Charitable Gift Deductions Under Tax Law Explained
The article explains that deductions are allowed for charitable contributions made in the taxable year to qualified religious, charitable, and scientific organizations. The deduction is limited to 15 percent of the taxpayer's net income computed without this paragraph and must not benefit private individuals or private stockholders.
Extra Time for Filing Tax Returns Expanded
A recent ruling by John F. Malley, IRS collector, extends filing time by 45 days if a tentative return is filed by the due date with at least a quarter of estimated tax. Deductions require organization details for each contribution and fair market value for noncash gifts. A $200 credit per dependent also applies, regardless of head of family status. The installment sales tax rule allocates income by gross profit proportion. defaulted payments trigger full income recognition.
MENTIONED IN THIS ARTICLE
John F. Malley
Internal Revenue
Tax treatment of depreciation and building demolition
Guidance on depreciation for sold or repossessed pianos and buildings. How to treat profits, returns of capital, and depreciation deductions when a dealer recovers a piano, or a building is demolished or condemned. Provides formulas and scenarios for deducting losses and determining income.
MENTIONED IN THIS ARTICLE
Thomas HH. Ray
Daily and Sunday Post
Ray
Net Income and Deduction Rule for Corporate Contributions
The first step is to determine net income as if no deductions for contributions or gifts to the corporation exist. If the total contributions do not exceed 15 percent of that net income, the full amount of contributions is allowed.
Father John's Medicine Fights Grip At Family Child Home
Ellen O'Leary matron of a Lowell Massachusetts children's home reports using Father John's Medicine during a recent grip epidemic. She claims the remedy kept most of the 40 to 50 children from illness and aided the few who fell ill with quick relief.
MENTIONED IN THIS ARTICLE
Father John
Ellen O’leary
Children's Home
Lowell
Mass
Predicts Shortage of Labor in Coming Boom
Salem March 5 Everett W Lord federal director for Massachusetts United States Employment Service warned at the Masonic Club that industry trends are upward and a labor shortage is likely within six months due to a coming business boom. He noted no serious unemployment in Massachusetts or New England and that returning soldiers are quickly placed. Many war workers have found new jobs while textile mills run on part time to avoid layoffs.
MENTIONED IN THIS ARTICLE
Salem
Everett W. Lord
Massachusetts
United States Employment Service
Masonic Club
Lord
New England
Palmer sworn in as Attorney General
Washington March A Mitchell Palmer was sworn in today as Attorney General of the United States succeeding Thomas W Gregory. Chief Justice White administered the oath. Palmer said the department would enforce laws promptly and impartially for all, with strong American men serving the country. Francis P Garvan became alien property custodian today.
MENTIONED IN THIS ARTICLE
Washington
A. Mitchell Palmer
United States
Thomas W. Gregory
White
St Joseph Niobena at St Augustine's Church South Boston
A niovena in honor of St Joseph will be held at St Augustine's Church in South Boston. It opens Monday March 10 and concludes with services on Wednesday March 19.
MENTIONED IN THIS ARTICLE
St. Joseph
St. Augustine’s Church
South Boston
Protestant Churches News Roundup from Boston Area
The Rev Dr William Harman van Allen to preach at St James North Cambridge and at Christ Church Portsmouth and in Baltimore and a Good Friday service in New York City. Lectures include The Case for Armenia by Dr H S Jelalian. Edmund Rousmaniere and George A Smith to speak at New York and Discples respectively. Various talks on education mental deficiency reeducation war blinded and missionary work scheduled through March.
MENTIONED IN THIS ARTICLE
William Harman van Allen
Church of the Advent
St. James’ Church
North Cambridge
Christ Church
Portsmouth
N. H
Baltimore
St. James Church
New York City
H. S. Jelalian
Armenia
Edmund
Rousmaniere
Cathedral Church of St. Paul
Trinity Church
George A. Smith
Church of the Disciples
Edward E. Allen
Ada M. Fitts
Oman to be named Governor of Virgin Islands
Navy announces Rear Admiral Joseph W. Oman will become Governor of the Virgin Islands, succeeding Rear Admiral James H. Oliver who has retired. Oman presently commands the Second Naval District with headquarters in Newport Rhode Island.
