Newspapers / The Chowan Herald (Edenton, … / Feb. 13, 1958, edition 1 / Page 8
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I—SECTION two PAGE TWO i—STATE INCOME TAX FACTS-i North Carolina Individual Tax Changes (This is o ne in a series of three articles prepared by the Commit tee on State Taxation, North Carolina Association of Certified Public Accountants, in co-opera- j lion with the North Carolina De- jggW > partment of Revenue.) Ul'sP State Adopts More Federal Tax Rules The 1957 General Assembly i made a number of changes in the North Carolina individual income tax law, with most of the changes bringing state law j into line with federal law. The major changes affecting the reporting of income by North Carolina individual tax payers are discussed in this ar ticle. Future articles will dis cuss deductions, personal exemp tions and tax credits. All of the changes discussed are effective for the calendar year 1957. Annuity and Retirement Income The old “3% rule” has been replaced by provisions similar to the federal provisions covering income from purchased annuities and retirement plans. All re ceipts are taxable where the tax payer had no investment in the annuity or retirement plan and an exclusion of the taxpayer’s investment is allowed over a For Reliable Starting TRADE NOW FOR A Douglas Battery You can get a liberal trade-in allowance now from any of the following firms; B. B. H. Motor Company J. C. Parks Sinclair Service Station W. E. Smith Service Station Spivey’s Service Station Bridge-Turn Service Station Sunoco Service Station Chowan Motor Company Bill Perry’s Texaco Service Bunch’s Gulf Service Burton’s Texaco Service Station Jordan & Long Service Station Chas. H. Jenkins Motor Company Albemarle Motor Company Bunch’s Auto Parts Calvert y^'" 1 i£§§g^HL period of years if he "contributed to the annuity or plan. If the 1 total cost will be recovered i i within three years after the 1 starting date, the amounts re ceived are excludable until the i investment is recovered, other wise the excludable amount will be determined by use of Ttfe ex pectancy tables and the annuity starting date or January 1, 1957, whichever date is later. The only significant difference in federal and state law now is that in computing the amount of ■ income to be reported for annu ities beginning prior to this year, i the taxpayer will use the unre i covered annuity cost as of Janu > ary 1, 1957, instead of January ; 1, 1954, as is used for federal > purposes. ■ | Alimony Payments The new state law contains : basically the federal alimony I provisions and requires that the > j receiving spouse include in gross I I income “periodic payments” re- ceived under a decree of divorce or separate maintenance or un der a written agreement of sep arate maintenance entered into after June 12, 1957. Lump-sum property settlements are no onger required to be included in income. Sale Os Principal Residence state has adopted the pro visions of federal law which re late to the non-recognization of gain from the sale of the prin | cipal residence of a taxpayer. I The only difference in state and I r ederal law in this respect is ■ that the state law is effective lor Sales made after December 31, 1956, with any profit made on sales prior to that date be ing included in income for those 1 years. As under the federal law, a ! taxpayer is not now required to I report the gain from the sale of ; his residence if he acquires a ‘ new residence within one year’s [ time before or after the sale of ; ; the old residence. The cost basis of the new resi ’l dence must be reduced by the J amount of the gain not required to be reported on the sale of the I I old residence. Subsistence Furnished By Employer , Prior to the 1957 change in , ; the law a value was assigned to ,! meals and lodgings furnished by , an employer and that amount was required to be included in . the income of the employee. Now, if the meals and lodgings are furnished on the business premises of the employer as a condition of employment and for the employer’s convenience, no amount is required to be in cluded in the employee’s income. This follows the provisions of federal law, and rules and regu lations and court decisions based on the federal law will be fol lowed by the Revenue Depart ment. Minister's Rental Allowance Cash payments to ministers of the gospel as a parsonage rental allowance are how excluded from the minister’s gross income ! to the extent that such payments Jare actually used in paying rent 'on his home. Group Life Insurance, etc.. Premiums The new law excludes from an employee’s gross income the value of premiums paid by his employer for the employee’s benefit on group life, accident j and health, or hospital insurance i benefit plans. “Sick Payments" j Prior to the 1957 changes, only i payments received for sick bene