The Oroville weekly gazette. [volume] (Oroville, Wash.) 1905-19??, 1919-02-21

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cs=dg u life Insurance receiTz5 D. /
the b-lefcfz-y II Al insured y=rsou |
4 perso1 who czsh@d n n sndoE-
nent policy neal report "a income |
only tAst portion watch exceeds ~
Total q ne premiums II psid n al /
years or that policy Ann rifles ara /
No, taxable. galess the person recei.-
I'd II the year vzyrGents which repre-
sent when sd6ed 10 al prior pay
nsnEs 81 The annuity IN amour. |
greater nan ire original cost Of TIE /
znngitY Dividends Oh unexgired life !
Insurance policies are uos taxable in !
come. but diTideESs On gsid-uV poll |
cies must be considered income. Az
monT is not income 10 the recipient
nor is Il an allowable deduction On
the part o, The person who PAYS.
From the total o. al items % in !
come. there are certain Deductions al !
lowsble By Law. All interest paid gu |
personal Indebtedness and all taxes
paid during the year are deductibIe. |
except Federal Income and Excess
Prifrs taxes inheritance taxes and =
sessTnents for local improvements.
such az sidewalks. sewers, etc. Losses
incurred in business or trade are a. |
ioTable. also losses arising from fires
storms. shipwreck or other casualty |
Dr. from theft. in cases where such
osses are not compensated for by in
surance or otherwise Losses incur
red outside Of persons regular
JEcsH-1S dlr d44DN GD4- 10 Tie CAL-f.-
81 gains reported from similar trans
actions within the year. Debts due
10 the taxpayer actually ascertained !
10 be worthless during the year ara
ieductible.
Depreciation on property used in |
! profession. In business. or in farm
ng is another item that msy be
claimed as q deduction The store |
keeper may claim depreciation On his |
fixtures. and On his delivery horses /,
and wagons but not on his stock held |
or sale. The professional man may |
.Iaim similar deduction on his IrstrI-
nents; and, in the case Of physician |
who maintains team or auto for |
making his calls on patieA's reason
bile depreciation may be Gained. The |
farmer NAV claim depreciation on his |