Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1894-12-21
It Will Probably Begin on
January 1, 1895.
WILL BE DUE JULY |, 1895.
The Collection Approved BY Mr..
Carlisle-What You Must Pay on;
How You Must Pay lt-Now a
Question of Senate
AnnropriatiOn.


The Secretary Of the Treasury approved
the regulations prescribed by tie Commits
sioner OF Internal Revenue fcr the enforce
ment of the collection of income tax under
the late tariff act.
Under the regulations provided and ap-
proved pursuant to law. every citizen OF inc
United States, whether residing at homo or
abroad, and every person residing or DONG
husiness in the United States who has an an
nual income of more than SO 500 shall make
q full return OF the same, verified by his oath,
TO the collector of internal revenue OF the
collection district In which he resides or, IL
not resident in which his business or prop
ertv from which income is situated, on or be-
fore the first Monday in March OF each year.
The first return under the law shall be mado
on or before the first Monday in March, 1895,
and shall include all income from every
source received in the year 1894, from the 1st
day OF January to the 91st day OF December
In said year.
Guardians. trustees and all persons and
corporations acting In any flduciary capacity
are required to make similar return on or be-
fore the day mentioned, for all minors, wards
or benenciares for whom they act. Persons
having less than $500 annual income are
not required to make the return. but all per-
sons bav;lg an income in excess OF that
amount. whether it reaches the taxable limit
OF S4. 900 or not, must make return as pre-
scrlbed.
The blank form prescribed by the regu'a-
tions for the annual returns Of persons con-
tains list specifying all souces OF income
and all allowable deductions to be filed out
by the person making the same, with foot
inps for gross income and total deductions
allowed. leaving the taxable income upon
which tho per cent. tax will be assessed.
The affidavit attached to the lit must be
subscribed and sworn to by the person max
ING the return, and is to the effect that the
afiant has included in said return all gains,
profits and income from every source what
ever received Ly him, tr 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 tho interrogatories set forth on
said blank form. When completed and duly
verified by the oath OF the person rendering
the same. the return must be delivered by
mail or otherwise. to the collector at any
time betwe the first day OF January aud
the first Monday OF March In each year.
WHAT YOU MUST PAY ON.
The gross gains. Iroilts and income re-
turned by persons SHALL incIuie:
1. Gross profits Of any trade, Business OF
vocation, wherever carried on.
q Rents received or accrued during the
year.
8. Profits from sales OF real estate pur'
chased within two years.
4. Farming operations AMI proceeds.
s. Money and value Of al personal prop
erty acquired by gift or inheritance
G. Premium on bonds, stocks, notes auC
coupons.
7. Income from trade or profession, not BY
stated salary, and not heretofore enumer
ated.
8. From salary or compensation other thar
that received from the United States.
9. From salary or compensation paid b,
the United States.
TO- Undivided gains and profits OF an
partnership.
II. Interest received or accrued from a
notes. bonds or other securities.
12. Interest on bonds or coupons paid
any corporation.
13. Dividends from corporations.
IA. Income Of vile or minor child or chill
dren
Is. All other sources Of income not abov
enumerated.
WHAT YOU MAY GET OUT OF PAYING.
The deductions allowed on the return an
therein enumerated are:
1. Four thousand dollars exempt by law.
Q. Interest due and paid within the year.
3. National, stale county, schoo. and mur
cipal taxes paid, not including assessment
for local benefits.
4. Amount expended in purchase or pre-
duction of line stock or produce sold with
the year.
S. Necessary expenses. specified by items
actually incurred in carrying on any bus
ne.s or trade
6. Losses actually sustained during tt
year, specified.
T. Actual losses on sales OF real esta
purchased within two years.
s. Debts contracted and ascertainei
tho year to be worthless
8. Salary or compensation over $40
from which the tax OF 2 per centum has bee
withheld by discussing officers OF the Unite
States Government.
II1O. Dividends included in the estimate
gross profits from corporations on which tn
per cent tax. has been pal Oy such col
poration.
HOW YOU MUST PAY.
The blank form contains full printed ii
! structions as to the manner OF making I
, turn and the method of computing the r
income for taxation. In the case OF nc
! residents the return must be made and fill
in the manner provided for residents, and,
not so filed, the collector must make ratul
for the nonresident, making no aIlowan
for exemption.
II any person fails to make return In Il
manner and time provided by law, or raa
a false or fraudulent return. the collect
shall make the return from evidence Q