Tax return errors linked to partnerships and personal corporations
Internal Revenue Collector John J. Mitchell warns that partnerships and personal corporations frequently cause errors in income tax returns. The article notes careful scrutiny of such returns and explains the mailing of 50,000 tax blanks for incomes under 5000, with 50,000 more each day this week until 271,345 names are covered, due March 15.
MENTIONED IN THIS ARTICLE
Colleetor
Internal Revenue
John J. Mitchell
Partnership Tax Rules for Individuals and Organizations
Partnerships do not pay income tax but must file Form 106 showing net income. Net income for partnerships is computed like an individual’s and charitable deductions are not allowed. Individual members are taxed on distributive shares of partnership net income and must include them on their personal returns, whether or not actually received. If figures in the individual and partnership returns diverge, adjustments follow.
Returns Rules for Partnerships and Personal Service Firms
The text details that partnership returns must be filed even with no net income, listing each partner's name, address, and income share, and signed by any partner. It covers how the calendar or fiscal year affects the filing and extends revenue act rules to personal service corporations, which must file Form 1065 for gross and net income, even if net income is zero. It defines a personal service corporation as earning mainly from compensation of principal owners who actively conduct affairs, with capital not a material income factor, and notes that supervision-only owners do not render personal service. It also explains how to identify principal owners for stockholding determinations.
MENTIONED IN THIS ARTICLE
Fartnership
Treasury
Boston Post
Post
P. O
Boston
Mass
P. O. Box
Personal service corporation rules and exclusions
Treasury rules require at least 80 percent of stock held by active managers for a corporation to be a personal service entity. Capital use can disqualify status if it's necessary and income producing. Exclusions include foreign firms and certain income types from government contracts. Returns must list all stockholders and their shares, with sworn certification by top executives.
MENTIONED IN THIS ARTICLE
Treasury
Shuberts Form Vaudeville Company Across Major Cities
New York January 24. The Shubert brothers announce the incorporation of the Shubert Advanced Vaudeville Company in Delaware with 20 million dollars capital. Lee Shubert says he and J J Shubert will direct vaudeville in more than 20 leading cities next season. Cities named include New York Boston Philadelphia Chicago Newark Brooklyn Pittsburgh Detroit Cleveland Cincinnati Louisville Atlantic City Buffalo Washington Baltimore New Orleans Kansas City St Louis.
MENTIONED IN THIS ARTICLE
New York
Shubert Advanced Vaudeville Company
Delaware
Lee Shubert
J. J. Shubert
Shubert
Shuberts
Boston
Philadelphia
Chicago
Newark
Brooklyn
Pittsburg
Detroit
Cleveland
Cincinnati
Louisville
Atlantic City
Buffalo
Washington
Baltimore
New Orleans
Kansas City
St. Louis
Bate
Springfield
Portland
Providence
Worcester
Reading
Herrisburg
Wilkesbarre
Richmond
Norfolk
Albany
Syracuse
Rochester
Pittsburgh
Grand Rapids
Indianapolis
Peoria
Columbus
Dayton
Atlanta
Birmingham
Milwaukee
Minneapolis
St. Paul
Duluth
St Louis
Des Moines
Omaha
Denver
San Francisco
Los Angeles
Seattle
Spokane
Toronto
Captain Searles Sells Helmet to Out-of-Towner
Police helmets are being sold by Captain Searles. A visitor claiming to be a chief bought one yesterday for 2 dollars. A comedian attempted to purchase for his act but left after spending 60 cents. the balance was not accepted. The clerk notes helmets will be 2 dollars each or none. Prospects expect further sales as remaining stock dwindles.
