Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1894-11-08

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: lsources of income in the United States
: and complying with the provisions O
5 In computing income lie shall includ
+ section % of this. act. as if a resident
' in computing income he shall includ
| all income from every source, but Ill
, less he be a citizen of the U'uite'
States he shall only pay on the par
f of the income which is derived from
amy source in the United States. Ii
case such nonresident fails to file Sucl
statement, the collector of each dis
. trict shall collect the tax on the income
derived from property situated III hi
It1istrict subject to income tax, making
mo allowance for exemptions, and III
property belonging to such non-resi
dent shall be liable to distraint fol
tax: Provided, that nonresident cor
pOratiOns shall be subject to the same
laws as to tax as resident corporations
md the collection of the tax shall be
made in the same manner as provided
for collections of taxes against non
resident persons.
Section b. That there shall be as
seSsed, levied and collected, except as
herein otherwise provided, a tax of :
per centuIn annually on the net profits
or income above actual operating and
business expenses, including expenses
for materials purchased for manufact-
ure or bought for sale, losses and in
tereSt on bonded and other indebted
j ness of all banks, banking institutions,
trust companies, savings institutions,
fire, marine, life and other insurance
companies, railroad, canal, turnpike.
canal navigation, slack water, tele-
phone, telegraph, express, electric
light, gas, water, street railway COM
panies, and all other corporations, com
panieS or associations doing business
for profit i'll the United States, no mat
ter how created and organized, but
not including partnerships.
The said tax shall be paid on or be-
fore the first day Of July in each year;
and if the president or other chief Of
ticer of any corpora ton, company or
association, or in the case Of any for
eign corporation, company or associa-
ton, the resident manager or agent,
shall neglect or refuse to file with the
collector of the internal revenue dis
trict in which said corporation, com
pany or association shall be located
or be engaged in business, a statement
verified by his oath or affirmation. i'll
such form as shall be prescribed by
the commissioner Of internal revenue
With the approval of the secretary of
the treasury, showing the amount Of
net profits or income received by said
corporation, company or association
during the whole calendar year last
preceding the date Of filing said state
ment. rs hereinafter required, the cor
pOration, company or aSSOcia ton max
ing default shall forfeit as Il penalty
the sum Of 81 900 and , per centum
on the amount of taxes due for each
month until the same is paid. the pay
ment of said penalty to be enforced as
provided in other cases of neglect and
refusal to make return Of taxes under
the internal revenue laws.
The net profits or income Of ali cor
pOratlOns, companies or associations
shall include the amounts pald 10
shareholders or carried to the account
of any fund, or used for construction,
enlargement of plant, or any other eX-
penditure or investment paid from the
net annual profits made or acquired
by said corporations, companies or as
sOciationS.
That nothing herein contained shall
apply to states, counties or municipali-
ties; nor to corporations, companies or
associations organized and conducted
solely for charitable. religious or cdu-
cational purposes; including fraternai
beneficiary societies, orders or asso-
Citations operating upon the lodge Sys-
tenn and providing for the payment OF
life, sick accident and other benefits
to the members of such societies, or
ders or associations and dependent
upon such members; nor to the stocks,
shares. funds or securities held by any
tiduciary or trustee for charitable, re-
ligiOus or educational purposes; nor to
building and loan associations or COM
panies which make loans only to their
shareholders; nor to such savings
banks. savings institutions or societies
as shall. first. have no stockholders or
members except depositors and no
capital except deposits; secondly,
shall not receive deposits to an aggre-
gate amount in any one year of more
than $1,000 for the same depOSitor;
thirdly, shall not allow an accumula-
ton or total of deposits by any one
depositor exceeding $4,000; fourthly,
shall actually divide and distribute to
it's depositors, ratably to deposits. all
the earnings over the necessary and
proper expenses of such bank, institu-
ton or society, except such as shall
be applied to surplus; filthy, shall not
possess, in any form, a surplus fund
exceeding 10 per centum of it's aggre-
gate deposits; nor to such savings
banks savings institutions or societies
composed of members who do not par
ticipate in the profits thereof and
which pay interest or dividends only
to their depositors; nor to that part OF
the business of any savings bank, in
stitutiOn or other similar association
having a capital stock that is con-
Quoted on the mutual plan solely for
the benefit of its depositors on such
plan and which shall keep its accounts
of it's business conducted on such mu-
tuaI plan separate and apart from its
other accounts; nor to any insurance
company or association which conducts