The Courier News from Blytheville, Arkansas on January 6, 1953 · Page 5
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The Courier News from Blytheville, Arkansas · Page 5

Blytheville, Arkansas
Issue Date:
Tuesday, January 6, 1953
Page 5
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___ TUESDAY, JAN. 5, 1953 Your Income Tax Primer— *LYtHKVO.E (ARK.) COURIER Income from Annuities/ Pensions, Rents, Trusts XOTK: Here's (he ninth of II articles In NEA'i Ifth annual Income Tax Primer, prepared b.v a iop-nolch Washington lax iUJl.'ioi-llv and designed for use wilh the official fa* rule pamphlel. B.v RICHARD A. MULLENS NBA Income Tax i:\jicil The last three schedules for reporting Income ou Form 1040 are: Schedule E.—Income from An- nulclss or Pensions. Schedule P. — Income from Rents and Royalties. Schedule G.—Income from Es- i^ai?s and Trusts and Olher Sources.' W? Tills article explains what to report ns income In there schedules. And what's even more Important It names the pensions which do not have to ba reported as Income and tells about expenses which can be deducted from rental income. Income from pensions,' retirement plain, annuities and matured fnrlonmcnf policies are all reported nn Schedule r., p» S e Z of Form 1010 The Idea Is to divide any such Income into two parts—one'repre- senting the actual money you paid Into Ihe plan (which Is not taxed) «nd the other representing Interest o'.i your money (which Is taxed). After you have received back tax- free all the money ,.you put in, then the remaining payments are taxed In full. Read over the Information on pases 8 and 9 of the official Instructions and then fill In Schedule E. You may have trouble with lines 1 and 2. Show on line 1 what you paid In, whether as a lump sum, Installments, or through payroll deductions. Do not Include • mounts contributed by your employer to the pension fund. Line 2 calls for the cost received tax-free In prior years. This Is the total of the amounts you received In alJ prior years less tlie amount yo (fctenorted an income In those, j>ear. T)o not report the !a\ln x ]r, f pen •ions cr benefits, as they kr* no tn.vable: Government pensions to veter ans or their families. Social security benefils. Armed forces retirement pa b?sed on a disability. Rental Income Is reported D Schedule. F of Form 1010. Mone .vui, receive for rcnllnr any prop erly mus ( ^ reported. However the schedule has column, for de dueling expenses so l.hat you ar only taxed on th profit. Read over the section on Rent and Royalties on page 9 of the of ficlal Instructions. This fells wha 0 report as Income and also cover In- items you can deduct as ex Poises. Depreciation is the mos d-fflcnlt expense to compute, es pccially for those who rent on! a room or two In their home lo compute depreciation yoi must fill out Schedule H and Hiei sl-iw that, amount in Schedule P 1 i-™,. are two " erm whlri sj-.ould be carefully determined th first year you use Schedule H On Is the "cost or other basis," which pes In column 3 and the other i he estimated life used In accunm latmg depreciation which RO*S ii column 7. n you are renting out a house or anything larger, you woulc ^be wise to get expert help In set •ting up columns 3 and 7 the flrs 3 ear. After that, Ihese Items usu. Rllv remain the same. If, however, you are renting jus a part.of- your house or relatively small Items such as house furnish Ings, the following simple rules to filling out Schedule H will gener ally satisfy the Bureau: • If you boujhl ynur house or other ren fed Property, the "cost or other oasis is what you paid for It I you Inherited the hou«, it I, the Mr market value «n the day v o , acquired It. If It was riven I the "co.l or