Middlebury register. (Middlebury, Vt.) 1886-1937, 1894-12-21
THE INCOME TAX.

time they are here published. The gross
gains, profits and income returned by
persons shall include:
|. Gross profits of any trade, business
or vocation, wherever carried ON.
,. Rents received or accrued during
the year.
3. Profits from sales of real estate
purchased within two years.
4. Farming operations and proceeds.
>. Money and value Of all personal
property acquired by gift or Inheritance.
6. Premium on bonds, stocks, notes
and coupons.
:. Income from trade or profession
not by stated salary and not heretofore
enumerated.
s. From salary or compensation other
than that received from United States.
.. From salary or compens alton paid
by the United States.
10. Undivided gains and profits of
any partnership.
II. Interest received or accrued from
all notes, bonds or other securities.
u. Interest on bonds or coupons paid
of any corporations.
49, Dividends from operations.
liz Income of wife or minor children
or child.
IL. All other sources of income not
above enumerated.
The deduc ions allowed on the return
and therein enumerated are:
l. Four thousand dollars exempt by
law.
,. Interest due and paid within the
year.
3. National, state, county, school and
municipal taxes paid, not including
assessments for local benefits.
+. Amount expended in purchase or
production of live stock or produce sold
within the year.
,. 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
purchased within two Years.
s. Debts contracted and asccrtaned
in the year to he worthless.
.. Salary or compensation over $1,000,
from which the tax of per centum has
been withheld by discussing officers of
the United States government.
10. Dividends included in the estimate
gross profits from corporation on which
the per centum has .been paid by such
corporation.
All corporations. companies and assoc
Citations, both resident and foreign. doing
business for profit in the United States.
shall make an annual, return of all net
profits above business and operating eX-
penses on separate blank prepared for
them, and when duly verified by the oath
of the president or other chef officer of
such corporation. the returns must be
delivered to the collector on or before
the first Monday in March of each year
The first return of corporations shall
cover all net profits and income for the
calendar year 1891. The exemption of
$1,000 allowed to persons is not extended
to corporations, but the return must
cover all net profits without exemption,
The annual return of corporations must
include:
l, The gross profits from all kinds OF
business.
,. The expenses, exclusive of inter
est. aunuilies or dividends.
3. The net profits. without allowance
for interest, anuulies or dividends.
I. The amount paid on account Of
interest, annuilics and dividends.
). The amount paid in salaries OF
$1,000 or less to each empoye.
6. The amount paid in salaries q
more than $1,000 to each employe, anC
the name and address of each of sucl
p employees.
The gross prolits,mclude:
l. All profits of any trade or bust
ness.
,. Interest or coupons from bonds OF
other securities of any corporation.
,. Dividends srcceived from any cor
poration.
d 4. Undivided profits of any corpora
ton.
,. Premium on bonds, notes or stocks
6. Commission orpercentage.
:. Interest on government securities
not exempt by law.
:. Interest on other notes, bonds anC
, securities.
.. proits.from sales of real estate.
10. From rents.
II. Profits from all other sources, t.
be enumerated
3 The operating expenses shall include
X Interest paid or accrued within tn
year on bonds or other Indebtedness o
such corporation.
p ,. Losses actually sustained durn!
the year, which must be separately
! stated and fully described as to cause