The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1894-12-27
REGULATIONS FOR COLLECTING
THE INCOME TAX.

The regulations for collecting the IN
come tax made by the secretary oil the
treasury are in strict accordance Win 'he
law. By them every person, whether re-
siding in or out Of the United States WHO
derives an income from any KIND OF prop
ortv or investments in the United states
amounting to $500 must make sworn
return of the same to the collector Oh IN
ternal revenue of the district in wllch lie
or she resides or in which the property
;s located from which an income IS derlV-
ed, if residing abroad, on or oelore 'ne
first Monday in March, 1873.
If there was no other recommendation
of the income tax this regulation en-
braces an item that remedies great eIh
in this country. There are two EnGlish-
men residing in London, each OF Wnom
derive an income from an investment Ill
Western ranches of OO,OO0-every cent
Of which is spent out of this country. Inc
provision for collecting tax on TINS KIM
of income is most excellent as there are
numerous similar cases, and 1t Is almost
enough to make an income tax deslraDie
Parsons whose incomes do not exceed
$500 need make no return, but even II
their income does not amount to S4ooo,
the taxable amount, the law requires the
return to be made anyhow, if 1t is up 10
or over the $500 but not up to the S4ooo.
The blank forms for the report of IN
comes will contain list giving all sources
of income and all deductions allowed, 10
be filed out by the person making the re-
turn. with footings for gross income ana
total deductions allowed, leaving the tax
able income upon which the 2 per cent
tax will be assessed.
The affidavit attached must be sub
lscribed by the person making the return
that it includes all gains, profits and IN
come from whatever source, or to whlct
he or she is justly entitled, and that M
or she is honestly entitled to the deduc
tons made in the return, and that he o.
she has truly answered the interrogato
ries set forth in the form. If any one shall
fail to make return, or make false O
fraudulent return, the collector will thel
make the return from evidence obtained
! by summoning the person and eXaminln
the books, and from information derive
from all other sources.
In case of a failure to make II return
! and the collector is compelled to max
Il the return from information ootaine
as set forth he shall add so per cent
u the amount of tax as a penalty, and If
" is 4 false or fraudulent return he sha
u add 100 per cent to the tax as a pcnalt!
i All corporations doing business
this country, whether native or TO
# cign, must make returns Jul
s as made by individuals and the first r
/ turns of corporations must cover all NJ
c profits and income for the calendar yes
n 1894. The exemptions on the $4,000 q
d lowed to individuals are not allowed
4 corporations, but the returns must Gov
10 quired to keep accurate books of accou
W subject to the inspection of the collecto
r If the annual returns of corporations
re not made in due time according to La
lie the corporation thus failing shall pay
re penalty of $1,000 and per cent mon
IL on the tax due until paid.
e. Savings banks, mutual insurance col
H. panies and building and loan associatio
of are exempt by law from the payne
We of an income tax. The treasury depal
n ment is Of opinion that this exempti
was made for the benefit of small dept