The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-12-14

bonds or other securities OF any cor
poration.
Third Dividends received from any
Fourth profits of any
corporation.
F'ifth-Premium on bonds, notes or
stock.
Sixth Commission or percentage.
Seventh Interest on government Sc
curities moi exempted by law.
Eighth Interest on other notes.
bonds and securities.
Ninth Profits from sales ofsreal es-
tate.
Tenth From rents.
Eleventf-Profits from all other
sources, to be enumerated.
The operating expenses shall include:
Fist-Interest paid or accrued with
in the year on bonded or other indebt-
edness of such corporation.
Second-Loss actually sustained dur
ing the year which must be separate
~ stated and fully described as to
cause, date and amount.
Third-All taxes actually paid.
Fpurth-Salaries and pay of officers
and employees actually paid during the
year.
Fifth-Rents and necessary repairs.
Sixth-An other necessary expenses
which must be itemized and fully ex-
planned in return
The net profits shall include:
F'irst-All amount paid to stockhold-
ers or shareholders.
Second-The amount of undivided
profits on hand or carried to surplus
or any other fund.
Third-Amount of net profits used
for construction, enlargement or i'm
provement Of plant
Fourth-All other expenditures or
investments from the net profits.
Corporations are required to keep
accurate books of accounts. and may
be requested to allow collectors to in
spect the same in veri1cation of the
returns. If the annual return is not
filed with the collector in the time re-
quired by law, the corporation making
default shall forfeit a penalty of one
thousand dollars and per cent a
month on the tax due until paid.
Certain specified corporations for
charitable and like purposes and saw
1ngs banks mutual insurance compan-
les and building and loan associations
are exempt from income tax. In such
cases it is held by the department that
the intention of the exemption is to
extend benefits to the small deposit
tors and benefcaries Of such mutual
savings institutions, and that the cor
porationS or such as those who spec
ulate in the shares, stocks or funds
are not beneficaries of the exemp-
ton.
Collectors are required to examine
the articles of Incorporation and BUSH
ness methods of corporations claiming
exemption and which are not within
the class specifically exempt, to cause
return TO be made for taxation, as in
the case OF other corporations.
Employees Salaries.
The tax due from salaries of officers
and from pay of employees of the
United States will be deducted from
the first excess payment over $4,000, by
paymasters and disburslng officers in
paying the same, and will be paid over
to the collectors of the several districts
wherein such discussing officers reside
or make payments. 1t is provided that
no part of the salary. fees, or emolu-
ments of any state, company, or nun
dofpal officer is subject to income tax
and no return thereof shall be made
of the salary or fees of such officers.
Salaries received by government Off
Gals in 1894, shall be included in the
first annual return to be made ON or
before the first Monday in March, 1895.
Appeals from and the method there
Of are allowed and prescribed in all
cases where the person cIdFSeQ Win
the tax is dissatisfied with the decision
of a deputy collector or collector.
In the first instance, the appeal is to
the collector and if dissatisfied with his
decision, the appellant may have the
entire cause with all the papers and
evidence relating thereto, referred to
the commissioner of internal revenue
for his decision
Penalties.
Severe penalties are imposed on all
officers and other persons who make
known i'm any manner any fact or par
ticular contained in or relating to any
return of any taxpayer, or any fact as
to the source or amount Of the income
of any such person. Collectors are
strictly directed by the regulations to
rigidIy enforce this provision, as all
original returns are forwards ed to and
filed in the office of the commissioner
| of internal revenue. the opportunity for
exposure of the facts protected by this
provision will be greatly reduced.
! The tax on incomes for the year
1894 will be due and payable on or be-
| fore the first day Of July next, and II
not paid at that tine, The penalties Will
attach for non-payrnelt. The col-ec-
ton of the tax when delinquent will
be enforced in the same manner as IN
cases of enforcement and collections OF
other taxes under the internal revenue