Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1894-01-27
shall pay A penaltx Of Al onn: and IN cn,a OF 40


fault in the payment OF the tax the assess. |
ment and collection OF the tax AMI penalty |
shall be In accordance with the general pro- |
visions OF law in other cases OF neglect, provid-
ed that the tax upon dividends OF life insurance
companies shall not be deemed due until such |
dividends are payable, nor shall the portion Of
premiums returned by mutual life companies |
to their holders nor the interest allowed or |
paid to the depositors in savings banks or in
stitutions be considered dividends
Sec. z That any bank, building association
or other banking institution omittng 10 make
dividends or additions to its surplus as often
as six months, shall mako q list In duplicate
under oath to the deputy collector Of internal
revenue, on January and July l.of the amount
OF profits accrued by said institution during
six months preceding end shall present one
list 10 the collector OF the district and pay 2
per cent on such profits and In default shall
be subject to the penalties prescribed In tho
foregoing section; provided that when any
dividend is made which includes any part OF
the surplus which has been assessed and paid
thetmount Of duty so paid on that portion OF
tho surplus or contingent fund may be deducted
from the duty on such dividend.
BONDED CORPORATIONS.
! : csc. g. Thet any railroad or canal, turnpike,
canal navigation company, any telephone. tele.
graph, electric light and gas company or wa
ter company. and any street railway company
or other corporation indebted for any money
for which bonds have been issued upon which
interest Is to be paid, or any such company
that may have declared any dividend in money
payable to Its stockholders as part OF its earn
ings, and all profits Of such company shall be
subject to a tax OF 9 per cent. on the amount
Of all such interest or coupons, dividends
or profits, whenever the same shall he
payable, and to whatsoever party, and said
| companies are authorized 10 withhold from
| all payments. on account OF interest due and
| payable. the tax Of per cent, aud the pay.
| ment OF the amount OF tax so deducted from
the interest and certified by the president
| or treasurer or other principal accounting Of
| hcer, shall discharge said company from that
| amount Of the dividend or coupon on bonds,
| except whero said companies may have con.
| tracted otherwise.
Sec, 9requires that all officers OF the gov
ernment receiving more than o. 900 shall pay
tax OF per cent, which 1t shall be the duty
| OF all paymasters and disbursing officers TO de.
duet and withhold to the credit OF the govern
ment, The payment OF prize money is re-
garded as an income from salaries and tho
regular tax collected therefrom.
| Section 10 amends section 3l01 Of the exist
| Ing internal-revcnue law, so that any collector
| or other Onicer or internal-revenue agent who
| divulges IN any way the operations apparatus
| or manner Of working Of any manufacturer or
| producer visited by him in collection Of income
| tax. shall be subject to fine not to exceed
1000. or Imprisonment for one year, or both,
| and shall be dismissed from office and be for
ever thereafter incapable OF holding any office
| under the government.
| Section 3l72 is amended so that deputy col.
lectors shall from time to'time proceed through
| every district inQuring after and concerning
| all persons liable TO pay any tax. and shall
| make list OF such persons and their ownings.
Section 3,l73 is amended so that any person.
partnership. firm, association or corporation
| liable 10 any special tax or duty not otherwise
provided for. on July l. shall, on the lst Of
March preceding tho utime when such taxes
| are due. make out under oath return OF their
| dutable goods or incomes When this is
not done it is required that deputy collectors
| shall make out the list A collector is given
| the power when the proper person can not be
found In his own district to enter any other
| collection district where such person may bs
found, and to make the examination
| EVASION OR FRAUD.
Section 3l76 is amended so that where the
| person 10 be taxed refuses TO make q return list
or ma kes one which is deemed fraudulent the
collector shall have power to enter the prem
ises and make his own. adding penalty of 80
per cent for refusal or neglect and OF 100 per
cent for fraud. Tire sickness or absence OF the
party to he taxed gives the collector the right
TO allow not exceeding thirty days in which
the delayed list may be offered.
Section II requires every corporation doing
business for profit to make return OF amount OF
dividends under oath that it is true in amount,
in such manner as may be prescribed by the
commissioner
Section l3 prescribes that every corporation
shall make return, beginning with 1895, of all
the following matters: % Gross profits; G?
expenses OF corporation exclusive OF interest,
annu tiles md dividends; t2) net profits with.
out allowance for interest, etc; a. amount
paid on account of interest, ETC. stated sepa-
rately t5) amount paid In salaries of 5000 or
less to each person employed t6l amount paid
in salaries OF more than 81 100
Section IA requires every corporation TO keep
accurate books for inspection by proper ofi-
GERS.
Section Is prescribes that taxes imposed up.
oh dividends, etc. shall be collected therefrom
whenever the same may be payable, and every
corporation paying q tax thereon may retain
from all payments made on account thereof .
proportionate amount OF the tax so paid
Section 10 requires collectors to give full re.
port for all taxes received and separate re-
| ccipt for each tax paid by any debtor on ac-
count OF payments made by him 10
separate creditors in such form that
Yrately to his several creditors and such re.
ceipts are 10 be sufficient evidence IN favor OF
such debtor to justify him in withholding the
amount therein expressed from the next pa v.
ment TO his creditor,
Section 10 provides manner OF fixing salaries
OF assessors.
Section ~ declares that no rule established
| by the commissioner OF internal revenue sha
be valid without the approval Of the secre.
tAry OF the treasury, nor shall the same
be binding upon any corporation or
person not an lnternal.revenue otflcer until IL
has been printed and cOnspicuousy posted in
the office OF the collector Of the district.
Section 81 provides for the prosecution OF
perjury.
ury or the commissioner Of internal revenue
| power TO relieve or release from oil forfetures
and penalties imposed by this act In such cases
as either OF them may deem proper, except to
penalties imposed by law for punishment Of q
misdemeanor or other crimes