other'," |, 7h price jwld by Ihe last person whi Land Is not depreciable so do not "elude he value of your lot in the "cost or other owl.,' of , ou " house. The cost of «ny major improvements or a'dditlons should also be Included In "cost or other basis' of your home. • It you are renting two out of , six roomj In your house, take one- third of the "cost or other b.sls" ,* ? j , , arno "nt In column 3 of Schedule H, after filling out columns 1 and 3. If y ou rent one ou( . rooms, take one-seventh ^ and so on. ' '* Next, estimate how many years your house or other rented properly will last from the time you first began renting a part of It The Bureau has found lhat the average brick house lasts about 40 years from the time it was built and an average frame house nbout 30 years. 10 years. You can uw'thMe'MU- rnates as a guide for determining Gasoline Tax Cheek List The folljv.Ing taxes, in cents per gallon, are deductible: Ala. Ariz. Ark. , Colo. Conn. Del. . D.C. . (4 prior lo 7-1-S2) Ga 6 Ida 6 111 4 Inrf. .. la. .. Kan. Ky. . Me. . Md. . Mass. Mich, Minn. Miss. Mo (2 prior lo 7-29-52) ..4 ...4 ...5 ...7 ...6 ...5 .4.3 .412 ...5 ...1 Mont. Neb Nev. N,J, . N.M. N,Y. N.C. N.D. Ohio Okla. .6 5 ..5'A 5 ....3 6 4 ....7 5 ... . .4 0.53 Pa. , R.I. .. B.C. .. S.D. .. Tenn. , Tex. ,. VI. .... Va Wash, . W. Va.. Wis. ,.5* ..4 7 5 ..7 4 5 ttasoltne lii.vcs in the following slates arc not deductible unless sejmralel.v staled and passed on to consumer:' '-a ............... 7 (9 prior to 9-1-52) Utah W.vo .5 05! a court order, rewards ov prizes, recoveries of bad debts, Uses and losses which reduced your tax In a prior year, and health or accident insurance payments received by you as reimbursements, for medical expenses which reduced your tax In a prior year. ' The nevl article lakes up some of the Items you can deduct lo reduce your la\. how much longer your property will last. If you think, your property will last longer than '(h e above guides, use the longer period. Put the number of estimated years In column 7. Now divide tlie, amount vou put In column 3 by the number of years In column 7. Tills will give you the depreciation to show In column 9. This same amount Is !i-,fii shown In column '3 of Schedule F. If, in prior years, the sum of Ihe depreciation you have deducted equals the cost or other basis of the rented property, then von c:m 110 , onger (|c<lu(;t d(!|>rei ,, nl - ion on that property. Xole that II,c inslruvlioiis say lo rcjiori room rent as business income In Schedule C If you render services lo |.!ie occupant. Tills applies to people operallne room- in.'; 'or boarding houses as a business. Any remaining 'Hems of income are reported on Schedule G. This is Hie place to report income from an estate or trust, alimony or separate maintenance received under RITZ THEATRE Manila, Ark. LAST TIMES TONITE "THE BIG SKY" Kirk Douglas \VKU - THURS THE RIVER" Color by Technicolor Nora Swinburne Arthur Shields U. S. EATING HABITS-According lo nutrition expert* of th, -Department of Agriculture people of the U. S. have belter di£ on the .veraee, than they had before World War rr 1™ .' factors underlying this improvement are The hi K h eve, Sf potatoes had the sharpest decrease. (Jruoucls *" d Murder Trial of General's Daughter Continues; Victim's Friend Testifies By WILLIAM c. BARNARD TOKYO IB - Dorothy Kruegei Smith was quoted in court lodaj as saying, "Too bad I didn't ge him in the hearl" while her hus band lay bleeding to death of a wound. The witness was U. Co). Josepl Hardin of Dallas. He said he ent ered Ihe bedroom of Col. and Mrs Aubrey Smith - a lew"" minutes after Ihe officer was slabbed a midnight Oct. 3. Dorothy Smith Is on Irial before tin Army court