The record-union., 1894-12-14

sustained during the year. which must be
separately stated and fully described as
10 cause, date and amount: 49, all taxes
actually paid; ~, salaries and pay of Of
ncers ana employees actually paid during
lne lc year; (0), rents and necessary repairs:
oj, an other necessary expenses, which
must De ltemlZed and fully explained in
| there turn ~
Inc net profits shall include: l) All
amounts paid to stock holders or share
holders; % the amount of undivided
prohts on hand or carried to surplus or
any otner 1und; ~ amount of net profits
| useu Ior construction, enlargement or
Improvement of plant; a. all other ex-
| pend1tures or investments from the net
profits. o'
corporations are required to keep ac-
cnrate books of accounts, and NAV be
requested to allow Collectors 10 in
spect the same IN verification of tho
returns. Ii the annual return is not
MED with the Collector in the time
| required by law, the corporation making
ueIault shall forfeit a penalty OF 81. 900
! ana per cent. month on the tax dne
/ until paid.
Certain specified corporations for chari-
taole ahu nke purposes and savings
! banks, mutual insurance comnanies and
| building aud loan associations arc ev-
enlpt from income tax. In such cases il
| IS heId by the Department that the i'm
tehtIon OF tne exemption is to extend
| DEMENT'S 10 the.small depositors and bene-
I!ciaries OF such mutual savings institu-
tons, and that the CORPORATIONS. such 90
Inose VINO speculate in the shares. stocks
or 1unds are not benficiaries of the ex
! emption. "a
Co!lectors are required to examine the
articles OF incorporation and business
uletnods OF corporations claiming exemp-
tion; ana which are not in the class speci-
a "
lot taxation, as IN the case of other COR
poratlons.
Inc Tax due from salaries of officers
anu fom pay OF employed OF the United
States, Will be deducted from the first exN
cess payment over $4,000 by paymasters
anu olsourslng officers in paying the
same, and will be paid over to the Col
lectorS OF the several districts wherein
such dlsbursing officers reside or make
pay yhents. 1t is provided that no part of
the salary, fees or emolumeuls of anv
otate, county or municipal officer is
subject to income tax, and no return
Lhereoi snail be made of the salary or
ices ol such oHlcers. Salaries received
oy government officials in 1894 shall he
included In the first annual return to he
maze on or before the first Monday i'm
March, 1885, -
Appeals from, and the methods thereof
are allowed and prescribed in ali cases
'h0 persons charged with the tax
is dissatisfied with the decision of n
deputy Collector or Collector. In the
nFst instance, the appeal is to the Col
lector, and II dissatisfied with his de-
cislon the appellant may have the entire
case, with all the papers and evidence re-
latlng thereto, referred to the Commits
sloner OF Internal Revenue for his de-
ciSion.
Severe penalties are imposed on al,
olncers and other persons who make
huoWh IN any manner or in any fact or
any particulars contained in or reIatjno
70 any return OF any taxpayer. or anV
TACT as 10 the source of amount of the in
come OF any such persons. Collectors
are strictly directed by the regulations to
rigidly enforce this provision, as all orig
maj returns are forwarded to and filed In
the Office OF the Commissioner of Internal
Revenue. and the opportunity for expos-
hre OF the facts protected by this pro-
vision will be greatly reduced.
1he tax on incomes for the wear 1904
Will be due and payable on or before tine
nrst day Of July next, and if not paid at
that time the penalties Will attach for
non-payment.
Inc collection of the tax when delin-
quent VIII be enforced in the same man
ner as III cases of enforcement and coIlec-
tlohS OF other taxes under the internal
revenue laws OF the United States.