MENTIONED IN THIS ARTICLE
Washington
Joseph W. Oman
Virgin Islands
Navy Department
James H. Oliver
Gman
Second Naval District
Newport
R. I
Days and Nights in Trench Warfare Highlight Bay State Dinner
Captain Harry Comerais will recount days and nights in the trenches and battles he fought at the annual Bay State Automobile Association dinner at Hotel Victoria. Major General Clarence R. Edwards will attend as guest. Sir Henry Rawson will entertain with his view of America after singing The Star Spangled Banner via long distance phone.
MENTIONED IN THIS ARTICLE
Harry Comerais
Bay State Automobile Association
Hotel Victoria
Clarence R. Edwards
Sir Henry Rawson
America
Henry
Frisco
Boston
War Labor Board Upholds Unionism
The National War Labor Board in executive session here today upheld the right to organize and bargain collectively in several disputes. Employers were warned against opposing unionism, equal pay for equal work was ordered in two cases, and discharged workers for union affiliations were reinstated where applicable.
MENTIONED IN THIS ARTICLE
New York
National War Labor Board
Labor shortage looms from war era shifts and emigration
A historic labor crisis emerges as employers demand rise with postwar building, merchant marine needs, and farm work. Immigration cuts shrink the supply, while up to 1,250,000 foreign-born residents have sought passports and potentially 2,000,000 may return home. The U S Employment Service with 500 offices and 1850 veteran bureaus pivots to matching workers.
MENTIONED IN THIS ARTICLE
Washington
Industrial training urged as gap widens for workers
The figures from the employment service show a large pool of nearly 3000 men and women seeking work, highlighting ongoing opportunities for those who meet employer requirements. The report stresses a critical need for more industrial training and notes plans to aid training through schools and by itself in shops and factories.
MENTIONED IN THIS ARTICLE
Employment Service
Two Mishaps at Rockland During Torpedo Boat Trials
At Rockland Maine March 5 minor accidents interrupted trials of the destroyer McDermut and Ford Eagle Boat No 2. McDermut hit a boiler tube but completed a four hour fuel and water test. Eagle Boat No 2 developed trouble in the main turbine off Belfast and returned for temporary repairs before heading to New London for overhaul. Best speed of the Eagle boat was 17 12 knots, one knot below contract.
MENTIONED IN THIS ARTICLE
Rockland
McDermut
Belfast
New London
Eagle Boat
The Mysterious Disappearance of Guynemer
The Post promises a premier feature next Sunday about Guynemer the French ace who flew away in the clouds never to return. It highlights his exploits and presents one of the best installments yet published detailing his life as France’s premier airman.
MENTIONED IN THIS ARTICLE
Guynemer
Ace of Aces
France
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Thomas H. Ray
American Red Cross
Salvation Army
Knights of Columbus
Treasury Department
the Press Publishing Co
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Pio S
John
Fies Etek Kde
Joan
Palmer
R. M
Emrich
Turkey
Women’s Board of Missions
Ford Hall
Brotherhood
Bastor Baptist Bethel
Herbert Rollins Whitelock
Glendale Baptist Church
Everett
Presbyterian Church
New Era Movement
Chester F. Wood
Stoughton Street Baptist Church
Courtenay Crocker
League of Nations
Lawrence Fellowship Club
St. James Episcopal Church
Roxbury
Oman
WAR Labor Board
Gray Co
F. Gray CO
Hanover St
Adtvt
Hanover and
Portland Sts
Washington St
Advt
EL Dallo
Wertheimer Bros
Guarantees Penn’s Flowers
Penn
Flowerphone
Tremont Street