The daily morning journal and courier., 1894-12-14
REGULATIONS APPROVED.
SECT. CxRLIsLE TAXES ACTION ON
 THE INCOME TAX. s-

The First Return is to Include All In-
 come Receipts of the Present Year-In- comes Over Four Thousand Dollars Arc
 Taxable Two Per Cont.
 Washington. Dec. 1s.-The secretary of the treasury to-day approved the income tax regulations The first re- turn Is to include all income receipts in the year 1894. Guardians. trustees and all corporations acting in any fiduciary capacity are required to make similar returns for minors. wards or beneaclar- les. All incomes of s4.000 and over are taxable g per cent The person making return must make affidavit that he has included all gains. profits and in- como from. every source received by him or to which he Is justly entitled for the year and that he is honestly en- titled to make all the deductions en- tered on his return and that he has truly answered the interrogatories set forth on the blank form. The gross income returned by persons is to in- clude:
 Gross profits of any trade or busi- ness; rents received or accrued; profits from sales of real estate purchased within two years; farming operations and proceeds; money and personal property acquired by gift or inherit ance; premiums on bonds, stocks, notes and coupons; income from trade or profession not by stated salary; from salary or compensation other than that received from the United States; from Salary or compensation paid by the United States; undivided gains and profits of any partnership; interest re- ceived or accrued from notes, bonds or other securities; interest on bonds or coupons paid of any corporation; dividends from corporations; income of wife or minor children; all other sources of income not above enumerated.
 The deductions allowed are: Four thousand dollars exempt by law; in- terest due and paid within the year; national, state, county, school and municipal taxes paid, not including as- sessments for local benefits; amount ex- pended in purchase or production of live stock; necessary expenses incurred in carrying on any business or trade; specified losses sustained during the year specified; actual loses on sales of real estate purchased within two years; debts contracted and ascertained in the year to be worthless; salary or com- pensation over four thousand dollars from which the ta& of 2 pescentum has been withheld by disbursing officers of hte United States; dividends Included in the estimates of gross profits from corporations on which the per cent. tax has been paid by such corpora tion.
 If any person fails to make return or makes false return the collector is to make return for him from whatever evidence may be obtadnable and shall add 50 per cent. to the amount of tax found due as penalty for neglect and 100 per cent penalty in case of fraud ulent return.
 Corporations are required to specify in their returns their gross profits, ex- penses, net profits, amounts paid in divi- dends, etc., and in salaries. Certain corporations for charitable and like purposes and certain savings banks, mutual insurance companies and build ing and loan associations are exempt from income tax. In such cases it is held by the department that the in- tention of the exemption is to extend it's benefits to the small depositors and Jbenefioiaries and not to the corpora tions as such, nor to those who specu- late in their stock or funds.
 No part of the salary or emoluments of any state, county or municipal off Ger shall be subject to income tax.
 Dissatisfied taxpayers may appeal first to the collector and then to the commissioner of internal revenue.