Evening star., 1926-11-27
REALTY ASSOCIATION LEADERS
STUDY REVENUE ''INJUSTICES''
Conference in Chicago Urges Change in
Act to Relieve Burden Caused by
Sales Regulations

, also suggested that if the taxpayer
elects to report on a lot basis, he
should not be compelled to report a
profit on any lot until he had re-
! ceived back the cost of the land and
improvements.
| s. Commissions.-The conference
recommended that commissions paid
by either lessor or lessee to a broker
! for negotiating q long term lease
| should he considered as an expense
deductible in the year in which they
| became a definite liability, instead Of
being considered a capital expenditure
! to be amortiZed over the period of the
| lease as ut present required by the
| Treas partment.
- * and TrustS.-The con-
! ferc; lmended that if capital
is ELI under the form of a trust.
agreemtE-, contract, or other f1nanc-
! ing method for the purpose of pur-
chasing, subdividing and for selling
real property under which it is
agreed that the capital SO employed
is to be returned to the taxpayer
prior to the distribution Of any profits,
the capital so returned may be ap-
pied against and reduce the capital
so employed. and, If the taxpayer so
elects, there shall be no taxable gain
until such capital shall have been re-
turned.
Other Recommendation Made.
4 number of additional recon-
mendations affecting regulations
with respect to double taxation and
claims in abatement were made.
BY formal resolution the conference
stated It to be the consensus Of the
boards represented that any approach
TO the Government on the matter OF
change in the Federal Revenue Act
be only that approach as outlined and
directed by the national association
and not an approach by indlvldual
boards. However, in instances where
the effect of the Federal legislation is
entirely local. the resolution asks that
, the individual board desiring to take
action in Washington, first submit its
position to a committee, consisting
of the president of the national as,
sociation, the chairman of the Federal
LEGISLATION and taxation committee
and the general counsel of the asso-
citation for their approval before
| taking individual action. A copy of
| this resolution will be sent to every
J board.
| Present at the conference were
! Robert Jemison, jr., Birmingham,
president, National Association of
Real Estate Boards; Henry G. Zan-
| der. Chicago. chairman, Federal leg
islation and taxation committee; j.
| F. Brownlow, Knoxville, member.
| Federal legislation and taxation
committee; Julius Anderson, Mime
apolis, representing Minneapolis Real
Estate Board; Stanley S. Staring.
Minneapolis representing Minneapolis
Real Estate Board; George Fl. Coffin,
! jr., Los Angeles, president, Los An
geles Realty Board; George Thomp-
son. Los Angeles. representing Los
Angeles Realty Board L. T. Steven
son. Pittsburgh, representing Pitts
| burgh Real Estate Board; Cass Con
naway. Buffalo. representing Buffalo
Real Estate Board: J. Lyle Vette,
Chicago, representing Chicago Real
Estate Board; Paul Q: Meredith,
Orlando, representing Florida Asso-
citation of Real Estate Boards; Ed
ward P. Doyle. New York, represent
ing the Real Estate Board of New
York. the Long Island Real Estate
Board and the Westchester County
Realty Board; c. r. Whitworth, Chi
cago, representing ST. Louis Real
| Estate Exchange; Frank S. Piper.
Detroit. representing Detroit Real
Estate Board; Gen. Nathan William
MacChesney, general counsel Ma
t1Onal Association OF Real Estate
Boards; George p. Ellis. Chicago,
consulting accountant National Asso-
citation of Real Estate Boards; Her
bert L. Nelson, Chicago, secretary,
National Association of Real Estate
Boards; Mervin r. Miller. Kansas
City, representing Kansas City. Kans.,
Real Estate Board; Charles l.. Flaugh,
Kansas City, representing Kansas
City, No, Real Estate Board; Frank
r. Grant. Kansas City, representing
the Kansas City, Mo-. Real Estate
Board; w. J. Palmer, ST. Louis, rep
resenting St. Louis Real Estate Ex-
change; Arthur w. Gelston, Brook
lyn, representing Brooklyn Real
Estate Board; Paul w. Pinkerton,
Chicago.