The record-union., 1894-12-14
Special to the REcoRD-US1ox.

of the Treasury to-day approved the reg
ulations prescribed by the Commissioner
of Internal Revenue for the enforcement
Of the collection of the income tax under
the late Tariff Act. Under the regulations
provided and approved, pursuant TO law,
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., 800, shall make
full re'urn of the same, verified by his
oath, to the Collector OF Inteanal Revenue
of the collection district in which he re-
sides, or if not resident, in which his
business or property from which income
is received is situated, on or before the
first Monday of March of each year. The
first return under the law shall be made
on or before the first Monday in March,
1896, and shall include all income from
every source received III the year 1894,
from the 1st day of January to the 3ist
day of Decembe of said year.
Guardians, trustees and all persons and
corporations acting in any tiduclary ca
pacity are required to make similar re-
turns for all minors, wards or beneti-
ciaries for which they act. The affidavit
attached to the list must be subscribed
and sworn to by the person making the
return, and is TO the effect that the attiaut
has included said returns, ali gains,
profits, and incomes from every source
whatsoever, received by him or to which
he is justly entitled Tor that year, and
that he is honestly and truly entitled to
make all the deductions entered on his
return, and that he has truly answered
the interrogatories set forth on said blank
form. When completed and duly yeri-
a Inv a n nrty
the same, the same must be delivered by
mail or otherwise to the Collector at any
time between the first daY of January
and the first Monday of March in each
year.
The gross gains, profits and incomes
returned by persons shall include:
Eirst-Gross profits of any trade, buSi-
ness or vocation wherever carried on:
seconG-rents received or accrued during
the year; thlrd-prOtlts from sales of real
estate purchased within TWO years;
1ourth-farnling operations and proceeds;
titth-mOney and value of all personal
property acquired by gift and inherit
ance; siXth-premium on bonds, stocks
notes and coupons: seventh-income from
trade or profession, not by stated salary
and not heretofore enumerated; eighth
from salary or compensation other than
that received from the nited States;
ninth-undivided gains and profits of any
accrued from all notes, bonds or other
securities; eleyenth-interest on bonds or
coupons paid OF any corporation; twelfth
dividends from corporations: thirteenth
income OF wife of mirror child or chill
dren; fourteenth-all other sources
OF income not above enumerated:
The deductions allowed in the return
and therein enumerated are: Q) $4,000
exempt by law; (2) interest due and paid
within the year; ~ national, State, coun-
ty, school and municipal taxes paid, not
including assessments for local benefits:
a. amount expended in purchase or pro-
duction of livestock or produce sold with
IN the year; (o) necessary expenses, specI-
lied by items actually incurred in carry
ing on any business or trade; 6) losses
actually sustained during the year speci-
fed: % actual losses on sales OF real
estate purchased within two years; (S)
debts contracted and ascertained in the
year to be worthless; 90 salary or COM
pensation over $4,000 from which the tax
of per centum has been withheld by
Gisbursing officers Of The United States
Government; tl0) dividends included in
the estimates Of gross profits from COR
porations on which the 10 per cent. has
been paid by such corporations.
In the case OF non-residents, the return
must be made and filed in the manner
provided by residents, and if not so filed.
the Collector must make return for the
nonresident, making no allowance for
exemption.
If any person fails to make return in
the manner and time provided by law, or
makes false or fraudulent return. the
Collector shall make the return from evil
Qence obtained by Summoning the person
and examining his books, aud from ali
other evidence obtained, and shall add :
per cent to the amount OF the tax found
due as penalty, as in the case OF refusal
nj
cent. penalty III case of u false or fraudu-
lent leturn. The penalties and interest
will be ADDED, after notice to the party
and fail hearing, if such is desired by
him. " here the tax has been returned
and paid III another district, or where the
party has not taxable income, he NAV
so declare in printed atfidavits on the
blank annual returns.
All cOrporatlonS, companies and asso-
Citations, both resident and foreign doino
business for profit in the United States
shall make annual return of all net prof
Its above business and operating ex-
penses an separate blank prepared for
them, and when duly verified by the
oath of the President or other chief Off
GERS OF such corporation. the return must
be delivered to the Collector on or before
the first Monday In March OF each wear
The first return of corporations Shall
cover all net profits and interest for tho
" Nt.iG H.
lowed TO persons is not extended to cor
porations, but the returns must cover all
net profits without exemption
The annual return of CORPORATIONS
must include: u, the gross profits OF ali
kinds oil business; (2), the ex penses ex-
elusive of interest, aunuities and diyi-
dends; (3), the net profits without allow
ance for interest, annuitles or dividends.
(4, the amount paid on account of inter.
est, annuities and dividends; t5), the
amount paid in salaries of four thousand
dollars or less to each employe; tGl, the
amount paid in salaries OF more than four
thousand dollars to each employe, and
the names and address of each of such
employees.
'fne gross profits include: o., all
profits OF any trade or business; % inter-
est or coupons from bonds or other Sc
curities of any corporation; t5) dividends
received from any corporations: ~ unGi-
yided profits OF any corporation; l5} pre-
minm on bonds, notes or stocks;st6l COM
mission or percentage; "a interest on
government securities not exempted by
law; (o) interest on other notes. bonds and
securities: 60 profits from sales OF real
estate; liO) from rents; lll) profits from
all other sources, to be enumerated.
The operating expenses shall include:
~, interest paid or accrued within the
year on the bonded or other indebted
ness OF such corporation; (2), loss actually