Music Trade Review
Issue: 1921 Vol. 73 N. 26 - Page 7
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE
DECEMBER 24, 1921
MUSIC
TRADE
REVIEW
payer has regularly sold merchandise at prices
lower than the market bid price the inventory
Excess Payments Will Be Returned to Taxpayer Immediately Ulnder New Ruling Issued by Inter- may be valued at such prices. The correctness
of such prices will be determined by reference to
nal Revenue Bureau—No Change in Rules Regarding the Taking of Inventories
the actual sales of the taxpayer for a reasonable
WASHINGTON, D. C, December 19.—New regula- obtained from the Commissioner of Internal period before and after the date of inventory.
Prices which vary materially from the actual
tions regarding the procedure to be followed by Revenue.
"In the case of a merchant," it is pointed out, prices so ascertained will not be accepted as re-
the Internal Revenue Bureau in dealing with
claims for refund and abatement of Federal taxes " 'cost' means the invoice price less trade or other flecting the market.
"The value of each item in the inventory may
have been issued by Commissioner David H. discounts, excepting strictly cash discounts ap-
Blair and will result, it is declared by officials of proximating a fair rate of interest, which may be measured by cost or market, whichever is
the Bureau, in the more prompt adjustment of be deducted or not at the option of the taxpayer, lower. An entire stock may not be inventoried
providing a consistent course is followed. To at cost and also at market price, and the lower
such claims.
Heretofore, when an overassessment or over- the net invoice price should be added the cost of the two inventories used. Inventories on
payment was disclosed by the Bureau in audit- of transportation and other necessary charges in- whatever basis taken will be subject to investiga-
tion by the Commissioner of Internal Revenue,
ing a tax return, the taxpayer was invited to file curred in acquiring possession of the goods.
"In the case of a manufacturer 'cost' means the and the taxpayer must satisfy the Commissioner
a claim for the abatement of the overassessment
or the refund of the overpayment. When re- cost of raw materials and supplies, expenditures of the correctness of the prices adopted. He
ceived the claim was filed until reached in due for labor and indirect costs incident to produc- must be prepared to show both the cost and the
course for consideration, which often meant a tion, including a reasonable proportion of man- market price of each article included in the in-
agement expenses, but not including any cost of ventory.
delay of many months.
"In the conduct of modern business it is of the
Hereafter taxpayers will not be advised of selling or securing return on capital.
" 'Market' means the current bid price prevail- utmost importance that every business, large or
their privilege of filing such claims, but instead
will receive a certificate of overassessment and ing at the date of the inventory for the particular small, whether corporation, partnership or indi-
a check in correction of the error, or, if an as- merchandise. The burden of proof as to the vidual, shall maintain an exact record of receipts
sessment is outstanding against the taxpayer for correctness of the price rests upon the taxpayer and expenses. No special system of accounts is
income or excess profits tax, the overpayment in each case. Where no open market quotations prescribed by the Bureau of Internal Revenue,
will be applied against the assessment and any are available the taxpayer must use such evi- but the books should show in detail inventories,
balance remaining immediately refunded. Al- dence of a fair market price at the dates nearest purchases, sales, capital investments, deprecia-
though it will no longer be necessary for tax- the inventory as may be available, such as spe- tion and similar items required in making up in-
payers to file such claims when they themselves cific transactions or compensation paid for can- come tax returns."
Forms for the making of returns of 1921 in-
discover errors, they may continue to do so if cellation of contracts or purchase commitments.
Where, because of abnormal conditions, the tax- come will be available after January 1.
they wish.
This action on the part of the Bureau is taken
ST. LOUIS DEALERS RUSHED
as a result of the inclusion in the new revenue
law of a provision requiring the Government to
ONEONTA, N. Y., December 19.—The branch of
pay interest upon claims for refund in an effort Christmas Shoppers Throng Stores—Player and
Reproducing Pianos Lead Demand—Conroy the B. E. Pudney Music House here has been
to reduce the amount which must be paid in
Piano Co. Makes Record Knabe Sale
taken over by Bond & Collins. Clifford Collins,
that way. This provision, according to business
who will have charge of the musical end of the
men and tax experts, will do more to bring the
ST. LOUIS, MO., December 19.—A tremendous
business, was at one time connected with the
work of the Bureau up to date and bring about
the prompt settlement of claims than any other improvement has taken place in the local piano Howland store in Oneonta and with the Pudney
method which has yet been devised for this pur- and musical instrument business during the last branch store at Cooperstown.
week. Christmas shoppers who have been hold-
pose.
Consult the universal Want Directory of
•Instructions for taking inventories under the ing back are now out in force and, consequently,
new revenue law have been prepared by the piano and musical instrument dealers, in com- The Review. In it advertisements are inserted
Bureau of Internal Revenue and transmitted to mon with other merchants, are doing a rushing free of charge for men who desire positions.
collectors throughout the country. Merchants, business. Many dealers report that business is
manufacturers and business men generally, it is equal in volume to that of December of last
pointed out, need experience no difficulty in tak- year and some even report a double and triple
ing their inventories for 1921, as no change has sales volume thus far.
