Perth Amboy evening news., 1922-02-09

+ readers of the Perth Amooy EVeh-
lie.
tons are allowable deductions?
Amy contributions or gifts
made during the year to any cor.
poration or community chest fund
or foundation, organized and oper-
ated exclusively for religious. char
table, scientific, literary or educa.
tional purposes, including posts OF
the American Legion or womens
auxiliary units thereof, or for the
prevention of cruelty to children OF
animals. Also any amounts given
to the United States, any state, ter
ritory or the District of Columbia
for exclusively public purposes.
Q. It's there a limit to the
amount of contributions allowed an
individual?
Ayes, you are only allowed an
amount equal to 16 per cent of YOU
net income before deducting the con-
tributions.
@. 1S-What items are entirely
exempt from the tax?
A. (1)-Proceeds of life insurance
policies paid upon the death of the
insured.
(2)--Amounts received by the in
sured as a return of premiums on
life insurance, endowment or anpal-
ity contracts.
Z (3)-The value of property ac-
quired by gift, bequest or descent
(but the income from such property
must be returned).
(D-I1terest upon bonds OF a
state, territory, or any political sub
division thereof, or the District of
Columbia; or bonds of the United
States or it's possessions Except
Liberty and Victory loan, bonds),
federal farm loan and war finance
corporation bonds. Interest from
Liberty bonds, Victory bonds and
Treasury certificates of Indebtedness
are entirely free from the normal
tax" but if you hold an amount in
excess of the exemption allowed by
law the interest on such excess is
subject to surtax.
(5)-Amounts received through
accident or health insurance or I'M
der workmen's compensation acts.
as compensation for injuries or sick
ness, and any damages collected on
account of same.
INSTRUMENTATION received from
a state, territory or any political
subdivision thereof.
O-Compensation, ard allow
ances received from war risk insur-
ance and vocational rehabilitation
acts or as pensions from the United
States for military or naval services
rendered the United States in time
of war.
(8)-Dividends or interest from a
domestic building and loan associa-
ton received by an individ lal after
December 81, 1921, and before jan
uary 1, 1927, 10 to exceed $500.
(Conkey's third income tax article
will appear In the Perth Amboy
Evening News tomorrow.
ply, by reason of it, healthy exercise
for u idle young men and financial
reward in consequence of it. +
And did you notice that the ma
Jority of these young men were ex-
service men-the very cream of
young manhood our good old Uncle
Sam had selected to do his "bit" for
the nation-that is for you and me?
1t seems strange that, after the
shouting is over, nations DON for
get. Many of these men, here and
elsewhere, had left lucrative jobs to
do the work for us on the other side
of the big pond, each to do his share
as best he could. Many remained on
r'rench soil, honored. Others re-
turned more or less disabled. The
rest who did come back sound in
body anticipated in a short time to
resume their usual occupations and
settle down once more in the pur-
suits of peace.
What a delusion this latter dream
proved to be! What war did not do
TO their bodies, peace and following
unemployment did to their spirit
no work, broken in pocket and brok-
en- in spirit. What is the outlook?
Where is all this contemplated
work that was to be created for the
benefit of the unemployed? These
men do not want charity; they want
work. 1t is easy to talk and to make
promises. 1t is not a promise that is
required-it is action, and o is the
time. +. K. N.