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

1000 from the collector or the district In
which you live or have your business
N AZ your mothers share OF ~.
pro6ts vas presumably In excess OF tao,s
per year e2.5o0 for 1870 she may make
Q separate return from her husband Sh.
should. however. state In her return tina,
her husband has no income.
Current Isterest On Past Deh, u. o.,
Allowable Dedscttsn.
s,,Is n non Are payments ;n.: o. P.. -s
inserest only be d.ducted7
sP:eiae.liy AZ d ,neoms ; from ~. zen, =,
contract 20 pay back at the rate o, 400,
. year with Interest a, g. per cent. pss,s.
Ss.3oe: Can he deduct this amour; Or on'y
Answer-Current interest Is an allova-
Bile deduction. For a normal wear ~.
1913, however. only the amour, du. ami
payable in the 1919 taxable period can b.
deducted.
RetaPn0-DeDreeiat IN stock.
STR @. ~ Being an officer In -.
corporations with income OF less than s-cn'
10 4 advisable 20 file a report 80 I" -
O 4 persn purehasing $500 worth ~
stock during the year IN corporation ard
YES worth $500 on January /, isii, can :: ooi
loss Be taken on taxable Income
Ansver-u) You should make a return
II your net income for the ten months o.
1919 was s2.5eo or over
tD II you keep a regular Sc, Of booa'
and make a yearly adjustment or river.
tory Of your holdings you can shor \
your income statement any gain or lose
resulting therefrom. Otherwise No loss
should be reported until the stocks ar.
sold.
Deductions of Farmer.
80 c have poultry fs,-u !,
stand I can make deductions. for. imp-',.
meas such A. new buildings. 'ncuba'o's 0-
IN fact new equipment COS, o. op@rs'i"-
| OF Buildings and equipment a. vol a. '...'
Can make deduction for fHsl hous -
Xnswer0You are not ailowed To- D. .,-
deductions for Improvements mr. f"- r'r
| live stock purchased. You can hoNs'-
! deduct cost OF operation. includ ng .6.
| ard feed. You can also deduct losses sol"
a reasonable amount FOR dcprecati'r
HssbA.d and Neutrality-suspicious.
ux s,:-J ,,s H. ~ ~ az an ~ Ear.'c.
/ income, and my wife also has ,u Ir
Of her own amounting 70 seou, 500
ment' n so - II necessary for her 40 -
az Par, o, my income is from 'r.---''
include said income in my s'a'emsr-
90. am ! privileged, to deduet sait .n
on stock should / max. a ,ta'-ms-' :
deduct said incom. from my s,a;srasrt'
O. snSsh, stock p,.yisou, 20 ~ ,,
depreciation from purchase price. ,.sr ron
price quoted March !, 1913 Am We:
Answer-IO You should include mo-
income In your statement and she sholli
sign Il.
| t2) You should include It You sHo.'f
show IN Column 4. page .. OF Form lN'.
all interest recetvSi on which the t'
was actually deducted IN Noverb'- snH
Decembse. 1913. or coupons paid IN NJ
vember and December, 1913, by co-r'rs
tons which agree to assume the tar n
figuring your taxable income 'l'h
amounts are deducted on line 8. pas.
(S) Income from dividends need rNt ~
included at all unless YOU arc suH'-r'
70 the supertax.
~ Not unless you keep a regular So
Of books and make a yearly sd.ps' "1"r'
or inventory Of your holdings.
| DsAactssas-Accru Interest.
N7.,M. wM. you k,1t-y 'u,r... ::
fiinS income tag s,stemsn, far an n :iy-ac~i
residence can deductions, be mad. ~, -;
t tau: S. &C., rent, e, Ard
..ass M.fss i iMa ana my sa:.T -. 4:
they are sold or not'
.in. au. ai ssy 'n isi Go' and @ @ss @
RUNNING icr the past slx mcn,hs slsl',' :.
| proportion only be nHurede
Answer-t) He can deduct taxes on
ca Not unless you keep rcr'. y s-'
| OF books and adjust the value OF secA''-
ties held such year.
(O As the Commissioner has rp''t -
interest received as INCOME vN,rf "''
due and payable on March !, ie' . q
| after was income for 1913, sNen ''.l-
| some Of II accrued for slN Ucr'H'
| more prior TO that time. We '''"' '
the entire interest paid on t-'r-'" '
money which was due and pay
March I. 1913. and thereaft,r
an allowable deduction.
Clai.aing Es-nption--W,ii "od'
Hs-R, II. c. Checks ~ d''-t.r
corporations have been for the SAVE
as before March !, 1913
tax on thsir nss earning. II
to the amour, OF $4,000
total income, both persona ar.
trust does not exceed the 5r""t'.
| and the corporations have h.-'N
tag for which he or her are
would q notice served uroo '''
t.on twhose stock. are h'"
estate, or personally BY hN.
| total net does not erce"' >
20 the tins OF their pnyiuS
them tcorpcrationsl 70 d-t ..' '.-
to Be paid tho amount Tor "a -
are exempt. under the y ..'
| n,h.r yo,a. ravs ,Nsv not r..' O 800