The Courier News from Blytheville, Arkansas on January 27, 1955 · Page 3
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The Courier News from Blytheville, Arkansas · Page 3

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Blytheville, Arkansas
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Thursday, January 27, 1955
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THURSDAY, JANUARY 27, 195B BLYTHBVILLE (ARK.) COURIER NEWS PAGE THREE Your Income Tax-9 kales for Special Income By FRANK O'HKIEN , AP Ncwsfeuluru \ There are only u few kinds of income lhat you need not even report In making out your income tax return. In nearly all instances you are required by law lo report all your income, whether or not you will h'iv« -to pay a tax on it. This creates n considerable problem, since there are so many kinds of income. This whole problem boils down to item 5, on the first page of form 1040, the "other income" line, where you are a^ked to enter the totai of your income from dividends, interest or other sources, or any net loss. This line should show the balance of all your reportable income other than wages or salary. Nearly the whole of page li of the return is taken up by schedules A through H, where some of the details of your other income are to be entered. In many cases, to get the results that you put in these special schedules, you will have lo fill in your own worksheets, where you can show fuller details, and your arithmetic. You should attach a copy of these worksheets to oyur return, and keep a copy for yourself, where you feel supporting; detail is needed. But do not send in with your return jwur receipts, invoices and Hke records. Keep these proofs of the honesty of your return. , Oi: page H of the ins true t Ions! mulled with your return you will! line! two lists, one of income that must be reported and the other of income that need not be reported. Neither list is complete. But each covpi's the morn important types of 'income in its class. We have already been over the handling of some of these types of "other income," The handling of dividends and retirement income was discussed in articles five and six. We have already noted that businessmen must fill out a special, separate schedule C designed to show business income, profit and loss, and transfer the results to summary schedule C on page 2 of form 1040. The fundamental thing to remember in these, and other typus 6t income lhat must be reported, IK that you are required by law lo report the total, even though, as may be the case with your dividend or retirement income, you may be able to exclude all or part of it from your taxable in- corae. The new tax law's major changes in the "other income" field concern prizes and awards, and scholarships and fellowships. The old law was not very specific about what prizes and awards were or were not taxable. The revenue service hud made many specific rulings, ranging from the Nobel Prize (not taxable) to door prizes. The new law tightened up, in effect Using the Nobel Prize as model for nontaxable prizes and awards. If you win any kind of a prize or award, you must pay tax on it unless it fits these specifications:. 1. You must have been selected as the prize winner without any action by you to enter a contest or a proceedings. 2. You must not be required, as a condition to getting the prize, to render any "substantial"' future services. Even though you can meet those conditions, your prize will still be taxable unless it was made "primarily in recognition" of: Religious, charitable, scientific, educational, artistic, literary or civic achievement. That would appear to make most radio, TV and other run-of- the mine giveaways taxable . Within certain limitations, the amount of a grant (including accommodations, travel expense, and equipment or a cash allowance for them) under a scholarship or fellowship is tax free, when it meets these conditions: li must be for the training or education of an individual, as part of his progress toward an academic degree or otherwise to further his education. 