The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-12-14
INCOME TAX
REGULATIONS.
They Have Been Approved by
the Secretary of tL5
Treasury.
THE STEPS TO BE TAKEN.
THOSE WHO ARE LIABLE UNDER
THE LAW.
Resident and Non-Resident-The
Making of Returns--Gross Gains,
Profits and ACKNOWLEDGEMENTS
AIIowed-PennIties for Making a
False or n Fraudulent Return
Some General Information.

n
Some General Information.
washington, D. c., Dec 1s.-The sec
retary of the treasury today approved
the regulations prescribed by the COM
of internal revenue for the
enforcement of the collection of the
income tax under the late tariff act.
Under the regulations provided and ap-
proved pursuant to law, every citizen
OF the United States, whether residing
at home or abroad, and every person
residing or doing business in the United
States who has an annual income of
more than $500, Shall make full re-
turn of the same, verified by his OATH
to the collector Of internal revenue of
the collection district in which he re-
sides, or If not a resident, in which
his business or property from which
income is received Is situated, on or
before the first Monday in March of
each year. The first return under the
law shall be made on or before the
first Monday in March. 1895, and shall
include all income from every source
received in the year 1894 from the first
day of January to the 31st day of De-
cember in said year.
Returns to Be Made.
Guardians, trustees and all persons
and corporations acting in any fdu-
ciary capacity, are required to make
similar returns for all minors, wards
or beneficiaries for which they act
The affidavit attached to the list must
be subscribed and sworn to by the per-
son making the return, and is to be to
the effect that the affiant has included
in said returns, all gains, profits and
incomes from every source whatever
received by him, or to which he is just
ly entitled for that year, and that he
Is honestly and truly entitled to make
all the deductions entered on his re-
turn, and that he has truly answered
the interrogatories set forth on said
blank form. When completed and duly
verified by the oath of the person rem
dering the same, the same must be de-
ivered, by mail or otherwise, to the
collector. at any time between the first
day of January and the first Monday
of March in each year. The gross
gains, profits and incomes returned by
persons shall include:
First-Gross profits of any trade.
business or vocation wherever car
ried on.
. second-Rents received or accrued
during the year.
Third-Profits from sales of real es-
tate purchased within two years.
Fourth-Farming operations and
proceeds.
Fifth-Money and value of all per-
sonal property acquired by gift OF in
heritance.
Sixth-Premium on bonds, stocks,
notes and coupons.
Seventh-Income from trade or pro-
foe -in /
heretofore enumerated.
Eighth-From salary or compensa-
ton other than that received from the
United States.
Ninth-Undivided gains and profits
Of any partnership.
Tenth-Interest received or accrued
from all notes, bonds, or other securi-
ties.
Bleventh-Interest on bonds or cou-
pons paid by any corporation.
Twelfth-Dividends from corpora
tons.
Thirteenth-Income of wife or minor
child or children.
Fourteenth-All other sources of in
come not above enumerated.
Deductions Allowed.
The deductions allowed on the re-
turn and therein enumerated are:
F7irst-Four thousand dollars exempt
by law.
Second-Interest due and paid with.
in the year
Third-National, state, county, school
and municipal taxes paid, not includ-
ing assessments for local benefits.
Fourth-Amount expended in pur-
chase or production of live stock or
produce sold within the year.
F'ifth-Necessary expenses, specified
by items actually incurred in carry
ing on any business or trade.
Sixth-Losses actually sustained dur
ing the year, specified.
Seventh-Actual losses on sales OF
real estate purchased within tive
years.
Eighth-Debts contracted and ascer
tanned in the year to be worthless.
Ninth-Salary or compensation over
$4,000 from which the tax of pei
centum has been withheld by disbursing
officers of the United States govern
ment.
Tenth-Dividends included in the
estimate of gross profits, from corpora
tons on which the 10 per cent tax ha:
been paid by such corporations.
In the case of non-residelts, the re
turn must be made and filed in the man
filed. the collector must make return
for the nonresident, making no allow
ance for exemption. If any person fail!
to make return in the manner and tins
provided by law. or makes a false o.
fraudulent return, the collector shall
make the return from evidence obtained
by summoning the person and eXamin
ing his books. and from all other evi
dence obtained and shall add 5 per cen
10 the amount OF tax found due a!
penalty, as il the case of refusal or neg
lect to make return, and 100 per cen
penalty in case of false or fraudulen
return. The penalties and interest vii
be added after notice to the party an(
full hearing if such is desired by him
Where the tax has been returned anc
paid in another district or where tht
party has not taxable income, he may
so declare in printed afiidavits on thu
blank annual returns.
Corporations.
All corpora tons, companies and asso
Citations, both resident and foreign, do
ing business for profit in the United
States shall make annual return of al
net profits above business and operating
expenses on a separate blank prepared
for them and when duly verified by TIT
oath of the president or other chic
officer of such corporation, the return
must be delivered to the collector OF
or before the first Monday in March o
each year. The first return of corpora
tons shall cover all net profits and in
terest for the year 1894 The exemp
ton Of $4,000, allowed to persons IS no
extended to corporations, but the re
turn must cover all net profits withou
exemption. The annual return of cor
nora tons must include.
First-The gross profits of all kinds o
business.
Second-The expenses exclusive of in
terest. annuities or dividends.
Third-The net profits without allow
ance for interest, annuities or divi