The Oregon daily journal., January 27, 1921, Page 20, Image 20

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THE OREGON DAILY JOURNAL
PORTLAND. OREGON.
SO
THURSDAY. JANUARY 27, 1921.
iSlNMIRG
INCOME RETURNS
Accuracy . In -accounting and
promptness, in'flling returns are two
prime requisites for the wellbeing
Of Income tax payers, according to
Milton A. Miller, -collector of inter
nal revenue. In the case of mer
chants, manufactures or any busi
ness In which purchase or sale of
merchandise Is an income producing
factor, inventories are necessary at
the beginning of each fiscal year,
according to Miller, the fiscal year
"being an accounting period of 12
months ending on the last day of any
month. , Taxpayers who keep books
on a fiscal year basis are required
to make their returns on that basis.
I5VET0RT POINTERS
"The inventory should include raw
materials and. supplies on hand- that
have been acquired for sale or use in
production, together with all finished or
partly finished goods," Miller stated. "It
should include merchandlsei sold but not
billed to the customer at the date of
Inventory and any goods out upon con
signment unless such goods have been
included" in, the sales for the taxable
year. It should also include merchan
dise purchased though not actually re
ceived to which title has passed to the
purchaser. .
"Inventories may j be - taken either on
the basis of cost i or market value,
whichever is lower.' In the case of a
merchant, 'cost' means the invoice
price less trade or other discounts, ex
cepting strictly cash discounts approxi
mating a fair rate of interest, which
may be deducted or not at the option
of the taxpayer, providing a consistent
courser is followed. . To the net invoice
price should be added the cost of trans
portation and other necessary charges
Incurred in acquiring possession of the
goods.
MANCFACTCHERS COST
'. "In the case of a manufacturer 'cost
means the cost of raw materials and
supplies, expenditures for labor, and
indirect costs incident to production, in
cluding a reasonable proportion of man
agement expenses, but not including any
cost of selling or securing return on
capital. 'Market means the current
bid price prevailing at the date or tnei
Inventory for the . particular merchan- j
dlse. The burden of proof as to the i
correctness of the price rests upon thej
taxpayer In each case.
"If the 'cost or market basis is used,
each class Of goods mUst be itemilzed,
and the cost or market price of each
shown separately.
TO MEASURE VALUES
"The value of "each Item in the inven
tory may be measured by cost or mar
ket, whichever is-lower. 1
"An entire stock may not be inven
toried at cost and also at market price,
and the lower of the two inventories
used.
.- "No special system of accounts is pre
scribed by the bureau of internal rev
enue, but the books must show in detail
" Inventories, purchases, sales, capital, in
vestments, and Bimllar items required in
making up an income tax return. The
inventory, which cannot be taken with
out some form of accounts, is the com
pass of a business. Without it the di
rection In which the business.! heading,
, either for success or failure, cannot be
determined."
Mortgage Co. Has
r 20 Millions to Put
On New Dwellings
The Mortgage Guarantee company la
prepared to place loans aggregating
$20,000,000 to finance construction of new
dwellings in Oregon. - according to an
nouncement following the annual meet
ing Tuesday of stockholders of the com
pany. According to officials of the company,
arrangements have been made with one
of the largest Insurance companies in
New York to finance home building in
this state. Iioans are offered for a 15-
fi.1 ;.?diLfe-3L;rtii!!ifo .
'One of the Northwest's
Great Banks"
year period with interest at 7 per cent
and 2 per cent -of the principal payable
semi-annually, '' . . ; .
! The following directors ' were elected
at the meetings J. C. AInsworth, Emery
Qlmstead, Nathan Strauss,' Franklin T.
Griffith, Robert S. Howard. Isaac IX
Hunt, 3. F. Daly, Robert E. Smith. W. P.
Olds, Ira F. powers, E. B. McNaughton,
Ben C Day, Etfgar W. Smith, W. X.
