The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1894-12-21

Regulations Approved 10y the SEQ
rotary Of the Treasury
who Are subject to the Taxa ton How TO
MAX" Heturns-N hat the Gross Gains.
trohi and Income Inciude--
Deductions Allowed.

oi he treasury yester day approved the
sncanc TAX regulations. Every citizen
81 the nitcd states, whether residing
NJ nome or abroad. and every person
ressdia,r or doing business in the United
states who has an annual income Of
more than $500 is required Ia make
return under oath by the first Monday
an March "a each year. The first re.
turn - 10 include all income received
an the year 1894, from January to De-
cembcr 81. Guardians trustees and
MI corporations acting in any Judi
cial capacity are required 10 make
similar returns for minors. wards or
oenehciarie>- Persons having less
than $500 annual income are not re-
CURED to make returns. AL. Incomes
OF >f,pp0 and over are tax bile al > per
cent.
The person making return Is re-
quired 10 maze affidavit that he has m
cluded III said return all gains profits
aud income from every source what
ever received by him or to which he is
Justly entitled for that year, and that
he is honestly and truly entitled 10
make all the deductions entered on his
returns and that ne has truly answered
blank form.
The gross gains, profit and income.
returned Ly persons are TO include: |
Gross profits Of any trade. or business
wherever carried on: rents received
or accrued during the year: profits
from sales of real estate purchased
within two years; farming operations
and proceeds: money and value OF all
personal property acquired 10y gift or
inheritance; premiums on bonds.
stocks. notes and coupons: income
from trade or profession not by stated
salary and not heretofore enumerated:
from salary or compensation other
than that received from the United
States. from salary or compensation
paid by tho United states: undivided
gains and profits of any partnership: I
interes. received and accrued FROM all
rote>. bonds or other securities; inter- ,
est Oh bonds or coupons paic of any
corporation; dividends from CORPORA
tioEs. income OF wife or minor child or |
children: all other sources Of income I
not above enumerated
The deductions allowed on the re- |
turn are Four thousand dollars ex- 9
'mpt ~ law; interest due and paid I
within the year, national, state coun- o
~. school and municipal taxes paid, +
not aaciading assessments for local o
benefits; amounts expended in pur- Il
chase or production of live stock or @
produce sold within the wear: neces- e
SAY expenses. specified 10y items, actu- G
al4N occurred In carrying on any bust a
ness OF trade. losses actually sus- n
tanned during the year. specified. ;
actual losscs on sales IF real estate u
purchased within two years: debts :
contracted and ascertained in the wear d
10 be worthless: salary or compensa- e
ton over $4,000 from which the tax of N
: per centum has been withheld by
dis bursting officers OF the United states n
government; dividends included in the =
statement Of gross profits from corpo- ii
rations or which the . per cent tax !,
has been paid by such corpora tion. &c
IL any person fails to make return. ~
or makes false return. the collector =,
l. 70 make return for him from evil :,
dence obtained by summoning the per- i
son and examining his books, and from a,
all other evidence obtainable ind shall h.
add 50 per cent. 10 the amount Of tax b.
found due as penalty for neglect and Of
100 per cent penalty in case of fraud
llcnt return.
q II corporations, companies and as ~
'cciatons. both resident and foreign. -
long business in the United states y.
ire required TO make annual return of -,
act profits on a separate blank TO cover -
he calendar year ls9i The exemption ~
4 $4,000 allowed to persons is not to ~
'xtend TO corporations, but the return
must cover all net profits without ex- a.
mption.
The annual return of CORPORATIONS On
.u>t include: The gross profits from
a kinds of business; the expenses. ex-
.iusivr of interest. annuities. or divi- ",
ends: the net profits, without allow Ia
nee for interest. annuities or divi- ,ri
ends; the amount paid on account of ve,
interest. nnnuities and dividends: the in
mount paid in salaries of $4,000 or less IN,
? each employe. the amount paid in
llaries OF more than $4,000 to each Poi
mploye and the name and address Of ~.
ich employees ~;
Z he gross profits must include: All ~.
rotits Of any trade or business: inter- a.,
It or coupons, from bonds or other Sc 4
irities Of any corporation: dividends ri,
sccived from any corporations: undi- ON
ded profits of any corporation; cal
remium ON bonds, notes or stocks: ~;
or percentages; interest on sch
overnment securities not exempt by mo,
rs: interest on other notes, bonds or s,o
.curities; profits from sale OF real es- "a,
tie. from rents; profits from all other |,
,urces. TO be enumerated -.
The operating expenses must in Az,
udc Interest paid or accrued within ,nc
he year on bonded or other indebted nj,
rs OF such corporation losses actu- ~,
iy sustained during the year. which ~ ,
ust be separately stated and fully
sscribed as to cause, date and amount:
! taxes actually paid: salaries and
~ Of officers and employees actually Ace
lid during the year; rents and neces-
ry repairs: all other necessary ex- Ct
.nses. which must be itemzed and rem,
lily explained in the return. for