The record-union., 1894-12-14

sustained during the year, which must be
separately stated and fully described as
10 cause, date and amount; 81, all taxes
actually paid; a., salaries and pay of Of
ncers and employees actually paid during
the year; (o), rents and necessary repairs:
VoJ, az other necessary expenses, which
must be ltemiZed and fully explained i'm
there turn 80
1he net profits shall includes: 0) All
amounts paid to stock holders or share
holders; W the amount of undivided
profits on hand or carried to surulus or
any other fund: (3) amount of net profits
used for construction, enlargement or
improvement OF plant; "a all other ex-
penoltores or investments from the net
profits.
Corporations are required to keep ac-
curate DOCKS OF accounts, and may be
requested TO allow Collectors 10 in
spect the same IN verifcation of the
returns. Ii the annual return is not
hIed with the Collector in the time
required by law. the corporation making
oeIault snail forfeit penalty OF 81 900
ana per cent. month on the tax dine
until paid.
Certain specified corporations for chari
taDle ana like purposes and savings
panKs, mutual insurance companies aud
oulIdlng ana loan associations are ex-
empt from income tax. In such cases il
is held by the Department that the in
tentIon of the exemption is to extend
Dement'S TO the.small depositors and bene-
hclaries OF such mutual savings institu-
tons. and that the corporations, such as
tnose who speculate in the shares, stocks
or funds are not benficiaries of the ex-
emption.
Collectors are required to examine the
articles OF incorporation and business
methods OF corporations claiming exemp-
tioL, ana which are not in the class speci-
neatly exempt, TO cause return to be made
Tor taxation, as in the case of other cor
poratlons.
The tax due from salaries of officers
ana from pay of employed OF the United
States, Will be deducted from the first ex-
cess payment over u, 900 by paymasters
anu dlSburslng officers in paying the
same, and will be paid over to the COL
Iectors OF the several districts wherein
such dlsbursing officers reside or make
payments. 1t IS provided that no part of
the salary, fees or emoluments OF any
State, county or municipal officer is
subject to income tax, and no return
tnefeot shall be made of the salary or
lees OF such officers. Salaries received
by government officials in 1894 shall be
included In the first annual return to be
maze on or before the first Monday in
March, 1895.
Appeals from, and the methods thereof
are allowed and prescribed in all cases
where the persons charged with the tax
is dlsSatlShed with the decision of n
Deputy Collector or Collector. In the
hrst instance, the appeal is to the Col
lector, ana ii dissatisfied with his de-
cIslon the appellant may have the entire
case, with all the papers and evidence re-
latlng thereto, referred to the Commits.
sloner OF Internal Revenue for his de-
cision.
Severe penalties are imposed on all
o1ncers and other persons who make
known IN any manner or in any fact or
any particulars contained in or relating
TO any return OF any taxpayer, or anV
TACT as TO the source of amount OF the in
come OF any such persons. Collectors
are strictly directed by the regulations to
rlgldly enforce this provision, as ali orig
maj returns are forwarded to and filed In
the otflce OF the Commissioner Of Internal
revenue, and the opportunity for expos
ure OF the facts protected by this pro-
vision will be greatly reduced.
1ne tax on incomes for the wear 1894
VIII be due and payable on or before the
first day of July next, and if not paid at
that time the penalitIes will attach for
non-payment.
The collection of the tax when delin-
quent Will be enforced in the same man
ner as III cases of enforcement and collec-
tons OF other taxes under the internal
revenue laws OF the United States.