The Bridgeport times and evening farmer., 1922-01-19

on Dec. 21, 1921, married. What is
 his personal exemption for the year 1921?
 Answer-$2, 500 if his net income is less than $5,000 and $2,00O if his net income is over $5,0O0, | Question-B is the owner of a rail- l road bond which yields interest to l the amount of $125. The interest l was due and payable on Dec. 20th | but he did not collect same until | Jan. 18th, 1922. Must he make re | turn of this $125 for the year 1921? Answer-Yes.
 Question: am a married man and lived with my wife until Dec. 1st, | 1921. On that date we had dis ! agreement and separated. On Jan.
 5th, 1922, we resumed living toseth-
 CT What is my personal exemption | for the year 1921? | Answer-S1, 900. Your status on | the last day of the taxable year de- | term1neS your exemption, and in your | case you are classed as g. single man. Question-Will you answer the fol- l lowing questions? Ca) Can deduct taxes paid to the state, from my Federal income tax (b Can I deduct the amount I pad on my 1920 Federal income tax from by 1921 return?
 Co Can l deduct the taxes paid by me on my summer home?
 | on money borrowed which I used for the purchase of an automobile?
 Answer-(a) Yes. (b) No. (C) Yes. (d) Yes.
 Question - A purchased an auto mobile and was informed by the deal CT that $100 of the cost price repre- sented a tax. Can he deduct this mount from his income tax return?
 Answer-No. This is an excise lax imposed by Section 300 of the Reve- nue Act of 1918 (and not repealed by the Act of 192D upon manufactur- machines and as such is not deduct ible by the individual purchaser in computing his net income.
 Questior-In the above case may the automobile manufacturer deduct the amount of tax paid from Us in come?
 Answer - Yes. providing the amount of tax paid is included in the company's gross income.
 Question-Can I deduct from my gross income the amount paid to the state of Connecticut for my automo- bile license?
 Answer-Yes.
 Question-A conducts a. small bus mess and owns the building in which his store is located. Prior to enter ing business himself he rented this store to another for practically the same purpose, receiving as rental the sum. of $500 per annum. Can he. in making up his income tax return de- duct $500?
 Answer-No. If he should do so he must also include the sum of $500 as income received.
 Question-B has a sister who has been i'll for the past year. Early in December he made her a present of $20O, although she is not dependent upon. him for support. May he de- duct fais amount as a cantribution or gift in making up his return for that year?
 Answer-No. Not for that year nor for any other year.
 Question-Are pew rents and dues paid to a church an allowable deduc- tton?
 Answer-Yes They are regarded as contributions and as such may be deducted.
 Question-May a partnership filing in Form 1865 take a deduction for contributions to religious or cherit- able organizations or societies?
 Answer-No. However, each of the individual members of the part nership orr firm may deduce from his | 1ndtviduat' return his proportiOnate | share of the total amount thus con- trtbuted- It should be noted, how | cOnII1DuJ1OnS this nature is limited to Is per cent. 1 of his net income computed without the benefit of the deduction. my salary, I am paid $22O per month by my employer. I receive my check for salary on the 18th day of each month. Must I report as of December, 1921.
 Answer-No- The amount you actually received during the year should be reported providing you basis, but in the event you make q return on the accrual basis, all sal aries received or accrued must be re- ported.
 Question-"B" is an insurance agent and during the year he receives commissions on renewal premiums on insurance policies Must he pay a tax on the amount of commissions received? .? r.
 Answer-Yes. Commissions re- ,eived on account of business writ en are taxable income for the year Il which received.
 Question-May I deduct deprecia- ion on my personal residence?
 Answer-No. Depreciation sus- aimed on a personal residence Is con- ;idered personal expense
 Question-Is alimony considered lift or income in computing an in .ome tax return? 1
 Answer-Alimony is considered a lift and need not be reported as in ,ome-
 Question-B is citizen of the Uni ed States but for the past two years las resided in Europe, and his in come is derived from sources outside of the United States. Must he pay | tax if his net income exceeds his exemption?
 Answer-Yes. Every citizen of the United States is subject to the tax I 'n all taxable income no matter where he may reside
 (To Be Continued)