Daly, Ear! C. Bronaugh, Paul C. Mur
phy and S. F. Wilson. The company was
organized one year ago with a capital of
1200,000 and its headquarters is in the
office of the Title ft Trust company.,
'Spark Plug' Tackle Is
Ineffective Against
Non-Skid End Eunner
,. Mere football : loses its fascination
When compared to the flying "gasoline
tackle" and the "spark plug scrimmage"
which piled up four machines at Broad
way and Crosby street Tuesday night,
landing Victor- Tietge, the "non-skid"
end runner, in the city jail on a charge
f failing to give tHfe right of way.
f Tietge's machine was' tackled at the
Intersection by A. C. Machroat's car,
but Machroat failed to stop his man and
Tietge's car sidestepped him after a
Jar, running into more interference.
I The cars of two halfbacks, P. H. Lich
and A. Goldstein, rushed the runner
and threw him for a loss, just as Um
pire Scot blew the motorcycle siren and
the play was ended.
j No one was hurt, but all four machines
were damaged.: ,
Tietge was i released ' on, his own
recognizance.
Get a Comparison of Prices,
With Ours, on
omitting
WE ARE
Wo f
IR e 0. ui c tti on
on Eveirtliing
(Contract Goods Excepted) .
NOT 10 AND 15OFF ON THE
GOOD THINGS AND 30 AND 40
OFF ON THE OLD AND OUT-OF-DATE
STOCK.
Your $$ Go Further Here
COME AND SEE
' 1 ' 'i
V GO-TO-frp-rtf SIT
1 . ! I ; t . i ' . -
WHEN you deposit money in the bank
you cease to worry about its secur
ity. Why? not enjoy the same ease of mind
in respect to your Bonds, Notes, Deeds,
Mortgages, Warrants, Insurance Policies
and other valuable papers?
A Safe Deposit Bo at the United States National
removes the danger of fire and burglary.
XJnitedStafes
National Bank,
SljttH and StarK
U. S. Leads All in
Business Ethics, .
Says J. R. Whitaker
Business in the United States is con
ducted on a higher ethical plan than In
any other country in the world, accord
ing to John K. Whitaker, professor of
salesmanships and merchandising in the
school -of commerce of the University
of Oregon, who spoke Wednesday at the
annual convention of the Oregon Hard
ware and Implement Dealers" associa
tion at .the- Imperial hotel.
Improved methods of doing business,
taught by the schools and universities
of the country, are largely responsible
for the strong financial and economic
structure of the nation, according ' to
Whitaker. He was followed by Dean E.
C. Robblns of the university school of
commerce, who delivered an address on
"The Trained Business Man."
The principal address on the afternoon
program was given by Dr. W. J. Hind
ley, educational director of the Wah
ingtdn State Retailers" association who
unravelled the Intricacies of iron and
steel manufacture in a lecture entitled,
"The Modern Story of Tubal Cain."
Oregonians Consume
More of California
Than Oregon Fruits
Oregonians ' eat more California fruit
than Oregon fruit, declared C. I. Lewis
of the Oregon Fruit Growers, associa-
GIVING
4P
tion before the Portland Ad club
on
Wednesday at the Benson hoteL
i Tet, he added, there are 126.000 acres
of fruit close to Portland and the prune
production will In the not distant future
reach 100,000,000 pounds.
5 In response to a request of , F. Al
Kurtz of the same organization. Presi
dent W. S. Kirkpatrick of the club
named a committee headed by Frank
McCrillis to help put over Oregon prune
week, which begins February 7.
A. A. Patterson, western manager of
the Aladdin - company, which has its
Plant in North Portland, and Jack Cross
ley of the Brownsville Woolen Mills
discussed the value of direct by mail
advertising. j -
To help forward plans for the Inter
national mining convention in Portland
April 5-8, President Kirkpatrick ap
pointed Collector of Customs Will Moore
and W. H. Chatten. i
Boslyn-Beaver Hill furnace coat, $12.25
euro. trfiieiHens. .Broadway 70.
ezt Charge Purchases Go on
Tom
prices.
on
It Always Pays to Shop at
Laws to Assist in , ;
Financing Home
Building Requested
Congress will be asked during the
present session for legislation providing
for a more liberal 'use of bank deposits
in ' financing home building operations,
according to F. K. Taylor, president of
the National Association of Real Es
tate Boards, who returned . Wednesday
from a meeting of the executive com
mittee of the association at Atlanta.
