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This newspaper page contains 18 articles. Subscribers can read the full text of each article.
Newspaper
Washington Evening Journal
Location
Washington, Iowa, United States of America
Date
Feb 19, 1941
Page
6
A Cedar Rapids column recounts office calm after a card reading but that was yesterday, plus county spelling winners Tracy Norris and Richard Lacina, Lincoln Washington social, Dorothy Nicola at Lincoln school, and remarks on Hoover Willkie and rising food prices.
The article explains two methods for bad debt deductions. Taxpayers may deduct as worthless debts or add to a reserve. Changes require approval, with conditions for large accounts and first returns in 1940. The reserve amount depends on total debts and existing reserve, plus realizations.
Jerome Frank, chairman of the Securities and Exchange Commission, is nominated by President Roosevelt to serve as a judge on the U S circuit court of appeals. He would succeed Robert P. Patterson, who resigned to become undersecretary of war.
A family goat belonging to Miss Hennon’s nephew Richard Fisher was raised as a pet but was swallowed by a friendly goat. The pet, named Billy, was sold at a Keota auction where buyer Harry Whittaker paid thirty five cents, leaving Richard heartbroken at the loss.
The note indicates assets deemed worthless were charged against the reserve during the taxable year, reflecting a reduction in value and impact on financial reserves.
Yearly deduction for bad debts requires the taxpayer to determine worthlessness within the tax year and, if books are kept, to charge off the debt in the same year. The article explains the need to prevent double deductions and notes that a deduction may be supported by reasonable efforts and a return attachment. court action is not mandatory. It also covers partial losses and exceptions for certain debt instruments issued by corporations or government entities.
The guidance states deductions apply to the person taxed. Real estate and personal property taxes paid in 1940 are deductible. Local assessment taxes for improvements are not deductible but capitalized. Federal income tax is not deductible, while state income tax is deductible on the federal return. Customs duties on personal imports are deductible.
Four farmers located the missing plane near Maria de Dora Costa Rica after 42 months of searching for the craft which carried five aboard including an American. It disappeared June 20 1937 en route to Costa Rica. only bones remained of the occupants. Charles Stanton of Dorchester Mass was the pilot. Search flights totaled 75000 miles.
Riverside observers recall 50 years of marriage as William Gerot and Josephine Fouchek were celebrated by a large family gathering at their Riverside home. The couple, married on a farm south of Riverside, have three children and seven grandchildren. An out of town guest list included relatives from Ainsworth Haskins San Diego Iowa City and more. A large wedding cake baked by their daughter and a radio gift marked the Golden Anniversary.
The article outlines which taxes and fees are deductible for individuals and businesses. It covers excise, stamp, license, unemployment, and state or local taxes, noting exclusions such as postage, federal estate and gift taxes, and certain vehicle and sales taxes depending on state law. It also explains employer paid taxes and treatment of telephone, rent, and club dues taxes.
Davey of Ohio, former governor, is on the way to recovery in a Cleveland hospital after a serious coronary thrombosis. He twice held the state’s top office and was regularly in the news for his battles over relief.
South Hill February meeting notes eleven members attended due to weather. Secretary absent, minutes read by Hazel Moorehead, with president Wooley conducting business. Entertainment honored three February anniversaries and holidays including Lincoln and Washington's birthdays and Valentine events. Attendees listed from Washington Lone Tree West Chester Riverside and relatives.
Washington Lodge No 26 A M and A M holds regular meetings on Friday each month. W M Holland and A W Yard serve as secretary and organizer.
A collage of westbound and eastbound train numbers times and stops for routes including Golden State Limited No 3 Local No 1 Californian and Knoxville Branch No 430 plus Burlington Trailways buses with departure times from Washington and notes on ticket purchases and agent contact.
A hurricane struck northern Spain then sparked a large fire that swept across Portugal from the Atlantic. The Santander blaze destroyed over 200 homes on the Bay of Biscay and forced more than 30,000 people from their homes.
A CLAY, Feb 17 farewell party honored families moving March 1. Guests included Mr. and Mrs. Gilbert Smith and family moving to a north of Pairfield farm, Floyd and Dale Hunt families heading to near West Chester farms, Clayton Morgan family purchasing a farm near Libertyville, and the Howard Snider family. Cooperative dinner followed at the home of Mr. and Mrs. C. H. Meacham. The club women hosted an all day meeting. next is an afternoon session March A at Mrs. Margery Carter’s home.
Mrs. Cecile Harland gave an address while Havel Moorehead spoke on George Washington and his home. Louise Holmes led clever Valentine stunts. Hostess Gwendolyn aided with refreshments. Next meeting with Ida Wooley will be a pot luck dinner with husbands and families as guests.
Held at Statler EAST 76 on Feb 17 Mop Mixer Cluj met with Mrs M dred Statler for an all day meeting with guests at a bountiful pot luck dinner. Cards and pinochle were played while President Brice Carr led a brief business session. Mollie Tierney attended. roll call featured valentine verses and a comical exchange. Mrs Tom Stirk received a farewell blanket as she plans to move before March 1. Next meeting will be with Marie Schnoebelen on March 5.
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