The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-12-14


States shall make annual return OF all
net profits above business and opera
ting expenses on separate blank pre-
pared for them, and when duly verified
by the oath Of the President or other
chief officer OF such corporation, the re-
turn must be delivered TO the collector
on or before the first Monday in Marcn
OF each year. ..
NO EXEMPTION.
The frat return Of corporations shall
cover all net profits and income for the
calendar year, 1894. The exemption Of
$4,000 allowed to persons is not extend
ed to corporations, but the return
must cover all net profits without ex-
emption. The annual return OF corpor-
atoms must include;
l. The gross profits from all kinds Of
business.
2. The expenses inclusive OF interest,
annuities or dividends.
8. The net profits without allowance
for interest, annuities or dividends.
4. The amount paid on account OF ill.,
terest, annuities and dividends.
s. The amount paid in salaries OF
1000 or less to each employe.
6. The amount paid in salaries OF
more than $1,000 to each employe, and
the name and tho address OF each OF
such employees. =.
The gross profits include:
!. All profits OF any trade or business.
2. Interest or coupons from bonds or
other securities of any corporation.
ntNriInrIa rnnatuaI from
poration.
4. Undivided profits OF any corpora
tion.
5. Premium on bonds, notes or
stocks. ...,
6. Commission or percentage.
7. Interest on government securities
not exempt by law.
s. Interest on other notes, bonds and
securities.
8. Profits from sales OF real estate.
10. From rents.
II. Profits from all other sources, to
be enumerated.
The operating expenses shall include:
l. Interest paid or accrued within
the year on bonded, or other indebted
ness of such corporation.
q Losses actually sustained during
the year, which must be separately
stated and fully described as to cause,
date and amount.
8. Ali taxes actually paid.
4. Salaries and pay OF officers and EN-.
ployes actually paid during the year.
3. Rents and necessary repairs.
g. All other necessary expenses which
must be itemized and fully explained iu
the return.
The net profits shall include:
l. All amounts paid TO stockholders
or shareholders.
.. The amount Of undivided profits on
hand orcarried to surplus, or any other
fund.
3. Amounts OF net profits used for
construction or improvement Of plant
4. Ali other expenditures or invest
ments from the net profits.
CAN PRY INTO YOUR BOOKS.
Corporations are requested to keep
accurate book account and may be re-
quested to allow collectors to- inspect
the same in verifying returns. II the
annual return is not filed with the COL
lector in time required by law the cor.
poration making default shall forfeit a
penalty OF one thousand dollars and
per cent month on the tax due until
paid.
Certain specified corporations for
charitable and like purposes and GER
tain saving banks. mutual insprance
companies and building and loan asso-
Citations are exempt from income tax.
In such cases it is held BY the depart
ment that the intention OF the exemp.
ton is to extend benefits to the small
depositors and beneticiaries OF such
mutual and saving institutions, and
that the corporations as such and those
who speculate in the shares, stock or
funds, are not beneiciaries OF the ex.
emption.
The tax due from shares OF officers
and from pay OF employees OF tho United
States will be deducted from the frat
excess payment over $4,000 by paymas-
ters and disbursing officers in paying
the same, and will be paid over to the
collectors OF the several districts where.
in such disbursng officers reside or
make payments. Itis provided that no
part OF the salary, fee. or emoIuments
OF any state, county or municipal officer
Is subject to income tax, aud no return
thereof shall be made OF tHe sal larry or
fees OF such ofliccrs. Salary received by
government officials in 1894 shall be in.
cluded in the first annual return, to be
made on or before the first Monday in
March, 1895.
APPEAEs.
Appeals, and the methods thereof, are
allowed and prescribed in all cases
whero the person charged with the tax
is dissatisfied with the decision of u
deputy collector. In the fret instance,
the appeal is to the collector, and If
dissatisfied with his decision, the appel
liant may have the entire cause, with
all papers and evidence relating there
to, transferred to the commissioner OF
internal revenue Tor his decision.
Severe penalties are imposed upon all
officers and other persons who make
known, in auy manner, any fact or
particulars contained in or relating to
any return OF tax payer or any fact as
TO the source or amount OF the income
OF any such person.
The tax on incomes for the year 1894
will be due and payable on or before the
frat day OF July next, and II not paid at
that time, the penalties wi III attnch for
non. payment. lhe collection OF the tax
whom delinquent will be enforced in the
same manner as In cases OF enforce
ment OF collections ofothcr taxes undor
thc internal rsyenCle laws OF tho United