Indianapolis Times, Indianapolis, Marion County, 11 January 1949 — Page 15

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hed cereals, yr thiamin, [ENUS . ice

-early trade, dropping to prices from $20 to $21 at market close. Sow Prices Dip . 3 Prices fell 25 cents below the $19 to $21 range paid for 250 to 290 pounders. The 290 to 320pound weights, falling to $18.50

and $19.50 in early trade, dropped| »

another 50 cents in late trade. Sow prices dropped 50 cents or more at prices from $15 to $16. Some reached $16.50. Big weights dropped to $14.50.

Cattle Trade Up In cattle trade, steer and heifer sales showed a price range from, steady with yesterday's trend to| 50 cents per hundredweight higher. Steers showed the greater gain. A load of high good to choice long yearlings sold at $28. Three loads of mostly high good 1150] to 1250-pound steers, including a few choice grades, sold at $27. Medium and good yearlings from $22 to $26. Several loads of mostly good heifers “brought $25 to $25.50. Medium heifers sold at $22.50 to $23.50. Common lightweights were scarce. Cow prices dropped slightly in . closing trade, as common and

medium beef cows sold at $17.75}.

to $18. Good grades remained unsold at’around $22. Canners and cutters were $14 to $17. > Bulls Steady Bulls showed steady to weak|* price trends. Good heavy sausage bulls sold at $23.50. Extreme top price was $24. Medium sausage bulls and the bulk of good beef bulls sold at $21.50 to $23. Vealers soared $1 to $1.50 above yesterday's figures in very active trade. The advance was mostly on top medium, good and choice grades. Good and choice grades jumped to prices from $35 to $37, as a few reached $37.50. Common and mediums sold at $25 to $34. Culls reached from $1850 to $24, as several weights below 100 pounds ‘and thin heavyweights sold at prices down to $15. Bring $24 to $25 In sheep trade, native lamb

brought $24 to $25, Common just good grades held at $19 to Ls

$23.50. Slaughter ewes remained steady at $7.50 to $9 for good and choice grades, $5.50 to $7 for common and mediums. ‘Estimates of receipts were hogs, 9800; cattle, 2125; calves, 400, and sheep,” 325.

x Local Issues wJan. 1 Bid Asked Agents Fin Corp som ......... s “y American sintes ta assesses 23% B American States Dp! crseenne-39

Ayrshire Col com

SE : How to Figure Gains ¢ or Tosies I Use SeparatesSchedule if Transactions Are Taxable or Deductible

.. By §. BURTON HEATH i NEA Staff Correspondent : Schedule C is for business and professional persons, . [tempt to discuss its complications | > would only confuse the much greater number of those who are ‘not interested. So as usual it will] 1be ignored in these articles. 1 This Schedule D in form 1040 is merely a place to record the gain. or loss on sale or exchange of assets. The figure for this schedule has to be computed on] full-page Schedule D you can get from your Collector, which should be filed with your retum if you had: such

proved worthless. This schedule attracted attention recently when General Eislennower; Amos and Andy and other headline characters ar-

ule C was. Schule (Fl wih Form 140)

scHEDLE OF GAINS AND LOSSES From SALES oR EXCHANGES OF PROPERTY

Namz ano Avoams ..

. nd of pop Of meen Ah ian # Sony fonts | a

1. Net gain (or loss) from sale or exchange of capital

or Cound You 14 focal your begining... JAD... 5. sel », wd wadey .. i ~e John Y. and Ida Ce. Doe

“These Schedules D are used You should .use the separate also to report losses on debts that proved uncollectible during the year,” and on securities that

Schedule D to figure (a) Taxable gain or deductible sale of - property owned for the purpose of mak-

not

loss on the

money: ; " Taxable gain (but loss) on the sale of

property; tc) Deductible loss on worth. ranged sales to put large income less securities and non-business into the capital gains class, to save tax, Line 1 is the only portion of ible loss on trading In securities. this schedule that interests taxpayers. who are not in business, or maintaining - professional establishments. Line 2 is ignored Term Capital Gains and Losses, here for the same reason Sched: {which are on assets you held not|P | more than six months.

debts;

The “Capital Assets” portion! [ot Schedule D is divided into two parts, The. first covers Short

(1) CAPITAL ASSETS 5

A Due a | ua (wn showsbie) Seer uw | i eet ples) ” Naw i ny Vw SY an]

