Des Moines Iowa Homestead in Des-Moines, Iowa 17 Feb 1921
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Des Moines Iowa Homestead (Newspaper) - February 17, 1921, Des Moines, Iowa
30 374 the Iowa Homestead 17, 1921 income tax on increase in land values. Judge Thomas of the United states District court of the Connecticut District handed Down an opinion on the 16th Day of december 1920, which has recently appeared in print which is o unusual interest to Farmers who have made Large profits through the increase in the value of lands and who have been compelled to pay heavy in come taxes on such profits. The sixteenth amendment to the Federal Constitution provides the Congress shall have Power to Lay and collect taxes on incomes from whatever source derived without apportion ment among the several states and without regard to any census or enu under the Powers granted the sixteenth amendment Congress enacted the income tax Law of 1s67, and also the Law of fills and the latter Law expressly provided that income derived from increase in value of lauds Bonds stocks and other invest ments should be considered As income and taxed As such. Judge Thomas holds that such gains Are not income in the sense in which the Constitution uses the word and that therefore the present income tax Law so far As it purports to tax profits on land etc., is unconstitutional. The Case under discussion involved boils of the International navigation co., which had increased in value about and the Holder had been compelled to pay income tax on the 000 increase. Judgment was rendered in favor of the taxpayer for and . The Case has been appealed to the supreme court of the United states and on account of its importance has been advanced and decision of that court is expected speedily. Subscribers who Are being taxed on land profits or profits on Bonds stocks or other property will have to pay their taxes but at the time of paying them it would be Well to Call the col Lector s attention to the illegality of such taxes and pay under protest. We shall acquaint our readers promptly with the result of the Appeal As soon As it has been determined. Law questions. Income tax. Iowa sold my farm last year for a Small payment Down balance secured by mortgage. Must 1 nov pay income Tux on the mortgage besides the regular state tax tax covers Only your income or profits. If in the Sale of the farm you made any profit on the Deal you will have to add those prof its to your regular current income for the year when the Sale was made and pay the regular income tax on that profit. You better go to your banker and explain the matter to him and he Fitzgerald self feed portable Post Drill the first one of Var built with a self it l d i Nink. Just uie thins for Fanner Roj Iii shop or garage. Ail be i irk d i the work a common bit Turk. Takes the Phu Rui a by Nib breast Chain Post Drill. Fitted fur in. Round Shank can Ulsan furnish is id fur drinks. Wiran tired to suit or Money refunded. Mailed any who in in v. X. Nil receipt of aunts wanted. Lib eral discounts in quantities. Manufactured and sold by Mac co. Kilbourn wis. Order one today prompt shipment Auto ouch Center drive double geared Windmill internal enclosing other gears Oil and dust tight. Work is Bola own drive on 2 idea no Side draft All i arts Nikii i act Virly Ono year circuits i 1 Ecru. Will help you make your income tax out. Income tax. Iowa a person Sells Lytfi farm and immediately buys another is he required to pay income tax on the one sold he made any profit on the farm he sold he will he obliged to add that to his Ordinary income and pay tax on it. The fact that he in vested the proceeds in another farm immediately has nothing to do with the question. Income tax. Iowa it True that married has not prot a net income of Over he to make a report if they Don t if there any line How much do they value machinery and Bow much Joes off for depreciation How much expense and depreciation can i on a Ford Ariton Mohile How do they figure the depreciation on horses if horses were Worth ?-00 apiece Jan uary 1, 1920, How much is a horse Worth january 1, 19il? head of a family need not report unless his income exceeds a horse or an automobile or a piece of machinery if Good for five years Only the depreciation must he figured at 20 per cent if Good for 10 years the depreciation would Only be 10 per cent. Your banker or county agent will doubtless Holp you make out your report. Income this out. The table is calculated for the Man who is married living with his wife and has no children and is entitled to an exemption of a married Man is entitled to a further exemption of for each child under is dependent upon him. An unmarried Man not the head of a family is entitled to an exemption of Only per cent highest Normal rate of total tax surtax surtax tax s 40 .40 amt. Of income 5.000 0.000 7.000 to 120 Ico 240 i20 400 4so 1140 10 30 50 so no 150 Iso 80 120 170 270 480 710 x30 income tax. Iowa is Man and in May he contracts to buy a Igo acc farm of c at s200 per acre paying Cash and to be paid on Ivi Arch 1, 191 0, balance to remain on the farm but before the 1st of March Ihlo trades his contract of his farm for another farm