Tax changes from 1954 revenue act on dividends and annuities
The 1954 revenue act partially excludes dividends from gross income, allowing up to 100 dollars for a married couple, with caveats for community property and non qualifying payments. A 4 percent dividend credit reduces tax, limited to two percent of 1954 taxable income. Annuity taxation shifts to a life expectancy based exclusion, changing prior rules. It also aims to ease retirement income taxation and clarifies ownership transfers for policy proceeds.
Texas Tax Tip On Installment Insurance Proceeds
A Texas column explains that installment insurance payments are taxable as interest or earnings. It notes an annual exclusion for the first $1,000 of interest if proceeds are paid to the taxpayer’s spouse. The column urges readers to consult an attorney for advice and warns that facts can change law interpretation.
MENTIONED IN THIS ARTICLE
State Bar of
Texas
Lawyers of
Enmot
Evinrude Motors Franchise Awarded Reynolds Maytag
Reynolds' Maytag, 2412 West Main, has been awarded a dealer franchise by Evinrude Motors of Milwaukee. Bob Reynolds announced factory authorized service for Baytown outboard owners and highlighted Evinrude’s 1908 origin and new engine mounting reducing hull vibration. New models include Big Twin Aquasonic 25 HP, 15 BVP Fast win Aqquasonice, 7.5 Fleetwin Aquasonic, and 3 HP 32 lb Lightwin. Reynolds also sells boats and boating gear.
MENTIONED IN THIS ARTICLE
Ole Evinrude
Reynolds
Lightwin
Solon Proposes Natural Gas Tax in Texas Legislature
Rep. Curtis Ford of Corpus Christi filed a House bill to tax natural gas at one cent per 1000 cubic feet, paid by the beneficial owner. If no beneficial owner exists, the working interest holder would pay. The bill targets long gas transmission lines and aims at about 38 million dollars yearly.
MENTIONED IN THIS ARTICLE
C. B. Lloyd JR
Austin
Curtis Ford
Corpus Christi
House
Senate
Doyle Willis
Fort Worth
Texas
Har
Houston
Gus Strauss
Hiville
Irol
House Appropriations Committee
J. O. Gillham
Brownfield
Ford
Attorney General's Office
Duval County
Jap House Dissolved Clears Way For Election
TOKYO February 26 The Japanese House of Representatives was formally dissolved to pave the way for a general election on February 27. A roar of Banzai greeted the reading in the lower house of a decree issued by Emperor Hirohito at the request of Prime Minister Ichiro Hatoyama's government.
MENTIONED IN THIS ARTICLE
Tokyo
Gan
House of Representatives
Banzai
Hirohito
Ichiro Hatoyama
Hiway Commission Extends Route 54 Measure Approved
The Texas State Highway Commission approved extending U S 54 from El Paso to the Rio Grande bridges to connect with Mexican highways. El Paso and the state will jointly select a route with Alameda Avenue as a possible alignment to the International boundary. Other actions included pavement widening on U S 77 and 83 at Brownsville, frontage roads on U S 80 near Sweetwater, upgrades on U S 67 and 84 near Brownwood, illumination on U S 81 through Temple, and frontage roads on U S 66 in Amarillo.
MENTIONED IN THIS ARTICLE
Austin
U.S. Bt
Paso
Rio Grand Bridges
Mexico
State Highway Commission
el Paso
Alameda Ave
Highway Commission
Camjmn
Brownsville
Nolan County
R&p Railroad
Sweetwater
Taylor County
Brown County
Brownwood
Bell County
Temple
Howard County
Martin County
Webb Air Frce Base
Potter’ County
Western Avenue
Long Street
Amarillo
Bill Bars Independent In Primaries
In Austin on January 2 a Senate bill was read proposing voters state party membership when buying a poll tax, effectively barring independents from party primaries. Senator Kilmer Corbin noted independents would face voting obstacles and said Texas could require voter registration like Arkansas.
MENTIONED IN THIS ARTICLE
Austin
Senate
Kilmer Corbin
Corbin
Texas
Lebbock
Arkansas
Colle
Trial Of Duval Men Is Postponed
Tyler Texas January 26 The trial of two former Duval county school officials D C Chapa former tax collector assessor and Arrillo former secretary of the Benavides independent school district was postponed because one defense attorney Victor Woods requested a delay as Eligion de la Garga another lawyer is serving in the Legislature.
MENTIONED IN THIS ARTICLE
Victor ©. Woods
Eligion de la Garga
Also Mentioned on This Page
Sam Leff
Curly
Buddy
Anere
Sur
Pala
Ier
Aldert
By Walt Kelly
Annie Jedsowal
WWE
Kerry
ALY Shack
AL ‘Gre
Texas Lawyers
Kerkindall
Evinrude Motors
Reynolds Maytag
Gloria Marshall
Los Angeles County
Solon
Baytown Furniture Clinic
Morrell
Department OF Banking
the Mortgage and Trust, Inc
P.O
Texn
State of Texas
Was
Resources
Treasury
Suvenanca
State OF
Harris
Alfred L, Raney
A. B. Regester
A. E. Regester
M. McConnell
John &. Dunn
Alfred L. Raney
A.D
ORK
Joyce Froehlich
Harris County
Hiway Commission
Price
Chevrolet
Ats
Bolivia
Juan Irigoyen Yepez
New York Islewild
Dorothy Foianini
International Union of Child Welfare
Juan
Institute of Physical Medicine and Rehabilitation
International
Bill
Duval
Mike Franssen
LIFE
Texas Banking Department
Guardian Financial Corp
Baytown
West Texas Ave
Brunson Theatre
Pasadena
Mast Shaw Ave
Long’s Theatre
Fisher
N. Main
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