1'eriwiis who are candid at** for a decree muni p»y tax vn my pmrl of their academic grant reprinting payment for their services, unless all candidate* for the wine degree lire required to perform similar services (such a* teaching in work- In* toward a decree In education). Persons who are not candidates for a degree must pay tax on their scholarship or fellowship grant unless It comes from a tax- exempt religious, charitable, scientific, literary, or educational organization, or from a government. Tax-free grants to persons not candidates for a degree are limited to $300 a month, for a maximum of 38 months. , A separate schedule D — like all separate schedules, available at banks and post offices—guides you through the complicated process of entering your capital gains or losses, or gains or losses from the sale or exchange of other property. There are definitions and explanations on the back of the schedule, but this is a point where many people will want to consult a revenue agent (your bank, post cffice or local newspaper can tell you where to find him, and he can probably answer your queries by telephone), or a paid tax consultant of your choice. When you have all of your other income entered in the special section for it o n page 2 of form 1040, you add up the totals, and enter your net profit or loss below schedule G. Then you transfer the tois! other income (or loss) to item 5,. on page 1. That allows you to complete the determination of your adjusted gross income. You will already have subtracted from your income any exclusion you may have for tobacco lax Bill )ffered in House All Types Tobacco, Including Snuff, Would Be Effected By LEON HATCH LITTLE ROCK W) — A tax on igars, snuff, chewing and smok- ng tobacco for benefit of public ehool.s funds was proposed in the louse yesterday. Although cigarettes have been axed by the state for many years, 10 levy lias been Imposed on other orms of tobacco. Reps. Ben Bynum of Chicot County and John P. Bethell of ?i'airie County, authors of the bill, iaid their "rough guess" was that he proposed tax would produce a bird as much as the tax on ciga- etts or around two million dollars dollars a year, Cigars would be taxed $1.20 to BIRTHSTONE RINGS Formerly Now Entire stock of blrthstone rings 25% Off APPLIANCES 3 Steam and Dry I ronf $19.95 $12.88 2 Merit Deep Fry 19.95 12.95 2 Travel Irons 5.95 3.88 1 Portable Mixer 24.95 19.95 DISHES Entire st<xk of 53 PC. Dish Sets 25 % Off GIFTWARE Entire »to«k of giftware 33% Off SILVERWARE 3 52-Piece Sets of Adoration Silver 89.50 3 64-Piece Sets of Endearable Silver (Made by Wm. Rogers) Plus Mahogany Coffee Table 101.50 59.95 69.95 WATCHES 3 Milos 17 Jewel Watches (water and shock resistant) 24.88 19.95 4 Ladies Mercury 17 Jewel Watches 29.95 17.00* 3 Gents Mercury 17 Jewel Watches 29.95 17.00* DIAMONDS 2 '/4-Ct. Bridal Sets 175.00 99.00* 1 i/2-Ct. Bridal Set 295.00 159.00* 3 1-Cr. Bridal Sets 500.00 319.00* 2 Ladies Diamond Cluster Rings 100.00 69.50 1 Gents Diamond Cluster Ring 125.00 79.50 CLOCKS 4 Beacon Ace Alarm Clocks $5.95 5 Travel Alarms (leather case) 9,95 $3.14 6.88 COSTUME JEWELRY 66 Aist. Pieces (Spring and Summer) l.lOea. 2 for 1.00* MISCELLANEOUS Formerly . 7.98 1.99 3 Sets of Lamps (Clear) . . 2 Cookie Jars (Bunny Type) 18 2-Pc. Community Silver Salad Sets 2.69 145 Asst. Crystal Stemwear (closeout) 1.19 7 3-Pc. Salad Bowl and silver set 2.19 9 Tea Kettles 1.99 107 Assorted Stainless Steel Knives, Forks, Spoons, Salad Forks 19 2 Trouble Lights (25 ft. Cord) ... 1.79 45 10-Piece Cannon Towel Sets 4.98 15 15-Pc. Ovenware Sets .... 9.69 19 Salad Bowls 69 9 5-Pc. Hostess Crystal Cigarette Sets 1.19 7 3-Pc. Garden Sets 39 4 TV 8-Pc. Snack Sets 1.89 8 12-Pc. Jadite Sets (cups, saucers, plates) 1.99 10 50-Pc. Dish and Glass Set (service for six) 19.95 2fl 10-Pc. CUD and Saucer Sets 2.19 8 Bake and Serve Casserole Sets 3.98 6 18-Pc. Breakfast Sets 4.40 2 fi-Pc. Kitchen Sets (SoIt and Peoper Shakers an^ Bowls) 1.79 1? 