The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1919-02-19
E TAX COLUMN
(of Klein. Hinds q Finke, Certified Public Accountants,
New York City,
filtered you through these columns }
InN Onr.ilnn. and An.Mcr..
Conducted by DR.. Joseph J. Klein, @. P. A.


Offered YOU through these columns
"a Ouc~tlons AMI Answers.
READERS are invited 20 submit their
tax problems 10 the Editor. Commun-
icnfiouH must be signed. bat names %
correspondents will not be published
Answers Will appear in the order Of
receipt Of inquiries Address Tax
Editor. care Of this paper.
~ v s-Tho mortgage on my stock
iH owing 20 had times. three times
greater than ms gross sales for 1915.
added g. which h. the cost Of running
my place 81 business. Kindly advise
me " I am subject 10 tax.
AnEwcr-rhe facts which you sub
NIT are absolutely Irrelevant factors
in the computation OF the federal mN
~ a B-wii you kindly advise me
through your Federal Tax column
whether ! must pay tax on The fol-
lowing;
salary received. $4,000 income from
other sources. &t0u. had $500 in
vested in "a small corporation. which
sold out It's business in 1915 and the
capital was wiped Il The company
has not been dissolved FOR the reason
TINT none OF the stockholders wish 10
pay thv expenses ~ legni dissolution.
In 1915 I bought some curb stock
which cost me 1915 and IN now worth
less there hoing no market for aaine.
Am willing 10 soil same for a nominaa
amount. bat tha brokers ten mo that
N iH entirely worthless aud he $500
IL not worth the papcr tho stock ia
printed upon Am married ANY In.
formation will be- greatly appreciated.
AnHwer-rndor the 1917 law LOSSES
we're not doducuhle until actually In
CURED Under the proposed luw
LOSSES actually and definitely asc,r.
tanned are d.ductihle " incurred iu
connection with transactions entered
into Tor urunt.
e M-N loft building rented 90 va.
Uour tonHnts Yields u not revenue ct
$4,000. aftcr deduCtnr an nscd
rharrcs. such as iItcrcst taxes CO..
pairs. etc, n after Including a.
,Hatks o. fl.huN made IS the Owner
OF said building for biz services ln
operating tho elevator attending The
heating in winter, De practically do
inr the work Of jhnitor most OF the
time
The owner Of the building lon aues.
ton tmarricd1 also conducts o sep.
auto business from which "a not In
come Of t2.sO0 ia derived ~ what
would be- the tax ON the total net
revenue OF i0.sO0F (2l should the
$500 charged for services he Treated
and Included as additional inrome7
Answcr-tb ON tt2.GOn ono chil.
drcn assumodl u.eb2; te1 Yes.
y u Please let me know the foi.
lowing through the tax column a.
No much taN viii "a corporation have
Ia pay for tho year 1918 if the cnpitul
stock b. $50, GOO, surplus ap.aNs. and
net profits, exclusive Of surplus. arc
for the year 1915, $4,000 Please
tell me details.
tel what IN the percentage OF de.
probation on Il tenement houas huild.
INK, 49, allowed hy the Internal ReN.
cnuo department. I used TO deduct
uuo.quartcr of I per tent during ths
previous years Am I allowed NOR,
deduction than thntf The nsHcsacd
value of the building IN $4,000.
tAl where could l obtain q copy ol
AN tho Income tax laWH3
AnHWcf- ca insufficient data fur.
nishcd.
90 Depends on materials. ncprs,
citation iH allowed on the cost Of ths
building exclusive OF the land cost
Two per cen is % minimum rate on
tho Hupcrstructurc.
go From the Commissioner of In.
formal Revenue. Washington. D. e..
Hr ~ tho Sew York Public ilhtaik
fottN second street and Fnh av.
cnur.