The El Reno Daily Democrat (El Reno, Okla.), Vol. 31, No. 206, Ed. 1 Monday, December 19, 1921 Page: 3 of 4
The following text was automatically extracted from the image on this page using optical character recognition software:
in detail Inventories, purchases, sales
capital investments, depreciation and
similar tems- required in making up
income tax returns.
Women of the Philllpines seldom
The following statement is issued
by collector of internal revenue, Acel
C. Alexander, district of Oklahoma
Merchants, manufacturers and bus
iness men generally need expurlence
no difficulty in taking their inven-
tories for the year 1921 to conforn.
with the new revenue act. The lan-
guage of the revenue act of 1918 and
the revenue act of 1921 (Sec. 203) rt
lating to Inventories are identical:
"That whenever in the opinion of
the commissioner the use of inven
tories is necessary in order clearly
to determine the income of the tax-
payer, inventories shall be taken by
such taxpayer upon such basis as the
commissioner, with the approval of
the secretary, may prescribe as con-
forming as nearly as may be to the
best accounting practice in the trade
or business and as most clearly re
fleeting the income."
Present treasury regulations pro-
vide that inventories must be valued
at either cost or cost or market,
whichever is lower. Taxpayers wer>_
permitted, regardless of their past
practice, to adopt the cost or marl«el
basis, whichever is lower in taking
their inventories for 1920. Thereaf-
ter, the regulations provide, changet.
can be made only after permission
is obtained from the • commissioner
of internal revenue.
In the case of a merchant cost
means the invoice price less trada
or other discounts, excepting strict-
ly cash discounts, approximating n
fair rate of interest, which may bo
deducted or not at the option of the
taxpayer, providing a consistent
course is followed. To the net in-
voice price should be added the cost
of transportation and other neces-
sary charges incurred in acquiring
possession of the goods.
In the case of a manufacturer cost
means the cost of raw materials and
supplies, expenditures for labor ami
indirect cost incident to production,
including a reasonable proportion of
management expenses, but not in-
cluding any cost of selling or secur-
ing return of capital.
Market means the current bid
price prevailing at the date of the
inventory for the particular merch-
andise. The burden of proof as to
the correctness of the price rests
upon the taxpayer in each case.
Where no open market quotations
are available, the taxpayer must use
such evidence of a fair market price
at the dates nearest the inventory a
may be available, such as specifi
transactions or compensation paid
for cancellation of contracts or pur
chase commitments. Where, because
of abnormal conditions the taxpayer
has regularly sold merchandise at
prices lower than the market bid
price, the inventory may be valued
at such prices. The correctness of
such prices will be determined by
reference to the actual sales of the
taxpayer for a reasonable period be
fore and after the date of inventory
Prices which .vary materially from
the actual prices so ascertained will
not be accepted as reflecting the
The value of each item in the In
ventory may be measured by cost o
market, whichever Is lowor. An en-
tire stock may not ho Inventoried at
, cost and also at market price, awf
the lower of the two inventories
used. Inventories on whatever basis
taken will be subject to investigation
by the commissioner of internal re sleep in a bed, preferring a mat
venue, and the taxpayer must satisfy | floor,
the commissioner of the correctness
of tho prices adopted. He must be
prepared to show both the cost and
the market price of each article in-
cluded In the Inventory. •
In the conduct of modern business.
it is of the utmost importance thin.
every business, large or Bmall, wlieth
er corporation, partnership or indi-
vidual, shall maintain an exact rec-
ord of receipts and expenses. No
special system of accounts is pre-
scribed by the bureau of internal
revenue, but the books should show
Women of Brazil consider corpu-
lence an essential point of female
Women of Slam wear their finger
nallB very long and have them tipped
Women of Germany have the gift of
tears; they can weep on any occasion
and for any reason.
Women of Abyssinia have the privi-
lege of abusing their husbands and di-
vorcing them at pleasure.
CLERKS for postal mail and firs'
grade positions; $125 monthly, ex
perience unnecessary; for free par-
ticulars of examinations write It.
