The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1894-12-20

Ninth-Profts from sale of real estate
i Tenth-From rents.
Eleventh-Profits from all other source
Ito be enumerated.
The operating expenses shall includes:
Flrst-lnterest paid on or accrued with
IN the year on bonded and other indebt
edneSs of such corporations.
Second-LOsseS actually sustained
during the year, which must be separate
~ stated and fully described as to cause
date and amount of.
| Ihlrd-TaXeS annually paid.
Fourth-Salaries and pay of officers an(
employees actually paid during The year.
| Fifth-Rents and necessary repairs.
| SlNth-All old necessary expenses
which must be itemized and fully explain
ed in the return.
The net profits shall include:
Frst-All amounts paid to stockhold
ers and share holders.
Second-The amount of undivided
prOhts on hand or carried to surplus OF
any other fund.
Third-Amount of net profits used fol-
construction, enlargement and improve.
ment of plant.
Fourth-All other expenditures or in.
vestments from the net profits.
Corporations are requested to keep nc.
curate books of account, and may be re-
quested to allow collectors to insnect the
same in verified returns.
II the annual return is not filed with the
collector in the time required by law, the
corporation making default shall forfeit
a penalty of $1,000 and . per cent a
month on the tax due unpaid.
Certain specified corporations, for
charitable and like purposes certain saw
ings banks, mutual insurance companies
and hnil1iOu and Loan
exempt from income tax.
In such cases it is held by the depart
ment that the intention of the exemption
Is to extend benefits to the small de-
positors, and that the corporations. us
such, and those who speculate in shares,
stocks, or funds, are not beneiciaries of
the exemption.
Collectors are required to examine the
articles of incorporation and business
methods of corporations claiming eXemp-
ton, and where such are not within the
classes specifically exempt, to cause re-
turn to be made for taxation as in the
case of other corporations.
The tax due from salaries and pay of
employees of the United States will be
deducted from the first excess payment
over $1,000 by paymasters and disbursing
officers in paying the same.
1t is provided that no part of the sal
airy, Zee or emOluments of any state, coun-
ty or municipal officer is subject to income
tax, and no return thereof shall be made
of the salary or fees of such officers.
Salaries received by government officials
in 1894 shall be included in the first an
nual return to be made on or before the
first Monday in March, 1895. Appeals
and the method thereof are allowed and
prescribed in all cases where the persons
charged with the tax is dissatisfied with
the decision of deputy collector or col
lectors. In the first instance, the ap-
peal is to the collector, and if disatis-
fed with his decision, the appellant may
have the entire case with all the papers
and evidence relating thereto transfer
red to the commissioner of internal re-
venue for his decision.
Several penalties are imposed upon all
officers and other persons who make
known, i'll any manner, any facts or
particulars contained in or relating to any
taxpayer or any fact as to the amount
of the income of any such person. Col
lectOrs are strictly directed by the regu-
lations to rigidly enforce this provision.
AS all original returns are forwarded to
and filed into the office of the co,Amis-
sioner of internal revenue, the Oppor-
tunity for exposure of the facts protect
ed by this provision will be greatly re-
duced.
The tax on incomes for the year 1891
will be due and payable on or before the
LIST day of July next and if not paid at
that time the penalties will attach for
non-payment.
The collection of the tax when deln-
quent will be enforced in the same manner
as in cases Of enforcement and collec-
tons of other taxes under tim internal
revenue laws of the United States.