Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1894-12-20
THE INCOME TAX.
The Secretary of Gate Approves
the Rules and e-ulations.
Returns Must BE Made by All with In
comes IN Excess of s3,5OO-Tax of
2 Per Cent Imposed on Those
OF $4,000 or Over.

| at home or abroad, and every person
| residing or doing business in the United
| States, who has an annual income
of more than $500, is required to
| make return under oath before the
| first Monday in March of each year
| The frst return is TO include all income,
received in the year 1894, from
| January l TO December 81. Guar
dams, trustees and all corpora
| tions acting in any fiduciary
capacity are required to make similar
returns for minors, wards or benefici-
aries. Persons having less than So. 500
annual income are not required to
make returns. All incomes of 81, 1000
and over are taxable 2 per cent. The
person making returns is required to
m AXE affidavit that he has included in
said return ell gains, profits and income
from c,ory source whatever received
by him or TO which ne is justly en-
titled for that year, and that he is
honestly and truly entitled to make all
the deductions entered on his returns
and that he has truly answered the
Undergraduates set forth on said blank
form.
How Income Is Ascertained.
The gross gains, profits and in
comes returned by persons shall in
clude:
Il Gross profits OF any trade, business or vo-
cation. wherever carried on.
'2 Rents received or accrued during the
year.
81 Profits from sales of real estate pur-
chased within two years.
a Farming operations and proceeds
IS Money and value of all personal property
acquired by gift o. inheritance.
20 Premium on bonds, stocks, notes and cou-
pons.
~ Income from trade or profession, not by
stated salary, and not heretofore enumerated.
's From salary or compensation other than
that received from the United States.
20. Undivided gains and profits OF any part
nership.
10 Interest received or accrued from all
notes. bonds OF other securities
I'll Interest on bonds or coupons paid Of any
corporation
ZIP Dividends from corporations.
"ls Income OF wife or minor child or chill
dren.
ia All other sources of income not above
enumerated"
Deductions Allowed.
The deductions allowed on the re
turn and therein enumerated are:
al. -Four thousand dollars exempt by law
"2 Interest due and paid within the year
81 National state. county. school and mu-
nicipal taxes paid. not including assessments
for local benefits.
"a Amount expended in purchase or produce
tion OF live stock or produce sold within the
year
%. Necessary expenses. specified by items.
actually incurred in carrying on any business
or trade
20 Losses actually sustained during the
year specified
~ Actual losses on sales Of real estate pur-
chased within two years.
70. Debts contracted and ascertained In the
year 20 be worthless
~ Salary compensation over $4,000 from
which the tax of ? per eentum has been with
held by discussing officers OF the United States
government
10 Dividends included in the estimate Of
gross profits from corporations which the
per cent tax has been paid by such corpora
tion
For Corporations.
The annual return of corporations
must include:
Il. Tho gross profits OF all kinds of business.
2 The expenses, exclusive OF interest an
nuites or dividends.
% The net profits without allowance for in
terest, annuities or dividends.
"A. The amount paid on account of interest
IS, The amount paid in salaries OF $4,000 or
less to each employee
e The amount paid in salaries OF more than
$4,000 TO each employe and the name and adj
dress OF each OF such employees
The gross profits include
Il. All profits OF any trade or business.
- Interest or coupons from bonds or other
securities Of any corporation.
% Dividends received from any corporation
=. Undivided profits Of any corporation
70. Premium on bonds. notes and stocks
"a Commission or percentage
~ Interest on government securities not
exempt by law
IS Interest on other notes bonds and securi-
ties.
80 Profits from sales OF real estate
40. From rents
III. Profits from all other sources TO be
enumerated"
These Are Exempt
Certain specified corpora lions for
charitable and like purposes and GER
tain savings banks. mutual insurance
companies and building and loan asso-
Citations, are exempt from income
tax.
1t is provided that no part of the
salary, fees or emoluments of any
state, county or municipal officer shall
be subject to income tax. and no re-
turn thereof shall be made of the sal
airy or fees of such officers Salary re-
ceived by government officials in 1894
shall be included in the first annual
return 10 be made on or before the
first Monday in March, 1895
A Penalty Provided.
If any person fails to make return.
or makes false return. the collector
is to make return for him from evil
dence obtained b. summoning the per-
son and examining his DO )ks and from
all other evidence obtainable, and
shall add so per cent, to the amount Of
tax found due as a penalty for neglect
and 100 per cent. penalty in case of
fraudulent return.
Secrecy Assured.
Severe penalties are imposed upon
all officers and other persons who
make known, in any manner, any fact
or particulars con tained n or relating
to an annual return OF any taxpayer.
or any fact as TO the sources or amount
az the income Of any such person. Col
4 A.a.