The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-26

/ two-thirds represents the pronts Of CO.
This .pront was actually received by the
sctats through q monthly drawing account.
ysms. a ana se ps.m es:pis Of ou, iS
| d, 900 for each Beneficiary.
n Of ana a1d h sn'. .a
with the trustee of the estate the proper
| III IL IL necessary for IN. trustee 20 aie
2 report showing the total income for each
II o. shS es c~lSm ,1s nf ' and pas
~:sho De .s 0S sad 'h fs4 ea .s
nducisriss are not required to Withhold the
tan uS ss,, IN: ;, actually y, sSs.sd fo
psssmssr L $500 or oner q november anu
r,Ss ss. s' e . no 10 t make
report and why. and should columns 2.
:.d rs%s,n blank for u n. latter is the
Answer-G Yes.
90 You were not required to withhold
any tax for the year 1913 and therefore
Il V not necessary TO MI out the columns
referred to except to write in the word
| none"
tO You should make a report and MI
| In the word none" az stated In 90.
supeptan.
$50 y. u would like the opinion
premiums paid by you on a building you
own 49,, an ,nyss,mens and which you rent
a. x:.aniss you ar. entitled to m.
salary 10 $4,000 per year: you receive divi.
a on,as smosniin. 70 $1,000 rom Companies
cent on lis ne, earnings, would you no,
| then be obliged to include in the report the
dividenis 30 tina, the supertaS could be
OO on the same state Of facts a. in ',).
ssids h. rss.iy.d h. H ;isccc '@ diylaeHSs
| retained part OF the net earnings as surplus.
interest," in ,hs surplus 81 'or undisided prons
| 80 that the supertax may he assessed against
| his interest therein'
q, Yes Fee.
90 No This applies only to partner
| ships. II the amount retained for sur
| plus is in the opinion OF the Secretary
| OF the Treasury unreasonable for the
purposes Of the business he may require
such undivided profits to be included.
Army omcer.
sso-e. NJ W. am an army .ofne.r and
20 my salary ! am sarni.S.S hoa.. 30 i've
10. which I: Asa,.. ard ii.h,.d At guel.e
auires travel. I receive compensation at the
rat, Of ! esn;' g Pc mile =,
though It may be tent on the Me,iean
''Sna sRoa!d n .Ssv mus q. income. moDsy re-
eeivei for travel willis on public bushes.
J in accomplishing the Journey ordered by the
4 War Department
| Answer-I) We think that you should
include only income actually paid or due
and payable within the taxable period.
te) No.
No Retsrn IL Necessary Caless Ia
esae for 1913 Taxable Period
Amounted 20 s2.SOO or More.
:si-Jersey. VIII YOU NOT publish soms
; infor nation apple able TO the following cas-.
oshers beside. myself
! IL a statement necessary or phs, procedure
business and own real estate including
residence. Tn. gross income Of the busi.
ce-pors, nis (. s.t~..n $500 and $4,000
yearly AID from Witch ! derive a net tn
Answer-If you derive any income from
the real estate which you own and II this
added TO your net income from your busi
ness amounts to $4,000 or more per an
mum (e1.s0o fog the 1913 taxable period)
Il will Be necessary for you to make 4
return: otherwise not.
Iss.sa.ee Prenisas.
PIT p You say in your i.,gs o
oannos be deducted IN giving IN your In
come tax va. di;,ine'y ,o!d al ti r. eo,
on all apartment houses and other prop@rt'
rented out, but not on my hous: ! va,
on the business VIII this law ever be mad.
clear % a man can make a rstgrn and no,
In error on such ITEM
Answer-The inquiry YOU refer to VA,
In regard 10 life insurance premiums anc
IRE insurance premiums on ones owr
residence. You are correct in your un
derstanding that fire Insurance premiums
in connection with rented property ar,
allowable deductions.
Husband ana wife.
come 5000 Under %" subdivision !? o
.s"s p.. ss .n. :aso be 70 ID
"a, imposed b, al sns' - .ee; s az AND having
s whsr. G IN t e. 0xsT RS ,s.rs sn
provision that the husbands incom. mus
e.'a .,s1n the n. .s. HSsr. s. 4 'a
bined Income 10 $4,000 or over DO yo'
AND s.. ,ot Hr. ~ ,nsam.
regulations which statss,
IF the asEreEate net incom. % both .t
ceeds u. 900 annual return Of their com
oined incomes mus. BE made In the manne
stated. although neither one separately ma
have an ineoms OF $4,000 per snnum The,
return and for she payment Of tho tax"
Do you see anything in the spirit OF IN
law which warrants any such regulation
In other words the p.nali,.nx OF two IN
dividua,s for getting married when sepa
rateiy their incomes would be exempt
Answer-The law states In Paragraph
. c that only one deduction OF $4,000 shall
!, be made from the aggregate income o
. both husband and wife"
eturna-Deducttons.
.s-R A A. ~ am . dentist an
married Receipts from my praetie. iron
March l. 1919, 10 January I, 1914. wer
$4,000 and actual once expenses amoun'e
to V.sSo Do ! have to nie return,
, own. mortsaGed Al $500 with per cent
interest. What proportion may deduct .
= (D Taxes on the property were u:5. wha
proportion may deduct as business e,
: rs May make , deduction for depr.ci
! alton OF my ONCE equipment II so. whs
percentage
Y Answer--D You would be required {
. make q return II you had no other al
lowabls deductions. As, however. yo
. state In co that your taxes amount I
. ll25 Il 10 not necessary for you to max
. q return. for all taxes paid are ALLOWABLE
Z deductions and your net income woul
. therefore be less than $4,000 for the 1911
{ taxable period.
4 (2) Interest on all personal indebted
l ness Is an allowable deduction.
= t3) See answer to your first question.