The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-12-19

WASHINGTON, Dec. 13.-The secretary
of the treasury today approved the regula-
tons prescribed by the commissioner Of
internal revenue for the enforcement Of
the collection Of the income tax under the
late tariff act. Under the regulations pro-
vided and approved. pursuant to law,
every citizen of the United States, whether
residing at home or abroad, and every per-
son residing or doing business in the
United States who has an annual income
of more than $500, shall make full re-
turn Of the same verified by his oath, to
the collector of internal revenue of the
collection district in which he resides, or
If not a resident in which his business or
property from which income is received is
situated on or before the first Monday in
March Of each year. The first return under
the law shall be made on or before the
first Monday in March, 1895, and shall in
clude all income from every source received
in the year 1894. from the first day of
January to the S1st day of December in
said year. Guardians, trustees and all
persons and corporations acting in any
fiduciary capacity are required to make
similar returns loA All lAlAlAAAss NeA-N' u
beneficiarles fer whom they act
The affidavit attached to the list must
be subscribed and sworn to by the person
making the return, and is to the effect that
the affiant has included in said return all
grains, profits and incomes from every
source whatever received by him or to
which he is justly entitled for that year,
and that ne is honestly and truly entitled
to make all the deductions entered on his
return. and that he. has truly answered
the interrOgatories set1fortnt 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 between the first day Of January and
the first Monday Of March in each year.
The gross gains. profits and incomes
returned by persons shall include:
% Gross profits of any trade, business
or vocation, Wherever carried on. %
Rents received or accrued during the year.
90 Profit from sales Of real estate pur-
chased within two years. 1D Farming op-
erati1ns and l.Oicseds. (b1 Money and
value Of all personal properly acquired by
gift or inheritance. Co Premium on bonds,
stocks, notes and coupons % Income from
trade or profession not by stated salary
and not heretofore enumerated. 90 From
slIzry or compensation other than that re-
celved from the United States. 90 Undi-
vided gains and profits of any partner
ship. G0) Interest received or accrued
from all notes, bonds or other securities.
0D Interest on bonds or coupons paid Of
any corporation O2) Dividends from cor
p1r3tlons. Q5J Income Of wife or minor
child or children. tfD All other sources
OF income not above enumerated.
The deductions allowed on the return
and therein enumerated are: % Four
thousand dollars exempt by law; CD in
tprest due and paid within the year; (3)
rational. state. county, sch0o. and munich
pal taxes paid, nO- including assessments
for .Oca. benefits; Cd amount expended in
purchase or production Of live stock or
produce sod within the year; 90 necessary
expenses. specified by items, actually in
CURED in carrying on any business or
trade; 90 losses actually sustained during
the year specified; ca actual losses on
sales Of real estate purchased within two
years; 81 debts contracted and ascertained
in the year TO be worthless; (O salary or
compensation over $4,000, from which the
tax of . per centum has been Withheld by
disburSing officers of the United States
government; Q0 dividends included in the
estimate of gross profits from corporations
on which the 2 per cent. tax has been paid
by such corporation.
In the case Of nOn-residents the return
must be made and filed in the manner
provided for residents, and if not so filed,
the collector must make return for the
n0n-residence. making no allowance for
exemption. If any person fail to make
return in the manner and time provided
by law, or make a false or fraudulent re-
turn, the collector shall make the return
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 amount of tax
found due as penalty, in case Of neglect
or refusal to make return and 100 per
cent penalty in case Of a false or fraud
ulent return.
The penalties and interest will be added
after notice to the party, and full hearing,
if such IS desired by him. Where the tax
has been returned and PAID in another
district, or where the party has not a
taxable income. he may so declare in
printed affidavits on the blank annual
returns.
Affecting Corporations.
All corporations, companies and asso-
Citations, both resident and foreign, doing
business for profit in the United States,
shall make annual return of all net profits
above business and operating expenses on
a separate blank prepared for them, and
when duly verified by the oath of the
president or other chief officers of such
corporation, the return must be delivered
to the collector on or before the first Mon
day in March of each year. The first
return of corporations shall cover all net
profits and income for the calendar year
1894 The exemption or $4,0UO allowed to
persons is not extended to corporations,
but the return must cover all net profits
without exemption. The annual return Of
corporations must include: ID The gross
profits of all kinds of business. 90 The
expenses exclusive Of interest, annuities
or dividends CD The net profits without
allowance for interest, annuities or divi-
dends. (D The amount paid on account
of interest, annuities and dividends. o.
The amount paid in salaries of $4,000 or
less to each employee 90 The amount
paid in salaries of more than $4,000 to each
employee and the name and address Of
each of such employees.
The gross profits include: % All profits
of any trade or business; (2) interest or
coupons from bonds of other securities Of
any corporation; 60 dividends received
from any corporation: (D undivided profits
of any corporation; 90 premium on bonds,
notes or stocks; 60 commission or per-
centage; Cd interest on government securi-
ties. not exempt by .aw; 60 interest on
other notes bonds and securities; 90 profits
from sales of real estate; Q0) from rents;
CID profits from al other sources, to be
enumerated.
The operating expenses shall include:
o. Interest paid or accrued within the year
-, hoDdr1 ~ orboYs I'M ohfodOncc Of cnc1