The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-21
PrOAt on stocks.

IA. II. l.. Ny sole income for 1918
consists Of the following. ON what amour.
WIZ I DO taxed: PROFIT on completed stock
l. isia to December a. 1918. $4,000; cash
P'i Soo 10 me by oa broker. Angus, l. 1919.
has been applied assins. current transac-
tons. none Of which was closed on December
81. lsia. eut which on inarke, prices showed
am 2 married man. an American ci.i.
10 no Item or exemption or deduction.
Answer-The 1919 taxable period COW
ers only ten months from March 1 to
december 81. The profit on transactions
which took place entirely within this
period and the profit IN transa ctions
completed during this period Figured az
the difference between the market vslu.
or the securities as OF March T. 1919. and
the price at which they were later Sold
would be your gross income From this
YOU can deduct all interest. charges, COM
missions. losses. &c. and the balance
would be ysur net taxable income.
The Treasury Department has ruled
thai " the taxpayer will keep books show
ing his financial transactions and In which
ne Will max. yearly adjustment or In
Ventory or his properties tho gain or loss
resulting from such an inventory may he
reflected in his income tay statement.
otherwise you cannot deduct losses I'M
I'll the securities are sold.
Clergy mana Fees.
lSs-F J. n. In making returns IL a
clergyman required to AID to his fixed sal.
AIRY me ohsrins. made on The occasion OF
marriages. oaptisrns, funerals and tho like
ana also the donations at other times MADE
without reference TO any particular ecclesias-
teal function"
Answcr--Whether or not Il clereyinan's
fees should be included AS Income depends
on whether or not they are considered
eifts. Pure gifts are not considered as
income. but gifts for services rendered are
income. Whether or not the fees received
by clergymen are gifts for services rem
dered Is a question. We are inclined to
think that they should be included in the
income return until there has been a rul-
ing on this point.
HusbanA and wife.
incom. /. ,i.ss: Total stsos I From Me
I on We wiz Jointly receive es7o7, so. For
per annum and for the ten months periodf
Answer--The exemption of husband
and wife 10 $4,000 per annum. Therefore
n S4,3Os represents your net taxable In
come you would be taxed | per cent on
ssos or 5000. For the ten months period
the exemption Is s3.33s.33. In this case
your net taxable Income being s3,707 so
you would be taxed per cent on s37iI7.
or S3.74.
Returns-Tsx Paid at source.
iH-F. y. am employed by a CORPORA
ton ana have no income outside OF my
salary. which Is beyond tho amount e1-
einpt. DO j have to make any return or
report 20 the Government or ioes tho cor
pora,ion employing me deGuc. the amount
OF tax am subject to,
Answer-It is necessary for YOU 10
make return regardless of whether or
not tax has been deducted at the
source Unless you received $4,000 or
more for the mo.ths OF November and
December 1913. the corporation would not
be required to withhold any tax for 1918.
IL . Return Necessary
it>-B h. Ny xross income. derived
mainly from rents OF property. amounts to
10000 per snnuin. but after the allowable
deductions have been made the net amounts
20 less than $4,000.
10 ~ necessary to nie a report with tho
collector of internal revenue:
Answer--Not II the net income was less