Indianapolis Times, Indianapolis, Marion County, 2 April 1937 — Page 9

- THE INDIANAPOLIS TIMES ar failed to produce the revenue that] holders as to which is liable to pay | stock dividend is one which is taxTRE ASURY AIDS was originally anticipated. the tax under certain couaitions. - able in the hands of the recipients.

There was 2 possioility the study As a result of the conflict tax ex-| The crux of the problem, tax offi-

* FRIDAY, APRIL 2, 1937

SUPER HIGHWAY ++ PROJECTED FOR MARION COUNTY

has been criticized from the time it was first suggested. The principal charge against it was that it cone tains inequities and discriminatory features. :

Turn About Is Fair Scout Play

perts said it is believed that a sub-!cials say, is what type of stock: distantial amount.of taxes anticipated | vidends are taxable. Some officials by the Treasury was not paid. | believe that the question may evenMareh tax collections showed the The conflict arose, experts said, in | tually have to be settled by court Treasury probably would fall at|cases where corporations:paid their ruling. least $150,000,000 behind estimates stockholders dividends in the form | The Supreme Court, in a decision on 1937 fiscal year tax collections. | of shares. As result, many corpor- last year in the so-called Koshland Important House Ways and Means | ations failed to pay the tax on the | case, held in effect that a’ stock-

Committee members, noting the new | assumption stockholders receiving | holder must pay tax on any divi-

would result in recommendation for some change in the law. : The study was launched after

IMPORTED CHENILLE TYPE

u. S. Road 40 to Become

Corporate Surplus Tax May

revenue development, said. powerful such dividends were liable for the{dend which changes his proportionsentiment was developing to extend | levy, while stockholders took the op- al ownership in the company. Now

present nuisance taxes which yield |

posite view. i the argument has arisen as to what

SCATTER RUGS

some $500,000,000 for two years or even to place them on a permanent| op basis.

Be Revised to Boost U. S. Revenue.

The Treasury thus received neith- type of stock ‘dividend changes proincome from the undistributed ; portional ownership. | earnings levy or individual income| The whole matter is now being Expire on June 30 | taxes on the stock dividends. | studied by the tax experts and on Nuisance taxes expire June 30 and| Tax officials described the law as | [he basis of their findings the Adpreviously only a one-year exten-| providing in effect, that a corpora- | | inistration is expected to decide sion was contemplated. It was tion i exempt from undistributed | Whether these provisions of the tax learned that the corporate surplus|earnings taxes on any portion of 1

law should be revised or continued tax study is centered on a conflict its profits equal to the stock divi- |

unchanged. ; between corporations anu stock-!dend it pays out, provided that the || The undistributed earnings tax |

4-Lane Parkwey to Cumberlanc. ret]

Size 20x40 Regular 6 3 C | THE |

$1.29 Value By United Press 25 West Wash. St.

WASHINGTON, April 2.—Government tax officials revealed today

they are studying indications that the new corporate surplus tax has

| Construction plans fo Indiana's first paved four-lane di’ided highway, on U. S. Road| {0 between Sheridan Road ' and |(lumberland, were announced by the) tate Highway Commission today. Commission agenis ani representatives of the City Plan, Commission have started acquiring{:ight-of-way property where it will l)e necessary to widen the present ro:.c. ‘The new stretch of siiperhighway is to cover more than five miles east to Cumberland. Four-lcnes of traffie will be able to move without danger of headon collisions. This |: danger will be eliminated with erection of a four foot concrete *“parkway” separating east ard west traffic.

Advantages Claimed.

M. R. Keefe, Highway Department chief engineer, claimed that in addition to being safer, tie new road will be capable of | hindling four times more traffic thai travels the present road. ‘Mr. Keefe said that bids for construction probably wil. be opened next month. Constructisn/ is expected to get under way ea ly this summer. : ‘Because a portion of the proposed highway is within the city limits, Val McLeary, City Plait Commission secretary, is co-operatiiig with State Highway officials in acquiring a right-of-way for that portion. ' Sidewalk to Be Built

\ 4 | The proposed new road is to be financed under the 1933 Federal aid * program. The Federal government is’ to pay 50 per cent of the cost. * Mr. Keefe said estima ies of the total cost had not been :ompleted. He pointed out that ther¢ would be no cost to property owneis. Plans also call for thz construction of a sidewalk on the north side of the road. No plans fcr landscaping have been made. .Urlike many of | the divided-lane highiiays through- | out the country, the ilividing park- | way will be constructed of concrete |! with no provisions fo: landscaping. «At certain points on the north! side it will be necessiiry to acquire » as much as 10 feet o' right-of-way 3 Quart Mr. Keefe said. No 1nore than five ! Sauce Pon

“¢ feet will be necessary to widen the

When Scout Richard Schnell took over the State Department of Public Safety for one hour Wednesday, Director Don Stiver took time out to explain the work for him. So in return, Scout Schnell, member of Troop 21, presented Mr. Stiver with tickets for the Scout-o-rama, to be held in the National Guard Armory tonight. | tended through April, RFC Chair-

DISPOSAL OF COTTON i man Jesse H. Jones said today. | IS TO CONTINUE | Two years ago the Government

held 6,000,000 bales through ComBy United Dress | modity Corp. loans and the AgriculWASHINGTON, April 2. — The | ture Department's cotton pool. The Commodity Credit Corp.'s loan cot- | cotton pool has been entirely BF ton disposal program which resulted | liquidated "and the Commodity 3

in liquidation of 1,150,000 bales dur- | Corp.'s loan stocks are now down to +“ NO INTEREST OR

ing February and March, will be ex-< 1,850,000 bales. CARRYING CHARGES

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3 Quart Covered Sauce Pon

road on the south. The present road is 30 feet wide. Mr. Keefe also sad that traffic will be detoured around the stretch and construction on ihe entire road would be accomplished at one time.

Work Scheduli:d Here

In Indianapolis, s.reet improve= | ment projects totaling $233,964.34 | have been scheduled for this year by the Works Board According to | a report prepared bs H. B. Steeg, City Engineer, for submission to the | Bamrd, the City’s coit of the total amount will be $171,¢73. The funds are to he drawn from! the gasoline tax revenues allotted | Indianapolis by the State. Among | the major improvements scheduled for consideration are resurfacing | 10th ‘St. from Dorman St. to Olney | St.; resurfacing of £. East St. and | Madison Ave. each irom South to! Raymond St., and W. Washington | St. from White River to the city limits, .

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By United Press NEW YORK, Aoril 2.—Wilbur Lawson, 37-year-old Hammond, Ind., “second-story” man, who hastened here after reading that New York was a “burglar’s paradise,” was in Jail today because ke erred on what police said was his 151st *job.”

BY THE MANUFACTURER'S PERMISSION Lem I NEW 1937 MODELS CN

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