Indianapolis Times, Indianapolis, Marion County, 2 January 1947 — Page 5

Bureau Here Reports Banner Year ‘An estimated $6 million was spent in Indianapolis by convention visitors during 1946, the Indianapo-

lis Convention and Visitors bureau announced today. - “The figure represented a- “banner year” for the bureau as a total of 384 conventions met in the city to establish a new all-time record. The

previous record convention year was

1942 when 350 groups met, in the city. The bureau reports that the 384 conventions brought 121,506 ~dele~

gates and visitors to the Hoosier |

capital, Joseph J. Cripe, bureau manager, announced that 205 conventions are already planned for 1947 and some are even scheduled

[ Hite re a Le Lo Bey ake

Sshetule B, page.3 BE 1 RENTED ROOM =k

Mother Can Rent That Spare Bedroom, ButU.S. © Requires That She Report Revenue as Income

Schedule BJs Provided to Help You Figure Profits and Loss

During 36 weeks of 1946 we rented one of the six| (Sixth of a Serle). rooms in our house. Total rental, shown in Columm 2, ; ; i Schedule B, was $144. Expenses of operating our home By 8. BURTON HEATH {were as follows: Ja ; roms ~~ NEA Stsft Writer ° <4 : - £ WASHINGTON, Jan, 2.—Item 5

Rent $540.00 "|of Your Income includes everything J a : 4.50 : that-comes from ‘sources listed in. “Telephone re 30.00 Group B of the Taxable Income Maid Service (hired) 166,40 3 check lst with the first article— Repairs and Mainten'ce 21.27 every bit of taxable income except : Water charges 12.00 compensation for personal services, ! «Insurance on Purnis'gs 8,00 dividends and interest.

hv Therefore this item has to be asTotal expenses : $904.90 sembled on page 2, in schedules A

One-sixth of above expenses amount to $160.69 {10 G, inclusive. 33 you had 09 such Atinibisable, so tis on for outIe Yeah, 36/52 of come oy an a dh 5 equals 41 ¢ d Column a Beca he al received. 7294 ix To 5 agains quire an article to. themselves they

| [will be discussed today,-and Annui- " 0 ties, which come first in the blank, SPARE ROOM RENTED—While Sara was away at school, Mrs. will be left for tomorrow's cleanup. Doe rented her room for 36 weeks at $4 a week, receiving $144 in all. This room's share of household expenses was $150.82 for the

You must report profit on any

as far ahead as 1950. Named Assistant Manager Mr. Cripe also announced that! Norman W. Lauchner, bureau staff member for the past eight months, has been named assistan. ureau manager. A member’ of the: navy during world war II, he saw considerable combat service and spent more than two years in a Jap prison camp. Pag E. Rupprecht, Hotel Lincoln manager, is president of the bureau. Other officers include. William A. Atkins, vice -president, and George Vonnegut, treasurer.

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re Your Va A

AT ROGERS ECONOMY 800THS (et

TODAY, FRIDAY AND SATURDAY DRASTIC REDUCTIONS ON HUNDREDS OF ITEMS FOR THE HOME, FOR GIFTS, FOR YOUR:

AND SAVE.

s or ns REE raat,

rental during 1946, whether an entire butlding “leased all year or a spare room rented for a few nights. But you can deduct expenses con-

Must Report Rent Profit. year, But because Sara used it while at home only 36/52 of that $150.82, or $104.41, can be charged oft against income. This leaves a taxable profit of $39.59.

B~INCOME FROM 1 Amount of rest or ropally

AND ROYALTIES

EEL M—n

Lt oy

Rean..in.our. house.........

Net profic (or loss) (col. 2 less sum of cols. and

oi 39 59

INCOME TOTAL—Deducti: |

are shown in Schedule B with a note calling attention to the aftached explanation. If this room ‘had been set aside for continuous rental and not used by the family when vacant, the Does could have charged off the entire $150.82, even though the room was vacant 16 weeks—in which case they would have had a net loss: of $6.82 against other taxable | income.

Atom Power Boss Has Youth, Vigor

Carroll L. Wilson Is 36, Father of Three

WASHINGTON, Jan. 2 (U. P.) — Carroll Louis Wilson, a tall, studi-ous-lodking young man with a| ready smile, is general manager of [this country's greatest project—the control, atomic power.

yesterday took over complete control of U. S. atomic raw materials, patents and weapons. Mr. Wilson was named the nation's No. 6 man in atomic energy after Commission Chairman David Lilienthal called him “the best man {for the job.” Mr. Lilienthal. said his appointment would bring “a combination. of youth, energy and mature judgment”. to the commission. Served With OSRD The new .general manager has been closely associated with atomic research since eariy in the war. In 1940 he was named one of the original members of the national defense committee, which was concerned primarily with scientific research. Later he served as execulive assistant<to the director of the war-

and development (OSRD).

loaned by the OSRD to the state department. There he assisted in the preparation of the AchesonLilienthal report—the foundation of the current U, S. plan for international control of atomic energy. A graduate of Massachusetts Institute of Technology and a native

married and the father of three children. His residence is Framing-

ham, Mass.

