The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-12-19
COLLECTING THE MONEY.
REGULATIONS PRESCRIBED FOR EN-
FORCING THE INCOME TAX.
Carefully Prepared Requirements Intend
ed to Carry Out the Law--The Several Re
turns and Other Means of Ascertaininc

ed to Carry Out the Law--The Several Re-
turns and Other Means of Ascertaininc
, Liability.
WASHINGTON, Dec. 13.-The Secre-
tary Of the Treasury today approved
tthe income tax regulations. Every
citizen of the United States, whether
residing at home or abroad, and every
person residing or business in
in the United States who has
an annual income of more
than 50, 800, is required to make
return under oath before the first Mon
day in March Of each year. The first
return is to include all income tax in
the year 1894, from January 1st to
December 31st. Guardians, trustees
and all corporations acting in any
Judiciary capacity, are required to
make similar returns for minors, wards
or beneficiaries. Persons having less
than s., 500 annual income are not re-
quired to make returns. All incomes
of $, 1000 and over are taxable 3 per
cent.
Theperson making return is requir--
ed to make affidavit that he has includ
ed in said return all gains, profits and
income from every source whatever
received by him, orto which he is Just
ly entitled for that year and that he
is honestly and truly entitled to make
all the deductions entered on his re-
turn, and that he has truly answered
the intewogatories set forth on said
blank form.
The gross profits and income return
ed by persons are to include:
Gross profits Of any trade or any
business wherever carried on; rents re-
ceived or accrued during the year;
profits from sales of real estate pur-
chased within two years farming oper-
ations and proceeds money and value
of all personal property acquired by
gift or inheritance; premiums on
bonds, stocks, notes and coupons, in
comes from trade and profession not
by stated salary and not heretofore
enumerated; from salary or compensa-
ton, other than that received from the
United States; from salary or com
Ipensation paid by the United States;
undivided gains and profits of any part
nerships; interest received or accrued
from all notes, bonds or other securi-
ties; interest on bonds or coupons paid
of any corporation; dividends from
corporations; income of wife or minor
child or children; all other sources of
income not above enumerated.
The deductions allowed on the re-
turn are: -Four thousand dollars 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
Or production of live stock or produce
sold within the year; necessarv ex-
penses specified by items actually in
Cured 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 ascer-
tanned in the year; salary or compensa-
ton of 81, 900 from which the tax of 3
percentum has been withheld by dis
bursting officers of the United States
government; dividends included in the
estimates of gross profits from corpora
tons, on which the 2 per cent. tax has
been paid by such corporation.
If any person fails to make -erl rn or
makes false returns, the cSj.ocior is to
make return for him from evidence
obtained by summonirg the person
and examining his books and from all
other evidence obtainable, and shall
add 50 per cent. to the amount of tax
found 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,
are required to make an annual return
of net profits on a separate blank to
cover the calendar year 1894. The ex-
emption of $4,000 allowed to persons
is not extened to corporations, but the
return must cover all net profits with
out exemption. The annual return of
corporations must include:
The gross profits from all kinds of
business.
The expenses, exclusive of interest,
| anUulllcS OF QlNlQeuuS.
The net profits without allowance
for interest, annuities Or dividends.
The amount paid on account of in
terest, annuities and dividends.
The amountpaid in salaries of&, 600
or less to each employe.
The amount paid in salaries of more
than 81, 900 to each employe, and the
name and address of each of such EN-
ployes.
The gross profits must include:
All profits of any trade or business.
The interest, or coupons, from bonds
or other securities of any corporation.
Dividends received from any corpo-
ration.
| Undivided profits OF any corpora
| ton.
| Premium on bonds, notes Or stocks.
| Commission or percentage.
| Interest on government securities,
not exempt by law.
Interest on other notes, bonds and
securities.
| Profits from sales of real estate.
From rents and profits from all 9th
er 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
and fully described as to cause, date
and amount
All taxes actually paid.
Salaries and pay of officers and en-
ployes actually paid during the year.
Rents and necessary repairs.
All other necessary expenses which
must be itemized and fully explained
in the return.
The net profits are to include,
All amounts paid to stockholders or
shareholders.
The amountof undivided profits car