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TIMELY TALKS
ON TAXES
Rabbi Levi Joins
Institute Faculty
By A. VICTOR BIZER
Detroit Tax Attorney it Counselor
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7,
1947
JDC Aids Children in 243 Centers
Offers Adult Class
at Shaarey Zedek
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The Adult Education Institute
of Shaarey Zedek will open Tues-
day, Feb. 11 and will continue for
INCOME (Contd.)
15 consecutive Tuesdays.
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New to the faculty this year will
GAIN OR LOSS FROM SALE OF PROPERTY—The gain resulting be Rabbi Eliezer Levi of Congre-
from the sale or exchange of property is taxable (or the loss from gation Bnai Moshe: He will give a
such sale or exchange is deductible) but its treatment is dependent course on "The Jew Comes to
upon its classification under the tax law. Property is classified as Europe" and will describe the per-
"Capital Assets" or as ''Property other than Capital Assets."
sonalities and cultural and spirit-
Capital Assets Include all property held by tho taxpayer except ual accomplishments of 1,500
(1) stock in trade or property properly includible in years of Jewish life on the con-
inventory; (2) property held primarily for sale to tinent.
Rabbi Milton Aron, Wayne Hillei
customers in the ordinary course of the taxpayer's director, will conduct a class on
business; (3) depreciable property used in trade or "Basic Concepts of the Bible," a
business; (4) real property used in trade or busi- study of the foundations of Jew-
ness; and (5) certain short-term non-interest bear- ish ethics.
ing federal and state government obligations issued
A discussion group on "Books
that Shaped the Jewish Outlook"
at a discount.
Long term capital assets are those which have will be led by Rabbi Morris Ad-
been held for more than six months and only 50 ler. He will review classic volumes
per cent of the gain or loss resulting from their that have contributed to the shap-
ing of Jewish mentality and char-
sale is taken into account.
acter.
Capital
assets
held
for
six
months
or
less
are
Three courses in Hebrew will be
Mr. Bizer
short-term capital assets and the full gain or loss resulting from their offered. A beginner's class, "Learn-
disposition is taken into account. Thoughtful consideration of the tax ing to Read Hebrew," by Mrs.
factors involved prior to the disposition of capital assets can often re- Samuel Lehrman; a course in "In-
creasing our Familiarity with
si it in substantial tax savings.
Hebrew," by Michael Atzmont;
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and a course on "Conversing in
IF YOU HAVE 130TH long-term and short -term gains and losses, Hebrew," by Joseph Haggai.
apply the percentages outlined above and then combine the applicable
Students may register for one
amounts to determine the net gain or loss.
or two courses by calling the syn-
A net gain is added to other income, but the excess of capital losses agogue office. The classes will
over capital gains so computed is deductible only to a maximum of meet from 7:45 to 9:45 p.m.
$1,000.00 from other income. Any balance of such excess capital losses
may be applied against net gains from the sale or exchange of capital
assets in any one or more years to five succeeding years and then up
to $1,000.00 in each year, against other income.
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Friday, February
DETROIT JEWISH CHRONICLE and The Legal Chronicle
gage Six
Property used in a trade or business and held for more than six
months is given special consideration in that gains resulting from the
sale, exchange or involuntary conversion are taxed in the same manner
as long-term capital gains.
If you have more than one such transaction during the year they
must be aggregated, and if the gains from these transactions are great-
er than the losses they are treated as long-term capital gains and
losses. However, if losses exceed the gains the net loss is deductible in
full as an ordinary loss in that year.
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BEFORE GAIN OR LOSS can be computed the basis bf the prop-
erty in the hands of the seller must be determined. If the taxpayer pur-
chased the property on or before Feb. 28, 1913, the basis is the fair
market value of the property on Feb. 28, 1913. If purchased after Feb.
28, 1913 the basis in most cases is the value at' the time of death. If
acquired by gift subsequent to Dec. 31, 1920, the basis for determining
gain is the cost of the property to the donor, that is, the parson who
gave the gift. However if a loss resulted, the basis is the cost to the
donor or the value at the date of gift, whichever is lower.
Lechem Aneeim
Charts Banquet
Marking its 26th anniversary,
the Detroit Ladies Lechem Aneeim
will hold its annual banquet Sun-
day, March 16, at Congregation
Beth Teflla Emanuel, Taylor and
Woodrow Wilson avenues.
Proceeds will go to Detroit's
poor, whom the organization has
been helping since its inception in
1921.
An invitation has been extended
to the entire Jewish community.
In addition, clubs are being re-
quested to send representative
committees.
Auxiliary President
The original basis, as above determined, may be increased by the
cost of capital improvements, commissions paid upon the purchase of
the property and commissions and other expenses incurred upon sale.
It must be reduced by depreciation previously allowed or allowable.
Gains and losses from the sale or exchange of property must be
reported in a separate schedule known as "Schedule D (Form 1010)",
from which the summary totals are carried into the regular income tax
form 1010.
Shaarey Zedek Sisterhood to Present
Cantata at Tea-Rally for Torah Fund
A tea and final report rally for of the fund are Mrs. Carl S. Schil-
the Torah Scholarship Fund drive ler and Mrs. Reuben Allender.
