Evening Star Newspaper, November 24, 1928, Page 20

20 REAT ESTATE. TTENTION CALLED TO0PTION ON TAX Trust Companies in Land Business Must Act Before May 29. Trust companies doing real estate Lusness must act before May 29, 1929, hey are to ‘take advantage of a re active relief measure incorporated in Federal revenue act of 1928 p ing them under certain conditions exercise an option as to whether y want to be taxed as a trust or a corporation. That is the warning to be sent out s week by the National Association al Esate Boards to all its member s. In addition the association will 1 a statement to every trust com- y in the United States calling their reads as follows: “For the purpose of the revenue act |of 1926 and prior revenue acts, a | trust shall, at the option of the trustee | exercised within one year after the en- |actment of this act. be considered as a trust the income of which is taxable | (whether distributed or not) | beneficiaries, and not as an association, | if such trust (1) had a single trustee, | and (2) was created and operated for | the sole purpose of liquidating real | property as a single venture (with such | powers of administration as are inci- dental thereto, including the acquisi- tion, improvement, conservation, divi- sion, and sale of such property), dis- tributing the proceeds therefrom in due course to or for the benefit of the bene- ficiaries, and discharging indebtedness | secured by the trust property, and (3) | has not made a return for the taxable year as an association.” ’Lhe revenue act of 1928. This section | to the Mann Returas From Tour. Returning from = tour of the larger cities of the United States, where he ymade a study of new methods in real | estate practice, Adlai M. Mann has be- | come associated with the firm of Joseph | Shapiro Co., Inc, as manager of the | business properties department, a post | which he formerly held, it was an-| .THE EVENING STAR, WASHINGTON, D. €. SATURDAY., NOVEMBER 24 1928. RETIRED BAND LEADER BUYS HOME REAL ESTATE MEN PLAN CRUISE OF CARIBBEAN Trip Will Follow Annual Meeting | in Birmingham January ‘22 to 25. A cruise of the Caribbean, immediate- 1y to follow the annual business meet- ing of the National Association of Real Estate Boards in Birmingham, Ala., January 22-25, is planned for officers and members of the association, their families and friends. Reservations have been made for the trip for John L. Weaver of this city, past president of the association, and Mrs. Weaver; Henry G. Zander of Chi- cago, president of the association, and Mrs. Zander; Harry H. Culver of Culver City and Los Angeles, president-elect of the association, to be inducted into office at the Birmingham meeting, who will be accompanied by Mrs. Culver, and Herbert U. Nelson of Chicago, ex- ecutive secretary, and Mrs. Nelson. ‘The S. S. Parismina has been re- served for the party, who will visit Cuba, Jamaica, Panama and Guate- mala, skirting the coast of Nicaragua. The party will embark from New Orleans, leaving there on the morning of January 26, and is due to disembark there on return in time for the closing day of the Mardi Gras, which it will witness as guests of the New Orleans Real Estate Board. The group will leave Birmingham for New Orleans by special train January 25. LIEN RECORD STRESSED. National Realty Board Emphasizes Necessity of Filing. Explaining some of the essentials in the giving and holding of mortgages, the National Association of Real Estate Boards states that in order that a first mortgage may assume its rightful place in the order of liens which may exist against a piece of property; it is neces- sary for the mortgage to be recorded immediately upon its execution. Until it is officially filed for record in the county recorder's office, it is REAYL ESTATEY pointed out, a mortgage may become subordinate to liens and even to other mortgages actually made subsequent to the first mortgage but filed for record prior to the filing of the mortgage made first. This means that if the mortgage is not filed at the proper time a me- chanic's lien or a second or third mort- gage may be placed on the property, and these, if properly filed for record, would be satisfied in case of foreglosure | Gayly Colored Homes Next. Construction of buildings entirely in ‘beautiful colors is in early prospect for American