Evening Star Newspaper, January 31, 1933, Page 24

B—8 = WARNIES SSUED - ONINGONE LEWY Burnet, Internal Head, Cites Provisions of New Tax Law. BY DAVID BURNET, OCommtasioner of Internal Revenue. the revenue act of 1932, who were not | required to file returns under the prior | Tevenue act. Returns are re- quired of every un- married or single person whose net | income for 1932 ‘was $1,000 or over or whose in- come for that year was $5,000 or over, regardless of net | income. Widowers, ‘widows, divorcees and married per- sons separated wife uv(linl to- ther had an ag- g:env.e net income for 1932 of $2,500 or over, each must make a return, or the income of both must be included in a single joint return. Read Instructions. In order to avoid errors the Bureau of Internal Revenue urges careful read- ing of the instructions on the forms before a return is prepared and filed. Additional information, if needed. may be obtained at the office of a collector of internal revenue or deputy collector, or of an Internal Revenue agent. Under the law returns must be filed on or before March 15, 1933, with the collector of internal revenue for the district in which the taxpayer has his legal residence or principal place of business. At the time of filing, at least one-fourth of the tax must be paid The taxpayer may, if he desires, pay n full at the time of filing. » The act imposes severe penalties for failure to file a return or pay the tax on time. For any fajlure to file a return cn time which is not due to a reasonable cause, a penalty of 25 pcr cent of the amount of the tax is im- posed. In sddition. more severe penal- ties are provided for willful failure to file a return on time and for willfully making a false or fraudulent return. Stock Losses Limitation. Certain new provisions are contained in the revenue act of 1932 under the above-mentioned heading limiting the deduction for losses sustained on the David Burnet. sale or exchange of stocks and bonds which are not capital assets—that is, which have not been held for a period of more than two years. In accordance with the limitations, such losses may be deducted only against gains from similar transactions for the year, al-} though the amount of the excess of | such loss disallowed as & deduction for the vear 1932 may be carried forward and taken as & deduction against gains from similar transactions (gains from sales or exchanges of stocks and bonds held for two years or less) for the suc- ceeding year to the extent of the tax- payer’s net income for the year 1932. ‘The above-mentioned limitation is in general applicable to all taxpayers. By the terms of the statute, however, the limitation does not apply to dealers in securities as to stocks and bonds ac- quired for resale to customers or to banks or trust companies incorporated under the laws of the United States or of any State or Territory. In defining “stocks and bonds” for the purpose of such limitation, the statute specifically excludes therefrom bonds issued by & government or po- litical subdivision ereof. Such ex- clusion not only includes bonds issued by the Government of the United States or a State or political subdi- vision thereof, but also includes bonds issued by a foreign country or foreign municipality. It therefore follows that the deduction for losses sustained on the sale or exchange of such bonds is Hot subject to such limitation. Ttems Exempt From Tax. Certain items are specifically exempt from the income tax and need not be included in the taxpayer's return for the purpose of determining gross in- come. Among such items are the pro- eceds from life insurance policies paid upon the death of the insured; amounts received as gifts, bequests, devises or in- heritances; interest on municipal bonds, State bonds, bonds. issued by the pos- sessions of the United States, Federal farm loan bonds, and certain bonds is- { sued by the United States Government; and amounts received through accident or health insurance or under workmen's compensation acts for personal injuries or sickness and damage received on ac- €ount of such injuries or sickness. All types of compensation received by 8 veteran or his family, under the ‘World War veterans’ act, 1924, are ex- empt from Federal income tax, and to dhe extent that such compensation is under the provisions of that act, exemption also applies to all types of compensation received by a veteran or his family under the provisions of the war risk ce and vocational rehabilitation acts. Pensions received ‘from the United States by the family of a veteran for services rendered by the veteran to the United States in time of war are exempt as gifts. The rental , valu> of a dwelling house and ap- furtenances thereof furnished to & min- er of the gospel, as part of his com- “pensation, is also excluded from gross income. Other items excluded are ali- mony, notary fees if the notary was ::nmhdoned by a State and city jury 5. MERGE AGAINST BONUS BOSTON, January 31 (#).