: Boys’ Shop, Fourth Floor

F. COME TO ROGERS LOWER FLOOR

USE YOUR CREDIT AT ROGERS

* Budget Terms * Layaway * No Extra Cost we TL ;

LERE- on eS SR sm i 5 LOWER FLOOR ||. « &.d

‘land if those cause a loss you ean

ble expense and taxable profit |

development and use of Mr. Wilson, 36-year-old bw is top administrator of the. policies formulated by the new five-man

civilian atomic energy commission. The commission and Mr. Wilson

time office: of scientific research

Late in 1945 Mr. Wilson was

of Rochester, N, Y., Mr. Wilson is

" next four years.

nected - with ‘the rental ploperty;

claim ft. ‘Schedule B is. provided to help | - you figure profit or loss. Most details go into Schedule G. If you own the building, or provide furnishings, they can-be depreciated in Schedule F. : : These schedules seem complicated [to most laymen. The collector will have. no objection if you find it easier to figure, on plain paper and attach it to the return, provided, you give all information asked in the schedule and, in the end, show your profit or loss in the right-hand column on page 2, Show Kind of Property

In the first column show the kind of _property—“brick house,” “frame garage,” “one room in home.” In the second column show the gross rental you- received. In the third column show depreciation, figured in Schedule F. In computing = depreciation exclude the Vaijie of land, and’ con{sider only: at portion of the 'building that is for rent. Depreciation rates depend upon many factors. In general an apartment building and its equipment are allowed from 2'% to 3 per cent depreciation rate (40. to 33 years life); a dwelling ‘and equipment from 2 to 3 per cent (50°to 33 years life); farm buildings from 2 to 2% per cent (50 to 40 vears life). Most collectors will allow (10 per cent overall on home fur- [ nishings. The fourth column is for repairs. {Do not include expansion or perma{nent improvement, which can only be depreciated, but do include re- { decoration. Give details in Schedule’ G, below.

Catchall Column

The fifth column is the catchall for other deductible’ expenses, to| be itemized in. Schedule G. In it

ation will be held Jan. 21 in Indian-| sety eo apolis, Governor Gates announced mad today.

sent to eity and county officials’in |; the every municipality and county of

several months ago.

Officials ot

A statewide conference on reore- |}

“Wy

‘Letters “of invitation have een

the state. Discussions will be hen on plarming; “development od of park and men cilities. | The conference will be conducted by the advisory committee on recreation . of the Indiana Economic council, ‘a volunteer group of 52 leaders from all sections of the state appointed by the governor

lecture down verbatim.” iT The professor, Who has bin. at-| tending the American So ; society meeting here, didn’t. say

what he proposed to do about the situation, .

Chicagoan to Speak: AS V. K. Brown, director of recrea-| tion for the Chicago park district, will be principal speaker at a ban-| 1 quet that evening in the Claypool hotel. : In his letter to city and county officials, Governor Gates said he had noted“the “increasing recognition given to the growth and development of recreation in Indi-| ana.” but that he had been “disappointed to learn’ that many of our cities and the rural sections of the state have not recognized the jmporiasice of “recreation [to the people in those places or made it possible to establish adequate programs to serve those people.” Garrett Eppley, field recreation consultant at Indiana university, is chairman of the ddvisory committee} on recreation. Robert F, Wirsching, Sirectat of the state park division, is general chairman for thy’ con- {

ference. Army Prisoner Sought re Police and military authorities § Sth today sought James F. Burns, 22, who escaped from the Ft, Harrison disciplinary barracks yesterday. |

you gan charge actual expenditures for rental advertising, A commis- |

| sions to ‘rental or management |

agents, light, heat, gas, water, janitor and maid service (hired, not | ‘your own), insurance, expendable ! supplies provided. : If you own the building You, should charge here the mortgage interest, real estate taxes, and personal property taxes on any fur- | nishings or equipment, as well ‘as | any use taxes (but not assessments for local improvements). If you! do not own, charge here the rental {that you pay. If you rent an entire building. that you own for that purpose, it is reasonably easy to compute profit, po loss in the schedules provided.)

| But if you rented during part of

| the year a building or room that you used the rest of the time; or if you rented part of the building

Schedule B. Charge Off Expenses In either of those cases, figure deductible expenses on the whole building forthe whole year. “Di vide their total between the rented | and the used space, and between the time you rented and that you used the space. The example that accompanies this article should help to darity the principles involved. You are entitled to charge off the, deduction on a building, or even a room, that you own or have rented |

a profit, even thought you did not | succeed in renting it—as an éxtreme case—at- all. But if you use .the space when it is not rented, even! though you do not really need it and did not acquire it foy your own | use, you can charge its expenses only for the period during which it

— Royalties are treated much like rent, in the same Schedule B. The cost (schedule P, colum 3) is what you spent creating the book,

You. cannot usually charge off | all of this cost in one year, -Ordi-' narily it must be written off, as de-

the copyright or patent. If you can

time will be brief, the depreciation

ee : | NEXT: Other common sources of

taxable income.

Long-Range Housing Program Gets Support |

WASHINGTON, Jan.

said today the housing banking committee would be sympathetic to proposals for a long-range housing | program, Mr. Wolcott is in line to bosome chairman of the committee in the | new congress. He said the group would study the housing problem |

mendations. A senate-passed bill dealing with long-range housing needs was’

past congress. This was the Wag-ner-Ellender-Taft bill for the con-

struction of 125,000 public housing |

{rental units during each of the

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and used tbe rest, it is easier to || do your figuring on .a .separate;

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