Terry, former civil service examiner
374 Continental Bldg., Washington,
D. C. 20p
WANTED—Salesman with car to
call on dealers with a low priced 10,-
000 mile cord tire, $100.00 week with
extra commissions. Specialty -Cord
Tire Company, South Bend, Indiana.
Wealthy women In France use extra
dry champagne a* n shampoo In order
to produce reddish brown hnlr, in
which there are bright golden shad-
WORDS OF WISE MEN
Let us all remember that, valuable
as Is the gift of speech, silence is often
If more and better work needs to
be done today Illustrate the manner of
It by referring to the admirable way
in which something was done yester-
When the mind Is established the
heart Is more likely to be firm. Know
your duty and the arguments for It,
and you are the more likely to be
steadfast in the hour of temptation.
e a man-
John W. Matthews, for many years
manager of the Houston, Texas,
Transportation Company, and one oi
the most popular men in that city,
says that he was at first skeptical
about the merits of Tanlac, but since
giving the medicine a fair trial he
says that it is unequaled, to quote
his own words:
''Tanlac is the first medicine 1
ever had any confidence in. It has
convinced me that it deserves all the
praise that is given it. I suffered
from catarrhal condition of the stom
ach and indigestion for nearly a year
Anybody who has ever had trouble
of this sort knows how miserable
must have been.
"I'm more than pleased with the
results I have obtained from Tanlac
It is getting me in fine condition. I
can see an improvement every day
and I eat, sleep, and feel better than
Tanlac and Tanlac Vegetable Pills
sold in El Reno by City Drug Store
and Leading Druggists.
WANTED—Patch work of all kinds,
roofs repaired, paperhanging, paint-
ing; prices reasonable. Phone 1395-R
m-w-f to 24tn
OR RENT -
rooms. 409 N.
OR RENT—8 room house, water,
lights, gas, $35.00. 506 West Owen
OR RENT — Furnished
room. 220 N. Choctaw.
OR RENT—Furnished light house
keeping rooms. Havilan Apartments
FOR RENT—2 light housekeeping
•ooms, one front sleeping room, over
Smith's tin shop. Inquire tin shop
OR RENT—Furnished light house
keeping apartment. 521 N. Choc
taw. Phone 1377-J. xxx
Last Showing of
"THE WAY OF A
Tomorrow and Wednesday
"THE LAND OF HOPE"
From Portland to Arcady, vi
Ellis Island, the Bowery Brea
Line, .Riverside Drive and th
Little Church-around the Cor
ANTED—Washing. Mrs. M. E.
ackson, 403 E. London. lst-tfc
URNISHED house for rent at
Woodson. Phone 741-R.
- Light housekeeping
the above named Court for divorce
upon the grounds of non-support and
cruelty and must answer the petition
filed therein by said plaintiff on o\
before the 12th day of January, A. D.
1922, or said petition will be taken as
true, and a judgment for said plain-
tiff in said action for divorce will be
Dated this 1st day of December.
J. N. ROBERSON,
Attorney for Plaintiff
(Written By a Woman Who Knows)
Before I selected a Christmas token "for one woman"
1 would notice if her rugs were bright and newish looking
If they were safe for the kiddies to romp upon.
And if she didn't have a suction sweeper 1 would
"It Beats as it
Sweeps, as it
Davis Electric Company
Phone 220 "We Do Plumbing Too" El Reno, Okla.
Mrs. Bug—My I am glad I married
Mr. Spider. He can carry so many
bundles, when I do my Christma*
Miss Jewell McCall, commercial
teacher at the El Reno high school,
died this morning at the home of
Mrs. Olin Fields, BOG South Macomb.
The deceased had been ill for about
a week with diabetes. The home of
Miss McCall is in Matador, Texas.
Funeral arrangements have not as
yet been made.
TO CURE A COLD IN ONE DAY
Take Laxative BROMO QUININE
tablets. The genuine bears the sig
nature of E. W. Grove. (Be sure you
get BROMO.) 30c.