4 Tg wa

Evan L Noyes aes » #dded to a: “Sandy Hook, S.Fe

{eatin at diled ctl TH; 194

| leaving no mpparent assets

Ruddell, Noyes

x Net short-term gain of loss other man wo oh me lt ke columes 6 and 7, of line 1)...... L088

S Eater your shar of the mes short-term gaia or Jom from parnerhipe aod common wre funds... "4 Baum bere che gum of gains or lowes

heat

Schricker Quits

ish ansssa stan sinssnsneies sete ne

3 1. Ere Cop Eta Ton oc Bry amt A lew Tl oF | (#) Net loss for 1948 (either the sum of losses or difference between losses and gains in lines 4 and 9) . (#) Capital loss carry-over, 1943-1947 inclusive... oonnivannsas anersasernad reassess * (¢) Toeal of lines («) and (§) .

As Bank Official

. Two new directors were elected to the board of the

Trust Co. dt the annual meeting,

Shey are James H. Ruddell, | president of the Central Rubber | & Supply Co., who succeeds his| ee father, the late Almus G. Rud-| dell, and Evan L. Noyes, assistant (reasurer of Eli Lilly & Co. replaces Gov. Henry F. Schricker. Evans Woollen Jr. of the board, emphasized the im-| provement of branch bank fa-| cilities. He sain: “The new building for the 16th St. office, 20 W. 16th St, completed and occupied Oct. Extensive improvements have been made at the E. 10th St. and Irvington branches. - A new lease has been negotiated for the West St. branch and parking Tacilnies have been

sale—but not turn-in—of your| car used for business, after de-| ducting allowable depreciation you are taxed on only half of the | . 'gain, and you can claim only Half the loss on business items—and none of the loss on personal items.

from the cost price. For your own sake, don’t for-| {get to add to the cost of such

'a new branch at Arlington and

(4) Enver here aod on line 1, Sched Dr pope Form 10%, the smallest of the following: 1) he mat a los 2 C2) wr income (adjusced gross income if tax table is used) computed without regard to capital gains or losses, or (3)$1,000.... () Enter here the amount on line (4) plus the amount of any 1943 capital low carry-over not sed in line (4) fits asagnnnsn wi (

This long-term blank is where items whatever you spent to en-| It is where you large or improve them, but not!comes part of your income, tax figure the gain or loss on sale for repairs” and. ordinary mally; whatever rate You ate paying. where you figure the gain, but| If you paid an illegal black ‘But the ceiling is 50%. § not the loss, on sale of your per- market price (in excess of OPA means that Uncle Sam won't take Sonal home, a car used for fami-| ceiling) ‘you can’t charge the il- more than 25% ly purposes, a no-longer-needed legal portion. If you were soaked piano or baby carriage, or any in a legal “gray” market, through

part of the cost.

This half of gains ordinarily be-|

-Sity a

Committee Meets With Mayor Feeney | ¥

of your capital] A seven-member committee ains, though usually he gets less./ appointed to study ways and The ceiling calls for computa-|means of improving the quality property. bonus or tip or “bet” or other-|tion of “an “alternativé tax” on{of city-employed personnel held Here you can charge any loss on| wise, the gouging you sustained is!the back of the separate Schedule|its first meeting today in the ofSince it does not become|fice of Mayor Feeney. For transactions in this group! effective until your adjusted gross| income exceeds $22,000 on an n-| bY Mayor Feeney following a request from the League of Women Voters for an opportunity to study methods of municipal em-

ployment. \ Mayor Feeney sald that while

This|

dividual return (or $44,000 on a! joint return) it will not be con-

Wom

Democrats

pay the freight.

government in fiscal 1950.

ficit of some $900 million.

the national debt.

crease is “probable.”

taxes.

recomnmended.

