THE' FRANKLIN PRJW3 AND THE HIGHLANDS MACON IAN
THURSDAY, FEB. 10, 1S3S
Provisions of the State
Intangible Property Tax
Scenes and Persons in the Current News
PAGE TWO
i . . -. : . .
The new law of taxing intan
gibles is an important change in
method and a radical change in
rates of tax on intangible personal
property. No property of this class
will hereafter be required to .be
listed with local list-takers and sub
jected to the local tax rates apply
ing on tangible property. All prop
erty of this class is returnable on
March 15 as of December 31 and
tax payable to the state departmen;
of revenue. The new rates of tax
represent an average of not more
than 10 or 15 per cent of the rates
formerly applying to this class of
property.
It is expected that the revenin
at the greatly reduced rates will be
greater than under the former much
higher rates by reason of a. more
general and complete disclosure of
this class of property.
On promise of good behavior it
compliance with this law there is
also an express provision that no
anvantage can be taken of any tax
payer who makes a complete dis
closure by assessment of a delin
quent tax against any such tax
payer for failure to make a com
plete disclosure in listing of intang
ibles in former years. If a com
plete disclosure is made on or be
fore MarcK 15 of this year, no
back taxes can be assessed on sucl
holdings.
Bank Deposit Not Listed
Rank deposits are not required
to be listed by the depositor unless
deposits are made in banks outside
of North Carolina, as all banks
within the state will report deposits
to the department of revenue and
pay the tax as agent on such de
posits; taxpayers must make return
of all money deposited as postal
savings. The rate of tax on money
on deposit is only 10 cents per one
hundred dollars and is based on the
average of deposits at four quarter
ly periods ending December 15. Ac
counts showing average quarterly
balances of less than $100 are dis
regarded. . The second classification of tax
is that of money on hand (i.e., in
lock s box, cash register, etc.) as
distinguished from bank deposits,
and is taxable at 20 cents per hun
dred dollars of amounts held on
December 31 in excess of $300.
.Accounts Receivable
Accounts receivable are taxable
at 25 cents per one hundred dollars
of their face value on December 31
in excess of $300. Current accounts
payable may be deducted from ac
counts receivable, but deductible
current accounts payable -shall not
include indebtedness on account ol
capital outlay (i.e., purchase of land,
buildings, improvements, machinery,
etc.)
Bonds, Notes, Etc.
Bonds, notes, and all other evi
dences of debt are taxable at 40j
cents on every one hundred dol
lars of the fair market value there
of on December 31 in excess of
$300. This classification includes all
evidences of debt other than ac
counts receivable. Evidences of debt
other than current accounts pay
able may be deducted from the
value of bonds, notes, and othe
evidences of debt. Bonds of the
United States, the State of North
Carolina, of counties, municipalities,
or other political sub-divisions of
this state are not taxable. Payment
of such evidences of debt are not
enforceable in the courts without
payment of the tax.
Every person, firm, or corpora
tion acting in a fiduciary capacity
is required to report and pay the
tax on all intangibles held for the
benefit of residents of this state.
No tax . is levied on the cash
surrender value, of life insurance
policies, but a tax of 25 cents on
every hundred dollars of value as
of December 3 is levied on al
sums left on deposit with insurance
companies by a resident of this
state, the principal of which is sub
ject to withdrawal at the option of
party or parties entitled to receive
it after stipulated notjee.
Foreign Corporatism Stocks
A tax of 30 cents per one hun
dred dollars of fair market value on
December 31 in excess of $300 is
levied on shares of stock held by'
residents of this state in foreign
corporations that are not domesti
cated and paying taxes in this
state. Shares of stock in every do
mestic corporation are exempt by
reason of tax payments made in
t1- i s state bv the corporation, and
shares of stock in all foreign cor
porations that are domesticated
taxpayer in this state are exempt
from tax. This exemption covers a
iong list of foreign corporations
that are domesticated taxpayers in
this state. A complete list of such
lore'uzn' corporations will be furn
ished on application by the depart
ment of revenue. Shares of stock
m all other foreign corporations
owned by residents of this state
are taxable at the rate of 30 cents
er hundred dollars. If there is
indebtedness, incurred directly for
ihe purchase of the stock, and for
.vhich stock is pledged as collateral,
uch indebtedness may be deducted
rom the fair market value of the
,tock. Marginal accounts with stock
jrbkers are, therefore, taxable on
he basis, of the net equity of the
taxpayer. If stocks .are carried in a
jroker's account, some of which
re taxable and some exempt, in
lebtedness may be proportionately
roratecl
N.n-Residents Liable
Non-residents of the .state are li
ible for tax under these schedules
;nly jf engaged in .business in - this
state and to the extent .that in
tangibles are related to the business
carried on in this state Foreign
orporations engaged in business in
he state are liable for a return of
;uch intangibles held by them re
lated to the business carried on in
this state.
