Newspapers / Wilmington Morning Star (Wilmington, … / Jan. 20, 1921, edition 1 / Page 9
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THE, MORNLN G STAB, WOMIN NINE BARN By BILLY DE BECK A 1-.- . k, ' -, ", . THAT BIRD AlNTj ' GoHlNA BUY ANY- I : OUT ToTLuNCHtt J - ' L' Z VbLKGoT BACK. FRO& WT . Lw .... . .v,- 3-TVou should) A NOW vTHC xFeWALE-. LUNCH THEWS M - ARE. VOU CiOlHCi' ;4 Toreuy tmat, !THe 0ievrqlet is more PEecTVEt cpeep s CUSTOMER AT TDUR'IC-OtfMTCR fc AN HOUR 7 than an automobile, "This is xcm4Q it is an Investment i ; I Johnson Motors Co. til; Mi' . ;.- 5 Nortk mr at. Pkne 60S L, - - 1 - Facts ori lncorne Tax NUMBER SEVEN Claims' forVdediifctlon for losses form an Important Item in income tax re turns and (heretofore have been the sub- iect of numerous -errors;. The mistakes! are of commission and omission. Claim ic madfl for ft loss 16 . Which the tax payer fs not entitled.v In other returns no claim is made lor.'a deductible;, loss which, ii inwuueu, woum mean a. sud-j " - tantial reduction Inr tAx. To le allowed deductions for" Tosses must be confined -ifdthe .following classes: Losses sustained in trade or business; losses sustained In' trahac tion entered into for profit, thouarh not connected with ".a trade or .business ;i losses sustained or property : not con nected with trade or business! if arising from fires, shipwreck, storms, or other casualty, or from theft. To th extent any of the above losses are compensat ed for by insurance they are .not de ductible. . . ...... -; v. . . The loss musfhave-been actually sus tained during the year for... which it is claimed in the " taxpayer's return. ' A taxpayer may feel certain that real .t.i. nwitM hit him is worth less thanl the purchase price, a mercnant may do "'' - ' - - convinced that certain stock can not be sold unless marked below cost.. In neither event, however, is he entitled to a claim for deduction until the loss, is made absolute" by sale or 'Bthrer 3ispo4 sition of the property. . . v - , Must Follow Statute Claims for losses must conform close ly to the wordlngr ,of .the. sttttute.. Ai loss sustained in the sale of. .an auto , mobile purchased fop personal use'is not deductible, because It is not a transaction "entered into for profit." Many claims are made for losses sus tained in thefeale of property used by the taxpayer as a residence. Ordinarily when a man buys a home and moves into it, he has no Intention of selling. He does not "enter, into a transaction for profit," and such a loss is not de ductible, w Owners of stocks and bonds can not deduct from gross income amounts claimed as losses on account of the shrinkage in value of such securities through fluctuations of' thee market or, otherwise. The foregoing: applies only to owners and investors, and not. to dealers in securities, who by a special, rule are , elven the benefit of any shrinkage. In the- securltleat in .which tney oeai. . i.wff:w .--.-tSJ Losses fn lllegaOransaqtlpns poker, nlayinsr. dice, horse -racing, or other forms of gambling are not1 deductible J although gains In. -such transactions constitute taxable income and must; toe' included in the return. - . . Bad Debts - , , While deluctlons for. worthless . debts are Drofided for by.' revenue 'ftct,-many claims entered by taxpayers- are not alTJ lowed because of the nature or tne od ligation. Claims for-sutfh deductions must have certain qualities. The debt must have been charsred off within the year In which its worthlessness was discovered; the return -musf show evi dence of the manner rn w-hieh dlscdv ery was made; statement -should be made that the debtor has been ' dis charged In bankruptcy or has disap peared, leaving no "trace, 'or that :the ordinary means of collection have t)eerr exhausted. ' .1' " s' Unpaid loans made to needy -relatives or friends with little '.or no' ex pectation that they would be returned are not deductible, but are "regarded as gifts. "Where the creditor continues to extend credit a debt may not be claimed as worthless. A debt may not.be charg ed off or .deducted in part, but must he wholly worthless before any part can be deducted,- though r It :raay be" clearly worth less than the" face amount. If a debt is forgiven. It.