martial on a charge of premeditated murder. Hardin testified that on Ihe fata night she was groping around dressing table, apparently search ing for something. He said she wore only panties and bra. Smith was on his bed wilh knife wound in his sid,e. "Did you hear Mrs. Smith make iny statement?" Lt. col. W. H. H. Jones, prosecuting attorney askec Hardin. "Yes," Hardin replied. "It was o the effect that 'It's too bad I didn't get him In the heart.' " Hardin testified also that Mrs Smith seemed either drunk or drugged, was not rational, was unable to co-ordinate her physical novements and was mostly unln- elllglble. ' ,. . Finally, he added, the atlractive 0-year-old daughter of Gen Waler Krueger and Ihe mother of Iwo hildren, "seemingly passed out." Other witnesses variously tesli- led she was asleep, in a coma or mconscions. The second day of the dramalic rial then recessed until tomorrow. The case Is being heard by a "blue Ibbon" nine-member general court MOX Show Slarls Weekdays 7:00 Sat. Sun 1:00 Always a Double Feature TUBS - WED Double Feature «W.__ C01** 01 * 2 K«el Comedy martini board .headed by a major general. Hardin said he found Smith pale perspiring and In great pain. Hardin, a golfing parlner of Smith's, accompanied him to an Army hospital. He expressed "disgust with (ragic delays encountered" at getting medical treatment for Smith. As to a possible motive, one witness. Lt. Col. Melvln A. Goers of Champaign. III., who accompanied Hardin ot the Smith home, said he heard the defendant make one slatement. "To the best of my recolleclion," he said, "the statement was to the effect lhal 'no one will ever know Ihe reason why.' " Defense counsel has not announced on what Mrs. Smith's defense will be based. However It has indicated the main defense would be temporary Ifisanity. Woman Follows Husband in Death IDAHO PALLS. Idaho W) — M rs Clyde Drainard. 72, hurried to the bedside of her 84-year-old husband yesterday after she was notified he was dying. As she walked Into Dralnard's room, she was' told he was dead.' The elderly woman turned toward the door "and collapsed. She died eight minutes after her husband Twenty rats can consume a ton ol grain In a yenr. NEW Air Conditioned By Refrigeration "Your Community Center" MANILA, ARK. i Matinees Sat. & Sun. Phone 58 TUESDAY 'LADIES OF THE CHORUS' Marilyn Monroe WED - THURS "Stars & Stripes Forever" Cliflon Webb Deb™ Pacet Tax Primer Q & A. — Q. I am eettine a pension fund from XV/. Co. I worked Ihtre 30 years, bul did not have lo con- Mribnle lo tlie pension fund. How muoh of my pension Is lavaljle? A. All of it. because you put in no money. Q. My lenanl lias done a lot of work around a house he Is renting from me. Should Ihe Improvements be included in my income? A. Only if you agreed to accept part of your rent in the form of work on your house. If he does It voluntarily, It's not Income to you. Q. My car had $500 damages In a collision In December, 1051. I deducted the damages In 1951. In Jaly, 1932, 1 received S300 In settlement of- (he damages. AV h a I should 1 do? A. You should report the S300 as income In 1952. if you had not deducted the $500. you.would not have to report the $300 as income. Red Officer Dies MOSCOW UP, - col. Gen. Constantino A. Koroteev, one of the Soviet Union's senior ranking generals, died today after a long il(n ess. Ike's Agri Five major metals produced In Arizona are gold, silver, copper lead and p.lnc. Meets Tbday By OVID A. MARTIN- WASHINGTON (,T, _ An air of mystery covered a scheduled meeting today of a H-.nembpr commission named by President-elect Elsenhower to help draw un a Republican form program. At the time the commission was appointed late In December, n member It would hold Its first meetings Jan; 8 nnd 1 on the cnm- PIIS of the University of Maryland at nearby College Park. University officials confirmed that arrangements had been made by Dean w. I. Myers of Cornell University. commission chairman, for meeting quarters on the campus But school officials said Ihcy had been requested to give no other information about the meeting. it.