Newspapers / The Cherokee Scout (Murphy, … / Feb. 24, 1938, edition 1 / Page 2
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Thursday, Feb. 24, 19 INTANGIBLE TAX " LEVY EXPLAINED \ BY AUTHORITIES Property Assessment lawPassed in Last Session Of Assembly ? , Litth- is known by the uvei.it" : North Carolinian about the new intangible personal pioperty tax that was authorized in the last session of the general assent by. The following- is a complete and act-urate description of the tax. its objectives. and its collections: i The new law of taxing intangibles ?j is an important change ir: method and ? a radical change in rates of tax on ir?ertv of this cla.-s wilt here 'after be ' required to be Hated with io^SlilisH^B taker-, at: i subjected t "he ?ca! tax rates applying on tangible proper" y. All property of th:- das- is ' turnab < on March 15th ;u. of December 31.-'. ? and the tax payable to tin* State Department <?f Revenue. The new rates of tax represent an average of nomore than ten or fifteen per cent of the rates formerly applying to this ^ class of property. It is expected that the revenue at the greatly reduced rates will be t greater than under the former much i d higher rates by reason of a more gen- | eral and complete dia.losUle < f this s aiass of property. e ;l I I i i 11 f tlPP^^^^S I U4-ji^^ I I ^^f~\jj= | KSH^^Ij^HI^HflB| ill v> H ?? ill In ^ ! Order a eartoi I . NO DEPOS lililL-3 coiimktiiii. limn; IT 38 The Chei "Deadline" Set On promise of good behavior n compliance with this law there is alsc ar. express provision that no ad van. tag* can be taken of any taxpayei makes a complete disclosure In .- > ?*>sjuent of a delinquent tax against . y such taxpayer for failure to make .*?. complete disclosure in listing of intangibles 111 former years. If a com !ete disc osure is made on or before March l "?th of his year, no back taxes inn be assessed on such holdings. Dank deposits are not required listed by the depositor unless de>si s are ?ade in banks outside of north Carolina, as all banks within the State will report deposits to the i Vpar ment of Revenue and pay tin1 lax ag-?nt a:i such deposits. Taxpayers must make return of all money doodled postal savings. Ti e ra e ?;! .1 on money mi deposit is only ton uts per hundred do.Iars and is <astvl n the average of deposits at tpi i'tevly periods ending Dccem ! ": i . A i-counts sho\vi ng a vorage bitarteriy balances of less than $1 < are disregarded. T e s. eond classification of tax is a < ; a.one,, on hand e.. in lock > : -'ii re ntier, e'e.) as uis inguisll. ' ? i 11 hank deposits, and is taxable : ;-.v?.:i:y c..it- per hundred dollars amounts held on December ?ilst in xci-ss of $2 CO. 00. Ace ;;;!> leceivable are taxable at wenty.livo cents per one hundred lol a? of their FACE VALUE on Deember list in excess of $3(10.00. ' invar accounts payable may be dclucted from accounts receivable, but ieduetible current accounts payable hall not include indebtedness on recount of capital outlay (1. c.f purchase mm >p Live! i? Bv ) for your homt IT REQUIRED K I N I HMUICH. IMC. V. COVER, JR., 1 okee Scout, Murphy, Nort J of land, buildings, improvements, i machinery, etc.) > # Bonds, notes, and all other ovideneI of debt are taxable at forty cents | or? every one hundred dollars of the I FA Hi MARKET VALUE thereof on Deco.i ber 31st in excess of $300 00. This classification untludes all evidences of debt other than accounts receivable. Evidence of debt other than current accounts payable may be , deducted from value of bonds, notes, and other evidence* of debt. Bonds of the United States, the State of North Carolina of counties, munkipalties,! or other po itical sub-divisions of tl'is State are not taxable. Payment of such evidences of debt are i ot enforceable in the courts without payment of the tax. | Every person, firm, or corporation ! acting in a fiduciary capacity is reI quii "d to report and pay the tax on | 111 intangibles held for the benefit of [ re ddents of the State. Rate Fo r Insurance \'n tax is levied on the cash surrender value of life insurance poiicit <. but a tax of twenty-five cents j on i very hundid dollars of vaiue as: of December 31st is levied on all sums left on deposit with insurance j t ompanics by a resident of this state, j the principal of which is subject to j withdrawal at the option of party or | parties entitled to receive it after stipulated notice. A tax of thirty cents per one hundred dollars of fair market value on December 31st in excess of $3C0.00 