-can not. be deducted, because", it is 'then, re garded as a. gift.' y: t t'V'r " A debt proved, to be dirthlss is, not always a proper "deducfloh. Por exam ple, unpaid amounts representing wages, salaries, rentals, or similar items of taxable income' are. not- al lowed as deductions unlesi included as income in the creditor's return for the rear in which the deduction is sought rr in a previous year. The fact that expected Income was not received does not reduce the taxable income. ' Payment of an ordinary debt need not; he included in the taxpayer's return? since It is a mere change in form of apital. Where, however, a debt charg ed off as worthless is In a later year recovered or partially recovered .the, amount recovered is taxable income to the creditor for the year i which re ceived. i ; - - - .. . , ' ' ' ' ' ' FORECLOSURE SALE . : Hy virtue of a powfrr of -sale con tained in a certain deed of mortgage, made and executed the 18th day of October, 1919, duly , recorded on the records of New- Hanover A County ' In hook J05 at page 529 the undersigned, mortgagee, will, on Monday, the 7th (ay of March A. D:, 1921V "expose for ale, for cash, at public auction.to tne highest Kidder.;.j.t. trm's'courthouse loor of New Hanover County J.at . 12 "clock- m., the foliQWlAS. described J Ttct of land located in East Wliming-, t?n, in Harnett Township County of jew Hanover, and State of Tjorthi.Caro- ma, and bounded and 'described as-'folw- beginning at a point , ia the eastern 1,ne of Clay street ' 290 feet - north wardly from the northern lino of the 'larket street road leading froiu Wil mington to Scotts Hill; -running 'thence tastwardly. and at right angles to Clay -t.eei 7 8-io feet;i;theflce northwardly, and parallel with said-street 60 : feet; inence westwardly 97 8-10 feet to the J eastern line of play street, . (said cM j eing parallel to the first call herein); kt " . uulu iong saia iineoi . xnn.y weet 50 feet to. the point of egiri- ''"S. the same be! tip- Int TsTn. 31 In hlnclr ,n0' 4 of tbe Fox sub-diyjaion , according J vooic is,o. 1 at page No; - of the . rec ras of New Hanover Countv. ' r,-ogreBgty Buildin-g"' &v IiOkttAss'n; r. ' t' ' '-Mortgage: -nJJted, 20th January,-! 92li .nuradays; . -:l20-7J-10-4t MAKE FORSYTH COUNTY STEr JUDICIAL DISTRICT T. P. A. Members Kicking on Hotel Rates in the State ; v : (Special to Tke Star) V . rWlNSTON-SALM, Jan,, ;.i9.-T h e F?ri?yn ; Bar 1 association has passed a resolution ' arriestl; recommeriAi ffej&eraJr assembly that it abolish 1"5 uumy court nere and create a new judicial district -with.-. only .forsyth pounty constituting same." The lawyers also -asked for legisla tion for a ' 30-week superior crtiirt schedule. The legislature; is askedto speedily ' enact such legislation as will ' be necessary to bring, the proposed new district Into immediate operation. P.ost R. Travelers Protective associa tion, has decided to boost ' A. A. Hol land, a leading member, for state presi dent, ' t6 Invite' the state' convention which meets, Greensboro in May, to hold its annual session in Winston. Salem,, and to start a campaign, in theJ state association to secure lower hotel rates' for North Carolina. ' . . The. real grievance now held ti iraveang men. ilt; is said, is -on .room i lf V.lx. ... . . - . - coniena snouia De i re - cea without delay. SAVINGS AND TRUST CO. IN .:- . PAYETTEVILLE PROSPEROUS (Special to The Star) - - '; FAYETTE VILLiE, Jan.. 19. Progress and growth of a; highl ys&tisfactbry nature f are related in the animal re port of President Prank H; Steadman or tb.e, CundbeEland, Savings aUdTrust companyV - to the annual meeting of stockholders; The b&nk .was reported in' excellent condition.' ' That ; stock holders have reaped a very substantial profit from, their holdings in the bank was shown by the fate that