Goldsmith, originator of the Henry Aldrich Series, received payments from Paramount Pictures, Inc., for the rights to the play What a Life, Goldsmith selling the rights with the theory that he was parting with a capital asset which he had held for two years, listed the deal as the sale of a "capital gain" in his returns. The case before the court was that of Clifford and Kathryn Goldsmith, who filed joint returns in 1938 and In those years, Mr. When the food is sold, all of the proceeds are taxable. Altho authors and actors have contended for many years that their short productive life and the nature of their product entitle them to have their unsold works considered as "capital gain," and part of the proceeds deducted as non -taxable, the court decision puts them in the position of a merchant with a can of food on the shelf. As the decision stands, the rights to a play are simply merchandise and have to be figured as a higher tax payment. Circuit Court of Appeals upheld Wednesday (14) the Federal Tax Court's ruling that sale of the rights of a play does not constitute the sale of a "capital gain." If it were "capital gain" It would entitle authors to special income tax treatment. Besides equipment of an sorts-big guns, tanks, railway coaches and trucks - there are realistic working replicas of Play Rights Are Just Mdse, Says Supreme Court NEW YORK, June 17. Exhibits cover practically every branch of army service, with captured Nazi and Jap equipment offered for comparison.
Here they have installed a mammoth educational display that has all the features of a first -class county fair- music, exhibits, talkers, rides, fashion shows, movies, demonstrations, spectacular thrills and even coffee and sinkers, the last named for service folks only. The army service forces have dug in on the site of the old Central Park reservoir, an ideal show lot covering 12 acres, and will remain there thru June 24.
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Most elaborate layout is the army show, Weapons of War, in Central Park, but the noon -day rallies of the movie group at Times Square and the flag salute and retreat ceremonies at Rockefeller Center are also big -time shows. The Fifth War Bond Drive is providing New Yorkers with a varied lot of good outdoor entertainment gratis. 26 The World's Foremost Amusement Weekly JBanks Prove Public Video Yen Three Great Outdoor Shows Sell New Yorkers on Buying Bonds in 5th War Loan Drive War Enlistments and Red Cross Also Sold By Army Display NEW YORK, June 17.
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