The star. (Reynoldsville, Pa.) 1892-1946, 1894-12-19
NEWS FROM WASHINGTON.
THE INCOME TAX.
Secretary Carlisle Approves the Regula'
tions Already Prepared.

The Secretary Of the Treasury has approx.
ed the regulations prescribed by the Com.
missioner of Internal Revenue for the en-
forcement 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 ut home or
abroad and every person residing or doing
business in the United States who has an an
nual income OF more than $3.50 shall make
full return OF the same, verified by his oath
20 the Collector OF Internal Revenue OF the
collection district in which he resides. or, II
not resident, in which his business OF prop
er'y from which Income is situated, on or be-
fore the first Monday In March in 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 LIST
day OF January TO the 3lst day of December
In said year.
Guardians, trustees and all persons and
corporations acting in any iiduciary ca
pacity are required TO make similar returns
on or before the date mentioned. for all
minors, wards or beneflciaries for whom they
act. Persons having less than 81, 800 annual
income are not required to make the return.
but all persons having au income In excess Of
tha. amount, whether IL reaches the taxable
limit of - 900 or not, must make return rs
prescribed.
The blank form prescribed by the regula.
tions for the annual returns OF persons con-
tains list specifying all sources OF income
and all allowable deductions to be filled out
by the person making the same. with foot
ings for gross income and total deductions al
lowed, ,leavingthe taxable income upon which
the per cent. tax will be assessed.
The affidavit attached TO the list must be
subscribed and sworn to by the person max
ing the return. and is TO the effect that the
afliant has included in said return all gains,
profits and income from every source what
ever received by him or to which he Ia Justly
entitled for that year. and that he is honestly
and truly entitled to make all: the deductions
entered on his return and that h , has truly
answered the interrogatories set forth on said
blank form.
WHAT Is INCLUDED.
When completed and duly verified by the
oath Of the person rendering tho same the
return must be delivered by mail or other
wise 10 the collector between January / ant
the first Monday OF March in each year.
The gross gains profits and income re
turned by persons shall include:
First-Gross profits OF any trade, bushes,
or vocation, wherever carried on.
Second-Rents received or accrued durinf
the year.
Third-Proflts from sales Of real estate pur
chased within two years.
Fourth-Farming operations and proceeds
Fifth-Money and value of all persons
property acquired by gift or inheritance.
Sixth-Prernium on bonds, stocks, notei
and coupons.
Seventh-Income from trade or profession
not by stated salary and otheretofore enum
Grated.
Eiehth-From salary or compensation
other than that received from the Unitet
States.
Ninth-From salary or compensation
States.
Tenth-Undivided gains and profits of an,
partnership. ...I
Eleventh-Interest received or accrued from
all notes, bonds or other securities.
Twelfth-Interest on bonds or coupons
paid OF any corporation.
Observation-Disclosures from corpora
tioIs.
Fourteenth-Income OF wife or minor child
or children.
Fineenth-All other sources Of income no,
above enumerated.
THE DEDUCTIONS ALLOWED.
The deductions allowed on the return and
therein enumerated are;
First-Four thousand dollars exempt by
law.
Second-Interest due and paid within tho
year
Thrd-Na,ional State. county. school ant
municipal taxes paid, not including assess
ments Tor local benefits.
Fourh-hmount expended in purpose Of
production OF live stock or produce solo
within the year.
Fiith-Necessary expenses. specified b,
items. actually incnrred in carrying on an!
business or trade.
Sixth-Losses actually sustained during tn,
year. specified.
Seventh--Actual losses on sales OF rea
estate purchased within Two years.
Eighth debts contracted and ascertained
in the year to be worthless
Ninth-Salary or compensation over 6 1 200
from which the tax OF 2 per centum has beer
withheld by disbursing officers o! the Unite,
States Government.
Tenth-Diyidends included In the rs imat'
OF gross profits from corporations on whicl
The per cent tax has been paid on such cor.
porations.