{budgets do not permi

to compete with private busi-

Including the new Arlington-| 10th’ St. Branch, the company]

will operate 14 branches includ-|

ing the main- office in thé com-|

s. 21 WY 00; 2800 AOA

pany building at Market and] Pennsylvania Sts. Woollen's report. auotea| the Almus Ruddell memorial by! directors. He also Yoimented

7. Enter the full amount of your share of the act long-term gaia or loss from partoerships and common crust funds 8. Enter here the sum of gains or losses, or dsfference between Bin and loss, shown in lines 6 and 7 9. Eater 50 percent of line 8. This is the amount to be kengn® account in summary Welow

» ) Capital Joss carry-over, 1943-1947 inclusive’. () 1 line (a) exceeds line (4), enter this excess here and on line 1, Schedule D, page 2, Form 1040

PALAIS PGI alm rors, USNC The transaction shown in this carry them for not more than five for investment, but for some rea-| nel relations department of the {first section are those on which years, and each year charge them gon 501d within six months; and

Assets of estates and trusts, {100% of gains are taxable, and i; held by the company, were $50,-/100% of losses are deductible sub-| 062,566. The company acted as|ject to this ceiling: transfer agent, trustee of corporate stock and | bond issues totaling $18,136. 107.

(x) You can claim such losses

; reported Yler Trust Co. as of Dec. 31, "1948,

(z) If there still are short-term:

2 Name snd address of excate or

Total income from above sources (Enter as

Btokely

Terre Haute Mate le *0 8 Machine « 1 United Telephone 5% ptd “eer ee Union Title Co. .......cvener 5 pene ’ BONDS American Loan 4's 60 7 ee A Loan 4 [1 Jp i . Morley 8s 8) ...... 7 Buhner Pertilizer Fog rans =" Ey a Ie 201

Be boagires %

{of its three lines. For Line 1 or Line 2, show only report the principal of an 11% to address the 12th annual meet. the amount received from either heritance. ing of the Automobile Dedlers of source, leaving it to the partner- income tax.

'|Indiana, Inc. at a dinner in the ship, = syndicate, trust to report details.

:.'|the Board of Trustees of Indiana! «++ | University, will ei {threat of the growth of the Com-'

January Opens CPA Offices Here

The ubject of th former All subi fehl an Helvin L. January,

‘County Democratic chairman “'.{be “The Choige Before Civiliza- public annountant, offices at 1801 Broad Ripple Ave., chang 836 8. Meridian St.

NOUR 1OmOITOW. Che will engage in ‘he general|

(Larry) Doyle, Detroit, central re-|

TON, N, Jan. 1 (UP) —GovernxXpenses and rece Ag the cur- , COMBA

U. S Statement rent

t flaca onl) year through 8 yoAr is ans

p $18,467, ree . 356,576,624

INDIANAPOLIS { CLEARING HOUSE

CIOAPINES «0 iuocovivnrinisrnias § 6,051,000 DOM » har, coms nbawinnss assis 26,889.000

glonal manager of the Ford Motor | practice of pub-!

ov . [Co., will address the dealers on community and employee relations under the subject, “It's Inventory Time." The morning business session will open under the gavel of Jos-| eph E. O’'Daniel of Evansville, who will hear committee reports, soe Including the progress of the $50, 000 inter-industry highway safety

Schauss of South Bend. Other speakers.at the luncheon, Herman Schutter Executive secre- five years in the finance depart.

matters, and operate a ' book-

043 384 ot. itTiea sl keeping service.

1,351,616,085

104.200 per BAEEY ul a0 ,240.041.0 041, 22,761,541,906

matters for the

years, he previously worked

No. i Ne. 2 Me

Local Truck € Grain Prices,

fiEE

xy - i soybensis, 41.0.

be Ben T. ment of the Air Corps.

juary attended Benjamin Fran Dealers Association, {lin University, Benjamin, Fran and abil to get tol. --

"Washington, D, C., and 5 dam 5 i remy of the In-| "Center, r, Indianapolis.

Book | Review Slated . The book “Rachmaninoff Recol-| Jections,” by Von Relsemann, will that: he/be reviewed at 8 p, m. tomérrow Crispus ks High

Me: | wright, Po n the Natio s.| Automobile

CHICAGO, A Ph ng Officer | mond Polenik,

10. Summar ry of Capital Gains (use only if gains exteed losses in lines 4 and 9):

|against that year's income under] {the provisions of (x) and (y): “He "\you do this, each year you should that have gone bad, which ‘first use ‘your oldest unexpired here no matter how long you had Robb, 17 N. Dearborn St. |capital losses, so as to get fullest | held them. On these you shoul dl! up to the total of both long-term. benefit from them ‘before they give information showing that ’ |and short-term net capital gains outlaw. or 1048; and then :

(blank:

Amount, t,

S, page

Page 11jestate that has not yet been dis- collectible. former Ft of the Bureau's instruction book- tributed among the heirs. po Wayne attorney and member of| let t this his year mentions three things

| | estate or your share of the income of an charged off in past years as un- = “Modest Prices!

