Newspapers / The Perquimans Weekly (Hertford, … / Feb. 16, 1940, edition 1 / Page 7
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1 ' THE PERQUIMANS WEEKLY, HERTFORD, N. C, FRIDAY, FEBRUARY i, 1940 PAGE SEVEN i ' - -V ( 1 ... , f yH.,krTv.. "'"-l-Vt-f aw Average For Na tion j State Receives Huge Sum Annually For Taxes on Product North Carolina consumed 801,700 tarrels of beer an4' ale during 1939 as compared ;th 284,025 barrels in j;3$: There sw $1 v. gallons 8 barreI.?;--v:. .' " J Despite 'the 12 per cent increase j nsuinption, North Carolina stifi ' S&gfl in consumption as' compared V4 r'statt1' co)pdinS to the Brewers and North Carolina Beer P'sjtributbrs Committee. The pei pvcspita; consumption in this state is not! quite three gallons, while the nation's per capita consumption is twelve and a half gallons more than four times the per capita consump tion in North Carolina. i i i Although North Carolina is way down the list on the basis of per capita consumption, the beer indus- . try pays the state and its various political subdivisions almost $1,500,- ,000 annually in taxes and license fees. If this state consumed as much as the average for the nation, - more than 3,000,000 would be paid 'into the state treasury annually. ;',jrhe past year also witnessed the fid expansion of the beer indus try'sprogram of active cooperation 1 withjocal law enforcement officers toXeliminate anti-social conditions "wherever they may surround the sale ' nt hear TTHo-ar H. Rain of GoSds- roro, state director in charge of the Vr industry's "clean up or close ' up" campaign in North Carolina, an .. nounced that the beer licenses of 46 dealers have been revoked as a re sult of the committee's drive against " undesirable beer outlets. We Thanfe Yoao On the Occasion of Our 7th Anniversary - We wish to thank our many-friends for their past patronage. . It has been a real pleasure to serve you, and we are' resolved that in the coming year we will give you the best possible service and merchan CENTRAL GROCERY STORE HERTFORD, N. C. GET INTO ONE OF OUR SMART NEW MANNISH SPRING CUM STP.'PED SUITS Season's , U Latest. it Ji 7- 4$$' I ' Made of, -.j W A ff , a Finished- , J "I Worsteds. A i r' Sixes-.;.: I JJSp - V O05 -f i , See Our .? Otbi . Spring " Arrivals - . w Coats - Tcppcr Suits - t; sweaters - I P CI , ALL YOUR W,V TIINGS FOR EASTER AT r ; ? , 5. ? "STORE. OF rf I '-;.tford. ir. C. By FREDERICK B. HILL Certified Public Accountant Norfolk, Virgfaiaj it: 5 It is the purpose of this column to present to the readers of The Per quimans Weekly a digest of the In come and Social Security (both Fed eral and State) tax laws, as well as the information relative to the Wage and Hour law; both based upon, the last regulations received, which will be presented as questions and ans wers, a form which it, is thought most suitable for conveying tax in formation. ' v . , V ' Furthermore, it is the purpose of this column to invite questions from the readers of The Perquimans Weekly, concerning v features of the several tax laws mentioned that might apply to a particular case. Answers, which will be furnished in subsequent issues, will be formulated according to the law, where so ap plicable, and opinions will be based upon the latest information available. Federal Income Taxes As Affecting Individuals (Continued) In a previous article Gross Income was briefly described. ' Exclusions and Deductions are now dealt with: The Supreme Court has defined in come as used in the Sixteenth A mendment as follows: "Income may be defined as the gain derived from Capital, from Labor, or from both combined xxxx." Exclusions From Gross Income: The taxpayer should examine care fully the specific statutes dealing with Exclusions From Gross Income, as well as to Allowable Deductions From Income, which subject follow? presently, as we