Failure Penalized
Failure to make report and pay
the tax levied on March 15 will sub
ject any resident and non-resident
of the state liable for such tax to
a penalty of one hundred per cent
of the amount of the tax due and
payable. None, of the intangible
taxes apply to religious, educational,
charitable, or ibenevolent organiza
tions not conducted for profit, .nor
to life insurance companies (ex
cept Sections 701 and 704) paying
a gross premium tax to this state,
nor to building and loan associa
tions (except Section 704) paying
a tax on shares of stock as requir
ed by Section 138, nor to evidences
of debt htld by commercial, indus
trial, or savings representing in
vestment of funds held on deposit
Report blanks (Form H-l) fo be
used in making return of intangible
taxes have been distributed to more
than 100,000 taxpayers; additional
forms and further information may
be secured from the Intangible Ta
Division, Department of Revenue,
Raleigh, N. C, or from any field
leputy of the department.
All intangible taxes are payabh
lot later than March 15 to the
Department of Revenue, and one
half of the proceeds of these taxe;
is retained by the state and the
ither half distributed to the coun
ties and cities of the state. The ac
represents an effort to apply rates
of tax on intangible personal prop
erty that will not be oppressive to
any 'taxpayer, and the department
of revenue trusts that it may hav
the whole-hearted support and co
operation of the people of the state
in making a success of this ex
tremely moderate tax law.
G. L. Houk Addresses
Asheville Rotary Club
"So sure as Rotary clubs in
crease, and the spirit of Rotary de
velops in them and similar club
so sure will the spirit of war lost
out," Guy Houk, of Franklin, dis
trict governor of Rotary, said in ..
talk at the weekly meeting of tht
Asheville Rotary club last Thurs
day at the Battery Park hotel.
"A man's business is and must b
community service, or he is not en
titled to succeed," Mr. Houk said.
"A man should do somethiug fo
the space he occupies. Rotary repre
sents a progressively growing phi
losophy." ,
Robert Phillips introduced Mr
Houk. Charles S. Walters, presiden
of the club, presided. Visitors were
welcorned by James Keith.
Catholic Services
In Franklin
Father Howard V. Lane, of
Waynesville, will conduct services
for members of the Catholic faith
in Franklin as follows:
Morning Mass on the second and
fourth Sundays of each month in
the (American Legion Kail on Main
street, at 8 a. m.
Instructions for the children on
the ' first and third Mondays at
4:15 p. m.
All ., are welcome to attend these
servjc!9,
j ki. i. .jar ?blkuuu j -3
l"Bigr Bill" Thompson, former, mayor of Chicago, illustrates his demand before congress for more water
for the Windy City canals by pouring a tumblerful down a drain. 2 Successor to (he ill-fated Hindenburg,
destroyed by fire while landing at Lakehurst, N. J., last May, the LP130 nears completion at the Zeppelin dock
at Frledrichshaven, Germany. 3 Tom Girdler, steel magnate, shown in a recent addiess declaring that co
operation between Rovernrrient Y-"'r"""t xr" ?-. fc PTea'est development the hrm-'n race 'ias yet seen.
State College Answers
Timely Farm Questions
Q. At what temperature should
the .brooder be set for baby chicks?
A. The brooder should be regu
lated for the first week to 98 de
grees at the outer edge of the
canopy and on a level with the
chicks' heads. TJiis temperature
should be reduced five degrees each
week until the sixth week. Be care
ful to keep the heat regular and
avoid running the brooder at sub
normal temperature as this will
result in crowding and make the
chicks susceptible to colds. One
half foot of floor space should be
allowed for each chick in the
brooder.
Q.. How should ' fertilizer be ap
plied to the garden joils ?
A. Any. method mat places the
fertilizer near the plants and at
the same time avoids injury from
the concentration of fertilizer salts
will give good results. Recent ex
periments indicate the desirability
of placing the fertilizer in narrow
bands an each side of the seed.
Practically the same results may be
obtained by placing the fertilizer
in the row provided the application
is made a week to 10 days before
planting and if the fertilizer is mix
ed thoroughly with the soil. Broad
cast applications are desirable when
the rows are spaced close enough
to require hand cultivation.
Q. What is the "best control for
lice on my dairy calves?