fits under the Workmen’s Com pensation Act and health and accident insurance policies were : excludable from gross income, j The new law now gives the same treatment to such payments when received from profit shar ing trusts financed by the em i ployer. Payments under wage | continuation plans are still in cludable in /gross income on the : state tax return. jln«jigg,Jj»-Respecl Qf )» Decedent The federal rule on “income in | respect of a decedent” was sub stantially adopted by the. 1957 j General Assembly. This means ■basically that items of income! j which were not properly includ- 1 THE CHOWAN HERALD, EDENTON. NORTH CAROLINA. THURSDAY. FEBRUARY 13, 1958. Past Meets Present th Damascus * wr rnrnmm A city of striking beauty, contrast and historic charm, Syria’s capital of Damascus is not only the oldest inhabited city in the world, but also the oldest existing capital. More than 4000 years ago the City’s foundations were laid in a setting of rugged natural grandeur on the edge of the Syrian desert, beneath the snow-capped ' Anti-Lebanon mountains. Damascus is blessed with lush green orchards and magnificent gardens, watered by the streams of the Barada River, in vivid contrast to the barren desert which surrounds it. Damascus was the scene of the famous conversion of St. Paul who received a vision from the Lord on the road to the city and was struck blind for three days. The city’s historic sites are carefully preserved by the Syrian Department of Antiquities: The Street Called Straight, the House of Ananias and the wall over which St. Paul escaped. The preservation pf historic shrines and buildings is only one part of an ambitious program of conservation and develop ment now being carried out by municipal authorities in Damascus. A whole new section is rising on the present outskirts of the city. To the southwest, 320 modern apartments with large windows and attractive balconies are being constructed as part of a housing program which allows ample room for gardens, playgrounds and garage facilities. And northwest of Damascus, on the lower slopes of Mount Qassioun (the traditional spot where Cain slew Abel), a new municipal hotel and blocks of residential apartments will be built. Not long after Syria achieved her independence, a visiting delegate from UNESCO was so impressed with the amount of building and re-building in the city that he remarked “Damascus is' indeed the most ancient city in the world, but if construction continues at the present rate, it will also become the most modern.” t Judging from their remarkable progress during recent years, the 400,000 residents of Damascus have every reason to believe that this prophetic statement will soon become a fact. able in a decedent’s final return or in a prior year return should be included in the gross income of the decedent’s estate or in the income of the person who re ceived such income by reason of the death of the decedent. Income Taxed To a Fiduciary i A new provision in the law allows a beneficiary to exclude income received from a fiduciary :if the fiduciary paid tax on that income in a prior year because ' the income whs not then distri butable to the beneficiary. Reporting of Gain From Installment Sales Administrative practice of the j state for some years had been to l permit the reporting of gain jfrom the sale of property on an [installment basis when less than j 30% of the sales price was re ceived in the year of the sale Jand the other federal require ments were met. The state in come tax law has now .been changed to make this adminis trative allowance a statutory al lowance; and the Revenue De partment has issued a regulation which follows federal rules, regulations and court decisions. Exclusion of Social Security Income . The stajc statutes now exclude from gross income any amounts | received under the various so cial security benefit plans. For I some time the department had j administratively allowed the ex clusion, and the new law con firms the department’s position. , The next article in this series ] will discuss the changes made in allowable deductions by the 1957 General Assembly. STATIONED IN HAWAII Army Pfc. James W. Johnson, ; son of Mr. and Mrs. John W. Johnson, Route 3, Edenton, re cently arrived in Hawaii and is now a member of the 27th Infan try. * Johnson is a gunner in the in fantry’s Company B. He entered the Army in May, 1957, and was last stationed at Fort Eustis, Va. The 24-year-old soldier attend ed Edenton High School. A knowledge of the science of being develops the latent abilities and possibilities of man. —Mary Baker Eddy. Newer and finer in every way. Yet— CHEVROLET IS LOWEST PRICED OF THE LOW-PRICED THREE IN THE MODELS MOST PEOPLE BUY! -■ 1 J I ► , v s*. i Chevrolet is by far the newest, nicest car in its field—the only one that’s new from ride to roof. And jn the models most peojde prefer,' Chevy costs you less than the other two low-priced cajs.