The Union times. [volume] (Union, S.C.) 1894-1918, 1894-12-21
-N>sE 80
TO PAY IN MARCH.
PHE TIME DESIGNATED FOR
COLLECTION OF INCOME TAX.
The Secretary of the Tresury Talks of
Its Regulations.

The secretary of the treasury Thurs
day approved the income tax regula
tIons. Every citizen of the United
States, whether residing Mt home o,
abroad, and every person residing OF
doing business in the United States
| who has an annual income of more
than $4,000 is required to make re-
turn, under oath, before the first Mon.
day In March of each year. The re.
turn Is to include all incomes received
IN the year 1894, from January 1st to
December 31st. Guardians, trustees
and all corporations acting in any fidu-
ciary capacity are required to make
similar returns for minors, wards or
beneticiaries. Persons having less than
$3,50O annual income are not required
to make returns. All incomes of 81 900
and over are taxable 2 per cent
The person making the return is re-
quired to make affidavit that he has
included in such return all gains.
profits and income from every source
whatever received 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 an
swered the interrogatories set forth on
n blank form.
The gross gains, profits and income
returned by persons arc 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 acquired by
gift or inheritance. premiums
on bonds, stocks, notes and cou-
pons; income from trade or profession
not by stated salary and not hereto
fore enumerated from salary or COM
pensation other than that received
from the United States; from salary or
compensation paid by the United
States; undivided gains and profits of
any partnerships; interest received or
accrued from all notes, bonds or other
securities; interest on bonds or cou-
pons paid by any corporation; divi-
dends from corporations; income of
wife or minor children or child; nil
other sources of income not above
enumerated.
Deductions Allowed.
turns are: Four Thousand doIlnrs ex-
empt by law; interest due and paid
within the year; national, state, coun-
ty, school and municipal taxes paid,
not including assessments for local
benefits; amount expended in purchase
and product on of live stock or pro-
duce sold within the year; nee
cssary expenses specified by items
actually incurred in carrying on
any business or trade; losses
actually sustained during the year,
specified; actual losses on sales of real
estate purchased within two years;
debts contracted and ascertained in
the year; salary or compensation over
"a, 600 from which tho tax of 2 per-
ccntum has been withheld by the dis
bursing officers of tho United States
government; dividends included in the
estimates Of gross profits from corpor-
ations on which the per cent tax has
been paid by such corporations.
If any person fails to make return or
makes false return, the collector is to
make return for him from evidence
obtained by summoning the person
and examining his books, and from all
other evidence obtainable, and shall
add SO per cent to the tax fund due as
penalty for neglect and 100 per cent
for fraudulent return.
All corporations, companies and as-
sociations, both resident and foreign,
doing business in the United States
arc required to make annual return of
net profits on n separate blank to
cover the calendar year 1894:
The exemption of 81, 900 allowed to
persons is not extended to corpora
tions, but the return must cover all
net profits without exemption. The
annual return of corporations must
include:
The gross profits from all kinds Of
business, the expenses, exclusive of in
tercst. annuities or dividends; the net
profits, without allowance for interest,
annuites or dividends; the amount
paid on account Of interest, annuities
and dividends; the amount paid in sal
aries of 1000 or less to each employe.