Broadcasting (Jan - Jun 1944)

BLUE NETWORK SHOWS + NEWS + GOOD LOCAL SHOWS AUDIENCE Multiple Ownership (Continued from page 14) Act of 1943 relating to gain from sale or exchange of property necessary or appropriate to effectuate the policies of the Commission with respect to the ownership and control of radio broadcasting stations. The provisions of the Revenue Act of 1943 referred to are as follows: Revenue Act of 1943 SEC. 123. GAIN FROM SALE OR EXCHANGE OF PROPERTY PURSUANT TO ORDERS OF FEDERAL COMMUNICATIONS COMMISSION. (a). In General. — Section 112 is amended by adding at the end thereof a new subsection as follows: "(m) Gain from Sale or Exchange to Effectuate Policies of Federal CommunU cations Commission. — If the sale or exchange of property (including stock in a corporation) is certified by the Federal Communications Commission to be necessary or appropriate to effectuate the policies of the Commission with respect to the ownership and control of radio broadcasting stations, such sale or exchange shall, if the taxpayer so elects, be treated as an involuntary conversion of such property within the meaning of subsection (f) of this section. For the purposes of subsection (f) of this section as made applicable by the provisions of this subsection, stock of a corporation operating a radio broadcasting station, whether or not representing control of such corporation, shall be treated as property similar or related in service or use to the property so converted. The part of the gain, if any, upon such sale or exchange to which subsection (f) of this section is not applie-1 shall nevertheless not be recognized, if the taxpayer so elects, to the extent that it is applied to reduce the basis for determining gain or loss upon sale or exchange of property, of a chfracter subject to the allowance for deprecation under section 23 (1), remaining in the hands of the taxpayer immediately after the sale or exchange, or acquired in the same taxable year. The manner and amount of such reduction shall be determined under regulations prescribed by the Commissioner with the approval of the Secretary. Any election made by the taxpayer under this subsection shall be made by a statement to that effect in his return for the taxable year in which the sale or exchange takes place (or, with respect to FUTURE FIGHTING MAN, Jim Shelby (seated left), director of radio for McCann-Erickson, Chicago, who leaves for service in the Marine Corps this week, explains plans for the new WBBM Chicago program, Fighting Man . . . U.S.A., to Walter Preston, WBBM program director (seated center), Stanley Levey (standing), WBBM salesman, and Carl Deysenroth, executive director of -the Milk Foundation, Chicago, sponsor of the program. The quarter-hour show is heard Saturdays over WBBM, effective April 1. Contract is for 13 weeks. Negotiations were handled by Stanley Levey thru McCann-Erickson's Chicago offices. taxable years beginning before January 1, 1944, by a statement to that effect filed within six months after the date of the enactment of the Revenue Act of 1943 in such manner and form as may be prescribed by regulations prescribed by the Commissioner with the approval of the Secretary) and such election shall be binding for the taxable year and all subsequent taxable years." (b) Taxable Years to Which Applicable.— The amendments made by this section shall be applicable with respect to taxable years beginning after Dec. 31, 1942. WIOD Covers This New Rich Market As Completely As Miami's Magic Sun KGLO Press Divorcement TO EFFECT complete separation from newspaper interests, the Mason-City Globe Gazette Co., licensee of KGLO Mason City, la., last week filed with the FCC an application for modification of license to change its corporate name to Lee Radio Inc. Until January 1 the KGLO licensee also owned the Mason City Globe Gazette, at which time separation with the paper was effected through the formation of a new corporation, the Globe Gazette Publishing Co., capitalized at $300,000. The Globe Gazette and all of its associated properties were sold by the KGLO licensee to the new corporation in exchange for all of the capital stock. Mason City Globe Gazette Co. then called in all of its outstanding stock and issued in exchange for each four shares received, three shares in the new corporation and one share of its own. Record of this procedure was filed with the FCC law department on January 25. James M. LeGate General Manager National Representatives GEORGE P. HOLLINGBERY CO. Southeast Representative HARRY E. CUMMINGS 5,000 WATTS PORTLAND, OREGON "KEY TO THE GREAT WEST* 5,000 Watts 620 Kilocycles NBC RED NETWORK Represented Nationally by EDWARD PETRY ft CO., Inc. WINN^ LOUISVILLE autlt WINN BLUE NETWORK STATION i*t LOUISVILLE, KY. D. E. "Plug" Kendrick President and General Manager G. F. "Red" Bauer Sales Manager Page 54 • April 10, 1944 BROADCASTING • Broadcast Advertising