's levied on shares of s ock held by residents of this State in foreign cor1 potations that are rot domesticated ' and paying taxes in this State. Shares of stock in evetj domestic yl"...IM SHE THIS TEST! Budweiser for five d/ sixth day try to drink a sw ou will want Budweise HEUSER-BUSCti idweis 3.OF BOTTLED Bl Distributor h Carolina corporation are exempt by reason of [i tax payments made in this State by t the corporation, and shares of stock in all foreign corporations that r-re j domesticated taxpayers in tnis State ^ ate exempt from tax. This exemption | covers a long list of foreign corporations that are domesticated taxpayers ^ in this State. A complete list of such ^ foreign corpoiat ons will be furnisned . on application by the Department of Revenue. Share' v f stock 111 all other foreign corporation owned by resi- i dents of this State arc taxable at the 1 rate of thirty cents per hundred dol- 1 lars. If there is indebtedness incurred J directly for the purchase of the stock, ' and for wh'ch stock is pledged as col- ) lateral, such indebtedness may be de. ducted from the fair market value of the stock. Marginal accounts with stockholders are, therefore, taxaOiC on [ the basis of the rote equity of the* broker's account, some of which are taxable and some exempt, indebted. , ness may be proportionately prorated, taxpayer. If stocks are carried in Some Non-Residents Exempt Nonresidents of the State are liable ; tav under those schedule*, onh* if engaged in business in this state and to the extent that intangible* are rei --i ed to the business carried on in this I State are liab e for a return of .-uch | intangibles held by them related to I tire business carried on in this State, j Failure to make report and pay the j | tax levied on March 15tii will subject j I auy resident and nonresident of the! ! State liable for such tax to a penalty! i of one hundred per cent cf the j amount of the tax due and payable. None of the intangible taxes anp.y to | religious, educational, charitable, or | benevolent organizations not conductPOSSIB rking at the bottom of th that can't be hurried. Fin ther... From its slow-mo leisurely finish, BUDWEI! process demands time a Dice barley must season make it into malt takes we en the brew has been r nentation just above the fi 'ins...and ends after m ve gone by. Time...time, lat's why your few min ftle of BUDWEISER are s isfaction. ==J NOTE FOR HOUS of cold BUDWEI thoughtful complii ? especially in th ever expected it wl | in the icebox? C supply. Keep a cai several bottles ores chilled and ready ... at unexpected occasions. EER ANHEUSER-BU Andre d for profit, not to life insurance ompanies (except Sections 701 and '^T 104) paying a gross premiums tax to this State, nor to building and loan - associations (except Section 701) pay. tag a tax on shares of stock as re- '? ' juired by Section 138, nor to Jvidetic- ' s of debt held by commericil, industrial, or saving banks representing investment of funds held on deposit. Report bianks (Form H-l) to be ased in making return of intangible taxes have been distributed to more .u in nnn ij:.: . man iv,vvv taApajrcia, uuuiiionai ! forms and further information may 3|i ae secured from the Intangible Tax Division, Department of Revenue, Ra. eigh, North Carolina. or fiom anv Field Deputy of the Department. All intangible texes are uayablo not later than March 15th to the D? pal tmer.t of Revenue, and one-half of the proceeds of these taxes is l eta in ed by the State and the other distributed to the counties and cities of the elate. '1 he act represents an effort to apply rates of tax on intangible persona, property that will not be oppressive to any taxpayer, and the Department of Revenue trusts that it may have the wholehearted support and cooperation of the people of the State in making a success of this extremely moderate tax law. aaa SA'VE Du V COLDS Liquid-Tablets price SALDEaoeNs?8E IOC & 25C iLEM ' 1 >e sea is one .;jjj e brewing is tion start to j 3ER'S brew- i i < nd patience. i j for months. ||| seks. Finally, Jjj nade, gentle j reezing point j III utes with a !!j o brimful of |||| .EWIVF5- a .1? ill ser is always a II nent to a husband II e evening. Has he I hen there was none I II heck up on your ton on hand?and ; [ | ins of budweiser i] for instant serving as well as regular I SCH ST. LOUIS. 1 llll ws, N. C .
The Cherokee Scout (Murphy, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 24, 1938, edition 1
2
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