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News Number
THE
REVIEW
fflJJICTT^ADE
VOL. 86. No. 22
Published Weekly.
Federated Business Publications, Inc., 420 Lexington Ave., New York, N. Y., Juue 2 , 1 9 2 8
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Conference Accepts Change
in Instalment Clause
Senate Amendment Embodied in New Revenue Bill As Reported
by Conferees of Senate and House of Representatives
— Music Merchants Protected in Act
ASHINGTON, D. C, May 28.—New provisions covering income tax reports of merchants
doing an instalment business, reduction in the corporation tax rate to 12 per cent and
retention of the present surtaxes on individual income mark the revenue-reduction bill
as finally agreed to by conferees of the Senate and House. Other features of the bill were the
increase from $2,000 to $3,000 in the exemption for corporations, an increase from $20,000 to
$30,000 in the maximum of earned income, abandonment of the Senate provision for publicity
of returns and elimination of the House pro-
"(2) No deficiency shall be determined or
vision for a graduated tax on small corpora-
found in respect of any such taxes unless the
tions.
The 12 per cent tax rate on corporate income taxpayer has underpaid his taxes for such year,
was a compromise between the House rate of computed by excluding, in computing income,
11^/2 per cent and the Senate rate of 12^4 P e r amounts received during such year on account
cent, and will save the corporations of the of sales or other dispositions of property made
country a total of $123,450,000, while the in- in any year prior to the year in respect of which
crease in exemption will save another $12,000,- the change was made."
It is provided, however, that relief is not to
000.
be
provided for taxpayers shifting to the instal-
The total reduction in the bill finally agreed
upon is approximately $220,000,000, somewhat in ment basis and filing amended returns for pre-
excess of the $210,000,000 limit set by the ad- vious years, although they are to be protected
ministration and the $206,000,000 bill passed by as regards their original returns.
The insertion of the amendment covering re-
the Senate, but well below the $290,000,000 cut
ports on instalment sales to avoid double tax-
made by the House.
The instalment provisions of the bill stipulate
that "if a taxpayer elects for any taxable year
to report his net income on the instalment basis,
then in computing his income for the year of
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change or any subsequent year, amounts actual-
5 Properly Approached I
ly received during any such year on account of
sales made in any prior year shall not be ex-
I the Public will buy I
cluded."
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MUSICAL
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It is also provided that "if any taxpayer by
a return or an amended return made prior to
! INSTRUMENTS |
February 26, 1926, changed the method of re-
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porting his net income for the taxable year 1924
c
Attend the
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or any prior taxable year to the instalment
basis, then, if his income for such year is prop-
erly to be computed on the instalment basis—
"(1) No refund or credit of income, war-
profits or excess profits taxes for the year in
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HOTEL COMMODORE 2
respect of which the change is made or any
subsequent year shall be made or allowed, un-
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JUNE 4 TO 7
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less the taxpayer has overpaid his taxes for
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N E W YORK CITY
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such year, .computed by including, in comput-
ing income, amounts received during such year
on account of sales or other dispositions of
property made in any prior year; and
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1928
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\ CONVENTION \
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ation, was the result of a strong campaign car-
ried on by members of the music industry, by
ihc Music Industries Chamber of Commerce,
and by other agencies representing merchants
selling on instalments who waged a vigorous
fight.
Emil Roll, Prominent Tuner,
Dies in Cincinnati
CINCINNATI, O,, MAY 26.—Emil Koll, promi-
nent piano tuner of this city, died at his home
here last week after a brief illness. He was
fifty-six years old, and is survived by his widow,
Mrs. Alice S. Koll. Mr. Koll was one of the
organizers of the National Association of Piano
Tuners, and served as president during 1912-13,
contributing largely to the development of that
organization in its early days through his abil-
ity as an executive. Prior to becoming presi -
dent, he was vice-president for six years and
until the time of his death was a director in the
association, giving freely of his sound judgment
and progressive ideas.
Texas Delegates to
Travel on Special Gar
Robert N. Watkin, secretary of the Will A
Watkin Co., Dallas, Tex., and former president
of the National Association of Music Mer-
chants, has arranged for a special car for the
Texas delegates to the National Music Indus-
tries Convention at the Hotel Commodore, New
York, next week. The car will leave Fort
Worth, T e x , at 1.05 P. M., June 1; Dallas at
2 P. M., and will also pick up dealers from Gal-
veston and Houston. The car is scheduled to
arrive in New York at 10.50 A. M. June 3, via
Texas and Pacific and Pennsylvania Railroads.
Burt Hengeveld Resigns
PITTSBURGH, PA., May 26—Burt Hengeveld to-
day severed his connection with the S. Hamil-
ton Co., music dealer, having been affiliated with
the firm for more than eleven years as sales
manager and a director of the company. Mr.
Hengeveld is widely known to the music indus-
try and enjoyed the confidence and esteem of
all with whom he had business dealings. He
will assume a position with McDowell & Co.,
steel pipe manufacturers of this city.