can call attention only to some of the items because oi the wide range of investments and other property ownership. What Are Exclusions From Gross Income? Income from certain se curities have, by the acts of Con gress, been excluded from taxation, as follows: (a) Interest received from Fed eral Bonds, and other obligations of j Jxit S. , - Dresses - Blouses ' sitoes - llose r, ; v: t VALUZS'VH -ST, X3BP.. th"lMted States Government includ ing dividends and interest on Stock or. Mortgage, Notes of Federal land banks, Federal Credit Banks, Nation al Farm-Loan,? Associations. There are certain limitations, however, In the " case of , Treasury Notes and Treasury Bonds. J (b) Interest on obligations of a state, territory, or any political sub division thereof (Cities, Counties. Etc.)i However, it is possible thai the exemption may not include spec ial assessment districts, such 'at road, water, sewer, gas, etc., in cer tain cases. Other income, by statutory provi sions, have been excluded from taxa tion, such as: (a) Where property is exchanged for property of like kind and use. neither gain nor loss is recognized For example: A new automobile for an old one. (b) Gifts and bequests. Property received as a gift, or under a 'Will, although the income therefrom de rived from investment, sale or other wise is not exempt. (c) Life Insurance. The pro ceeds of life insurance policies paid to a beneficiary by reason of the death of the insured. What Are Allowable Deductions From Income? ; ( 1 : (a) Expenses: All ordinary and necessary expenses incurred in con nection with a trade, business or pro fession, or income producing prop erty. There are, however, certain limitations in the cases of Interest and Contributions, noted below: (b) Taxes: Real Estate; Personal Property; State, City and County li censes; State Income, Automobile li cense, gasoline and certain other special taxes. Federal Income, Es tate, Gift, and similar taxes are not deductible from Gross Income. (c) Income paid (or accrued) within the year to banks and others, on loans of all kinds, except on mon ey borrowed to purchase or carry tax free securities. (d) Losses Sustained and not compensated for by insurance or oth erwise, if incurred in the taxpayers trade or business; incurred in any transaction entered into for profit or arising from fires, storms, or oth er casualty or theft. (e) Bad Debts as distinguished from worthless stock must be de ducted in the year in which they be come worthless. They may be treat ed in either of two ways: a By a deduction from income in respect of debts ascertained to be worthless in whole or part, or b By deduction from income of an addition to a reserve for bad debts. This subject will be treated r fully in a subsequent article. (f) Contributions and donations paid (not. -accrued) during the- taxa- 5; year to organized charitable in fections, churches, etc., are limited, in the case of individuals to 15 of the net income, and in the case of corporations to 5 of the net in come. (g) Depreciation This will be discussed in our next article. CROSS ROADS NEWS Mrs. Lindsay Evans and Mrs. E. N. Elliott visited Mrs. J. Cameron Boyce, at Center Hill, Wednesday evening. Mr. and Mrs. C. J. HoHowell and son and J. C. Leary spent Sunday as guests of Mr. and Mrs. W. D. Welch, Jr., in Washington, N. C. They were accompanied home by Mrs.. Leary, who had spent a few days as the guest of Mr. and Mrs. Welch. ' Mr. and Mrs. Bill Hobbs, their son and daughter, of Newport News, Va., and Mr. and Mrs. Herbert HoH owell, of Greenhall,' spent Sunday with Mr. and Mrs. Ralph, Hollowell. Mr. and Mrs. Lindsay Evans and sons were supper guests of Mr. and Mrs. B. M. Hollowell, Sr., Sunday evening. Miss Louise Wilson was the week end guest of Mrs. Z. W. Evans. ' Mr. and Mrs. B. W. Evans and Mr. and Mrs. E. N. Elliott were dinner guests