Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-08-20

carried to the account of any fund, or
used for construction, enlargement of plant,
or any other expenditure or investment paid
from the net annual profits made or ac-
quired by said corporations, companies or
associations.
| There are certain corporations which en-
| Joy exemptions from the tax, which are
enumerat.d in the clause providing that
nothing in the law shall apply to states,
counties or municipalities; nor to corpora
tons, companies or associations organized
and conducted solely for charitable, re-
ligious or educational purposes; including
frsternal beneficiary societies, orders or as
sociations operating upon the lodge system
and providing for the payment of life, sick,
accident and other benefits to the members
of such societies, orders or associations and
dependents of such members; nor to the
| stocks, shares, funds or securities, held by
any fiduciary or trustee for charitable, re-
ligious or educational purposes; nor to
| building and loan associations or companies
which make loans only to'their sharehold-
ers; nor to such savings banks, savings in
ssitutioDs or societies as shall, first, have
no stockholders or members except deposl-
tors and no capital except deposits; second
| ly. shall not receive deposits to an aggre-
gate amount in any one year of more than
$1,000 from the same depositor; thirdly
shall not allow on accumulation or total of
deposits by any one depositor exceeding SlO,-
900; fourlhly, shall actually divide and dis
tribute to its depositors, ratably to deposits,
all the earnings over the necessary and
proper ex penses of such bank, institution
or society, except such as shall be applied
to surplus; filthy, shall not possess in any
form a surplus fund exceeding 10 per cent.
of its aggregate deposits; nor to such saw
ings banks, savings institutions or societies
composed of members who do not particl-
pate in the profits thereof and which pay
interest or dividends only to their deposit
tors; nor to that part of the business of
any savings bank, institution or other
similar association having capital stock
that is conducted on the mutual plan
solely for the benefit of its d, postors on
such plan and which shall keep its accounts
of its business conducted on such mutual plan
separate and apart from its other accounts !;
nor to any insurance company or associa-
ton which conducts all its business solely
upon the mutual plan, and only for the
benefit of its policy-holders or members,
and having no capital stock and no stock or
|
in trust and in reserve for its policy holders
or members; nor to that part of the bust
ness of any insurance company having a
capital stock and stock and shareholders
which is conducted on the mutual plan,
separate from its stock plan of insurance,
and solely for the benefit of the policy
holders and members insured on said mu-
tual plan, and holding all the property be-
longing to and derived from said mutual
part of its business in trust and reserve for
the benefit of its policy holders and mem
bers insured on such mutual plan.
| All officers, officials and other employees
of the United States, whose salaries are
over 81 900 yearly are to have the 2 per
cent. deducted when they are paid.
A penalty is provided for any collector
who may divulge the business Sc crets of
any person or corporation paying the tax !;
and the deputies are directed to go fire.
quently through the districts and enquire
after" all parties likely to have large in
comes.
| The reports from corporations are ar
ranged for in a provision that declares that
every corporation, company or association
doing bus mess for profit shall make and rem
der to the collector of its collection district,
on or before the first Monday of March in
every year. beginning with the year 1895,
full return, verified by oath or affirmation, in
such form as the commissioner of internal
revenue may prescribe, of all the following
matters for the whole calendar year last
preceding the date of such return:
First-The gross profits of such corpor-
alton, company or association, from all
kinds Of business of every name and ma
ture.
Second-The expenses of such corpora
ton, company or association, exclusive of
interest, annuities and dividends.
Third-The net profits of such corpora
ton, company or association, without al
lowance for interest, anuuities or dividends
Fourth-The amount paid on account of
interest, annuities and dividends stated sep
arately.
Fifth-The amount paid in salaries of
$4,000 or less to each person employed.
Sixth-The amount paid in salaries of
more than 81 900 to each person employed
AMI the name and address of each of such
persons and the amount paid to each.
All state, county, municipal and towns
taxes paid by corporations, companies or
associations, shall be included in the opera
ing and business expenses of such corpor-
aiion, companies or associations.
Il A section further provides that it
shall be the duty of any person,
partnership, firm, association or cor
poration, made liable to any duty,
| special tax or other tax imposed by law,
when not otherwise provided for in case of
special tax, on or before the 9lst day of
July in each year, in case of income tax on
or before the first Monday of March in
each year, and In other cases before the
day on which the taxes accrue, to make a
list or return, verified by oath or affirma-
ton, to the collector or deputy
collector of the district where loca-
ted, of the articles or objects,
including the amount of annual income,
charged with duty or tax, the quantity of
goods wares and merchandise made or sold,
and charged with tax, the several rates
and aggregate amount according to the
forms and regulations to be prescribed BY
the commissioner of internal revenue with
the approval of the secretary of the treas
ury, for which such person, partnership
! firm, association or corporation is liable.
Corporations and firms are required to
keep their books in such a way that the
collectors may inspect them to verify the