* * * * * TIMELY TALKS ON TAXES Rabbi Levi Joins Institute Faculty By A. VICTOR BIZER Detroit Tax Attorney it Counselor * * * * * 7, 1947 JDC Aids Children in 243 Centers Offers Adult Class at Shaarey Zedek * The Adult Education Institute of Shaarey Zedek will open Tues- day, Feb. 11 and will continue for INCOME (Contd.) 15 consecutive Tuesdays. • 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; * • 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. * • 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. * * * 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.