The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1894-12-20
NEWS FROM WASHINGTON.
THE INCOME TAX. =.
Secretary Carlisle Approves the ReRuia.
tions Already Prepared.

The Secretary OF the Treasury has approx.
ed the regulations prescribed by the Com.
missioner Of Internal Revenue for the en-
iorcement OF the collection Of the income tar
under the late tariff act.
Under the regulations provided and ap-
proved pursuant to law every citizen OF the
United States. whether residing at home or
abroad and every person residing or doing
business in the United States who has an an
nual income OF more than $500 shall make
u full return Of the same. verified by his oath
to the Collector of Internal Revenue OF the
collection district ia which he resides. or, II
not resident, In which his business OF prop
erty from which income IL situated. on or be-
fore the iirst Monday in March in each year.
The irSt return under the law shall be
made on or before the first Monday In March,
ls9j. aud shall include all income from every
source received In the year 1894 from the LIST
day OF January 10 the 3lst day OF December
In said year.
Guardians. trustees and all persons and
corporations acting In any lduciary ca
pacity are required TO make similar returns
on or before the date mentioned, for all
minors. wards or beneilciarics for whom they
act. Persons having less than IS. 500 annual
income are not required TO make the return.
but all persons having an income In excess OF
that amount. whether IL reaches the taxable
limit OF $4,000 or not, must make return a.
prescribed.
The blank form prescribed by. the rcgula.
tious for the annual returns M persona con-
tains list specifying all sources OF income
and ali allowable ded uctions. TO be filed out
by the person making the snme. with foot
ings for gross In come and total deductions al
lowed ,leaving1hc taxable income upon which
the per cent tax will be assessed.
The affidavit attached to the list mustIbe
taI mi DO
ing the return. aud il to the effect that the
ailiant has included Ia said return all gains.
profits and income from every source what
ever received by him or TO which he Is Justly
entitled Tor that year. and that he IL honestly
and truly entitled TO make all. the deductions
entered on his return and that he has truly
answered the interrogatories set forth on said
blank form.
WHAT Is INCLUDED.
When completed and duly verified by the
oath Of the person rendering the same the
return must he delivered by mail or other.
WISE 10 the collector between January l and
the !lrst Monday Of March In each year
The gross gains, profits and Income re
turned 10y persons shall include;
First Gross profits OF any trade, business
or vocation. wherever carried on.
second-Rents received or accrued during
the year.
Third-Profts from sales Of real estate pur.
chased within two years.
Fourth-Farming operations and proceeds
Fiith-Money and value Of all personal
property acquired by gift or Inheritance.
sixth-Premium on bonds, stocks, note,
and coupons
seventh Income from trade or profession
not by stated salary and not heretofore enum.
Grated.
Eighth-From salary or compensation
other than that received from the United
States.
Ninth-From salary or compensation
other than that received from the United
States.
Tenth-Undiyided gains and profits ozI>,
partnership. IN,
Eleventh-Interest received or accrued NJ
all notes, bonds or other securities.
Twelfth-lnterest on bonds 6r coupons
paid OF any corporation. -
tions
Fourteenth-1ncome OF wife or minor child
or children.
Fifteenth-All other sources OF income not
above enumerated. ,|
THE DEDUCTIONS ALLOWED.
The deductions allowed on the return and
therein enumerated are:
first-Four thousand dollars exempt by
law.
second-lnterest due and paid within the
f, year.
Third-Natlonal, State, county. school and
municipal taxes paid. not including assess.
menis Tor local benefits
Fourth Amount expended in purpose or
production Of live stock or produce sold
within the year.
Fiih-Necessary expenses. specified by
items. actually incurred in carrying on any
business or trade.
SiNth-LoSses actually sustained during the
year, specified.
Seventh-Actual losses on sales OF real
estate purchased within Two years.
Eighth h-Delts contracted and ascertained
Ia the year 10 be worthless.
Ninth-Salary or compensation over 81 900.
from which the tax OF 2 per cen,um has been
withheld 10y disbursiug officers OF the United
states Government.
Tenth-Dividends included In the estimate
of gross profits from corporations on which
the per cent tax has been paid on such cor
poratous
4.