Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1894-12-20

WASHINGTON. Dec. 14.-The secretary
OF the treasury yesterday 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 s., 500 is required to make
return under oath by the first Monday
in March in each year. The first re-
turn is to include all income received
in the year 1894, from January to De-
cember 81. Guardians, trustees and
all corporations acting in any judi
cial capacity are required to make
similar returns for minors, wards or
benefciaries- Persons having less
than S., 500 annual income are not re-
quired to make returns. All incomes
of 81 900 and over are tax able at per
cent.
The person making return Is re-
quired to make affidavit that he has in
cluded in said return all gains. profits
and income from every source what
ever received by him or to which he is
justly entitled for that year, and that
he is honestly and truly entitled to
make all the deductions entered on his
returns and that he has truly answered
the interrogatories set forth on said
blank form.
The gross gains, profit and income,
returned by persons are to include:
Gross profits of any trade, or business
wherever carried on; rents received
or accrued during the year; profits
from sales of real estate purchased
within two years; farming operations
and proceeds; money and value of all
personal property acquired by gift or
Inheritance; premiums on bonds,
stocks, notes and coupons; income
from trade or profession not by stated
salary and not heretofore enumerated;
from salary Or compensation other
than that received from the United
States; from salary or compensation
paid by the United States; undivided
gains and profits of any partnership;
interest received and accrued from all
notes, bonds or other securities; inter
est on bonds or coupons paid of any
corporation; dividends from corpora
tions; income of wife or minor child or
children; all other sources of income
not above enumerated
The deductions allowed on the re-
turn are: Four thousand dollars ex-
empt by law; interest due and paid
within the year; national, state, coun-
ty, school and municipal taxes paid,
not including assessments for local
benefits; amounts expended in pur-
chase or production of live stock or
produce sold within the year; neces-
sary expenses, specified by items, actu-
ally incurred in carrying on any bust
ness or trade; losses actually sus-
tanned during the year, specified;
actual losses on sales of real estate
purchased within two years: debts
contracted and ascertained in the year
to be worthless; salary or compensa-
ton over 81, 900 from which the tax of
2 per centum has been withheld by
discussing officers of the United States
government; dividends included in the
statement of gross profits from corpo-
rations on which the per cent. tax
has been paid by such corporation.
If any person fails to make return,
or makes false return, the collector
is to make return for him from evil
dence obtained by summoning the per-
son and examining his books, and from
all other evidence obtainable, and shall
add so per cent. to the amount of tax
found due as penalty for neglect and
100 per cent. penalty in case of fraud
ulent return.
All corporations, companies and as
sociations, both resident and foreign,
doing business in the United States,
To ~
net profits on a separate blank to cover
the calendar year 1894. The exemption
of 81 900 allowed to persons is not to
extend to corporations, but the return
must cover all net profits without ex-
emption.
The annual return of corporations
must include: The gross profits from
all kinds of business; the expenses, ex-
elusive of interest, annuities, or divi-
dends; the net profits, without allow
ance for interest, annuities or divi-
dends; the amount paid on account of
interest, annuities and dividends; the
amount paid in salaries of 81, 600 or less
to each employee; the amount paid in
salaries of more than $4,000 to each
employee and the name and address of
such employees.
The gross profits must include: All
profits of any trade or business; inter
est or coupons, from bonds or other Sc
curities of any corporation; dividends
received from any corporations; undi-
vided profits of any corporation;
premium on bonds, notes Or stocks;
commission or percentages; interest on
government securities. not exempt by
layv. ipteraSt IN other notes bonds or
securities; profits from sale of real es-
tate; from rents; profits from all other
sources, to be enumerated.
The operating expenses must in
clude: Interest paid or accrued within
the year on bonded or other indebted
ness of such corporation; losses actu-
ally sustained during the year, which
must be separately stated and fully
described as to cause, date and amount;
all taxes actually paid; salaries and
pay of officers and employees actually
paid during the year; rents and neces-
sary repairs; all other necessary ex-
penses, which must be itemized and
fully explained in the return.
The net profits are to include: All
amounts paid to stockholders; the
amount of undivided profits carried to
surplus or any other fund; amount of
net profit used for construction, en-
largement or improvement of plant;
all other expenditures or investments
from the net profits.
Certain. specified corporations for
charitable and like purposes and GER
tain savings banks, mutual insurance
companies and building and loan asso-