The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1894-09-27

until Jan. l, 1900. there shall be assessed, lew
led, collected and paid annually upon the
gains, profits and income received in the pre-.
ceding calendar year by every citizen of the
United States. whether residing at home or
abroad, and every person residing therein,
whether said gains, profits or income be de-
rived from any kind of property, rents, inter-
est, dividends or salaries, or from any profess
sion, trade, employment or vocation carried
on in the United States or elsewhere. or from
any other source whatever, atax Of per cent
on the amount SO derived, over and above
1900, and like tax shall be levied, collected
and paid annually upon the gains, profits and
income from all property owned. and of every
business trade or profession carried on in the
United States by persons residing without the
United States. And the tax herein provided
for shall be assessed by the commissioner of
the gains and profits and income for the year
ending Dec. 81 next preceding the time for
levying, collecting and paying said tax.
Sec. IS. That in estimating the income of
any person there shall be included all income
derived from interest upon notes, bonds and
other securities, except such bonds of the Unit
ed States, the principal and interest of which
are by the law of their issuance exempt from
all federal taxation; profits realized within
the year from sales Of real estate purchased
within two years previous to the close Of the
year for which income is estimated; interest
received or accrued upon all notes, bonds,
mortgages or other forms Of Indebtedness
bearing interest, whether paid or not, if good
and collectible, less the interest which has be-
come due from said person or which has been
paid by him during the year; the amount
Of all premium on bonds, notes or
coupons: the amount Of sales of live
pork, beef, mutton or other meats. hay.
and grain or other vegetable or other produc-
tons, being the growth or produce of the es,
in the purchase or production of said stock or
produce, and not including any part thereof
consumed directly by the family; money and
sift or nheritance; ali other gains. profits and
Income derived from any source whatever ex-
cept that portion of the salary. compensation
tary, naval or other service Of the United
States, including senators, representatives and
delegates in congress, from which the tax has
salary upon which the employer is required
by law to withhold, and does, withhold the tai
and pays the same to the officer authorized to
receive it. In computing incomes the necessa-
on any business, occupation or profession
shall be deducted and also all interest due
PAID the 9y Sn
county, school and municipal taxes, not In
Guiding those assessed against local benefits,
paid within the year. shall be deducted from
the gains, profits or income of tbs person who
has actually paid the came, whether such per-
son be owner, tenant or mortgagor. Also loss
actually sustained during the year, incurred
wreck. and not compensated for by insurance
or otherwise, and debts ascerta1ned to be
worthless, but excluding all estimated depreci.
real estate purchased within two years pre-
vious to the year for which income is esti-
Provided, That no deduction shall be made
for any amount paid out for new buildings.
permanent improyementsor betterments. made
Of 81 600 shall be made from the aggregate in
come Of ali the members of any family, COM
minor % q children or husband and wife; that
guardians shall be allowed to make deduc-
ton in favor Of each and every ward, except
prised in one family and have joint property
vor shall not exceed 81 900. And provided fur
compensation paid to any person in the employ
exceed the rate Of $4,000 per annum, OF. shall
amount or in the time during which the same
shall have accrued or been earned, such sala-
ry or other compensation shall be included in
Of the person to whom the same shall have
been paid, and shall include that portion Of
any income or salary upon which tax has
ployer is required by law to pay on the excess
over 81, 900; provided also, that in computing
the income OF any person, corporation, COM
pany or association, there shall not be included
the amount received from any corporation,
company or association, as dividends upon the
stock of such corporation, company or associa-
ton, If the tax of per cent has been paid
upon its net profits by said corporation, COM
pany or association as required by this act
Must Report His Profits.
Sec. IS. That it shall be the duty Of all per-
sons Of lawful age having an income Of more
than $500 for the taxable year, computed on
the basis herein prescribed, to make and rem
der q list or return, on or before the day pro-
v1dcd by law, in such form and manner as may
be directed by the commissioner of internal
revenue, with the approval Of the secretary Of
iector Of the district in which they reside, of
the amount OF their income, gains ana profits
as aforesaid. And all guardians and trustees
executors, administrators, agents, receivers
and all persons or corporations acting in any
fduciary capacity, shall make and render q
list as eh tG the cG 4;
pacity resides or does business, of the
amount of income, gains and profits Of any
minor or person for whom they act, but per-
sons having less than $500 income are not re-
quired to make such report, and the collector
list or return to be. verified by the
dering it and may increase the amount of
any list or return if he has reason to believe
that the same is understated, and in case any
such person having taxable income shall neg
and return. or shall render q willfully false or
fraudulent list or return it shall be the duty of
the collector or deputy collector to make such
list, according to the best in formation he can