Historical Newspapers of South Carolina

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

WEDNESDAY AFTERNOON, FEB RUARY 26.1919 MANY WILL PAY THE INCOME TAX Continued from page 1 tions for children and dependents or because cf the exemption of soldier’s and sailor's pay, an unmarried pep son’s income of more than $1,000 or a married peron's income of more than $2,000 is found not to be taxable, this condition does net free the in-- divdual from filing ai return. Thu? many persons who do not have to pay a tax mum file returns. A head cf a family is described of ficially as "a perron who supports one or more persons closely connect od with him by blood relationship, re- lat'onship by marriage or by .tdop tion." The compensation in ltH8 of a man in the military or naval service, eith er as an ctilb-ed man or rn officer, is wholly exempt from taxation, porviri ed this did not exceed $3,500 income of soldiers Hire! sailors Irom private sources is taxable, however, if it ex ceeds th? exemptions. in figuring n ) income, deductions may not be made for personal, fam tly or living expenses. The law does provide for a number of deductions, however, from gross income, and these are of interest mainly to mm who made a living out of business enterprises. These allow able deductions include the following i.ems: Expenses paid or incurred during Ibis in carrying on any trade or bus iness, including rentals and a reason able allowance for salaries. Inlrest paid or accrued m 1918, ox cept on indebtedness incurred for the purchase cf tax exempt stocks or bends. Tsx-rs paid or accrued, except in come, war .nroil s and excess profits taxes and those assessed against local benefits of «» kind tending to improve the value of the property. Lasses in business or trade, if not compensated for by insurance or u h- onv'.io. Losses in any transaction entered into for profit in come side-line of business. Losses cif prop* rty rot connected with the taxpayer’s tegular busmes-t if arising irom fires, s-t orrrs or other casualties, if not covered by insur ance. Wor'hict s debts charged off during the year. A returnable allowance for deprecia tion of property used in business or trade. * A reasonable n’iowanc-e for deple tion as vvej) as deprecia!ion of proper ty in tne case cf mines, oil and gas wells and a her ncturn! deposits. Contributions to concerns operated exclusively for charitable, religions’, educational or scientific purposes, not in excess of 15 per cent of the tax payer's net ineonie. Amoj Nation on buildings, u.aen.u- ery, equipment or other facilities con structed ot acquired for the produc tion of articles contributing to the prosecution of the war. The preceding ilims must be report ed in the return and deducted accord ing th the mpthod *et forth in the re turn blank form. The following items are exempt from taxation and need not be includ ed in the returns. Proceeds of 1’te insurance policies; returnc cf premium on life endow ment and annuity policies, gifts, be quesig or inliferirnces (income from gifts is taxable, however), interest on bonds of any state, county or munci pafPv; intercut on farm loan bond: interest on $5,000 or less of Liberty Bonds, and on larger amounts in cer tain cases provided by the bond act; payments on account of ace'dent or health insurance or under workman’s compensation aicis. To dete'-t. incurrmo'en or fraud in return, the Internal Revenue Bureau has instituted p. system of check ing returns with other reports ro quired from all persons of interests which paid out $1,000 or more to anv individual during the year. The latter reports constitute the tax col lecting maheinery’s “information at the source’ which proved so valuable last, year in preventing dodging. In addition to income taxes, there is a multiplicity of other taxes to be assessed this v«nr. Incorporated businesse are reottired to pay taxes on net incomes at the rate of 12 per cent, with an exemption of $2,000 War profits and excess profits taxes are assessed against corpora for only. The Revenue Bureau has made a jyrovis'on tentative Jest}m|ites of in come in oases where tax pavers are not able to figure accurately their income before March 15. In these cases, however. an installment pay ment of one fourth of the estimated amount is required on that date and tax officials will guard against any attempt to evade or minimize the tax payment then through setting an un reasonably low estimate. NOTICE Notice Is hereby given that in pur finance of a resolution done, ratified snd adopted on this fourth day of Febmarv. A. D.. 1919. bv stock hold ers owning in the aggregate twentv per cent of the capital stock, a meet in«r of the stock holders of The Times .Company, Inn., is hereby called to “'mvene at the office of said corpora #n at ten o’clock In the forenoon on riday, March 7th„ A. D.. 1919 for Ibe special nurpose* of liquidating windne up the affairs of and dissolv rine said cornoration. Dated at Florence, South Carolina, on this fourth day of February A D. 1919. W. R. BARRTVOFR As President of said corporation A This famous Trade-Mark is your positive assurance of full value, fauldess fashion and reliability in fine footwear. It is your assurance of absolute satisfaction when you go to select your new Spring shoes. > Maintaining comfort and fit, while providing the maximum of style and beauty, the new models are the footwear fashion ideal of American Womanhood. “Queen Quality” Shoes are graceful, smart and comfortable and are priced in strict accordance with our policy of fair dealing. You are invited to the Spring and Summer Showing of new styles that are meeting the approval of care ful buyers in thousands of good stores through- out the country. We know that you will buy them with confi dence, and wear them with pleasure. mnnnr/ WCS* »0O**T CA^fTCv VNVV&HlMCt^ dlbL® a i Florence Shoe Store “The Largest Shoe Slore in the Pee Dee Section.” & HUNS HELD THIS CHURCH FOUR YEARS T At ■; Colds Cause Headaches and Pains Feverish Headaches and Body Pains caused from a cold are soon re lieved by taking LAXATIVE BROMO 1 QUININE Tablets. There’s only one ’•Bromo Quinine.” E. W. GROVE’S signature on the box. 30c. *>-&> jf* MM* vs..*. cows LOVE IT The Feed without a Filler" iWWywrtiM ii 11 i'iijr U:: *u 'fSmSi' ~ ...’ K. ^ .ii...,;y u N.-H-OM«r I 'mI- i ’ Interior of a siiinlt church in Kci't/uninix which ws’.s u.umI l.y me GenutoiA to billet troops, now restored, to allies, showing strawn-strewu pews-which ;Wero occupied bjr theaGeriiiaas tor four years. • -i ’ii - ^111*1 i'll *i 1. i TRY A TON ! Nesmith-Poweli Co., Inc 30-38 Front St WANTED- Scrap Iron |;; Highest cash prices paid for cast scrap. ! I Universal Plow Co. Florence^ S. C. Use The Want Ads Don’t fail to attend big get-to-gether meeting it Pinewood Club, Thursday, February 27th.