cities, which thus far have been seen little more than the timid application of bits of color to structures “with the general drabness of grain elevators,” says F. D. Amory, jr, New York artist and architect. More than 2,000 families in Peking before the first mortgage, even if all have subscribed for the radio service. the other factors about this mortgage | The daily program includes English were right. lessons. Offices for Rent in the WASHINGTON BUILDING 15th St. at New York Ave. & G St. Suites of various sizes offered. Also undivided spaces will be arranged to suit tenant. ntion to the provision of the new and reminding them that their vilege to elect classification as a trust nounced today. Mr. Mann reports he | found conditions in the real estate busi- ness generally good throughout the country. New center-hall brick residence, located at 44 Grafton street, Chevy Chase, Md., containing nine rooms, three baths and having a two-car garage, which has been purchased by Capt. William H. Santelmann, former leader of the United States Marine Band. It was built by Edward J. Lockwood and was acquired, Inquire on premises through the office of Schwab, Valk & Canb; or Thomas J. Fisher & Co., Inc. 738 15th St. Main 6830 Fireplace Stirs Imagination, A fireplace properly utilized is a feeder of the imagination. Many a child has seen his first splendid vision of romance, of poetry, of undying beauty, in the glowing embers of the open fire. More distinctive hin one year from the date at which 12> 1928 revenue act went into efTect. Provision Applies to Trusts. ‘The new revenue act, in section 704 (b), contains a provision applying to estate trusts which is of importance, icularly in California and Iilinois, also in every State in which real state syndicates and trusts have been | aperated for the creation and sale of abdivisions or other extensive real es developments. he provision was incorporated fol- lowing a detailed statement made to the nce committee of the Senate and | e ways and means commitiée of the liouse by the National Association of D=al Estate Boards, in which it was pamted out that where real estate trusts ur syndicates, as a matter of agreement or us actual consistent practice, distril uted no profits to any beneficiary until such time as the capital employed in | the enterprise had been returned, a taxpayer who had invested in such an esterprise should be allowed to make his income tax return with no taxable gain recognized until actual gain had been received. 1t held that gains which so far as the pocket book of the individual investor was concerned existed as yet only on the books of the trust company, should xngt be returned until received in actual- I Six and Seven Rooms—Enclosed Porches “Jameson-Built Model Homes” Now Ready for Inspection 1524 D St. N.E. 919 Quincy St. N.W. 510 Central Ave. N.E. 315 18th St. S.E. 255 11th St. S.E. 1814 D St. S.E. 2620 6th St. N.E. 412 Douglas St. N.E. The architetture of these fine homes has been carefully designed and selected by our experts of superior home designs. The material also has been carefully selected. All labor furnished by skilled mechanics of the best gradé. features than most homes much higher West of Conn. Ave. Near Stores and Schools 4109 Leland Street Chevy Chase, Md. Detached 4 Bedrooms Lot 50x150 Garage Large Screened Porch in price $13,950 On Convenient Terms Inspect Them Sunday Exhibit Home 1738 Irving St. NW. Open 9 AM. to 10 P.M. Price $11.500 This home is located in the most beautiful _subdivision of Chevy Chase, Maryland — de- signed for those who make of living a fine art. Everything that a family could demand is in this home. Statement Prepared. { A statement of the retroactive provi- | sion of the law has been prepared for | the National Association of Real Estate Bpards by its general counsel, Nathan ‘Willlam MacChesney. ‘This statement quotes the retroactive relief measure as to the taxability of trusts contained as section 704 (b) in DOWNTOWN WAREHOUSE For Rent Rear 927 D St. NW. 4-STORY—FIREPROOF. ELECTRIC FREIGHT ELEVATOR fiMmmN SECURITY Estate Dept. 15th & Pa. Ave. N.W. M. 4815 G. 86 Sold TRERRRRRERR You Should Know g 5 the Incomparable Value ELECTRICAL HEADQUARTERS Qlth & ¢ Sis. NW. of = 3720 Yuma St. in North Cleveland Park HIGH ELEVATION, ALL NEW HOMES, REFINEMENT, COMFORT SEE AND COMPARE > These Tapestry Brick DETACHED Homes Study These Features One of the highest ele lons In Inlaid linoleum on felt base on Hydrathe Hy-Tex face brick used Red Sech witing. 