River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1894-12-20
HE INCOME TAX.
Features of This Provision as n Will Go
Into Operation.

Into Operation.
WASHINGTON. Dec. 14.-The secre-
tary of the treasury has approved the
income tax regulations. Every citizen
of the United States, whether residing
at home or abroad, and every person
residing or doing business in the United
States, who has an annual income
of more than $500. is required to
make return under oath before the
first Monday in March of each year.
The first return is TO inelude all income,
received in the year 1894, from
January / to December 81. Guar
dians, trustees and all corpora
tons acting in any fduciary
capacity are required to make similar
returns for minors, wards or benefici-
aries.
The gross gains, profits and in
comes returned by persons shall in
clude:
Il. Gross profits OF any trade, business or vo-
cation. wherever carried on.
20. Rents received OF accrued during the
year.
% Profits from sales Of real estate pur-
chased within two years
"A Farming operations and proceeds
% Money and value of all personal property
acquired BY gift of Inheritance.
&c Premium on bonds, stocks, notes and cou-
pons.
-. Income from trade or profession. not by
stated salary, and not heretofore enumerated
IS From salary or compensl tion other than
that received from the United States.
20. Undivided gains and profits of any part
nership.
10 Interest received or accrued from all
notes. bonds or other securities.
III. Interest on bonds or coupons paid OF any
corporation.
''12. Dividends from corporal ons.
ia Income of wife or minor child or chill
dren.
IA All other sources of income not above
enumerated"
The deductions allowed on the re
turn and therein enumera ted are:
II Four thousand dollars exempt by law
- Interest due and paid within the year
81 National state, county, school and mu-
nicipal taxes paid not including assessments
for local benefits
"A. Amount expended in purchase or produc-
tion of live stock or produce sold within the
year
IS. Necessary expenses. specified by items,
actually incurred in carrying on any business
or trade.
"6 Losses actually sustained during the
year specified
=. Actual losses on sales of real estate pur-
chased within two years.
IS. Debts contracted and ascertained in the
year to be worthless
% Salary or cOmpensa ton over $4,000 from
which the tax of 2 per oentum has been with
held by disbursing officers of the United States
government
10. Dividends included in the estimate OF
gross profits from corporations on which the 3
per cent tax has been paid by such corpora
ton :"
The annual return of corporations
must include:
Il The gross profits Of all kinds OF business.
- The expenses, exclusive of interest, an
nuities or dividends.
"a The net profits without allowance for in
terest, annuities or dividends.
n The amount paid on account OF interest,
annuitles and dividends.
- The amount paid in salaries OF 1900 or
less to e CHI enploye.
e The amount paid In salaries OF more than
$1,000 to each employe and the name and adj
dress of each Of such employees.
The gross profits include:
Il All profits of any trade or business.
- Interest or coupons from bonds or other
securities Of any corporation.
% Dividends received from any corporation
- Undivided profits of any corporation
o5 Premium Oh bonds notes and stocks
20 commission or percentage.
-. Interest on government securities not
exempt by law.
IS Interest on other notes, bonds and securi-
ties.
80 Profits from sales Of real estate.
40. From rents.
I'll. Profits from all other sources to be
enumerated"
Certain specified corporations for
charitable and like purposes and GER
tain savings banks, mutual insurance
compa mics and building and loan asso-
Citations, are exempt from income
tax In such cases 1t is
held by the department that
the intention of the exemption
is to extend it's benefits TO the small
depositors and benefciaries of such
mutual and savings institutions, and
that the corporations as such and
those who speculate in the shares,
stock or funds are not the intended
beneficiaries of the exemption.
1t is pro vided that no part of tn
salary, fees or emoluments of any
state, county or municipal officer shall
be subject to income tax, and no re-
turn thereof shall be made of the sal
airy or fees of such officers. Salary re-
ceived by government officials in 1894
shall be included in the first annual
return to be made on or before the
FIRST Monday in March, 1895.
If any person fails to make return,
or makes false return, the collector
is to make return for him from evil
dence obtained by summoning the per-
son and examining his books and from
all other evidence obtainable, and
shall add 80 per cent. to the amount of
tax found due as penalty for neglect
and 100 per cent. penalty in case of a
fraudulent return.
Severe penalties are imposed upon
all officers and other persons who
make known, in any manner, any fact
or particulars contained in or relating
to an annual return of any taxpayer,
or any fact as to the sources or amount
of the income of any such person. Col
Iectors are strictly directed by the
regulations to rigidly enforce this pro-
vision.
The tax on incomes for the year 1894
will be due and pays BILE on or before
the LIST day of July next. and If not
paid at that time the penalties will at
tach for non-paymenr.
WAS A DEATH BLOW.