7-5> c . Pitcher and Glass Sets 1.^0 2 7-Pc. Salad Sets 2.00 WATCH BANDS 143 Expansion Watch Bands (ladies and gents) 40% Off 73 Gents Leather Watch Bands 2.50 1.00 LADIES COMPACTS 77 A«st. Pieces l.lOea. 2 for 1.00* 23 Assorted Compacts 1.99 .74 •Plus Federal Tux only if Indicated Now 3.99 .99 1.39 .10 1.09 .89 .09 .94 2.49 4.88 .35 .55 .19 .99 .98 8.50 .99 1.99 2.19 .8S .89 1.09 YEAR TO PAY DREIFIIS Meet Dniifus W. Wear Diamonds 3 IB WEST MAIN SI, ONLY $1 WEEK sick pay. And in figuring your other income, you will have sub- racted any excludable portions of your dividend, and pension and annuity income. In winding up your return and determining the tax you owe—the subject of the final article of this Sf.-ries — you will subtract any credits coming to you on account of dividend or retirement income. (NEXT: Tax or refund?) $40 per 1,000 cigars, depending on weight and price. The tax on smoking tobacco would .start at one cent on a package retailing at not more than five cents. It would range up to four cunts on a package retailing at more than 15 cents plus one cent for each additional five cents of selling price. On snuff and chewing tobacco the levy would be one cent for each five cents of selling price. Junk Yard Bill Bethell also introduced a bill lo regulate automobile junk yards. He would prohibit these automobile "graveyards" within a half mile of any paved highway. Rep. Eugene Fleeimm of Mississippi County introduced a bill lo provide for special automobile license tans for members of the Legislature. These tags would bear the designation "legislator" but would not relieve the House or Senate members of payment of the regular fee. House Passes Bill Changing Dates for Wet-Dry Elections WARNING ORDER James V. Kilgore Is hereby warned to appear in the Chancery Court for Ihe Chielcasawba District of Mississippi County, Arkansas, within thirty days after the date hereof, to answer a complaint! filed against him in said court by | Fischer Lime and Cement Com-! puny. I Dated this oth day of January, ; 1955. I SEAL j OERALDINE LISTON, Clerk.! By OPAL DOYLE, Deputy. | Marcus Evrard, Atty. for Pltr. I 1/6-13-20-27 LITTLE ROCK Wl —The House yesterday passed «l-3, a bill to require that local option liquor elections be held only on the dates of the regular biennial general election. Now an election to determine whether a county or township shall be wet or dry may be held at any time. Rep. Winfrcct Lake of Sevier County, who introduced the measure, .spoke for it briefly. No une else spoke either for or against the hill. Autry Opposed It Only Heps. L. H. Autry of Mississippi County, Hi!t;h Hackler of Baxter County and Vance Hickman of Boone County Voted against the bill. The measure is similar to one which was rejected as an initiated years back. At that time, the initiated act was opposed by organized dry forces. WE BUY USED FURNITURE PHONE 3-3122 Wade Furn. Co. The House bill now goes to the Senate. New Stale Koadi Ignoring a warning of Rep. W. H, Thompson or Polnsett County that "if this bill pusses you're going to spend the rest of this session telling the Highway Commission what roads to put on the highway system," the House approved a measure to add to the system 5!L. mile.s in Logan County. The section, now a county road, is between Midway and Scranton. The bill was introduced by Bop. A. M. McKennon Jr. of Logan County [old the House that "I'm County who .spoke for its adoption'. Rep. Robert, Harvey 01 Jackson in my county that I'm going to ask giving you warning that if you pass lo be put on the highway system." this bill 1 have a section of road Automatic uwster Control! 1 Adams Appliance Co. Inc. AUTHORIZED You benefit from our 6-YEAR LEAD Switch to B. F. Goodrich Tubeless Tires Today! Consider These Facts — We were first — The features that give you greater safety, protection against bruise blowouts and punctures were first developed and patented by B. F. Goodrich. Since 1948, B. F. 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