of Mr. and Mrs. Wood Privott, in Edenton, Sunday evening. Louis" Corprew spent the week-end in Windsor with his wife and son. - Mr. and Mrs. Herbert Dale spent a II ' K' V Mt6 tcx;c:;t a.;j every Friday . . - J0:30 tVM ; (LUMBU NETWORK : , Royal Crown f Bottling Co. ; r ; . ELIZABETH CITY, N. C , few days last" week la Norfolk, Va, They attended a' showing of "Gone WpthfWind' Mrs. A. S. Bush visited Mrs. Z W. Evans, Mrs. B. W. Evans and Mrs. Rob EvSnS Thursday afternoon. Mr. and Mrs. P. L. Baumgardner and daughter, Anne, visited Mr. and Mrs. R. H. HoHowell Sunday after noon. Miss Marian Fiske spent the week end with her mother at Moyock. Miss May Belle Edwards went to her home at Whaleyville, Va., for the week-end. Mr. and Mrs. E. N. Elliott made a busiress trip to Norfolk, Va., Wed nesday and saw "Gone With the Wind." Mr. and Mrs. Wallace Riddick and baby, of Pollocksville, spent the week-end with Mrs. Riddick's par ents, Mr. and Mrs. Ernest Byrum. Mr. and Mrs. W. O. Byrum, of Gates County, spent Sunday with Mr. and Mrs. V. D. Hare. Mr. and Mrs. Earl Harrell, of Edenton, visited Mr. and Mrs. Bennie Bateman Sunday evening. Gus Bunch, who has been quite ill, is improving. Mrs. J. G. White, of Center Hill, and Miss Margaret Griffin, of Nor folk, Va., spent Sunday with Mr. and Mrs. B. W. Evans, and Mrs. Z. W. Evans. Mr. and Mrs. J. G. Perry, of Rocky Hock, visited Mr. and Mrs., E. N. Elliott Sunday afternoon. Miss Esther Evans, of the Per quimans High School faculty, is the guest of Mrs. Z. W. Evans for a few days, her school being closed because of impassable roads. Misses Esther anOr Beatrice Wilson Evans, B. W. Evans and Jess Wilson made a business trip to Norfolk, Va., Monday afternoon. RYLAND NEWS Mr. and Mrs. H. I. Ward and two children spent Saturday in Suffolk, Va., as guests of Mr. and Mrs. Grov er Byrum. William Ward spent the week-end in Edenton with George Ward. Mrs. T. L. Ward and Mrs. G. A. Boyce spent Thursday in Norfolk. Mrs. Peninah Ward, and Mrs. Louisa Ward visited their brother, O. C. Ward, Friday afternoon. Mts. H. N. Ward returned home Sunday afternoon from a few days' stay in Edenton with her son, Ernest Ward, and Mrs. Ward. Mr. and Mrs. Clingman Dail and Mr. and Mrs. Llovd Chappell visited MEW TYPE MC "iU MOTOR FUEL! fejlv 1 l Beg. U. 8. Pt. Off. di) f H I WOCO-PEP MOTOR FUEL It J $0? What it is a fine quality gasoline to which has been added a newiy perfected and exclusive combination of chemicals. What it does Retards carbon forma tion and helps lubricate upper part of motor. Reduces knocks. Helps keep valves and rings free. Saves power and increases mile age. Helps keep performance at par. Re duces engine wear. WhO SayS SO Impartial testing labora tory and thousands of motorists in 25 states. What it COStS -the same as regular gasoline. It is the business-like way to pro tect your investment. It is the friendly way to treat your motor. Try it soon and Be Sure with Pure. Ask about Pure Oil's Two-Step Solvenised Tune-Up Plan. Step No. J SI Tune-Up Treatment (guaranteed). Step No. 2 Regular use of Solvenized Woco-Pep. Be Banc utiiU Pute it-' , WOPPORD OIL ' WE) J -.lt.:v. 1 " Mr, -and Mrs. John Irvin Chappell, at Belvidere, Sunday. i Mrs. G. A. Boyce spent Friday afternoon with Mrs. Merrill ; Cope land. Miss Gertrude Jackson, Roy Parks, Mrs. R. S. Ward and daughter, Faye, and Mr. and Mrs. C. W. Ward visited Mrs. Harriet Parks and Mr. and Mrs. Carson Davis, at Gliden, Sunday af ternoon. Mrs. Roy Parks is able to be out again, after being confined to the house several days with an attack of flu. Mr. and Mrs. Earl White spent Wednesday with his mother, Mrs. Jesse White, at Gliden. Mrs. White has been quite ill for some time. Mr. and Mrs. Tommy Boyce and children visited Mr. and Mrs. Ed mund Boyce Sunday afternoon. Mr. and Mrs. Hallet Rountree and baby, Trema Lee, spent