The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-12-15

seventh-fntersst on government secur-
tiles rot exempt By law.
Esghth-Interest on other notes. bonds
and securities
NIrth-profts Of sales Of real estate.
Tenrh-From rent
Eieventh-Frcdss from an other sources,
to be enumerated
The operating expenses shall include:
Ffrst-Interext paid on accrued tndeot-
edness within he year on bonded or other
Indebtedness OF such corporation
Second-Loss actually sustained during
the year. which must be separately stated
and fully Described as 70 cause. date and
amount
Thirt-An taxes actually paid
Fourth-SslArses and pay OF ofacers and
employees actually paid during the year.
Fifth-Rents ana necessary repairs
Sixth All other necessary expenses.
which must be itemized and fully explain
Cd In the return
Tha net profits shah include:
Firse-An amounts paid 10 stockholders
or shareholders
Second-The amount Of undivided profits
on hand or carried 20 surplus or any
other fund
Third-The amount OF net profits used
for construction. enlargement or improve
ment OF plants
Fourth-An other expenditures or IN
vestments from the net profits.
Corporations are required to keep accur-
ate books OF account and may be request
ed to allow collectors to inspect the same
In verfdcation OF the retrnA II the an
nlfal return Is not fled with the collector
In the time required by law the CORPORA
ton making default shall forfeit q penal
ty OF 1900 and : per cent q month on
the tax due until paid.
Certain specified corporations. for char
ttable and like purposes. and savings
banks. mutual insurance companies and
building and 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 10 extend the
benefits to the small depositors and ben
edciaries OF such mutual savings tnSti-
tutionS, and that corporations, such as
those. when they speculate In shares.
stocks or funds. are not benefciaries Of
the exemption. Collectors are required
to examine the articles OF Incorporation
and business methods OF corporations
claiming exemption and which are not
in the class specifically exempt and to
cause the return TO be made for taxation
as In the case of other corporations.
The tax due from salaries or officers.
and from the pay OF employees OF the I'm
tied States will be deducted from the first
excess payment over $4,000 by paymasters
and disbursing officers in paying the
same and will be paid over 10 the coli
lctors Of the several districts wherein
such dfsbursing officers reside or make
payments IL Is provided that no part Of
the salary, fees or esnoluments of any
state, county or municipal officer Is SUBJ
Ject TO the income tax, and no return
thereof shall be made OF the salary or fees
government officials In 1884 shall be In
cluded In the first annual return to be
made on or before the FIRST Monday in
March. 1885,
Appeals from. and the method thereof.
are allowed and prescribed in all cases
where the person charged with the tax
Is dissatisfied with the decision OF depu-
ty collector or collector. In the first In
stance the appeal Is to the collector and,
IL dissatisfied with his decision, the ap-
pellant may have the entire case. with
all the papers and evidence relating there
to, referred to the commissioner OF inter-
nal revenue for his decision.
Severe penalties are imposed on all off,
GERS and other persons who make known
In any manner any fact OF any particu-
lars contained in or relating TO any tax
payer, or any fact as TO the source or
amount OF income OF any such persons
Collectors are strictly directed by the reg
ulations to rigidly enforce this provision.
As all original returns are forwarded 20
and fled In the Office OF the commission
er Of internal revenue the opportunity for
exposure of the facts protected by this
provision will be greatly reduced.
The tax on incomes Tor the year 1894
win be due and payable on or before the
first day OF July next, and IL not paid at
that time the penalty viii attach for non
payment. The collection OF the tax, when
delinquent. viii be enforced In the same
manner as IN cases OF enforcement and
collections Of other taxes under the inter-
nal revenue laws OF the United States.