The Mason City Globe-Gazette from Mason City, Iowa on March 13, 1936 · Page 3
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The Mason City Globe-Gazette from Mason City, Iowa · Page 3

Mason City, Iowa
Issue Date:
Friday, March 13, 1936
Page 3
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Page 3 article text (OCR)

MASON CITY GLOBE-GAZETTE, MARCH 13 193(5 THREE \\ Dealers in Securities Registered A. M. Schanke, Local Firm, Among 39 in Iowa. A. M. Schanke and company of Mason City was among the 39 Iowa securities dealers \vho have registered under the securities act, according to a list made public Friday by the securities commission. The list for the entire country contained several thousand names. Eleven of the Iowa list were in Des Moines, seven in Davenport, six in Cedar Rapids, three in Burlington, two each in Dubuque and Sioux City and the others one apiece in Atlan- .tic, Mason City, Monticello, Onawa, Oskaloosa, Ottumwa and Waterloo. Registration is required if the dealer does business in interstate commerce or uses the mails. The · commission in making' public the list of registered dealers said registration was not an indication the dealer had been approved--merely that he %vas registered. Registration has been denied some applicants who were found by the commission to have had criminal or other unfavorable records. It said some dealers probably had not registered, either through ignorance of the law or because they were exempt. they believed YOUR IOWA INCOME TAX Prepared for Iowa Daily Press Association by State Board of Assessment and Review. DEPRECIATION. The act provides that there shall be allowed as a deduction a reasonable allowance for the depreciation of property used in trade or business. This deduction must be confined to property which is employed in trade or business, including rental property. The theory of depreciation is that by means of its deduction, the cost of capital assets, such buildings, machinery and equipment, the cost of which cannot be deducted as j . business expense, the value of such assets will be allowed the taxpayer over a term of years, or at the end of its useful life. Two elements enter into the computation.of "this'allowance. It "is based on the cost of the'asset, or if the 1property was acquired prior to Jan. i, 1934, the basis will be the original cost of the property less depreciation actually sustained up to that date, or its fair market value as of that date, whichever is greater. The date of depreciation is determined by dividing 100 per cent by the probable remaining years of useful life of the property. Ex ample: The ordinary frame build ing. in good condition and repair has an estimated remaining usefu life of 40 years. One hundred per cent divided by forty, equals per cent, which is the proper rate of depreciation. However, there should be deducted from the cost or other valuation basis of the property, an allowance for salvage value at the PABSTPLAYERS GUESTS OF AMEN Attend Informal Dinner at Denison Club; Review Season History. The Pabst Blue Ribbon basketball team, North Iowa idependent champions, were guests of Curtis Amen, manager of the local branch of the Witwer grocery, at an informal dinner served by S. M. Decker at the Denison club house Thursday evening. Besides the members of the team, composed of John Cookman, Clyde Lincicum, Cecil Thompkins, Bunk Isaacson, Bud Johnson, Bryce Thomas, Ccd Connelly and Eddie Christiansen, guests for the evening included Danny Cookman, mascot; Al Rease, president of the Denison club: Gob Hall and Clay Bernard, local Witwer salesmen, and Harry Ellsworth and Bill Hall. The evening was spent with cards and bowling and a review of the past basketball season. John Cookman announced that efforts were being made to procure a game with the Schukei Motors of Waterloo, recently proclaimed state champions. The Pabst team was prevented from entering the state tournament due to conflicting dates with the North Iowa event held iu Mason City. During the past season the Blue Ribbon team won 23 games in 26 starts which was only surpassed by members of the same team, playing under the name of the Denison club in 1933 when 31 games were won out of a total of 34 played. It was announced by Mr. Amen that all members of the team were to report at the Denison club Sunday afternoon when a picture would be taken; he also made the announcement that tentative plans were under way for a baseball team for the coming season in which week day games would be played in the twilight league with home and out of town games being played on Sundays with teams from North Iowa and southern Minnesota. Another meeting in regards to baseball wa s set for the first week in April when more definite plans could be made. I Federal Income Tax , CHECKING DELINQUENTS NO. 32. end of its usefulness, before applying the depreciation percentage. The depreciation of an automobile must be based on its probable normal useful lite and not on the length of time the owner expects to use it. In a case where an automobile is "traded in" at a price v.