and in the value of it taking in a Lejos improved farm. Then a trades this second farm contract for a 80-acre farm so to make the raise in valuation make the first payment on the so. In neither of these trades did any Money change hands a did not at any time receive any Money but the raise in valuation Between these trades was enough to make the first payment on his so which he still holds. Will a have to pay income tax on this raise of land if a is compelled to pay income will there be any depreciation on this land As it is not As valuable As it was in 1919? the Rule of the fed eral department a will have to pay income tax on this trading. Where two men Exchange farms merely for convenience and where farms Are both of the same value and there is no element of profit entering into it the Rule is that no lax is required but when they Are trading for profit they have to pay tax. Income tax. Iowa sold my farm in May. Leilh and Pavc Possession March 1, 1920. I bought this farm in 1911 for and sold it for during this time i spent about 52000 for improvements. How much income tax would 1 have to pay i had a Public Sale february 17, 1920. What i would like to know is whether i will have to pay income tax on the farm implements profit Yon made on the farm is part of your income and will be added to your other business receipts for the year and you will have to pay an income tax on your Olal in come for the your. The profit on the farm is Liy the value of to land on the 1st Day of March in i from Hie Price you obtained when they sold it and deducting from this profit lie hum which you have put on 1.1m i Ivy in the Way of per manent improvements insure your farm profits now your profits or losses Are the difference Between the Cost of operating your farm and the Price you get for your More or less. Whatever the year s Market value of your crops May be you can make your profit larger by lowering the Cost of production. Would t you like to save a would t you like to have convenient at All times portable Belt Power for the numerous Power jobs around your farm you can do All of these things and add to your profit and pleasure by using Samson Power farming. Thousands of Samson Model a tractor users who made Money last year can prove this truth. What they have done you can do. Begin up to you. Write today the Benefit of this experience we have in close touch with thousands of Samson know How and Why they made Money last will gladly give you this information. Drop us a postal card is no obligation. Samson tractor co., 504 Industrial Avenue Janeville division of general motors corporation of Power and hone drawn Imp Montt Samson Large share of labor horse maintenance and time that represent a Large part of your present Cost would t you like to be raising profit paying products on the acres which you must use in raising feed for your horses would t you like to have fewer the Neces sary ones quicker and make life More Worth while rim one Man saws 40 cords a Bay a Cost off cents a Goral write today Lor big special offer and Low direct factory Prica on Ottawa log saw. Strictly a one Man outfit that the Coal so orthae and make big Money. Ottawa Ioc saw cuts Down lags by Power does wit roof 1o to 15 men at less direct gear drives than one tenth coat. Saw Makus strobes no chains to tighten no keys no act a minute. Mounted on wheels. Easily moved screws. 4-Cycte Frost proof engine from log to i off Rind from Cut to. Cut along with counter balanced Crank Shaft. Log by one Man. No More Back breaking pulls 4 he. Mag Cross cat sawing. Tho Ottawa Falls Trees octo ignition and automatic gov ony Bubo Jas one third of the tree is in Tho error with Speed regulator. Spec branches a specially designed fast cutting Ial clutch lever controlled enables Luul lure. Juju la Blu Huw will guv Bluy Julua i Puma f cd engine. Simply built nothing to get of. Wheels like a Barrow engine. By reply built to ten oat of fix. Us Esiquio fuel wonks Well in any kind of weather and on an kind of ground. Ottawa manuf cooking co. 2582 Wood Street Ottawa. Kacson get our now special offer and find out How cosy it a to own an Ottawa and let it my for itself a you Nie it. You Are fully pro tested by so Day trial. The Ottawa Back oar 10-Ycur guarantee. Over but isfried agers All Over the world. Free Book. Bend for Bis Book and customers reports. Today euro. Also oar Low Procai. Which have increased to value. 1c you bought any farm implements during such period and deducted them from your income us expense you will have to pay income on them at tin time they Are Kohl if however they have been treated As capital and have never been deducted from your income you do not have to pay income lax on them now. When you have found out what your income is your banker will be Able to help you compute the amount of the tax. Prices Way Down w e to knocked Tho Liotto oat of Liph Cost of Fen building. To pay Froley Tinl but you Money. Luis that saved 38 sent or r. R. Dillard Milton a riles i fount Alt the Fence be or better than 1 oxen Czetl. Isasca .0.63 on my r i Nim Iima much you no dec Orth Nioura from factory to Sill you Crit inlay Virog.
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