Show AND INCOME TAX A qui stion having risen an to the taxability of income roce received ived from contracts with the tile sinto an or with cou I 1 atles or chool school din tried whether tor for docial service construction of tit roads etc or other special work und and for all services gurvIc oK not coining under tho tile blassl of officers 1 and employees not giving Per vire collector of internal Intorn nl It evanue janies 11 II an ali darson calls attention to tho the fact that uch such income fiust bo be reported ported ro and whore where in excess of and deduction deductions allowed by law Is tax able tho tito collector also further quotes this additional gitein of tho the de to regulations lo 10 tho tile general KOliu rul subject any pr Q fit received vod from front a it or political thereof by in nn contractor Is 1 taxable in conio whore warrants uro are by a city town or other political hub division diT lelon of a state and anti aro are accepted by tho contractor in ont for public work done tho the fair market v alue of euch such warra tits should ba he ro turned as income if for any reason upon conversion of the warrants warr antH into cash does not rocelio and slid can not recover tho the cull full value 1 of tho the warrants so 0 o returned ho lie muy may allowably deduct from gross for tho tile year in which tho tile warrn warra tite lits are converted into cash any loss sustained and if it ho lie realizes moro than tho value ot of the warrants so returned lie should include euch such amount in hie his gross a income of tho year in W which fell realized |