QUICK SERVICE

- » x Miller Jewelry Co. |

Line 3 is the catch-all for tax-

Studebaker Corp. “ Steps Up Output =

accounting, Corp. at South Bend announced, including feder- a step-up in production today. tax

Harold 8. Vance, chairman of the . Studebaker board, sald the

firm had sent letters to all

dealers advising them of the in

creased output.

Labor unions reported a month] ago that they. expected employ-| ment to jump in the Studebaker, operation about 5000 men atu!

the first of the year, Ford cut back production in| the Mercury and Lincoln lines, |

.|and . Kaiser-Frazer reduced as | nk. sembly line schedules due to the

Gains Promotion.

x Pfc. Jack L. Lavely, 3445 La-| Clede St, has been promoted to the rank of corporal in the Food Service Field, according to an anby the U, 8. Army headquarters. He is the

{they were not made to close rela-| | There ‘are two types of asset, tives, as defined for dependents; . { (y) You can claim up to an- frequently held by small taxpay- that they were made in honest; 3 | were §119,222,149, with total capi- other $1000 against other taxable ers, that would go into this expectation tal account being $5.301,936. Re-|1948 income; and then serves were $205,580.93, and ac-|

being Tomorrow: Totaling your I"

I Professor to Speak

r of accounting at Indi Bloomington, twill address the local chapter of he National Association of Cost Accountants tomorrow night at] While Ford and Kalser-Frazer = Indiana University on “Sell were cutting back output in the ing and Administrative Expense!

lover-$2000 price class, Studebaker Accoppts.”

on the matter of wages, it {is thought by the League representatives that the possibility of more permanent job tenure {not dependent on political changes] . N | might be sufficient compensdtion| {to attract higher-type employees. | Committee members at today’s ‘first meeting adopted a motion| _inaming Mrs. Alfred Noling of the. | League of Voters chairman of the,

group. -

Other members included Mrs. | {Guy ‘Byrd, 6018 Haverford Ave. and Mrs. Walter Greenough. 556 E. Fall Creek Pkwy., both of the iLeague of Women Voters; Harold! | Schuman, secretary of the person-

Indiana Manufacturers

tion; Porter Beidensticker, coun (2) Personal loans and 4ebts, man: Cleo Blackburn, director 8%/of Flanner House, and James

Blvd.

i shock,

| Driver of the other vehicle was Can Goodwin, 24, of 1805 Lam-

“Everything not" reported ap “tb! As for "Line 2, 1t is important; able income; but there isn't Hn now goes into Schedule E, on one that should not be included here, left to go there. The most com-| |= to remember that you do NOT! mon items would be alimony rein- ceived under court order, net winThis is NOT subject to nings from gambling, or sums What goes here is collected

rt Bt.

by EXPERTS At Miller's -

ANLEFELD Julius Felt- “[

Gop Girds for Fight

Against Tax Increase WASHINGTON, Jan: 11 (UP)

Pvt, TAT SKINNER. John F..

way with . t multi-billion dollar budget program, including higher taxes to|.

Mr. Truman's record peacetime budget proposed a $41.9 billion (d) Taxable gain and deduct-|SPending program to operate the

ELLERMAN-Dias d Goode t It carried out in full, the Pres- wa _

ident figured it would leave a de- MORGAN Fete ¥ s Mate. " taxes — $5,960,000,000 — were roposed to make up the deficit BE M., See TT and provide a surplus to apply on R: J The general, but by no means unanimous, feeling on Capitol Hill was that Mr. Truman would have his way. Even Rep. Rob- . {ert I... Doughton, (D."N. C.), who neads: the tax-writing House Ways and Means Committee, adtmitted reluctantly that a tax in-

avay Monday in og

y * 3008 E. New Zork St. esday noon. Pune bt Wednesday pas, Tungral Tine, urial

ARLEFELD-—Julivs"P eliman, e entered of Dessie ‘Ablefeld. wd

GOP Set for Battle Republicans who called pudget “preposterous” and “reckless,” got set for a battle to prevent tax increases. It appeared. doubtiui that they would have ~ much luck, but they hoped. to {trim spending figures so the budget would balance without mew

i feld, brother of Willen and Fred hlereld, 1234 Prospect St, Wedness

Eila Riggs. Mrs. Audrey Horrly, and ars. Barab Wale. k. BeTvices Wednes-

2p t bri Christ of Patter Day Saints, corner 15th and New Jersey Sis.

