Newspapers / The Chowan Herald (Edenton, … / Dec. 20, 1962, edition 1 / Page 9
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:V • . y* t ; mmrn mm w The National Outlook f Corporate Profits And Wages ‘V By Ralph Robey , » ~y J i]f -, UUJJJJ nnnrui i.wutnn ruwunjui. Never has the Internal Reve nue Service been subjected to as vigorous criticism from a ruling as it has been on the new pro posals on expense 'accounts. Hundreds, and perhaps thous ands, of ietters have been writ ten to the service objecting to its interpretation of the law, and so many taxpayers asked to be heard in person that instead of only one day being devoted to this purpose, the time was doubled. Still, every one was under pressure to get his analy sis presented in the time al lotted. And this was in the face of an opening statement by Mortimer C. Caplin, Commis sioner of Internal Revenue, that f k certain of the suggested rules ♦ would be reconsidered and eased. No one questions that there has been abuse of expense ac counts. But no one knows how n Avidespread the abuse has been " or what it amounts to in dol lars. And certainly it was the intent of the Congress in the tax act passed a few mopths ago that an attempt should be made to bring the abuse under con trol. It is, however, the almost ■unanimous view of careful and skilled students, both lawyers and laymen, that the Internal Revenue Service has gone well beyond even, the intent of the: Congress. ] In general terms, two main | questions are involved: first, the 1 KENTUCKY STRAIGHT PIHW *>V/s ox. BOURBON MBm '"0 WHISKEY Pint 86 PR °° F I • W I tort I I lj I ■ j I ♦Sr ! £ lMnmm I Cl Shirley Temple Dolls . . • • $8.95 ¥ “Chatty Cathv” Talking Dolls $12.95 All Kinds Games 77c up Red Metal Wagons .... $1.75 up Building Blocks $1.95 >• Carriages For Dolfc ..... $4.98 , Bowling Alleys ....... $4.98 10-inch Tricycles $12.95 Erector Sets . $5.75 ;s►; Dollies’. Sleeping Cribs . . . $2.98 Painting Sets $1.79 Toy Dump Trucks $8.25 , ijj jbtfkt, Play Tea Sets $1,89 Toy Road Graders $3.75 v t CBSEJ & Twirling Batons 69c Toy Fire Trucks ...... $6.50 & JPfpßffim nrnnv'f rinnu riistn Keconipiaye™ .. . «tm» * I PERRY S FABRIC SHOP i ■ ' *-» *« s Sleds. . ..... 814.95 to $22.50 I buildinc formerly oocupied by Many Other Toys On Display 5 I I You’ll Save Now If You | CHOW A.\ MOTOR COMPANY | InOurToyland > « Shoj) Our Displays » ¥ m . |T 1T ~, „„ , WEST. WATER STREET _ r 1 ’ USE OUR LAY-AWAY PLAN 1 - ;aa.a-.a >v a*; ah: aa aaaa aaa.a.-w THE CHOWAN HERALD determination of what is a legi i timate business expense from the ; viewpoint of taxes; second, the ■ issue of what type of records . must be maintained in order for ■ the Internal Revenue Service to • allow the deduction. 1 On the first question the main 1 controversy has to do with ! whether business management * '■ or representatives of the service 1 are the better judge of what is ; a legitimate expense account 1 item. Obvioussly item. Obviously this is a tick lish subject. If management is given the right simply to use its discretion in allowing deduc tions the Yield is wide open for abuse. But, conversely, if an 1 Internal Revenue agent has un | limited power to disallow an '! item, it means that in many in stances perfectly legitimate ex penses will not be deduct.ble. Management believes, and properly so, that it is more cap able in the determination of legitimate business expenses 1 than the- Internal levenue agent can possibly be, but even so it does not ask for, or expect, wide jopen discretion. What it objects ■ jto in the proposed regulat on is that ; t • is put so definitely on the defensive that it will have j to regard almost every expendi jture as suspect in the eyes of ithe Internal Revenue Service. The type of records which ‘must be maintained under the proposed new regulation is an equally serious matter. A vol ume of detail is required that is basically impossible. Most well ‘managed companies now demand I itemized accounts from their employees and officers, and on ‘the basis of these reports they determine whether the expendi ture was fair and legitimate, or excessive and wasteful. If the decision is that the item was ex cessive and wasteful, it Is cus tomary for ■ it. to be disallowed or at least it is required that it ibe reduced to what is proper. >To meet these standards it is normal for employees and offic ers