Morris tribune., 1894-12-19
THE INCOME TAX.
The Secretary Of State Approves
the Rules and Regulations.
Returns Must Ise Made by All with In
comes In Excess of S3.5OO-Tax of
2 Per Cent. Imposed on Those
of $4,000 or Over.

| 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 include all income,
received in the year 1894, from
January 1 to December 81. Guar
dams, trustees and all corpora
tions acting in any tiduciary
capacity are required to make similar
returns for minors, wards or benefici-
aries Persons having less than $500
annual income are not required TO
make returns. All incomes of $4,000
and over are taxable 2 per cent. The
person making returns is required to
make affidavit that he has included in
said return all gains, profits and income
from every source whatever received
by him or TO which he is justly en-
titled for that year, and that he is
shuu truly CIGlUiCA w lAdhC Oil
the deductions entered on his returns
and that he has truly answered the
Undergraduates set forth on said blank
form.
How Income Is Ascertained.
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 or accrued during the
year
Is. Profits from sales of real estate pur-
chased within two years.
II Farming operations and proceeds.
"5 Money and value Of all personal property
acquired b. gift of Inheritance.
rs Premium on bonds, stocks, notes and cou-
pons
~ Income from trade or profession not by
stated salary, and not heretofore enumerated.
rs. From salary or Compens ton other than
that received from the United States
20 Undivided gains and protts OF any part
nership
10. Interest received or accrued from all
notes, bonds or other securities.
III. Interest on binds or coupons paid Of any
corporation.
"1?. Dividends from corporations.
''13 Income of wife or minor child or chill
dren.
IA All other sources of income not above
enumerated"
Deductions Allowed.
The deductions allowed on the re
turn and therein enumerated are:
Il. Four thousand dollars exempt by law.
q. Interest due and paid within the year
%. National state, coLnty. school and mu-
nicipal taxes p id. not including assessments
for local benefits.
II. 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.
&c Losses actually sustained during the
year specified
u Actual losses on sales of real estate pur-
chased within two years
80 Debts contracted and ascertained in the
year to be worthless.
20 Salary or compensation over s4,0OJ from
which the tax of2 per centum 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 !:
per cent tax has been p1ii by such corpora
ton "
For Corporations.