The Irish standard., 1894-01-27
TAX ON INcoMEs

The bill goes into effect January 1. 1895.
IN estimating incomes there shall be
included notes, bonds end other secur
ities except such United States bonds
as are exempt from federal taxation The tag
II laid on profits realized within the year from
sales of real estate purchased within the year
or within two years previous to the year for
which the income is estimated: also on
sales of live stock and farm products
generally where grown upon ones own estate;
oil Other incomes derived from any source
whatever and the share Of any person OF tho
profits OF companies, whether incorporated or
partnership who would be entitled to the same
Il divided whether divided or otherwise, except
the incomes received from corporations whose
officers, as required by law, withhold q per
sentum Of thu dividends and pay the same to
the officer authorized to receive 1t.
Some Deductions.
In addition to the $4,000 exemption, all nar
toLRl, state and county taxes paid within tho
year shall be deducted from the profits OF tho
person who has actually paid them; also losses
sustained during the year from fires, shfpwreck
and other causes not covered by insurance and
compensated for, and worthless debts, but
excluding estimated depreciation Of value and
losses on sales of real estate No deduction
shall be made for improvements which may
increase the value of the property or estate
Only one deduction OF "a, 900 shall be made from
the aRgregate income OF the members Of any
family.
How Returns Are to he Made.
Every person having an income of more than
"a, 500 shall make return to the deputy col
lector Of the district in which he resides OF the
amount Of his income; but persons having less
than So 500 year shall not make such y report
These returns shall be made OIL oath and the
deputy collector may increase the amount OF
any list or return it ii he has reason to believe
that it has been understated. AS penalty
vnF, fr,y Ito Va Hot fv
hector may make up such list according 10 tho
best Information obtainable aud add 50 per
cent to the amount In cases where fraudu-
lent list has beer rendered penalty Of 100 per
cent shall be added
The bill provides ut some length the manner
IN which persons dissalisf1 with the decision
Of the collector may submit their case 10 the
commissioner Of internal revenue. The tax
shall be collected oE or before the list day Of
each JULY and an additional tax Of per cent
shall be laid on payment after that date, and
interest at the rate Of per cent a mouth upon
the amount of the tax
All persons in the civil, military, naval or
other service OF the United States, including
senator's representatives and delegates in con-
lRress, shall pay 8 per cent. tax upon incomes
above a, 900 year. This amount shall be de-
Quoted from their incomes by the disbursing
officers making the payment
Information Must BE Kept Secret.
The bill provides that when any revenue
ad1loer divulges the operations of manufao-
,turer OIL producer the amount or source of
his income he shall be subject to dne and i'm
|prisonn1ent Tho deputy collector shall
make lists Of persons owning property
subject to tax and 1t shall oe the
duty OF persons. firms and corporations
made liable to any duty. special or other tax
special tax on or before July 81, annually In
case Of income tax on or before March l, annu'
ally. and in other cases before the tax Accrues,
70 furnish the deputy collector complete lists
ct taxable property. In case suoh person fails
but permits the deputy to make up the return
such lists may be received upon oath.
\ Liabilities Of Corporations.
, Section II OF the bill relates to corporations
1t requires them to make return before the
tenth day Of the month following the declara.
tiou OF dividends under oath by the principal
officer
Section IL requires corpora lions to furnish,
beginning 1895. OH or before che first Monday
of 1000 leach year,, statement showing the
gross profits expenses, exclusion Of interests.
annu1ttes and dividends net profit s without al
2owanca for the same. amount paid ON account
Of interest, annuittes and dividends, amount
paid for salaries, employees above aud below
$4,000.
Section II levies taxes upon corpora ton divi-
dends interest coupons and annutties where.
whatsoever, and provides that the corporation
may deduct or retain from all payments made
on account Of such dividends, etc. q proper
uonate share Of the tax so paid.
Section Is provides Tor the Issue OF receipts
by collectors for taxes paid, and whenever the
payment Ia made otherwise than by corpora
ton the collector may give separate receipt
for each tax paid by any debtor on account OF
payments to separate creditors in suoh form
that the debtor can present them to his cred
itors In satisfaction Of their respective do.
uands to the amount specified In such re-.
ceipts
Sections TO- II and 10 are not OF public In.
formation, but are simply administrative
Tax ON Playing Cards.
Section 10 provides that after date In 1924
there shall be q tax Of : cents q pack on play
ing cards, payable by adhesive stamps.
Sections 20 TO 70 Qnclusive) are explanatory
OF section 10, and provide penalties for viola
tion and evasion Of the law.
IL Spirits Taxed 81 . Gallon.
). Section % fixes the tax, on and after the SEQ
end calendar month after the passage OF tho
the United States on which the tax 10
not paid before that day ct one dol
lar per proof gallon to be paid By
the possesscr on or before removal from
warehouse within eight years from the
date Of original entry for deposit in any distil
Rry OF OO0OSu WareuOu8G, except Al Cax08 OI
withdrawal without payment of tax ss now
authorized by law.
Section 30 continues existing warehouse
bonds on stilled spirits in full force for the
time named In the bonds Whom the tax Is
paid, on and after that date, there shall be
added to the present tax Of ~ cents q SUFFICIENT
tax to make the total equal to 81. Bonds may
DO required for the additional tax.
Section 81 provides for regauginR OF spirits
uDOu withdrawal limiting the allowance for |
loss to gallon for two months and 11,s gallons !
tor twelve months.
Section 81, the last repeats all incons,stent
acts. e ts
Big Pile OF Counterfeit Coins.
. LOUISVILLE, KY, Jan. 81 - About
CSC, 600 in counterfeit money was I'M
earthed here Sunday by q woman who !
was digging some roots for tea. Each
piece Of coin was wrapped In tissue
paper and but little OF Il was tar-|
nished. n Il. U