Sunday with Mrs. Rountree's parents, Mr. and Mrs. A. L. HoHowell. Mrs. H. N. Ward spent Thursday with Mrs. N. E. Jordan. They called to see Mrs. Belle W. Parker Thurs day evening. Misses Vera Newby a.nd Inez Perry, of Sign Pine, visited Mrs. Cornie Spivey Sunday afternoon. D. T. Ward, Jr., spent several days recently with his parents, Mr. and Mrs. D. T. Ward. Because of bad roads his school was having a holi day. James Copeland and Thomas Jack son visited Lehman Ward Sunday afternoon. Roscom Byrum and a friend, of Suffolk, Va., spent Sunday in the home of Mr. and Mrs. Walter Byrum. Hubert Askew, of Colerain, was in the community Friday evening. Mrs. R. S. Ward and Mrs. Julian Ward, of Edenton, visited Mrs. Ed ward Byrum, at Center Hill, and Mrs. J. T. Byrum, of near Cannons Ferry, Friday afternoon. CENTER HILL NEWS Mrs. Julian Ward, of Edenton, and Mrs. R. S. Ward, of Ryland, visited Mrs. Edward Byrum Friday after noon. Mrs. J. S. Turner and daughter, Peggy, Mrs. J. P. Byrum and Willie Byrum and Bernice HoHowell, oi Sunbury, visited Mr. and. Mrs. Rich ard Copeland, of near Hertford, on Thursday. Miss Sybil White, of Norfolk, Va., visited her parents, Mr. and Mrs. E. B. White, Sunday afternoon. Mr. and Mrs. Willie Byrum and .'ii!;;c i XOW! WAR KEWS FROM EUROPE THREE T1"ES A T.ILK! Listen to H. V. KALTENBORN, Pure Oil's Aee Commentator every Monday, Wednesday, and Friday, 60 p.m. Eastern time 50 p.m. Ceotssl time Columbia network. CO., ATLANTA, GEORGIA Wiley L. daughter spent the week-end with Mrs. Byrum's parents, Mr. and Mr. C. D.ollowell. . ' Mr., and Mrs. J. I. Boyce and Mrs. Camerori Boyce went to Norfolk, Va., Saturday and saw "Gone With the Wind." Miss Lucy Myers White called on Mrs. Otis Ellis Sunday afternoon. Mrs. J. S. Turner, Mrs. Elton Jor dan, Mrs. J. P. Barnett and Miss Anna Mae HoHowell visited Mrs. Cotter B. White Tuesday afternoon. Mrs. Oscar Parker, of Norfolk, Va., spent the week-end with her parents, Mr. and Mrs. Elbert Bunch. Miss Camilla White went to Rocky Mount Tuesday. She entered Park view Hospital for training. Mr. and Mrs. Silas White, of Cross Roads, Mr. and Mrs. J. T. Byrum, Mr. and Mrs. J. S. Turner and children visited Mr. and Mrs. J. P. Byrum and Mr. and Mrs. Edward Byrum Sunday afternoon. Rev. and Mrs. J. E. Trivette, of Belvidere, visited Mrs. W. H. Lane Saturday afternoon. Mrs. Lane is improving, after an attack of flu. Mrs. Emily Copeland, who is mak ing her home with Mr. and Mrs. H. E. Lane, is confined to her bed with an attack of flu. Mrs. Ida Reed has returned home, after spending several weeks with Mr. and Mrs. Emmett Jones, in Norfolk, Va. Mrs. J. M. Turner, her sons, Wil ford and Charlie, and daughter, Lil lian, visited Mr. and Mrs. Roland Winslow, in Elizabeth City, on Tues day. Mrs. Jesse Bunch and N. Bunch visited Mrs. N. Bunch, in Norfolk. Va., Sunday. Mrs. Joe Wiggins and children vis ited Mrs. Cotter B. White Monday afternoon. Mr. and Mrs. Willie Lamb ana son, Stacey, of Edenton, spent the week-end with Mr. and Mrs. Theo dore Boyce. Mrs. A. C. Boyce and daughter, Mrs. L. N. Ward, Mrs. M. L. Flynn and children, of Edenton, called to see Mr. and Mrs. R. H. Goodwin on Friday afternoon. Mr. Goodwin is somewhat better. Mrs. J. T. White visited Mrs. Cot ter Bright White Sunday afternoon. Why suffer from Colds? For quick relief from cold symptomg take 666 666 LI QUID -TAB LETS-SALVE -NOSE DROPS m Jte0 SPECIAL "TUNE-UP OFFER Pure Oil's Bamper-to-Bumper Safety Service viial services ydu car neods loiij; hard Wintrr's ':: 'ng. ;.c:;ve:iizcd "tui!e-uii" treat- :h! correct Iuhreation diet. 'j'tesy services FlfKE. Ten cr a - I'RhE. pervice Jrie to f;.e Moore, PntUtml Hertford, N. G
The Perquimans Weekly (Hertford, N.C.)
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Feb. 16, 1940, edition 1
7
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