More than 250 officials of the organ
ization, representing a total member
ship of over 100,000, were at the meet
ing. Resolutions asking congress for
relief in the housing situation were
passed at a conference of committees
on taxation, legislation and housing.
Following the meeting at Atlanta the
realty men went on an excursion to
A U V. .fttvivasuu v Hit;, i A I Hi, rami iauija i irciK"i ,
Jacksonville, Miami, Palm Beach, Tampa
I UNIVERSITY OF OREGON MEN'S GLEE CLUB AT MUNICIPAL AUDITORIUM TOMORROW
i TICKETS ON SALE MAIN FLOOR, ALDER STREET SIDE, AT $1.10, 85c AND 5uc
orrow s
Big Surprise: FOR MEN
Society Brand Suits
Half Price '
Nationally famous Society Brand suits "for young men and men who stay young" are now offered at half -the earlier prices to
give every man an opportunity to secure one of these splendid garments. Many are in weights suitable for. spring wear. There
are styles and sizes for every one. This is one of the most surprising opportunities of a sale that has 3een notable for surprise
VSN B. There is'an equally good sale of overcoats also in which a limited number of fine garments is offered at half the earlier
Y
Janraairy
Halt
For Which Many Departments Come Forward With
Virtually Every Department Contributes One or
(CONTRACT
and other points in Florida. Taylor
left for the East on January 1, via San
Francisco, Los .'Angeles and New Or
leans. , He was- accompanied by Mrs.
Taylor. ' , ... .
'Ermentrude,' Army
Tank, to 'Report'
At Camp Lewis
Staff Sergeant Joseph W. Appleby,
attached to the Portland recruiting of
fice and operator of the army tank
"Krmentrude," has been ordered to take
the tank to Camp Lewis for duty with
the Fourth division. Sergeant Appleby
expects to be ordered to Camp Meade,
Va.. for duty with the heavy tanks
shortly after his arrival at Camp Lewis.
Sergeant James will accompany the
tank north. The tank will be sent by
freight
the February Statements, Dated March 1
Please Note: None of the Customary Meier & Frank
Services or Courtesies Are, Suspended or Curtailed
During These Sales, in Which Values 'Are Unequaled
TW
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Only Two Days
of Meier & Frank's
Greatest of All
OeairaBice 5&Jles
Only Two Days
of Meier & Frank's
Most Extraordinary
Price
Only Two Days
of Meier & Frank's Store-Wide
Clearance Extraordinary
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LINES AND GROCERIES
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Only Two Days
. of Value-Giving That His
Never Been Surpassed j
City's $2263 Sewer
Claim' Is Outlawed;
Main Witness Dead
The city's, claim against the Pacific
Bridge company for sewer improvements
on Alder street from Forty-fifth to
Forty-ninth street, aggregating $2263,
dating back to 1913, has been lost to the
city through statute of limitation and
by the death of the city's ine vital wit
ness. City Attorney Grantl has advised
the city council. - I
The city attorney's office was in
structed by the council in 1915 to take
legat steps to collect the amount due
from the bridge company, but nothing
further was heard from the matter until
City Attorney Grant, since taking office,
ran across the records. Harry Gear was
the only witness who could have won the
ault for the city. Granti advised the
Meier t Frank's : The Store for
New Values and to Which
More Half-Pnce Items
TTT)
EXCEPTED)
D
AYS
Sales
Meier & Frank's
council, and he has been deact some time.
Hereafter the city attorney's office
will "clear the records" every third
month by reporting to the council , tlia
status of. all cases pending, Conmis
sioner Barbur announced. '
Missionary Society
Obtains Hqme Site
The "Women's Home Missionary" so
ciety of the Methodist Kplttcopal rhurr h
closed a deal Wednesday for purchase of
the quarter block at tho nnrthcaat cor
ner of Front and Carruthers Btrrets
from the Jones estate for $10,000. The
property is occupied by a two story brick
builditiR and a nine room house, v.hlc'h
will be remodeled for use in settlement
work. The real estate transaction, was
handled by Wakefield, Fries & Co.
1
Men, Third Floor.
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