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FEBRUARY 12, 1921
THE
THE INCOME TAX LAWS
(Cuiilinued jroui puye 9)
Bad debts furni an important item m the re-
lurns of many business men. Claims for such
deductions must have certain qualities. The
debt must have been charged off within the year
m which its worthlessness was discovered; the
return must show evidence of the manner in
which discovery was made; a statement should
be made that the debtor has been discharged in
bankruptcy or has disappeared leaving no trace,
or that the ordinary means of collection have
been exhausted.
Where the creditor continues to extend credit
a debt may not be claimed as worthless. A debt
may not be charged off or deducted in part, but
must be wholly worthless before any part can
be deducted, though it may be clearly worth
less than the face amount. If a debt is forgiven
it cannot be deducted, because it is then re-
garded as a gilt.
The Revenue Act provides in relation to de-
ductions that a reasonable allowance may be
made for the exhaustion, wear and tear of busi-
ness property. This applies to buildings and
equipment, such as motor trucks, horses, de-
livery wagons, or machinery.
Partnerships as such are not subject to the in-
come tax, but individual members are taxed on
the distributive shares of net income from the
business, whether distributed or not, and are re-
quired to include such shares in their individual
return, even though they may not have been
actually received. Similarly, if a business is in-
corporated a return must be made on Form
1120, regardless of its net income.
Forms for making corporation, partnership,
and individual tax returns are now available at
offices of collectors of internal revenue. Copies
will be mailed by collectors to persons who tiled
these returns last year. Failure to receive a
copy, however, does not relieve a taxpayer of
his obligation to file a return on time. The
period for filing is from January 1 to March
15, 1921. This year as last the tax may be paid
in full at the time of filing the return or in four
equal instalments due on or before March 15,
June 15, September 15, and December 15. The
return must be filed with the collector of in-
ternal revenue for the district in which the tax-
payer resides, or has his principal place of
business. Heavy penalties are provided by the
Revenue Act for failure or willful refusal to
file a return and pay the tax within the time
specified by law.
INTERESTING BOOKLET ON LISZT
Third Volume of "Great Pianists Series" Issued
by Chase-Hackley Piano Co.
The third booklet of the "Great Pianists
Scries" has just been issued by the Chase-Hack-
ley Piano Co., of Muskegon, Mich. The latest
booklet is devoted to much interesting histori-
cal matter concerning Liszt and follows along
the lines of the other booklets of the series al-
ready issued to the trade. Piano merchants
handling the Chase-Hackley line report substan-
tial results from distributing the booklets
among their customers and prospects.
Awarded first prize in many world compe-
titions during the past sixty years, the
Schomacker Piano is now daily receiving
first prizes of preference won by its superb
tone, wonderful breadth of expression and
structural beauty.
SCHOMACKER PIANO CO.
23d and Chestnut Sts.
Philadelphia, Pa.
MUSIC
TRADE
REVIEW
11
TRADE NEWS FROM BUFFALO
B. M. JONES IN NEW LOCATION
Business Is Quiet, Though Piano Men See Indi-
cations of Increasing Trade in the Near Future
—Personals and News of the Week
Third Location of Kalamazoo Music House to
Have All Modern Improvements
N. Y., February 7.—When is business
going to pick up? This is a question which
Buffalo piano men would like to be able to
answer. For at the present time, with little
exception, it is decidedly dull. This is admitted
by even the more optimistic of the piano men.
Following a holiday season that was the most
slack in years piano men looked hopefully for-
ward to 1921 in the expectancy that perhaps
business would take on a more brisk aspect as
the new year came. But the first month of that
year is over and there has been no change in
conditions.
There have been some sales that have brought
results. Some of the player and reproducing
piano men report that sales have, in a measure,
picked up. But over the most of the trade hangs
a cloud of gloom, which will only be dispelled
when stock once more begins to move at the
pace it did a year ago.
There are some indications that things will
pick up. Plants are beginning to open and many
out of employment are once more finding work.
Other lines of trade which also felt the dull
times are beginning to look up once more. And
so the piano men, too, think that perhaps their
sales will increase during February and busi-
ness will take on a brighter aspect than it did
during the first month of 1921.
A number of traveling representatives of
musical instrument houses visited Buffalo dur-
ing the last week, among them being W. B.
Williams, of the Haddorff Piano Co.; H. A.
Griffin, of the Schaff Bros. Piano Co.; Otto
Heinzmann, of the Mansfield Piano Co.; Ed-
ward Mahoney, of Kranich & Bach, and W. F.
Clevey, of the Werner. Industries Co., of Cin-
cinnati.
The Q R S Music Co. has established a Buf-
falo branch in the Curtiss Building at Huron &
Franklin streets. Robert Hollingshead, for-
merly in charge of Brunswick sales for this
district, is the manager of the branch. This
makes it very handy for Q R S dealers in
Buffalo, who can replace depleted stocks with
more speed than ever.
Through Denton, Cottier & Daniels Buffalo
was again given the opportunity last week of
hearing- the wonders of the Duo-Art piano.
Miss Eleanor Shaw, pianist, of New York, and
Agnes Preston Storck, well-known soprano of
this city, appeared at a concert at the Twen-
tieth Century Club Wednesday, when the Duo-
Art was also heard, the piano reproducing the
recording of Miss Shaw's touch after she had
played in person and accompanying the soloist.
Friday night a Duo-Art concert was given at
Hutchinson High School.
Clifford Ford, formerly sales manager at the
Wurlitzer store here, has joined the staff of
the Robert L. Loud Co.
BUFFALO,
SEEK STOLEN PLAYER=PIANO
B. Dreher's Sons Co. Reports That Customer
Has Disappeared With Krakauer Bros.' In-
strument Upon Which Balance Was Owing
B. Dreher's Sons Co., Cleveland, O., reports
that one of its instalment customers has dis-
appeared with a player on which there remains a
large balance to be paid. The piano, a Kra-
kauer Bros.' upright player-piano, No. 46,700,
was sold by Dreher's Sons Co. to Mrs. James
Collins, of 3028 West Fifteenth street, Cleve-
land, on March 9, 1920. Mrs. Collins later
moved to 804 Ewing avenue, Toledo, O., and
finally disappeared in November, 1920. A re-
ward is offered for information that will lead
to the recovery of the instrument.
KALAMAZOO, MICH., February 7.—Compelled by
business to enlarge his store, B. M. Jones, of
the B. M. Jones Piano Co., will in the course
of a few weeks move his store from its present
location at 320 South Burdick street to 148 South
Burdick street.
Under Mr. Jones' personal direction the future
site of his store is being extensively remodeled
and redecorated. A new front will be installed.
When the new store is complete it will have
over 10,000 square feet of floor space.
This will be the third location occupied by the
B. M. Jones Piano Co. Mr. Jones started in the
business in a very modest way in a few rooms
upstairs over the Majestic Theatre, about eight
years ago. Later he moved to his present loca-
tion at 320 South Burdick street, and the busi-
ness has outgrown the store by a large margin.
Mr. Jones will carry a full line of high-grade
furniture in his new store, as well as musical
instruments, including pianos, player-pianos and
talking machines. He will install sound-proof
booths.
The Player Piano Specialty Co., New York,
has been incorporated with a capital of $5,000 by
J. A. Angus, E. Ebel and W. F. Raab, 1645
Overing street.
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Consult the universal Want Directory of
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