Soloists will be Mrs. Charles
of the Sisterhood of Shaarey Zedek
will be held Friday, Feb. 7, at the Coleman, Mrs. David 'Kallman,
home of Mrs. Daniel Cullen, 2500 Mrs. Janice Mendelsohn, Miss Lil-
lian Newmark and Mrs. Arthur
Boston boulevard west.
Members and friends who are Schubiner.
Others in the cast are Mesdames
interested in the maintenance of
this project are asked to send their Jerry Barsky, Henry Berris, Har-
contributions to Mrs. Meyer Shug- old Bergman, Reuben Dubrinsky,
erman, 3042 Webb avenue, pledge Seymour Krause, Max Libman,
chairman. Mrs. Louis Tobin, 2649 Emanuel Liebschultz, Irving Mil-
Webb avenue is chairman of spe- ler, Louis Panush, Charles Perl-
man, Samuel Perlmutter, Harry
cial gifts.
Shuman, Milton Slatkin, Joseph
The drive will culminate with a Snider, Sam Sugerman, Erwin
luncheon Wednesday, Feb. 12 at
the Synagogue. The highlight will Zuckerman.
be a cantata on the theme "What
is Torah," which will be enacted
DYNAMIC CLUB
by members of the sisterhood.
The Dynamic Club was host to
Rabbi Ira Eisenstein, who to- Club Allegro, choral organization,
gether with his vo..2e Judith wrote at its installation of officers Jan.
the cantata, will be guest speak- 28. Soloists were Jack Bazell,
er. Mrs. Morris Adler and Cantor Shirley Burns, Jean Jaslove, Leo
Jacob Sonenklar are chorus ffirec- Oliva, Sheldon Sandweiss and Bet-
tors.
te Shanbrom. Irving Ritter di-
President of the sisterhood is rected the chorus, assisted by Sol
Mrs. Abe Katzman and chairmen Ritter.
-70.5-23
DELICIOUS
SANDWICHES-
It's Fun Meeting
Your Friends At
ROBIN HOOD'S GRILL
We Never Close
20176 LIVERNOIS
Europe's Jewish children, many of them torn from their parents
by the Nazis, are receiving warm care and affection in 213 homes
and centers maintained by the Joint Distribution Committee in
nearly every country on the continent. A recent survey indicates
that Europe's Jewish children are not mentally sick but do need
psychological guidance, tenderness and love in their efforts to lead
useful, happy lives. Above, Jewish boys in the synagogue of a
JDC home in Hungary, orphans singing Hebrew songs. Funds for
JDC activities are provided by the United Jewish AppeaL
man, Charles Anchill, Harry Gon-
te, Bela B. Mayor, Louis Panush,
Baruch Rosenberg and Aaron Teit-
elbaum.
For reservations, call TY. 5-3191,
The United Zionists-Revisionist or DA. 7674.
of Detroit will hold its installation
of officers Monday, Feb. 17, at
Patronize Our Advertisers
Finkel's Restaurant. Rabbi Joshua
S. Sperka of Congregation Bnai
David will be the guest speaker
and will invest the incoming ad-
AARON M. KATZ
ministration.
George Weiswasser, editor of the
Registered Public Accountant
Detroit Jewish Chronicle, will
speak on "The Anglo-Jewish
Bookkeeping and
Press in the U. S." A question pe-
riod will follow.
Accounting Service
The following are the officers to
be installed: Dr. Noah E. Aron-
stam, honorary president, M. Man-
Weekly or Monthly
uel Merzon, president, Jacob Mohr,
REASONABLE
vice-president, Joseph Grossman,
secretary, and Sol B. Edelman,
treasurer. The executive commit-
Call CHerry 5301
tee, in addition to the officers, con-
sists of Aaron M. Weisbrot, chair-
Sperka to,, Address
Revisionist Event
43-04:1Offn g tOtX1 3
CLEARANCE
SALE
ON
MRS. JOSEP1I WEINGARDEN
was installed as president of the
Bnal David Ladies Auxiliary at
the annual installation and elec-
tion of officers Jan. 28 in the
Synagogue. Other officers are
Mrs. Louis Nudlman, vice-presi-
dent; Mrs. Miriam Hornsteen,
treasurer; and Sam Zack, sec-
retary. Mrs. Adella Solomon was
chairman of the affair. The hos-
pitality committee consisted of
Mrs. Eva Rosen, Mrs. Bessie
Margolis and Mrs. Louis Cohen.
Upholstery - Drapery
and Slip Cover Fabrics
IN
Prints, Stripes, Solids, Damasks,
Homespuns, etc.
AT
Our Flair
GREATLY REDUCED PRICES
is for
SOLD BY THE YARD
Luscious Fare
1
Miller's Sea Food &
Chop House
WALTER HERZ
Continuous Service 11 a.m..10 p.m.
10350 DEXTER, corner Collingwood
TO. 8.6120
On Woodward, One Block South
. of 7 Mile Road
Store Hours 9 a.m. to 5 p.m.
a
TTY "
GIX1
Thursday 9 a.m. to 9 pan.