-hich represents a loss to the owner, such loss from the sale or exchange of a capita! asset, which is not deductible under the Iowa law. Taxpayers should set up and keep records of all property subject to depreciation, so that each piece of property may be depreciated "on its merits." Carlson To Speak at Congregational Church The Rev, Alexander S. Carlson of the First Congregational church will deliver the sermon at the Olivet Methodist church service Sunday evening. This is in keeping with a plan worked out by the Min- isterial'association for the Sunday evenings during tie Lenten period, whereby union services would be held in at least three outlying sections of the city, namely at Olivet, East Side Presbyterian and Grace Evangelical churches. Other ministers who speak at Olivet during this special series are Dr. C. E. Flynn. for Sunday, March 22, and the Rev. ·T. Lee Lewis, frfr Sunday, March 29. The Olivet' service opens with a service of song at 7:15 o'clock. Hydraulic Analyzer and Hoist Installed by John Gallagher, Inc. John Gallagher, Inc., local Pontiac dealer, announces the installation of new service equipment to the repair department. The new equipment consists of a Sun Motor analyzer and hydraulic hoist. According to John Gallagher, president of the firm, the Sun Analyzer and hoist will greatly increase the facilities of the service department. "Wo invite the owners of every make of care to drive in and sec this equipment in operation," said -Mr. Gallagher The Bureau of Internal Revenue has at its command many sources for checking up delinquent taxpayers. One of these is the "information at source" provision of the revenue act, under which persons, "in whatever capacity acting," are required to report to the commissioner of Internal Revenue at Washington, D. C.. payments to another in any calendar year of 51,000 or more it the recipent of such payment is single. If the recipient is married, reports need not be made unless the payments aggregate ,?2,DOO or more. If the marital status of the payee is unknown to the payor, the payee is considered a single person for the purpose of filing an information return. Fixed and determinable income includes wages, salaries, royalties, premiums, rent, interest, etc. A separate return of information for each employe is required of employers. The requirements are not limited to periodical payments, but a single payment must be reported. Corporations are required to make a separate report of dividends or distributions for each individual, fiduciary, or partnership holder who was paid 5300 or more during the calendar year. All persons or organizations acting at any time during the year 1935 as broker or other agent in stock, bond, or commodity transac- Buy A Neu) Spring Suit- and Topcoat 5'Ji 1 , Url ^/K iJlL -/LL -.?£],, I HICKEY FREEMAN'S TDD! Tt i USE DURBUOBETPLAN No EXTRA COST · tions (including banks which handle clearing orders for depositors or custodian accounts) are required to file returns of information on form 1100 with respect to all customers, depositors, or accounts for whom or which business was transacted during the year. A separate form 1100 must be prepared for each customer, depositor, or account for whom or which business was transacted during the year, and must show the name and address and other information provided for in the form. Information returns are carefully checked with individual returns of taxpayers. Thousands of delinquent returns and additional revenue amounting to millions of dollars have been secured as the result of the examination of information returns. Keturn From Southwest. GLENVILLE--Mr. and Mrs. B. R. Miller and daughter and Mr. and Mrs. William Reynolds returned from touring the southern and western states, visiting friends. Ixcave for California. GREENE -- Mr. and Mrs. John Howe and daughter and Ed Schmidke left by automobile for California where they expect to remain about two weeks. In 40 Years ... NEVER Before A Washer Value That Compares With Our 1936 Spring ... A STARTLING VALUE! It almost seems incredible that so many features, and such outstanding quality can be built into a Washer at such a low price. Never before has the famous Voss Electrically Protected S a f e t y Guard Wringer been supplied on any but the highest p r i c e d model. Now, you have this feature and many others . . . and at an amazingly low price! TERMS TRADE- INS MECHANICAL AMD ELECTRICAL PROTECTION \ \ VONTACT PUSH OR PULL / RELEASES ROLLS / STOPS MOTOR FINGER TIP CONTROL ELECTRfCSWlfCH ^ W H I T E R - F A S T E R / CLEANER FOR LONG WEAR / SIMPLE SINGLE UNIT MECHANISM PORCELAIN ENAMEL PRECISION CUT GEARS DRiVE MECHANISM L A R G E EASY ROLLING SPECIAL COMBINATION OFFER! Durable, self-draining, portable Laundry Tubs. Just the right height, and solidly constructed. The combination offer will not be available after the sole closes, so act now! See What You Save! Regular Price of Washer . . . $49.95 Regular Price Safety Wringer . 10.00 Regular Price o f Tubs . . . . 8.50 TOTAL VALUE $68.45 DURSNG THIS SALE YOU GET THEM ALL FOR ONLY , . . Yes! For the duration of this sale you get compfefe equipment (washer and 2 tubs) for less than the the washer alone--a value you simply can't afford Come in tomorrow! foundry price of to miss. Small Carrying Charge Pay As Little As .-**

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