Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-12-14

been Withheld by dlsburslng otiiccrs Of
me United States government.
~. dividends lnciuaed in the csti-
mate OF gross prohts from corpora
uons on which the ? per cent tax has
osen paia by such corporation.
IN the case Of non-rcsiaents the re-
turn must be made and nled Ia the
manner provided for resldenis. and Il
50 hled The collector must make re-
turn Tor the nonresident, malang no
allowance for exemption III any per
son Ian 10 make return In the manner
ahl thc time provided by law, or make
a iaise or fraudulent return, the col
rector shall make the return from tho
evidence obtained BY summoning the
person ana examining the hooks, and
rom ali other evidence obtainable,
ana shall add 80 per cent Of the taS
found due as a penalty In case OF M,
slset or refusal TO make return md
NV per cent penalty in case OF a false
or fraudulent return. The penalties
ana interest VIII be added after NOTICE
20 the party and full hearing II such
is desired by him. Where the tax has
neen returned aud paid In another
uistrlci, ana whore the party has not
taxable Income. he may so declare IN
printed aiiidavits on the blank annual
All corporations. companies aud as.
soslauons, both resident and foreign.
doing business for profit IN the Unlted
States shali make annual returns 81 nil
net profits above business and opera
uhs expenses on a separate blank pre-
pared Tor them and when duly verified
py the oath OF the president or other
ehlef officer of such corporation, the re-
turn must be delivered to the collector
on or before the first Monday OF March
OF each year, The first return OF cor-
VuFAuons shan cover all net profits and
income for the calender year 1894 The
exemption OF $4,000 allowed to persons
4 not extended TO corporations, but
the return must cover all net profits
without exemptions The annual re-
turn OF corporations must Include:
!, The gross profits OF all kinds Of
business.
z. The expenses exclusive OF interest,
annnlties or dividends.
J. The net profits without allowance
Tor interest unnuities or dividends.
= the amount paid on account OF
interest. anultles and dividend.
Q, Tho amount paid in salaries OF
NVVV or less 20 each employee.
y. Ihe amount paid In salaries OF
more than $4,000 to each empioye. and
the name and address OF each OF such
employees.
The gross profits include.
l. All profits OF any trade or busl-
ness.
z. Interest on coupons from bonds or
other securities OF any corporation
., Dividends received from any cor
poration,
4. Undivided proats OF any corpora
.. Premium on bonds. notes or stocks.
9. Commission and percentage.
q interest on government securities
not exempt by law.
:, interest ON other notes. bonds and
securities.
q Profits from sales of real estate.
10. From rents.
II. Profits from all other sources 10
be enumerated.
The operating expenses shall include:
l. Interest paid or accrued within the
year oil bonded and other Indebtedness
Of such corporations
2. Losses actually sustained during
the year, which must be separately
stated and fully described as TO cause,
date and amount.
8. All taxes annually paid.
=. Salaries and pay OF officers and
employees nctually paid during the year.
b. Rents and necessary repairN.
6. Al other necessary expenses which
must be iiemised and fully explained in
the return.
The net profits shall Include:
!, All amounts paid 10 stockholders
and shareholders.
2. The amount OF undivided profits
on hand or carried TO surplus or any
other fund.
g. Amount OF not profits used for con-
structlon, enlargement and improve |
ment of plant.
4, Al other expenditures or invest
mcnta from the net profits.
Corporations are required TO keep ac- |
'urate books OF account and may be |
requested to allow collectors to inspect |
he same In verified returns. IL the |
annual return Is not filed with the col |
lector In the time required BY law the |
making default shall for |
felt a penalty OF $1,000 and per cent
month on the tax due until paid.
Certain specified corporations for |
charitable and like purposes, certain |
awnings banks. mutual Insurance COM
,anies and building and loan nssocla-
ions are exempt from income tax. In
iuch cases II Is held by the department |
hat the intention OF the exemption is
o extend benefits 10 the small deposit
,rs and bencnclaries OF such mutual
md savings institutions. and that the
'prporatlons, aA fuch, ana those VINO
ipeculate IN shares. stock or funds are
lot beneflciaries OF the exemption.
Collectors are required to examine
he articles Of Incorporation and bust
less methods OF corporations claiming
and where such are not
within the classes specifically exempt.
o cause return 20 be made for taxation
rs IN case Of other corporations.
The tax due from salaries OF officers
md from the pay OF employees OF the
United States will be deducted from
he frst excess payment over $1,000 by
and disburslng officers in