Medium-priced pianos and high-priced repro-
been made in that section of the revenue law re-
U
ducing
pianos seem to have the best of it. A
lating to inventories.
Present Treasury regulations provide that in- record sale of three Knabe Ampicos in an hour
ventories must now be valued at "cost or mar- was made one day last week at the Conroy Piano
ket, whichever is lower," the Bureau explains. Co.'s store. Extensive advertising in the local
Taxpayers were permitted, regardless of their newspapers is bringing results at this establish-
past practice, to adopt the "cost or market, which- ment.
The Starck Piano Co. is attracting attention to
ever is lower" basis in taking their inventories
for 1920, but thereafter, the regulations provide, its wares through a striking Christmas window
changes can be made only after permission is display.
Manager J. F. Ditzel, of the Famous & Barr
Co. music salon, is not complaining about 1921.
Business was 100 per cent better than the year
before, he says.
Miss Frieda Meyer, of Silverstone's, who has
been away for a rest, is back on the floor.
John J. Buttell, of the Packard Piano Co.,
Fort Wayne, Ind., was a visitor here last week.
Saturday was ladies' day at the City Club and
the music program was given under the direc-
MALiGO will help you sell the "trade-Ins" on
tion of P. E. Conroy, president of the Conroy
your floor.
Piano Co.
MAL.GO eliminates all checks and hair-lines.
NEW REGULATIONS REGARDING CLAIMS FOR TAX REFUNDS
PUDNEY BRANCH CHANGES HANDS
Do You Know
MALGO?
J. E. BR1G0EMAN JOINS CORY CO.
The Lauter-Humana
SHELBYVILLE, IND., December 19. — J. Edward
A player-piano designed
to meet the needs of the
discriminating buyer.
Eriggeman, formerly connected with the Pearson
Piano Co.'s store here, has been made manager
of the music department of the Cory Furniture
Co. Mr. Briggeman is well known in local busi-
ness circles and his wide experience assures the
success of his new connection.
Is Your Territory Open?
OUIGLEY MUSIC CO. CHARTERED
LAUTER-HUMANA
NEWARK, N. J.
CO.
A charter of incorporation has been granted
to the Quigley Music Co., of 139 North Clark
street, Chicago, with a capital of $25,000. The
new concern will publish and deal in sheet music.
Restores scorched or stained surfaces to the
original finish.
MALGO is easily applied and dries in only four
hours. Cannot Injure the finest finish.
We refund your money If you are not more
than satisfied.
.00 Per Gallon
Pearson Piano Company
Manufacturer*
INDIANAPOLIS
INDIANA
ESTABLISHED 1873
THE
DECEMBER 24, 1921
MUSIC
TRADE
REVIEW
payer has regularly sold merchandise at prices
lower than the market bid price the inventory
Excess Payments Will Be Returned to Taxpayer Immediately Ulnder New Ruling Issued by Inter- may be valued at such prices. The correctness
of such prices will be determined by reference to
nal Revenue Bureau—No Change in Rules Regarding the Taking of Inventories
the actual sales of the taxpayer for a reasonable
WASHINGTON, D. C, December 19.—New regula- obtained from the Commissioner of Internal period before and after the date of inventory.
Prices which vary materially from the actual
tions regarding the procedure to be followed by Revenue.
"In the case of a merchant," it is pointed out, prices so ascertained will not be accepted as re-
the Internal Revenue Bureau in dealing with
claims for refund and abatement of Federal taxes " 'cost' means the invoice price less trade or other flecting the market.
"The value of each item in the inventory may
have been issued by Commissioner David H. discounts, excepting strictly cash discounts ap-
Blair and will result, it is declared by officials of proximating a fair rate of interest, which may be measured by cost or market, whichever is
the Bureau, in the more prompt adjustment of be deducted or not at the option of the taxpayer, lower. An entire stock may not be inventoried
providing a consistent course is followed. To at cost and also at market price, and the lower
such claims.
Heretofore, when an overassessment or over- the net invoice price should be added the cost of the two inventories used. Inventories on
payment was disclosed by the Bureau in audit- of transportation and other necessary charges in- whatever basis taken will be subject to investiga-
tion by the Commissioner of Internal Revenue,
ing a tax return, the taxpayer was invited to file curred in acquiring possession of the goods.
"In the case of a manufacturer 'cost' means the and the taxpayer must satisfy the Commissioner
a claim for the abatement of the overassessment
or the refund of the overpayment. When re- cost of raw materials and supplies, expenditures of the correctness of the prices adopted. He
ceived the claim was filed until reached in due for labor and indirect costs incident to produc- must be prepared to show both the cost and the
course for consideration, which often meant a tion, including a reasonable proportion of man- market price of each article included in the in-
agement expenses, but not including any cost of ventory.
delay of many months.
"In the conduct of modern business it is of the
Hereafter taxpayers will not be advised of selling or securing return on capital.