—The Bos- ton office ‘of the National Economy League announced yesterday that the National Committee Against tie Pre- ent of the Bonus, with a mem- hip of 25,000, had merged with the Economy League. The league announcement said the merger was “an endeavor to practice the economy preached by both groups by elimination of duplication of aims and efforts. e National Economy League is fighting cash payment of the bonus at this time, as well as any form of special dole to uninjured veterans ‘The merger brought the league's membership to the quarter-million mark, the announcement said. Terminal Special Egg Size Bituminous—Smokeless 2,240 Pounds ENGINEER AT CAPITOL DIES OF HEART ATTACK Jobn B. Farmer, 43, of Clarendon, to Be Buried With Mili- tary Honors. John R. Farmer, 43, for the past Reventie | eight years an engineer at the Capitol Power Plant, died of & heart attack al s home in Clarendon, Va. yes- terday afternoon. Mr. Farmer was a veteran of the World War, having served overseas with the 53rd Infantry. Chapel, at Clarendon, Thursday at 2 p.m. Burial will be in Arlington Na- tional honors. LEHMAN PROPOSES DRASTIC TAX PLAN |Sales Levy and Reduction of $73,600,000 in State Costs Urged by Governor. By the Associated Press. ALBANY, N. Y., January 31.—A dras- tic new taxation program, including a retail sales tax and a slash of $73,600,- 000 in State costs, has been urged upon the Legislature by Gov. Lehman. A broadened system of income taxa- tion, a higher gasoline tax and salary cuts for State employes are inciuded in the revenue and retrenchment plan submitted last night by Lehman. In asking for $84,800.000 in new revenues, he cited a deficit of $106,000,000 carried over from the Roosevelt administration. The budget total of $234.998,531 is 238 per cent lower than Gov. Roose- | velt's budget as it was approved last year. - Highway construction and public works would be reduced to a minimum. All the State’s 30,000 employes who earn more than $2,000 would be given salary cuts from 6 per cent upward.. e Jockey caps are becoming fashionable for women in London. The LEVE He is survived by his widow, Mrs. Bertha Farmer; two i children, Jack, 10, and Beverly, 7, and Millions of individuals will be re-!a sister, Mrs. Anna Warfleld, wife of ¢ | Detective 8ergt. Charles E. Warfield. quired to flle income tax returns under | P9 ) S5 T "l be held fn Ives Cemetery with full military THE EV AGTION ON SURPLUS COTTON IS SOUGHT Bingham Wants Senate to Take Up Relief Bill Motion Today. By the Associated Press. Senator Bingham, Republican, of Con- necticut will seek to bring up in the Senate today a motion to reconsider approval of a conference report on & bill he favors to distribute 350,000 bales of Farm Board ootton for relief pur- poses. The Senate agreed to the conference Democrat, of Utah moved to reconsider that action. Bingham sald he had been “endeav- oring for some days to the Senator from Utah to w his motion, and we've had promi from him at least three times that he would bring it up the next day.” “I wish to remind the Semator and the Senate that Winter is going on, and every day thousands of persons need some of the relief this would provide,” Bingham said. “I give notice now that if the Senator from Utah doesn't, I will ask that the motion to reconsider be taken up and voted on.” King sald he would be ready to take up the motion, explaining that his op- position and the objection of two or three other Senators to the report is that it provides for repaying the Farm Board $10,000,000 or $12,000,000 out of the Treasury” for the cotton, when they feel the board should pay for it out of its own funds. EX-HOUSE MEMBER DIES Dr. Irwin Represented Illinois Dis- trict From 1924 to 1930. BELLEVILLE, Ill.. January 31 (#).— Dr. Edward M. Irwin, 63, who repre- | sented the twenty-second Illinols dis- trict in Congress from 1924 to 1930, | died here last night of pneumonia. He report some days ago, but Senator King, buil had been ill a week. PALAISR Sensational FRIGIDAIRE Offer! This 195 “Magic Maid” Mixer With Every All- ATTACK MADE BY FORT ON CURRENCY INFLATION Urges Public Support of Banks to Bring Depression to Speedy Termination. By the Associated Press. LITTLE ROCK, Ark, January 31.