Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-14
INCOME TAX NOW.
II Is Due and Payable On or Before
July iSt Next.
PENALTIES FOR N0N.pAYMENT
Regulations Touching Returns OF 1ndi-
viduais and Experimentation of
xemptions-Appeals.

ftlAEy OF tDe l1edsuFy tO-udy dppIOFtu
the income-tax regulations. Every citizen
OF the United States. whether residing at
home or abroad, and every person re-
siding or doing business in the United
States. who has an annual income OF
more than $500. IL required to make
return under oath before the first Monday
In March of each year. The first return
is to include all income received In the
year 1894, from January LIST to December
3lst. Guardians. trustees, and all cor
poratlons acting In any fduciary capacity
are required to make similar returns
for minors. wards. or beneficiaries. Per
sons having less than $500 annual In
come are not required TO make returns.
All incomes Of more than 1900 are tax
able per cent.
The person making return IL required
TO make affidavit that he has included in
said return all gains, profits, and in
come from every source whatever re-
ceved by him, or to which he Is justly
entitled for that year, and that he
is honestly and truly entitled TO make all
the deductions entered on his return. and
that he has truly answered the interro-
gatories set forth on said blank form.
The gross gains. profits. and income re-
turned by persons are to include. Gross
profits of any trade or business, wherever
carried on; rents received or accrued
during the year; profits from sales OF
real estate purchased within two years;
farming operations and proceeds; money
and value of all personal property ac-
CURED by gift or inheritance; premiums
Iaa Is CT nntn nd
income from trade or profession, not
by stated salary. and not heretofore
enumerated: from salary or compensation
other than that received from the United
States: from salary or compensation paid
by the United States: undivided gains
and profits of any partnership; interest
received or accrued from all notes. bonds,
or other securities; interest on bonds or
coupons paid by any corporation; divi-
dends from corporations; income Of wife
or minor child or children: all other
sources OF income not above enumerated.
EXEMPTIONS.
The deductions allowed on the return
are: -Four thousand dollars exempt by
law: interest due and paid within the
year; national. State. county. school, and
municipal taxes paid. not including as
sessments for local benefit: amount ex-
pended I'm the purchase or production OF
live stock or produce sold within the
year: necessary expenses specified by
items actually incurred in carrying on
any business or trade. losses actually
sustained during the year specified; actual
losses on sales or real estate purchased
within two years; debts contracted and
ascertained in the year; salary or compen-
sation over $1,000, from which the tax of
2 per centum has been withheld by dis
bursting officers Of the United States
Government: dividends included in the
estimate Of gross profits from corpora
lions on which the 2 per cent. tax has
been paid by such corporation.
II any person fails to make return. or
makes false return. the collector is to
make return for him from evidence OBJ
tanned by summoning the person and
examining his books. and from all other
evidence obtainable. and shall add 80 per
cent. to the amount Of tax found TO be
due as a penalty for neglect, and 100 per
cent. for a fraudulent return.
All corporations. companies. and assoc
Citations. both resident and foreign doing
business in the United States are re-
quired 10 make annual return of net
profits on a separate blank 20 cover the
calendar year 1891. The exemption OF
Sf,VD dllOMtl ~ ItISpilS IL hbl thNtI'lfl
to corporations. but the return must
cover all net profits without exemption.
CORPORATION RETURNS.
The annual return Of corporations must
include:
The gross profits from all kinds of bust
ness.
The expenses, exclusive of interest.
annuities. or dividends.
NH In, LII 60
interest, annuities. or dividends
The amount paid on account of interest.
annuities. and dividends.
The amount paid in salaries Of $1,000
or less 10 each employee
The amount paid in salaries of more
than 5000 TO each employee. and the
name and address of each OF such en-
ployee.
The gross profits must include;
All profits Of any trade or business.
Interest or coupons from bonds or other
securities of any corporation.
Dividends received from any corpora
ton.
Undivided profits of any corporation.
Premium on bonds. notes, or stocks.
Commission or percentage.
Interest on government securities not
exempt by law.
Interest on other notes. bonds. and Sc
curites.
Profits from sales of real estate.
From rents, and, profits from all other
sources. to be enumerated
The operating expenses must include:
Interest paid or accrued within the
year on bonded or other Indebtedness Of
such corporation.
Losses actually sustained during the
year, which must be separately stated
ftli Iagppibpl IN date
and amount.
All taxes actually paid.
Salaries and pay Of officers and en-
ployees actually paid during the year.
Rents and necessary repairs.
All other necessary expenses. which
must be itemized and fully explained in
the returns.
The net profits are to include:
All amounts paid TO stockholders or
shareholders
The amount of undivided profits carried
to surplus or any other fund.
Amount Of net profits used for construc-
ton, enlargement, or improvement OF
plant.
All other expenses or investments from
the net profits.
CORPORATIONS EXEMPT.
Certain specified corporations for chart
table and like purposes. and certain saw
ings banks. mutual insurance companies,
and building and loan associations are
exempt from the income-tax.
In such cases 1t is held by the depart
ment that the intention OF the exemption
Is to extend its benefits to the small de-
positors and beneficiaries of such mutual
and savings institutions, and that the
corporations as such. and those who
speculate in the shares, stock, or funds,
are not the intended beneficiaries of the
exemption.
Collectors are required to examine the
articles Of incorporation and business
methods of corporations claiming exemp-
ton, and where such are not within the
class specifically exempt TO cause re-
turn to be made for taxation as in the
case of other corporations.
The tax due from salaries OF ofhcers
and from pay Of employees of the United
States Is to be deducted from the hrst