" 'Market' means the current bid price prevail- utmost importance that every business, large or
their privilege of filing such claims, but instead
will receive a certificate of overassessment and ing at the date of the inventory for the particular small, whether corporation, partnership or indi-
a check in correction of the error, or, if an as- merchandise. The burden of proof as to the vidual, shall maintain an exact record of receipts
sessment is outstanding against the taxpayer for correctness of the price rests upon the taxpayer and expenses. No special system of accounts is
income or excess profits tax, the overpayment in each case. Where no open market quotations prescribed by the Bureau of Internal Revenue,
will be applied against the assessment and any are available the taxpayer must use such evi- but the books should show in detail inventories,
balance remaining immediately refunded. Al- dence of a fair market price at the dates nearest purchases, sales, capital investments, deprecia-
though it will no longer be necessary for tax- the inventory as may be available, such as spe- tion and similar items required in making up in-
payers to file such claims when they themselves cific transactions or compensation paid for can- come tax returns."
Forms for the making of returns of 1921 in-
discover errors, they may continue to do so if cellation of contracts or purchase commitments.
Where, because of abnormal conditions, the tax- come will be available after January 1.
they wish.
This action on the part of the Bureau is taken
ST. LOUIS DEALERS RUSHED
as a result of the inclusion in the new revenue
law of a provision requiring the Government to
ONEONTA, N. Y., December 19.—The branch of
pay interest upon claims for refund in an effort Christmas Shoppers Throng Stores—Player and
Reproducing Pianos Lead Demand—Conroy the B. E. Pudney Music House here has been
to reduce the amount which must be paid in
Piano Co. Makes Record Knabe Sale
taken over by Bond & Collins. Clifford Collins,
that way. This provision, according to business
who will have charge of the musical end of the
men and tax experts, will do more to bring the
ST. LOUIS, MO., December 19.—A tremendous
business, was at one time connected with the
work of the Bureau up to date and bring about
the prompt settlement of claims than any other improvement has taken place in the local piano Howland store in Oneonta and with the Pudney
method which has yet been devised for this pur- and musical instrument business during the last branch store at Cooperstown.
week. Christmas shoppers who have been hold-
pose.
Consult the universal Want Directory of
•Instructions for taking inventories under the ing back are now out in force and, consequently,
new revenue law have been prepared by the piano and musical instrument dealers, in com- The Review. In it advertisements are inserted
Bureau of Internal Revenue and transmitted to mon with other merchants, are doing a rushing free of charge for men who desire positions.
collectors throughout the country. Merchants, business. Many dealers report that business is
manufacturers and business men generally, it is equal in volume to that of December of last
pointed out, need experience no difficulty in tak- year and some even report a double and triple
ing their inventories for 1921, as no change has sales volume thus far.
Medium-priced pianos and high-priced repro-
been made in that section of the revenue law re-
U
ducing
pianos seem to have the best of it. A
lating to inventories.
Present Treasury regulations provide that in- record sale of three Knabe Ampicos in an hour
ventories must now be valued at "cost or mar- was made one day last week at the Conroy Piano
ket, whichever is lower," the Bureau explains. Co.'s store. Extensive advertising in the local
Taxpayers were permitted, regardless of their newspapers is bringing results at this establish-
past practice, to adopt the "cost or market, which- ment.
The Starck Piano Co. is attracting attention to
ever is lower" basis in taking their inventories
for 1920, but thereafter, the regulations provide, its wares through a striking Christmas window
changes can be made only after permission is display.
Manager J. F. Ditzel, of the Famous & Barr
Co. music salon, is not complaining about 1921.
Business was 100 per cent better than the year
before, he says.
Miss Frieda Meyer, of Silverstone's, who has
been away for a rest, is back on the floor.
John J. Buttell, of the Packard Piano Co.,
Fort Wayne, Ind., was a visitor here last week.
Saturday was ladies' day at the City Club and
the music program was given under the direc-
MALiGO will help you sell the "trade-Ins" on
tion of P. E. Conroy, president of the Conroy
your floor.
Piano Co.
MAL.GO eliminates all checks and hair-lines.
NEW REGULATIONS REGARDING CLAIMS FOR TAX REFUNDS
PUDNEY BRANCH CHANGES HANDS
Do You Know
MALGO?
J. E. BR1G0EMAN JOINS CORY CO.
The Lauter-Humana
SHELBYVILLE, IND., December 19. — J. Edward
A player-piano designed
to meet the needs of the
discriminating buyer.
Eriggeman, formerly connected with the Pearson
Piano Co.'s store here, has been made manager
of the music department of the Cory Furniture
Co. Mr. Briggeman is well known in local busi-
ness circles and his wide experience assures the
success of his new connection.
Is Your Territory Open?
OUIGLEY MUSIC CO. CHARTERED
LAUTER-HUMANA
NEWARK, N. J.
CO.
A charter of incorporation has been granted
to the Quigley Music Co., of 139 North Clark
street, Chicago, with a capital of $25,000. The
new concern will publish and deal in sheet music.
Restores scorched or stained surfaces to the
original finish.
MALGO is easily applied and dries in only four
hours. Cannot Injure the finest finish.
We refund your money If you are not more
than satisfied.
.00 Per Gallon
Pearson Piano Company
Manufacturer*
INDIANAPOLIS
INDIANA
ESTABLISHED 1873
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