Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1894-12-20

4. Amount paid on account of in
! terest, annuities and dividends.
3. Amount paid in salaries of foul
thousand dollars or less to each EN-
ploye.
6. Amount paid in salaries of more
than $4,000 to each employe and name
and address Of each of such named
employees.
The gross profits include:
1. All profits to any trade or bust
ness.
2. Interest or coupons from bonds OF
other securities of any corporation.
3. Dividends received of any cor.
poration.
4. Undivided profits Of any corpor-
alton.
). Premium on bonds, notes OF
stocks.
g. Commission or percentage.
{. Interest on government securi-
ties.
8. Profits from sales Of real estate.
10. From rents.
Ii. Profits from all other sources,
to be enumerated.
The operating expenses shall in
clude:
L. Interest paid or accrued within a
year on bonded or other indebtedness
Of such corporation.
2. Losses actually sustained during
the year, which must be separately
C+afn6 and fnlIv doScrihad a G IN cauSp
date and amount.
3. All taxes actually paid.
f. Salaries and pay of officers and
employees actually paid during the
year.
). Rents and necessary repairs.
6. All other necessary expenses
which must be itemized and fully eX-
planned in return.
The net profits shall include:
1. All amounts paid stockholders or
shareholders.
3 Amount of undivided profits on
hand or carried to surplus or any
other fund.
3. Amount of net profits used for
construction, enlargement or improve
ment of plant.
t. All other expenditures or invest
ments from net profits.
Corporations are required to keep
accurate books of accounts, and may
be requested to allow the collectors to
inspect the same in verifying the re-
turns. If the annual return is not
filed with the collector in the time re-
quired by law, the corpora zion max
ing the default shall forfeit the pen
atty of a thousand dollars and two
paid. Certain specified corporations
for charitable and like purposes and
certain savings banks, mutual inSur-
ance companies and building and loan
associations are exempt from the in
come tax.
The collectors are required to eX-
anime the articles of incorporation and
the business methods of the corpora
tons claiming exemption and where
such are not within the class pecifical-
ly exempt, to cause a return to be
made for taxation as in the case of
other corporations. The amount due
from the salaries of officers and from
employees of the United States is to be
deducted from the first excess payment
over $4,000 by the paymasters and dis
bursting officers in paying the same
and is to be paid over to the collectors
of the several districts wherein such
DISTINGUISHING officers reside or make
payments. 1t is provided that no part
of salaries, fees or emoluments of any
state, county or municipal officer are
subject to the income tax and no re-
turn thereof shall be made of the sal
airy or fees of such officers.
Appeals and the method thereof is
allowed and prescribed in all cases
where persons charged with the tax
are dissatisti with the decision of the
deputy collector or collector. In the
first instance the appeal is to the col
lector, and, if dissatisfied with his de-
cision, the appellant may have the en-
tire cause with all papers and evil
dence relating thereto transferred to
the commissioner Of internal revenue
for his decision. Severe penalties are
imposed on all officers and other per
sons who make knowE in any manner
or fact or particular contained in OIL
relating to any return of any tax payer
or any fact as to the source or amount
of the income Of any such person
The collectors are strictly directed by
the regulations to rightly enforce this
provision. AS all original returns are
to be forwarded to and filed in the of
flee of the commissioner of the inter
nal revenue. the opportunity for the
! exposure of facts is protested by this
provision to be greatly reduced. The
| tax on incomes for the year 1894 are
to be due and payable on or before
the first day of July next and if no
paid at that time, the penalties viii
| attach for non-payment. The collec
! ton of the tax, when delinquent, viii
! be enforced in the same manner as il
! the cases of the enforcement and col
| lectiOnS of other taxes under the in
ternal revenue laws Of the United
| States.