« time or place. Republican national headquarters said they loo were unable to supply details. Several OOP farm leaders In Congress sniu they had been able to confirm that the meeting would be held but had not been able to lean) Its place. -UXORA NEWS By MRS. G. C. DRIVER Voung Sel Holds Dance Misses Vivian Brothers and Mae Burle Bevils ol Burdettc, and Misses Diane Stevens. Dixie Howard, Nora Ann Jackson, Jean Warren, Clementine Gentry, and Ann Ashley Rozelle of Luxora were hostesses to 75 guests from Luxora, Osccoal, B'Jrdelte, and niythevllle New Year's Eve nt n watch party held at the Legion Hut here, A holiday molif labi c ll g |i[ii m sclieme prevailed throughout the building, with red and white streamers nnd multicolored balloons forming a cellinB canopy over the ball, room. Light refreshments from buffet, covered with a New Year display, were served llirouBlioul ih e evening. Traditional -party favors and confetti were given Ilie guests at midnight for the Mew Year revelry. Mr. nnd Mrs. I.csler Stevens and Mr. mid Mrs. A. B. Rozelle chaperoned the event. Stanfords Knlcrlaln Mr. nnd Mrs. T. L. Stanford were hosls to three tables of bridge following a dinner party at liicir home New Year's Eve. Mr. and Mrs. Donald Wertz and Mr. and Mrs. a. c Driver were prize winners In the games, followed by a watch party extending Into the New Year. 1'ersonals Mrs. Sue HL Brown, who spent Ihe Christmas holidays with her daughter. .Mrs. W. H. Gowen, nnd family, In Memphis, left Tuesday for. Stuart, Kla., where she will spend the winter months with her son, Bowen D. Brown, nnd family. Mr. and .Mrs. Jay A. Kochendcr- fer, Mcmphians formerly of Luxora recently announced the birth of a daughter, Dcbra, their first child. Mrs. M'^iiet'r-'rfer Is (lie former Ml-s Orlenn Hires, daughter of Mrs. J. D. Hires and the tan; Mr. Hires. Mr. nnd Mrs. O. C. Driver and children. Dusty and Sandy, returned home Tuesday from a week's visit in Atlanta. Ga., with Mrs, Driver's relatives. They were accompanied by Mrs. Julia D. Owen, who visited her .(laughter. Mrs. Tom Boswell, and lamily. in Tale, Ga. Mr. and Mrs. J. M. Majors spent the Christmas holidays with their daughter, Mrs. Ancel Montgomery, and family, In I'ascagoula, Miss. Mr. and Mrs. Harry Stanford spcnl Ihe holidays In Kllgore. Tex- s, visiting relatives there. . Mrs. Viola Ingram spent Christ- PAGE FIVE 0cm* SAVE! .,t U rdyrayon,«.ta»ea / nylon B abardinel » warm, U.trou, co Marquisette PRISCILLAS OF NYLON! PAIR In eggshell, 81" long, S6" wide pe r pair. Sheer nylon with 5" r n f f I es, hemmed, h.eaded lop, r n f fled (ic- backs. 172" x 90" water-rep«U«»nt! erea»e-reslitantl • thick • ip*' 1 SAVE! SHREDDED FOAM LATEX PILLOWS $ • plumply «"•«" iof11 • sturdy print ticking! • terrific Penney . hurryl b«Y ««« f ° T PURCHASE! Value-packed CHENILLE SPREADS *5 • Wavy-line ground) • Superimposed tufted deilgn add,* beauty I • Detorator colon I Twin or Full size! at-dyed _ CLOTH Make your slipcovers, drapes at less than you imagined possible. Select colorful, pre-slirxink liark.ctolli; 4 handsome patterns. PERMANENT FINISH ORGANDY PRISCILLAS Pr. SI" or 00" long, SB" wide per pair. These never need slarch- inglThe permanent finish keeps (hem crisp, helps shed did! And just see Ihe wide, wide 8" ruffles; they're French-headed and have a picol edge! Choose