150 » B rial Memorial Park. Friends mag . arin the “CHAPEL OF THE, — ——— A — i ——— A ———— Zors L., 3935 ton, sit of Oral A, mother of

Jn the other hand. some Demscrats were talking of additional spending. If, fop example, they approve the second payment on the 7T0-group Air Force program, {they'll have to find upward of $2 billion more ‘than the President

M., tore Saal HH h AN oR

ANKENBROCK iy nie), sunt of Herman, Ral and Henry Aunkenbrock, y Mrs. Charlotie Eilers, city; also three nieces in California, Chairman . Walter F. George| Passed away Monday. Jan. 10 103 (D, Ga.), of the Senate Finance Committee said he only hopes Congress can hold spending with-

in Mr. Truman's budget esti-|

St. Intermen Friends may call "w

ARAT rrr vania 8h "Bushing ” sable, heo a. Mrs,

19th St. Interment Washington Pa

bod patans er

es A, 1352 MANS beloved Pushand o pg Ciara nan Artman, gt her of

a, Ho. 1508 3 East St Frieddt in HOME, Burial dis. F 8

The committee was appointed

Royal Oak, Mich. and Miss Olsdys . i of Mm, Cora

1 at the J. CHAPEL oF THE Jciliuza Tuesday.

COLLIER m Johanna, age 8 years,

age ter of the late Joe Mae, husband of Cars. Ww

Mer tel. stepfather of Mrs. Orville Vawter, Mrs. Theodore Kumbuirs, brother

Joseph Michaelis, Robet} an an FI Poa Finer from "SPEAKS L ROME. Church, ’ a m. . : Ce Burial St Joseph's

3 Cord of Thanks

Truck and Car Collide, {Man and Girl Injured

TWO persons were LL) neither and seriously, today when a tractor od . or you hive, tried to polled: land trailer collided with a motor| (1) Securities trad in for and why you. fee ey can’ car at 42d St. and Fall Creek crued interest and taxes $204.-|capital losses left over, you can!speculation—or securities bought collected. +: (902.07. Deposits totaled $113,419,-!

084 | 720, a moderate increase.

i State Car Dealers To Hear Campbell: =

4). Alexander M. Campbell,. assis 3. tant U. 8. Attorney General and is ace Red hunter who directed the 108 |Chambers-Hiss investigation, will 10% arrive in Indianapolis tomorrow!

rey Bros, a Jrving HI Ruth Anderson, brother of Dan D

Dorrell of Greenwood and Ro ND, MOTHER & PATHER

HUSBAN MANN -We sincerely appreciate kin 1 ex to us by out Robert M. Marr, 24, of 5325 N. neighbors | Tacoma 8St., driver of the car, received first aid from police. Miss | Marjorie Hollenbeck, 18, ‘same ad|dress, riding with him, was treated {at Methodist Hospital for lacerations of the face, bruises and

BN pt, Tleasant Ceme

EL fm Diamond

[itrman, mother of Mrs

cour teons understanding services

and other courtesies ex~

T= WATCH REPAIRING ||

call at chapel after 7-p. m ay very kind Atienyion and ny hs 4 ng mpat for Thomas snd Edward Fleming and for Blau waiving « ort Mrs. Catherine Nichols, all of Indian« Eiks Home, Bedford, y, Jan. ‘10. Funeral from BLACKWELL FUNERAL HOME, 1503

i a alt ae cas MR a MRA. DAN SULLIVAN, SON , & MRS.

a, m. Requiem Tupersl mass St FTROURE= BE—We are XA John's Church, ® a. m. Priends may

call at the funeral home Tuesday

FROELICH—Emel mella, 8 years, |

29 on the Circle

2 Doors | From | Power - Light ( Co, - wf

J or words of ome” and all who aspisted Services rendered >

daly PARENTS AND BR pal Mt me 0 expressions of pa

_ GRIFFY-C oo. Wikia A 5

of Mrs, Virgil Cal ley hdl

Stan 8 Mich. Ba a S18 any oT inds m

A Tod. Brian and Carter Ha, \ndian: apollé; great andi

a Time of ate later,

| GRAIN DEALERS MUTUAL AGENCY, INC.