dividends H. FRIDAY JANUARY 21 ritznanson 4 w Eitst of $1,000 Series of Matches for Champion-if-' 5 ship of South j . Ringside Tickets at j . i i. N-E-W M-A N'S C A'P E Vic omen Bright eyes, a clear skin and a body' full of youth, and health niay tne yours if you will keep your system in order by regularly taking GOLD MEDAL The wotld's.stonrdi; remedy Hfpr kidney iivftr, bladder and; uric acid troubles, the enemies of life and looks. In use since 1696. All druggists, -three sizes. Look for tb nam Gold Medal oa orory box v - aad'aceopt no imiurion ' - Plain Dark Emptiness iAunt , t'Liza's former .mis tress was talking to her one day when suddenly she dis covered a little pickaninny standing shyly behind his mother's skirts. ' - : x ."Is that your little boy, Aunt 'Liza? Bjxe asked.. "Yes'm, dat's .Prescription." "Mercy, what a queer name, auntie, how: did you) happen to call him that?" '. - i vAh : simply-, calls "him dat becuz ah has such handiwork gettin' himfilled; 'V' AUiit-'tiiza may have had her prescription filled, but peo pie .who send their prescrip?. tions to US .never , have any trouble ' getting .them filled; AH prescriptions sent to us are filled f promptly; and accu rately by competent men.' iJ.lDCKS BUNTING ( DJlUGi CpSIPANT:; Second and Princess Sts. r 15 TJ T w ade Yoosng totaling l6o since 1915.: -, The members of the 'board of di- i.euvur w ?re rceieciea ior me coming j year: and .than following officers , were! chosen: President, IPrank ll. Stedman; vice-presidents, . J. Simpson Schenck, Dr. Seavy Highsmith a,nd "W. P. Blount; vice-president and cashier, Albert Stewart assistant caafhers, ; T. Earl Stewiirtvand'H. liiliyont Charles L. Ingold, Jr., was made teller. i .:. j - " '- . - DRUGGISTS APPLT FOB. THE "PBRMfp'TO SELL. LIQUORS - . iSpeclal to Tke Star) GRfiENVILLE, S. C., Jal 19.-Of the Sr "druggists, ! dentists, -i and -others in 'South ' Carolina, who last vear weee lal permits to keep liquor. 426 have already-made application ..for 1921 per mlts andthese have been approved by the state prohibition enforcement offi cer, Maji William F. ! Robertson?" whose headquarters are in Greenville. The great majority of the holders of per mits are druggists. KORaiEtt EMPRESS VERT-ILli THE HAGUE, Jan. 19. The former German ::Empresls "Augusta; Victoria is reported to be in a very serious condi- tiAn tiwtav' ,,-.trmBA . oion.n; w . ww.. i vmcc UU mediately after the former Crown Prince Frederick -William,.! who had been visiting her returned to Wier ingen. s KiiiJrhat per cent have been " paid laBllHHHHalHWMIlalalkalM'.-, :CoIdt, Coughs iXlVtr "' A,' V ! Neglected Cols are Dangerons Take no chances. Keep this standard remedy handy for the first sneeze. Breaks up-a cold in 24 hours Relieves Grippe in 3 days Excellent for Headache Quinine in this form does not affect the head Cascara is best Tonic ii JLaxattve No Opiate to ttffl'a , , ALL DR UGGIS TS SELL' IT Bo you know th&te are three V BLUE The. standard: of all table syrups. - Also ; for cooking, baking and candy making. Light brown color, delicious flavor a; heavy bodied syrup, RED Karo The Ideal Syrup for every use for cook ing, baking, candy making' andpreserv- ing. rMany prefer it as" a spread for cakes,. biscuits, breads. .. . GREEN For those who appreciate the tempting tang' of real maple; sugar syrup. Very ' moderate in priceabsolutely pure. The makers of Karo INiple are the world's largest users, of the highest grade : maple' sugar. Over a thousand tana used annually. . ' " Ask for Karo by Name , 1 There is CORN FRODUCTS 17 Battery Place,' New York '' . ' v x, ' : . pT? T?T7 Every housewife should possess ft 'Tm AVA" rf the beautifully illustrated 64-page Corn Products Cook' Book. Write to J a7 1 Com, Products Refining Company; P. O. Box 161, New York City. . JT?J'- j , X.A. MOUSSEAU Dlatriet - Sales Represeatatlver'oOT rvickera Bnlldiasr, ; Baltimore, : Harylan Libby's Specialties Chili ConCarne California Spinach Dill Pickles Rosedale Bee vj' Sliced Pineapple Corned Beef Hash Grocers Specialty GB. 17 Market St. Phone Io. 65 Cold with J-:.. 