while, blue, rose, yellow, green! Ironing Table COVER and PAD SET TOO Consisting of clastic-edccd cotton cover and waffle- weave pad. Fits all standard size boards. mas with her mother, In Gates Tenn. Mr. and Mrs. W. E. Head and daughter, Martha Nolle, spent New Year's Day In joiner ns the guesls of Mr. and Mrs, O. L. Jenkins. Mrs. Sam Bowen relumed home Sunday from the Memphis Meth,- odisl. Hospital, where she has been a surgical pallent since Christmas. Mrs. J. I. Mlffiin and daughter Betty, nnd Mrs. P. T. Preear returned home last Sunday after a .two week visit wllh Mrs. Mifflin's sister, Mrs: W 0. Terry, and family, of Smackovrr. College students leaving over the week end to resume their studies en various campuses included Tommy Stanford to Ihe Ontversily of Arkansas. Mtees Christine Johnson and Wilma I.ayne to Arkansas Stale Teachers College, George McLendon to the University of Missouri. Miss Elizabeth Hai)na lo Precd-Hardemnn. Tcnn.. Edward Stanford to the University of Mississippi, nnd MISS Wade McHenry and houseguest, Bob Stewart, to .Southwestern. Memphis. Misses Jane McLcnclon nnd Mary Ann Bourland of Washington. D c are currently visiting their par- cnls, Mr. nnd Mrs. G. A. McLeli- don and Mrs. W. A. Carter. Mr. and Mrs. nowcn Thompson and daughter, nctly Bowen. nnd Mrs. W L. Wilson, who spent Ihe Christmas holidays In Conwny, re- turned home last week. Mr. and Mrs. Kay Whltmore and children moved last week u, their Road C ° UIUry h ° me °" " IC Vlctorl * Mr. and Mrs. O. A. George on(! children are visiting relatives™ Vicksburg. Miss., /or several weeks Seaman James A. Bourland left £st week for his station In San Diego. Calif., after spending R so- day leave here with bis fnmily Mr. and Mrs. Woodrow t'arde'ecev and daughter arc visiting relatives In Birmingham. Airman and Mrs. Wyll'e Tate Jr of Kcesler Field, Miss., have been recent guests of their parents Mr and Mrs. Tate, Sr., and Mr.' and Mrs. Ruff Lewis of Manila, for several days. Mr and Mrs. Elmer Hall and son, o. W., longtime Luxora residents, moved Saturday to their new country home near Osccola. Miss Hattle Bonds of DIckson Term., has been the recent houseguest of her sister, Mrs F M Bonds. " Mrs. H. c. Davidson and daughter. Bobbye Jean, of Greenville Miss were recent, guests of Mrs. «. J. aille.spie, Sr. Mr. and Mrs. List Edmondson of Louise, Miss., were holiday house- guests of Mrs. Elizabeth Simman Mr. and Mrs. c. P. Powell had as their holiday housegucsts their daughter. Mrs. w. D. McClurkin and family, of Nashville. Tenn. NOW OPEN FORD'S UPHOLSTERY SHOP 2328 Marguerite Phone 2763 • Quality Upholstering of All Types • Woodwork Refinisliinj; • Glue Work Free Piekun i Delivery — Prompt Service UOY FORD, OwneY & Opcralor PENNEY'S LUXURY QUALITY PENCO SHEETS 2.49 PENNEY'S OWN FAMOUS NATION-WIDE SHEETS 1.77 (81" x 108" ) super-fine muslins! So superbly sofl and smoolh textured, you'll say they're worth much more! I'cnco sheets are closely woven of super-fine cotton yarnul And of course, they're always first quality! Come stock up! 72" x 108." 2.29 36" x 3fi" cases .... -ISc 42" x 36" cases .... <ig c (81" x 99") sturdy, long-wearing muslinsl Extra" long-wearing:, because I'cnncy's pucks plcnly. of rjual- ily Into these Eliccts! They're tightly- woven of long staple' cotlofl yarns, with even hems, firm selvages. Penny's prices «re out-standlngly low! 71" X 108" I.9<J 72" x 108 1.77 36" x 36" cases 3i)c 47" x ,'ifi" cases '13c A«TATE-AND RAYON •*»! LACY SU • thro* • lavUhly l«e-trimmedl • • fine multlf iloment acetate-and-rayon! • white or pink, 32-42' ' ' • jpeciol values! horryl SAVE! °p«CAtE " 1 j^ ; i. , \rj for 36" v»We/ horn* yd.

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