A. "There are several standard
dip solutions that give satisfactory
results, but when using them be
sure and follow the directions giv
en on the container. The following
solutions have proven very effec
tive: A four per cent solution of
creolin, applitd with a spray pump
or brush; cotton seed oil and kero
sene, equal parts ; and ground sab--adilla
seed and flowers of sulphur,
equal parts, applied in powder form.
A dip should be applied thoroughly
in an even, thin layer over the en
tire body on a warm day. A second
treatment should be given within
15 days. .
Forcing Produces
Blooms In Winter
Bringing a dash of spring,, into
the home during winter months by
forcing flowering shrubs to bloom
prematurely can be .accomplished
by anyone, declares Miss Pauline
Smith, home beautification special
ist at State college.
Forcing is the process of placing
branches of flowering shrubs or
trees in water and keeping them in
a warm place indoors, Miss Smith
explained.
One of the easiest shrubs to
force is the forsythia. Its many
different varieties can add a wealth
of yellow color to the home dur
ing winter days. Other .common
flowers such as spirea come - into
bloom in nine or ten days if
placed in a warm window.
Fruit trees such as cherry, pliun,
peach, and apple can be forced suc
cessfully and will bring a multi
colored profusion of blooms into
fthe living room, Miss Smith said.
' Those who like violets need not
wait until spring for these delicate-ly-scente'd
plants to bloom. After
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he plants have .been located, they
:an be brought indoors, placed in
water, and forced to produce flow
ers' prematurely. .
"My favorite forcing shrub is the
pyrus. japonica," Miss Smith de
clared. "I especially like the deep
reds and pinks, and it is interest
ing to watch the delicate , shades
which come out with the blooming
period." , .
Pussy willow and alder are among
the easiest plants to force, the
hofhe beautification specialist point
ed but. Maple limbs are also easy
to force and produce a pleasing
effect .when placed in a copper
pitcher.
Macon County Teacher
Gets Good Appointment
Miss Florence Stalcup, a tacon
county girl, who has been the
home economics teacher in the
Weaverville. high school, recently
received' an appointment as home
demonstration agent for the Caro
lina Power and Light company.
Miss Stalcup has done outstand
ing work irf her department at the
Weaverville school this year and in
her supervision of the school's lunch
room. It was mainly through her
efforts that the lunch room receiv
ed a certificate as an A grade
school lunch room.
Loyal Order
of Moose
Franklin Lodge No. 452
Meets
In Americal Legion Hall
Each Friday
7:30 P. M.
S. J. Murray, Sec'y
W -r -T
DEFINITE RELIEF OR
MONEY BACK
THE WILLARP TREATMENT baa
brought prompt, definite relief In
thousands of cases of Stomach and
Duodenal Wears, due to Hyperacid
Ity, and other forma of Stomach Dis
tress due to Excess Acid. SOLD ON
IS DAYS TRIAL. For complete In
formation, read "Wlllard't Message
f Rallaf." Aak for it froa a
t
PERRY'S DRUG STORE
die
(TP!'"
J
. HORN'S SHOE SHOP SAYS
WE ARE STILL MENDING
SHOES
When you don't have a wife
Or husband to cheer,
We'll save your life .
And your sole so dear.
HORN'S SHOE SHOP
Box 2J2 Troy F. Horn
Opposite Courthous
2 Steps in Fighting
Discomfort of
IT
All it usually costs to relieve the
misery of a cold today is 3 to 5
relief for the period of your cold
15 to 25. Hence no family need
neglect even minor head colds.
Here is what to do: Take two
BAYER tablets when you. feel a
cold coming on with a full glass
of water. Then repeat, if accessary,
according to directions in each
package. Relief comes rapidly.
The Bayer method of relief
b the way many doctors how
approve. You take Bayer Aspirin
for relief then if you are not
improved promptly, you call the
family doctor.
15
FOR 12
TABLETS
2 FULL DOZEN 25c
Virtually 1 cent a tablet
Now, you can get a baby powder
that will keep your baby SAFER
against' germs and skin infec
tions It's Mennen Antiseptic
Powder Your doctor will tell
you that whenever you buy a
baby powder it surely ought to
be Mennen. Because Mennen is
more than just a dusting powder
-it's antiseptic! And it costs no
more! So. mother, buy a tin
from your druggist, today.
1 ENTERS BODY CrC
THROUGH AL
STOMACH AHDy v)
INTESTINES ToIJd.
CASE PAI N. Jy
2 RELIEVES
THR0AT Mmi&rtrA
RAWNESS. y
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