1 ? Karo Karo no substitute! K 0 4 ' REFINING COMPANY - ill kinds? MILL WORK SASH .-5 Send SlJss,"McMf lEIahs: )anot put off your Luilclmo any longer. Our prices for Mi '., . Work are now away dowri'ancf ' we, can make nromnt delivery.' Send iiifl your plans or lists and let us quote prices prise you. . '5 Get our figures so as to . start building ahead of the rush. Information gladly furnished. Millei Manufacturing4 Go, 4 Stockton Str x Richmond, Virginia 'fr : LARGEST MILL WORK PLANT SOUTH J. B. McC CERTIFIED PUBLIC ACCOUNTANTS P. O. 1248 WILMTJfGTVKT, If. C. I . W d; MacMILLAN, JR. JONES MOTOR SALES CO. I yW - . : Phonea 845-S103 wuilumSmxismay ; Mffi Packard :: Buick ' ' vsSSBT Dodge Brothers .afi i. NR? , SALES AND SERVICE Iv3tlt7 North Second Street 4 and Market Sta. Phone T80-72g BUlH?!nA 1 CITY TAXIC AB COMPANY SERVICE COMPANY , Phon M,a ai - . : i SVirA ' Company Cars Wasaed PoUake4-amd H fi&IM CtiALMBBS-DOBT ' -' -Creae4 Sf rago VVfB : . ; 14 Market . Street - 10S-1U Nerth' HSeebn Street "XgSgSr'..v. ' -Phone 2048- ' ? - U.. : , , :-isSSSSt C. W. LASSITER s flj! Briscoe and MitcheD SUPPLIES, CARTptt'S MACHlIfERT MARKET Thir Piae'"to' Bay aaA SeU - . Machinery. '-n-t OLlVEit CARTER 210 S. Water St. Telephone 115 WUmlaarton, N. C - - . WILMINGGTON AUTO PAINTING CO. Palattax' hni Trimiainsr Aana Repair tmte "- All Wood and 4 -MOtal Work. - " For JBottmatea Call at , 208 Market . Street, or, Phone 2251 AUTO REPAIRING All Work Given M Personal Attention " . DAT OR WlOHT-ii-SlJDo", PER HOUR No OTerheaNo; Rent Low Rate D.S.RICH 208 S. Iftath Street i Pl 1163-LS RCTUll ilRS i - r ALL KINDS-FORSALB . Xeea Than 'Half Price of New - : . - Radiators i j-r ,: . Radiator Repalrtac Pr r ?--.( Reasonable' . -' W.:ELAjSDEiP& CO 132 Market St. Wllmlaatton, Nf C. Ton carefnll aeTeet year' Doctor -Why -: not -yon Drna-tlstt He's yonr' last v v -DEPENDABLE DRtTG STORE" tir HT. Proat SL ki Pheaea ISI-Ib Check to th DOORS - FRAMES ETC tWt wilier. Inc. ABE & CO. 607 Mwchieoa BoJldis itoiitoilK - -wvV SaV' " Direclpry of Wilmington Dealers REPAIRS AND NbtfCETOTHE PUBLIC! We Are Prepared to Do Plrot-claaa 1 ATJTO REPAIRING ? All Work Gaaraateed V. We ake a epeelalty of oot-of-town work. . Nothlna- bnt flrot-elaas lc-t, ' mechanlca. employed " "' j CAROLINA MOTOR SERV ICfi(ARAGE r210 South Froat Street ' V '- . j JD. RUSH A fi. WILLOUGRBT ' t. : - ,-, -. . Proprietor . , Read t Star Classified Ads. a "Acquire 106 N, Second Street 7e 7ire Conscience -p. M ;i't;., . ' Commit Me Abont Tonr r" v' ADMINISTRATOR SALES PERSONAL PROPERTT OR ' :' y v RBAIj KSTATB ' ; . R. O.-HANSON, Auctioneer 8lS Orae Street 1 f ; Phome 1828W L. W. MOORE Boys, Sells and Rents REAL ESTATE . 205 Princess ' ULrGB crbck amoskbao tt inches -wlds SSe ....... . . .... JUt , DEPARTMENT STORE Corner Sixth on Cootie StreoCs All Cmrs Trmmsfev O-rer Hero STAR DRY CJLBLAN11VO COu U4 Mmm I. Dry eleaaere- a4 preoooro Freaeli mtylrn. Palm Boseli Mi Kpel lUoUi a verlalty , -PHoarH 44t t USE THE STAR WANTS WORTH-OVERLAND CO. ' Jk SALES AND fMZJ-. SERVICE r OYerland . vs. . .. . ... 8-10 Boek'VVy Phone 21S COMPANY- motor cars 1 .'v SALES f RRYICB , ": 12 Blarteot Street t Telephone 1169 , W. D, MacMILLAN, JR, . Plfth and Wrlsrht Streets General Automobile ' Repairing ' H.A.TES PETTBT, SaporlateBdent , . Phono lllBwVv -1 SERVICE Rabey Storage , Battery Co. 1 s. front St. t Telephone 845 ' OSPSl THOMPSON-BERN ARLT CO. Repreoeata Strongest Companies For Aatomoblle Insaraneo . See va for Public Liability, Property Dai,, OoHlalon. . Plro and Theft Protection. Wo maka our Own Adjnstmeata ' ROBERT R. CHRISTIE. Mar. ' US Prlaeeoa St. Telephono 183 V The Habit" ore one 780 v 1 r ' Station With -vv-;? -. j - ;.i . -.I -at, pifn I- 5 Sit ' .1 1 ! ! . i. a '4 1 f ii ill ft i 1 s t IT 'f S i v, 1 4 I. V MP l4l -.-I ,l i i r II: . ;i 1 i I" :-ff t ! i f i t fr s I -
Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 20, 1921, edition 1
9
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