MENTIONED IN THIS ARTICLE
Walt
Woman Says She Shot Husband Accidentally
In Providence Rhode Island Mrs Mary J Fellows a divorcee stood trial in the sixth District Court charged with murdering her ex husband Rufus J Fellows two weeks earlier in the Sunnyside Inn Johnston The defendant testified the gun discharge occurred as she carried the weapon to him and stumbled The bullet struck his lower lip and lodged at the base of the brain and he later died at St Josephs Hospital The case was bound over to the grand jury after the hearing
MENTIONED IN THIS ARTICLE
Providence
R. L
Mary J. Fellows
Rufus J. Fellows
Sunnyside Inn
Johnston
the &Th District Court
St. Joseph's Hospital
Ultimatum on Still Alarms in New Bedford
New Bedford fire chief Cahill warned that unless moonshine stills in homes stop causing fires the department will report offenses to federal authorities. In recent weeks six blazes were traced to stills, with barrels of mash and kegs found at sites. fires often began from stoves used by distillers.
MENTIONED IN THIS ARTICLE
New Bedford
Cahill
Fire Department
North End Solon to Be Banqueted
Representative George Costanza of the North End will be guest at a dinner for Italian affairs leaders in Greater Boston at Hotel Napoli this evening. He just started his first term, is a Tufts and English High School alum, formerly with Boston’s health department, and active in North End groups. Toastmaster Vincent Brogna, speakers Martin Lomasney Bernard Finkelstein and ex Mayor Fitzgerald attend. Joseph Cicarelli arranged events.
MENTIONED IN THIS ARTICLE
George Costanza
North
Greater Boston
Napoli
Costanza
English High School
Tufts College
Health Department
Boston
North End
Vincent Brogna
Martin Lomasney
Bernard Finkelstein
Fitzgerald
Joseph Chicarelli
Western Crude Oil Cut 50 Cents a Barrel
Tulsa Oklahoma January 24 The Prairie Oil and Gas Company announced a price cut of 50 cents per barrel for mid continent crude to 3 dollars a barrel The Sinclair Oil and Gas Company followed with a 60 cent cut to meet Prairie The Southwestern general offices at Fort Worth announced a 5 cent cut from 3 58 dollars to match Tulsa prices
MENTIONED IN THIS ARTICLE
Western
Tulsa
Okla
Prairie Oil and Gas Company Today
Sinclair Oil and Gas Company
Aso
Prairie Company
Southwestern General
Forth Worth
Swift & Company carcass beef prices in Boston sales week
Prices realized on Swift and Company carcass beef sales in Boston for the week ending Saturday January twenty two ranged from eleven and a half cents to nineteen cents per pound with an average of sixteen forty four cents per pound.
MENTIONED IN THIS ARTICLE
Swift & Company
Boston
King Held For Killing Girl In Philadelphia
Charles Edwin King, 21, was arrested in Philadelphia on a homicide charge over 17 year old Arlinb May Stout found fatally shot in her home on October 10. Stout’s father Freeman M. Stout obtained the warrant after a graveside vision prompted action. King claims innocence and says he was with Arline the day before the death.
MENTIONED IN THIS ARTICLE
Philadelphia
Charles Edwin King
Arlinb May Stout
Freeman M. Stout
King
Sriste
Bristol
Miss Stout
Stout
Arline
Edwin
Train Hits Stolen Bike Suspect Sentenced
Alexander Epstein a Brooklyn youth was sentenced to the Concord Reformatory for larceny of a railroad bicycle. He admitted stealing the bike at Canton station, rode it toward Norwood, was struck by a train, and survived a 20 foot embankment before rescue by the train crew and authorities.
MENTIONED IN THIS ARTICLE
E Stoughton
Alexander Epstein
Brooklyn
New York
Concord Reformatory
Epstein
Norwood
Canton
Keene man wins Instreader contest with clever line
Michael A. Cahalane of 29 North Lincoln Street Keene New Hampshire won $100 for the best line in the Insteader contest. He is chief clef at the Boston and Maine shops in Keene and has been a loyal Post reader entering both Insteader and Limerick contests. This is his first prize.
MENTIONED IN THIS ARTICLE
Michael A. Cahalane
Lincoln Street
Keene
N. H
Cahalane
Boston & Maine
Westmoreland
Limerick
Also Mentioned on This Page
Bureau
Personal Service Corporations
Uasgeg
Georgho Costanza
Butler
Butler’s
Young Yorick
Insteader” No
North Lincoln Street
Keene, N. H
Yorick
Tomorrow’s Post
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Fost
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