* Chevrolet does more for your dollars than any other car in the low-price field. Even the lowest priced models sharfe in Chevy’s unique new beauty and costly car feel. Every Chevrolet’s a full nine inches longer—lower and wider, too. When you hitch these new dimensions to \m T '%BlJi.c .»• .^ggß m =-,„ & ki v JzZC+zx* - - .tt-—?-i--i ?<• ■ .-> AyBI /TjP .> ;., £rjrfcm .. Kn SBsKHK^M'V-;:.ff*./_ ,v... .A ’'-• '\ms£j& * |§f 1| I» ''-&BB8HBB^ : x • J.j >•;> MnkSmrii Mm ■pp|CMMir^ S^BWßHSs^^^^^; . | AmBI 1 . . M ffiOWi - '*• M| aj^^itPM^^^^^^nflMMbiMiilpI** 1 *** 888^81 y R.WM 5,0,,C0£ fv^windo* , . :•..** HP> *” .®- ■ ’w^gl' n > , ' i . j «,, •, , , , , t . , , ... AAnlwu* ot? 6 vour local authorized (Jhevrolet dealer for fiuick, a.tinrn.i&a.l—nromni dpJ±i)prufSmnoZ ,-; J vvw wviwvvi vt *f wwv '" '"'tfjr* www* f - Urvvl'yvf y• &■ « V -* F h | New Book On Tobacco 1 Diseases Is Published; - - i A- book *" on tobacco diseases, written by a North Carolina State College plant pathologist, will soon be published. The book, “Diseases of Tobac co,” was written by Dr. George Blanchard Lucafi, associate, pro fessor of plant pathology. In announcing the forthcoming: publication, the publishers, The] Scarecrow Press, Inc., pointed out that although there has been a steady increase in information on tobacco diseases during the past quarter-century, “much of it has been printed in journals which are not easily accessible, or in bulletins of limited scope and ap plication.” The publishers say that “Diseas es of Tobacco” is an up-to-date complete treatment of tobacco di seases, hased on a “comprehensive survey and assessment of all per tinent literature. It provides au thoriative knowledge on the na ture and control of tobacco diseas es for use in research, teaching and extension—to help those who help the farmer.” Theiook treats all (tobacco) di seases of economic importance in any country, including nematode, fungus, bacterial, virus and mal nutritional diseases, as well as in juries and gentic abnormalities. 618, LIQUID OR TABLETS ROES MORE TO STOP COLDS MISERIES BECAUSE IT HAS MORE I ’ VOU CAN RELY ON 666 % Housework Easy Without Nagging Backache Nagging backache, headache, or muscular Aches and pains may come on with over-exer- I tion. emotional upsets or day to day Rtress and strain. And folks who eat and drink unwisely I sometimes suffer mild bladder irritation I ...with that restless, uncomfortable feeling, I If you are miserable and worn out because of these discomforts, Doan’s Pills often help by their pain relieving action, by their sooth ing effect to ease bladder irritation, and by their mild diuretic action through the kidneys tending to increase the output of the 15 miles of kidney tubes. So if nagging backache makes you feel dragged-out,miserable... with restless,sleep less nights .. .don’t wait... try Doan’s Pills... get the same happy relief millions have en joyed for over GO years. Get Doan’s Pills today! Doan’s Pills A Ad No. 117-41 lines Each disease is discussed from the ( viewpoint of distribution, ’ eco nomic importance, symptoms, cas ual agent, weather and soil effects 1 on disease severity and control. Professor Lucas spent six years preparing “Diseases of Tobacco.” It has 500 pages and 156 illustra tions. It will be available soqn from The Seateerow Press, 257 Fourth Avenub, New York 10, N. Y. ' ■ On Monday, February 17th you are invited to attend our Display Sale for men and ladies’ Tailored-To-Measure Clothes / Mr. Dave Kramer will be here to show you hundreds of beautiful new fabrics and to take your measurements. CUTHRELL DEPT. STORE EDENTON, N. C. FOR RENT » 7«Room Country Home Large yard and shade trees. Modern elei trical conveniences, garage, running wj tr, bath and screened porch. Also vegetable garden if wanted. Close I church, store, school and hard-surface road. Telephone if wanted. APPLY TO E. L. PEARCE Route 3 Phone 3839 any of Chevy’s new engines, you’ve got a big serving of spirited action. See yftur dealer to find out how little Chevy’s brand of fun will cost you. You get more for your money in every model—and Chevrolet is the lowest priced of the low-priced three in the models most people buy! The Right Crowd ~ —f, P/pfe ssor iam going Jo speak on liars today. How many of yotl have read .The twenty f iff of the* text? Nearly every student raised his 1 ftsfnd. Professor—Good. You are the group to whom I wish to speak. There 'is no twenty-fifth chap ter. Air Conditioning-temperatures made to order for all-weather comfort. Got a demonstration I Only franchised Chevrolet dealert display this famous trademark _
The Chowan Herald (Edenton, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 13, 1958, edition 1
8
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