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Can be installed in coldest weather with- out discomfort. Come in and see the quiet Electrol in actual operation. Strikingly ndiv . New Stone Residence Set amid great forest trees on a lot approximately 100x180 feet, adjacent to Rock Creek Park, in the re- stricted development of— Forest BHills 2831 Chesterfield Place N.W. This striking residence is an object of heauty both in exterior design and interior finish. It is an all-masonry home, constructed of stone, tile and stucco, with slate roof. Wide center entrance hall, ten spacious rooms, three tile baths, butler's pantry, modern kitchen with many built-in cabinets, detached two-car garage and many original features. Circumstances enable us to offer this unique residence at a figure below reproduction cost and on most favorable terms. Open Sunday All Day Reached via Connecticut Avenue—turn right on Albemarle St. to Linnean Ave., then north to Chesterfield Place, Hepces & MIDDLETON, INC. Franklin 9503 These homes have been personally supervised by the owner, and money can be saved by buying direct from us. These homes contain six and seven large rooms, tile bath with built-in tub and shower, garage, one- piece sink in kitchen, ex- tra large porches front and rear. Oak floors, lat- | est fixtures, floor plugs in each room and built-in ice box. It will pay you to inspect il these homes. Built, Owned and for Sale by Thos. A. Jameson Co. 906 New York Ave. N.W. Main 5526 “Ask the Man Who Owns One” Open Saturday and Sunday Representative on Premises J. Dallas Grady 904 14th St. N.W, Main 6181 North of 10th and Fla. Ave. N.E. Convenient to Every Facility Open Saturday udet -pa and Sunday I'k * Prices, $6,950 to $8,750 These homes, located in the choicest section of N.E., have 4 spacious bedrooms, with all modern improvements, " conveniently located to bus and car lines, schools and churches. You are cordially invited to inspect these resi- dences. Arrangements for financing can be made. Representative at 1509 West Va. Ave. N.E. : J. Dallas Grady 904 14th St. N.W. 3 Left! uilt-in_garage. Built-in brick coal bin. Built-in brick cold storage. Red jacketed H. W. H. Boiler. Automatic storaze hot-water heater. Wonderful construction thruout. el ea ith Frigidaire. Finished in tasteful harmony. Open and Lighted Each Evening To_Inspect—Out Wisconsin Avenue to Yuma St. N.W., east two blocks on Yuma St. to house. BREUNINGER & CO. 1103 Vermont Ave. 3000000000000 0000000000000000000000000000000000007, 900000000000000000000000000000000000000000000°3 » o Realtors 1412 Eye St. N.W. Main 7713 bk Main 6181 New Colonial Brick Chevy Chase, D. C. Pretty Home on a Prominent Corner Just a square west of Connecticut Avenue— at the corner of 38th street sets this attractive vine-clad home. 3740 Military Road Chevy Chase, D. C. The grounds surrounding are beautifully landscaped and with inclosing hedge. The home is most practical in arrangement and modernly equipped—with electric refriger- ation, oil burner, screens, etc. Center Hall $22,5OO 8 Rooms 2 Baths Garage ‘There is a good reason for selling, justifying such a remarkably low price. Talk with us about it Sunday when you inspect it. Satisfactory Service GUARANTEED Each oil burner purchased here is in- stalled and serviced under the following guarantee: One Block West of Conn. Ave. Near Chevy Chase Circle 3905 OLIVER STREET A TRULY American Colonial all-brick home charmingly situated on an attractively landscaped homesite. Spacious living room with open fireplace, breakfast porch and tile lavatory on first floor, four large airy bedrooms and two tiled baths on second floor. 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Frank. 5678 Have Pay on 7 Electric Bills Everything ] { Electrical 0 00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 1621 K St. N.W. 0000000000000000000000000000000000000000000000(000000000000000000-0000000 9000000000000 00000000000000000000000000000 000000000000 000000000000000000000000000000000000000000000000000000:000000000000000000000000000000000000000000000000 70000000000 00000000000000000000000000000000000000000000000000000000:00000000000 r“ Cad