to keep an itemized account of expenditures. I The proposed regulations go |far beyond this. They require exact times; individual listing of each item with receipts for anything over $10; names; rela tion of the guest to the business purpose being served; how long the discussion lasted; type of entertainment if any; other guests present; and so on. This is snooping beyond reason, and it would place a burden upon business and its employees that is \yithout warrant. As .noted earlier. Mr. Caplin has stated that certain of the rules will be modified. It is to be hoped that the changes are really - significant, not because any honorable person approves of abuse of expense accounts, but merely as a matter of rea sonable operation of our tax laws. r Merry Hid News ] i By Mrs. Ethel Winborne \> Mr. and Mrs. J. W. White and son-in-law, Murray Harden, at tended the funeral of- Lewis Price in Plymouth Sunday afternoon at the First Christian Church. Mrs. Cecil Newb er n and JLjjf TO -ALL Our appreciation . . . our thanks ... it§l and our very tpest wishes to each and every one of you! WESTERN CAS SERVICE And WESTERN FUEL OIL SERVICE " Wfm ■ tiiif : ■ l,l 1 1 • *- - f* • . " »- <* „* S' ■ .• ; f" % , * % EM: SOUND OF RUBBER—Tiny rubber tabs lining a white line on a new highway in West Berlin are part of a warning system to alert drivers that they’re crossing the white strip. Tabs cause loud creaking noise when run over. daughter. Miss Fearl Newbern of Williamston visited Mrs. BeJva Taylor Sunday afternoon. ‘Mrs. D. P. Mizelle and Mrs. iettie McWalters and children if Edenton visited Mrs. C. T. Baker Monday afternoon. Mrs. Maude Spivey of Windsor visited Mrs. E. J. Pruden, 'Sr, ind Mrs. D. A. Byrd Sunday af ternoon. Mrs. J. W. Winborne spent Tuesday in Windsor with Mrs. A. E. Bowen, Sr., and her sister, Mrs. James Willis ■of Morehead City. Mrs. Charlie Cobb spent Fri day, in Windsor and visited her daughter, Mrs. Thelma White and family. 'Miss Fonda Smithwick of East Carolina College at Greenville was at home with her parents, Mr. and Mrs. J. Britt Smith wick last week-end. Mr. and Mrs. Hobson Taylor of Williamston visited Mir. and Mrs. Ralph Smithwick and W. M. Smithwick Sunday afternoon. 'Mr. and Mrs. D. E. Bowen of Churthland, Va., were guests on Sunday for dinner with Mr. ant j Mrs. J. W. Winborne. They ! visited 'Mr. and Mrs. A. E. Bow en, Sr., of Windsor on Sunday afternoon. Mr. and Mrs. David White o! | Newport News spent the Week lend with his parents, Mr, an< | Mrs. J. W. White, j Everette Baker of Norfolk wa: lat home with his parents, Mr. i and Mrs. R. J. Baker for the week-end. Mrs. Virgie Baker accompanied j Mrs. Miles of Portsmouth to Eliz j abeth City and spent last Fri | day. Miss Peggy Eason of Hamptor i was the week-end guest of her j grandparents, Mr. and Mrs. N. H ! Cobb. Mr. and Mrs. Owen Barfield \ and children spent the week-end jat LaGrange with their parents Mr. and Mrs. Noah Small and I Mrs. M. B. Barfield. 1 Mr. and Mrs. Herbert Byrum , and boys of Edenton visited he parents, Mr. and Mrs. Joe Whit, Sunday afternoon. Mr. and Mrs. Richard Smith wick were -guests of Mr. and Mrs. Tom Smithwick of Green ville Sunday. Airs. Frank Overton and son, ihvood Cverton of Windsor /isited Mr. and ‘Mrs. Raymond Jutlaw Sunday. Mr. and Mrs. James Holder f the Mt. Gould section, mov 'd with her mother, Mrs. J. D. smithwick, last week. Swell Trick A drunk was watching a man enter a revolving door. As thn ioor swung around a pretty girl hepped out. "Swell trick,” he muttered. ‘Don’t shee how that guy changed bish clothes so fast.” Carolina Securities Corporation m Raleigh - New York - Charlotte >. M, Warren, 206 W. Eden St. Phone 246 j Edenton *• * ** jP I I 1 t | 4 To wish you all the happy things 'f % F B .A Merry Christmas ever brings, and may the days] £ || ' ahead o/ you find all your. p j§> ‘ g J wishes coming true, 'p rtf i * || J. D. McCOTTER, INC j IE. Hicks Street PHONE 3298 Edenton, N. (’. | Thursday, December 20, 19621 Edenton, North Career a Laird’s |M| Apple Brandy IjSlnt % pint I lairb S I ■ apple ctack I IH I l^H** 4 ***^*.* -i. "iloi*. 1 ”,»* ■ Straight Apple Brandy, 80 Proof Laird & Co,. Scobeyville, N. J. T IIY A HERALD CLASSIFIED AD
The Chowan Herald (Edenton, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 20, 1962, edition 1
9
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