible. Fill out the coupon I below and send for it: l . CLIP COUPON HERE Dept. 235. Washington Bureau. Decatur Daily Democrat, 1322 New York Avenue. Washington, D. C. I want a copv of the bulletin BIBLE FACTS, and enclose herei with five cents in coin or postage stamps to cover return postage I and handling costs: NAME . STREET & No. I CITY STATE I am a reader of the Decatur Daily Democrat.

i sale of a note, by the holder thereof. to a third party or subsequent ' parties be included as gross re- ' ceipts. in th gross income tax rei turn of the seller of the note for tax 1 ation? A. The sale of a note is the sale , of an intangible as stipulated in Section 1 (f) of the Act. therefore. ■ the proceeds from the sale thereof ■ must be included in the gross <in- ■ come tax return of the seller of the i note for taxation. Q Shall the proceeds from mort- . gage loans, security for mortgage bonds, when deceived by the issuing taxpay r be included as gross i receipts in his gross income tax j return for taxation? A. The sale of bonds is a sale i of intangibles as stipulated in Sec--Iti nn 1 if) .if tha A t b xxvcxf nro

hour shoes must whit* iiM 5 ft 8 Widths AA to 8 Hicjh or Cuban heels

DECATUR DAILY DEMOCRAT THURSDAY MAY 25. 1933

- the proceeds from the sale theret of must lie included in the gross - income tax return of the- issuing - taxpayer for taxation. < Q. Are owners of rental property entitled to deducations for utility s charges paid for the renter in com--3 piling their gross income tax res turn? f IA. That part of utility charges • i which is included in the rental conJ ■ sideration is gross receipts subject j to taxation. However, if the utility ■ < onsumption of the renter is greater i i thani the maximum consumption al- ■ I lowed in the rental contract and i the owner, as a matter of convent ieme merely collects for the utility. the amount of the charge in ‘ excess of maximum allowed in the - rental contract will be a nontaxable . I receipt. Q. Shall the proceeds from an i insurance policy received on acI count of loss or damage to property I or on account of health and acci- , dent to a person be included as I gross receipts in the gross income tax return of the policy holder? A. If the proceeds of an insurance policy covering loss or damage i to property is used in replacing pro- ; perty of like kind or the proceeds i iof an accident policy by reason of I ; the death of the insured, the re- ' ■ ceipts so received will not be ineluded in the gross income tax reI turn. However, proceeds received on insurance policies covering loss lor damage to property otherwise i applied and proceeds received from I health and accident policies shall be considered gross receipts which i shall be included in the gross inI come tax returns of the policy hold- ■ er subject to taxation. Q. How shall a taxpayer engaged i in agricultural pursuits be taxed on proceeds of his business as reflected in his gross income tax return? , A A taxpayer engaged in the I business of agriculture, including the production of live stock, poul-

try, eggs or any other product of the farm, orchard, garden or greenhouse. shall reflect in his gross income tax return his gross receipts from the sale of such products, on which he will be taxed at the rate of 1-4 of 1 per cent. Provided, however, the agriculturist who deals in farm products and sells to the consumer, and the greenhouse operator who sells to the consumer will be deemed to be selling at retail and will be taxed at the rate of one per cent, , Q. What will be the basis of tax on a taxpayer dealing in live stock within the confines of a stockyard? A. A taxpayer dealing in live stock within the confines of a stock yard und r Federal jurisdiction will he considered under the provisions of Section 3 (t) »*»♦ “any other business of a similar nature’’ '**• (in the business of lending credit. Section 1 (g), a.:,d will be taxed upon tis gross earnings at one per cent. — (J \ BARGAINS — Bargains in Living Room, Dining Room Suites, Mat i tresses and Rugs. Stuckey and Co Vfnnrne nor phone number is 44 NOTA BRUSH MARK When you use LOWE BROTHERS QUICK-DRYING ENAMEL you can paint woodwork, furniture, floors, glass, metal . . s without leaving a brush mark! It brushes on so smoothly, hides to well, and dries so quickly, that you'll find this enamel a pleasure to use. Let us show you the many attractive colors. J| wTI-StJEA- Il I Holthouse Druff Co.

1 > ;| WHAT TO LOOK FOR ar®iH .. . 1 Ft ■ i A. 1 flat 'S J . feK Bk t ¥ v .j? 1 M a* -’■ft (). ~ P £ver y * est we ’ ve ever made or had made sor U( ■ z ■ B whgfa shows that U. S. Tires, built with TEMPERED RUBBER deliver from 7% to 36% more mileage at no ext,, @ cosf i That’s the big story in a nutshell. So if youwom • f . to save money on tires, there’s one sure, safe wjy f!i /x/y To do it: Look for the words, "TEMPERED RUBBER” on the sidewall. Find them before you buy and bi assured of the biggest tire value ever offered. TIRES of TEMPERED RUm .i kJ .■MKBK Z TB Si all as ail W WHERE TO M W GET IT ' Hi-Way Service Station North Second st. E,) anfl 1 s Ellsworth Phone I! Sinclair Gasoline Lubricating Service Vulcaniz ng Battery and Brake Service Starter add Ignition Sri [U. S. TIRES built with TEMPERED RUBBEB