A Christmas seal extends greeting
Fire Chief Clias. McCain returned
yesterday from Curdsville, Kentucky
where he has been visiting for the
past ten days.
FOR RENT—Large well ventilated
steam heated rooms, single or en
suite; bath on each floor. Just the
place for your winter home. Rate-
very reasonable. It will be to your
Interest to call and see us.—Kerfoo
Nine room modern rooming house
lose in; possession at once. You'll
have to act quick. 21c
Phone 171. Box 8H
BOARD AND ROOM
BOARD and room for two girls or
women; reasonable price, l'hon"
FOR SALE—Dodge touring car, good
condition; bargain. Phone 989-R.
(First Published Dec. 1.—30t.)
IN THE DISTRICT COURT
JTATE OF OKLAHOMA,
VERDIE COCHRAN, Plaintiff,
TIIOS. COCHRAN, Defendant.
State of Oklahoma to Thos. Cochran
Said defendant Thos Cochran will
take notice that he has been sued
FOR SALE or trade for city proper
ty, 160 acre farm, Pottowatomie Co
100 acres in cultivation, 60 acres tim
her and pasture. Call E. R. Slattery
Phone 537-J. 21,.
Two building sites on West Side
bargain; one building site in Fair Ad
ditlon, $200. 21c
Phone 171. Box Sis
FOR SALE—8 room house, three
lots, on paving, $4,500; a bargatn,
lots alone worth $3,000. Five room
house, three lots. $2,600; buy thi
and save rent; Five acre tract, high
improved.—R. C. Rice, over E
Reno State Bank. Phone 345. 21<
511 S. Fostc
-Fat hens and
r. Phone 1031-J.
LOST Strayed or stolen, one bn'j
fun d horse, white spot on each sid
of neck, sPOt on one side; weight
1100, shod all around; medium wgt
saddle. Stewart Alfalfa Farm. 21c
■( \ . _ v -
& . •
Yd - la /v?.
a \ ; y-rsP'
To Have A
A WATCH MAKES A LIFE-TIME
Our Watches are priced loVver than
hey have been for years. Thin mod-
1 15-jewel in 20-year case for only
A 21-jewel adjusted to 5 position
Other Watches for $1.50 up.
A 17-jewel adjusted for $26.
Another whopping big lot
of Kellogg's Jungleland Mov-
ing Pictures have arrived!
More little .folks who missed
the joyous show earlier i:i the
week can go to any t accry
r.tore now and get IC Hogg's
Jungleland Moving Pictures—
FREE—with a package of
KELLOGG'S Corn Flakes!
MORE fun with Jungleland
Movies than you can shake a
stick at; more happy, sunny
deliciousness in those big,
goody, crisny-crunchy brown
KELLOGG'S CORN FLAKES
than you ever believed could
be put fcto a cereal—a tasie
Millions of children rll cvrr
the nation won't < >t any > lu -
Corn Flaflta but KELLOGG'S
—became KELLOGG'S are
not "leathery," not hard to
chew! And the
flavor tickles fickle little palates
as no other corn flakes ever
Right away—buy a package
of KELLOGG'S Cc ,i Flakes
and get KELLOGG'S Jungle-
land Movies—FREE! Jungle-
land would cost 50c in any
book stor ! They r.utl • 1 v/o. -
dcr chil! ('
you haven't c.Midren ct your
own give Jungleland to somo
little folks you love!
Get Jungleland with every
package of KELLOGG'S Corn
Flakes for a limited tir.ie only
- it's ;• i lc ti.' V, ' --ti
per on ti •: "> El.LCCC C«r:i
Flakes package! Ask for
KELLOGG'S, insist upon
1 ELLOGG'S and > : Tutu lc-
J\ - *•* J
Also makers of KlLLOGC u ivh
auA KEl i SJC
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Maher, T. W. The El Reno Daily Democrat (El Reno, Okla.), Vol. 31, No. 206, Ed. 1 Monday, December 19, 1921, newspaper, December 19, 1921; (https://gateway.okhistory.org/ark:/67531/metadc91453/m1/3/: accessed March 4, 2021), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.