— Franklin W. Fort, chairman of the Fed- eral Home Loan Bank Board, yester- day assalled currency inflation and urged public support of ing and loan assocla similar institutions to bring an early end to the de on. lepression. “If theorists will cease to scare lenders with indiscriminate talk of cur- rency inflation,” Mr. Fort said in a lunc] club address, “and if the pub- lic encourages lending institutions which borrow freely from reserve sources—instead of from them as if they had the plague—we will s00n see the end of the depression.” Pointing out that $20,000,000,000 worth of urban mortgages are owned by mutual thrift organizations and ding and loan associations, Mr. Fort sald the application of currency infla- tion would lessen the return to in- THEY'RE COMING Courtemy Universal lms, Ine. Frigidaire of 162.00 or More —at Absolutely No Cost to You! You'll find this 19.50 “Magic Maid" ient. creams, blends and extracts fruit juices like magic! 2 bowls—juice extractor and extra beverage mixer, Lifetime White Porcelain FRIGIDAIRE, Complete Delivered and Installed Good for a lifetime, beautiful, sturdily cabinet of this Frigidaire. 4 cublc feet, 30-cube ice -capacity. A Genuine FRIGIDAIRE Delivered and Installed 4 Cubic Ft. Size The cabinet is pure snow-white, Duco on steel. The interior is porcelain in one-piece, s acid-resisting eamless, food compartment. The ice capacity is 30 cubes, or 4 pounds at one freezing. Only You Get in FRIGIDAIRE Do —Super-Powered Refrigeration! —2 Cylinders Instead of One! —Low Cost, Efficient Operation! —A KNOWN Value That Pays for Itself! TERMINAL ICE and FUEL CO. banks, build-| and OYAL built HUSBAND TO FACE TRIAL ‘DESPITE PLEA OF WIFE Former Foot Ball Player Accused " of Plotting to Have Spouse Killed for ‘w, By the Associated Press. LOS ANGELES, January 31.—Gerald | A. Oralg, former collcge foot ball player, | |was ordered to trial yesterdsy on charges of plotting to kill his wife Ethel,| in spite of her eleventh-hour plea that she had faith in him and wanted the cimrges dropped. ‘Craig’s bond was set at $10,000. In the midst of the preliminary hear- | ing Mrs. Craig handed a letter asking leniency for her husband to District At- torney Buron Fitts. She told of 14 Years of happy married life. “I would like JerTy to be free,” wrote Mrs. Craig. Thomas R. Bryan, police detective as- signed to the case, testified he posed as “Buckeye” Bryan, a Toledo gangster, |and said Craig hired him to kill his | wife for $2t ‘Tea precides coffee as the world's favorite beverag 2?79 - TELEPHONE DISTRICT 4400 Porcelain ’ Mixer amazingly conven- It mixes, whips, stirs, the 162.00 NO DOWN PAYMENT on the METER-ICE PLAN Just 25¢ a DAY Pays for Any Frigidaire up to $225 Palais Royal—Main and Fifth Floors NING STAR, WASHINGTON, D. C, TUESDAY, JANUARY 31, 1938. Five Important Wednesday Items Awaiting Value-Wise Shoppers at the New Goldenberg’s! Rabbit’s Hair Frocks With Silk. Guimpes For High School & Business Girls! *2.98 A suspender model (sketched) and a style with tiny shoulder capulet—each having its own cute ouffed sleeve silk blouse. Sizes 14 to 18—other rab- bit's hair and angora frocks, sizes 14 to 20. Hyacinth, grey, signal red, Belgian blue, Riviera green, tan or brown. The New Goldenberg’s New Sport Shop—Second Floor. Heavy New All-Silk Spring Prints To Start You on S pring Sewing! 9c yd. You've been waiting to see what the 1933 Spring prints are like—here they are, and the price is good news! Dots and plaids (very important!) and other interesting types—in striking black and white, as well as refreshing blues, greens, tans, etc. Rich, all-silk flat crepes. The New Goldenberg’s—Main Floor. $1.50 and $1.95 Pure Silk . Crepe Undies! Chemise, Dance Sets and Panties! 79¢ The more you save on lingerie, the more you'll have to spend on dresses this Spring! French crepe dance sets with fitted waist bands, sizes 32 to 36; chemise, sizes 34 to 40 and panties, sizes 19, 21 and 23. All generously trimmed with pretty laces—note the style sketched. Flesh, tearose and blue. The New Goldenberg's—Second Floor. $1.69 Glazed Chintz CURTAINS In Smart Patterns—All Ready to Hang! 69~ A remarkable price for such generously cut, nicely finished curtains! EACH SIDE is made of yard-wide glazed chintz—and has a wide ruffle at side, top and bottom. 214 yards long—with tie-backs. 3) Six gay patterns and colorings. ks The New Goldenberg’s—Main Floor. Seamless 9x12 Mottled Axminster Rugs A Splendid Investment at Only’ *15.95 The inconspicuous mottled design—with its ef- fective band border in rust, rose, green or blue— makes a very smart background for furnishings that might clash with a large design. Serviceable qual- ity—every rug perfect. The 8.3x10.6-Ft. Size is $14.95 The New Goldenberg's—Downstairs Store.