The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1894-12-22

Featuros of This rrovision as IL Wih GO
Into Operation.

nj nome or hDTohds hho WHY PNA'DN
residing or doing business In the United |
states, who has an annual income |
OF more than $500. is required TO
make return under oath before the
first Monday in March OF each year.
The first return Is toinclude all income,
received in the year 1894, from
January / 20 December 81. Guar
dams, trustees and ali corpora
tions acting in any hduciary
capacity are required 60 make similar
returns for minors. wards or benetici-
aries.
The gross gains, profits and In
comes returned by persons shall in
clude:
~ Gross profits OF any trnda business or Vo-
cation. wherever carried on.
% Rents received or accrued during the
year.
"a Profits from sales OF real estate pur-
chased within two years.
"a Farming operations and proceeds
IS Money and value OF oil personal properly
acquired by Gift OF Inheritance
20 Premium on bonds, stocks, notes and cou-
pons.
stated salary. and not heretofore enumeratsu
e From salary or compensation other thah
that received from the United states
- Undivided gains and profits Of any part
nership.
10 Interest received or accrued from al
| notes bonds or other securities
III Interest on bonds or coupons paid OF any
| corporation.
"i2. Dividends from corporations.
ia Income Of wife or minor child or chill
dren
enumerated
The deductions allowed on the re
turn and therein enumerated are:
Il. -Four thousand dollars exempt by law
- Interest due and puid within the year
g National state, corhty. school ana mu-
nicipal taxes paid. not including asscssmehts
ior iocal bonchts
- Amount expended IN purchase or produce
tion OF live stock or produce sold WITHIN tho
As. Necessary oxpenses specified By items,
actually incurred Ia carry NJ on any business
"a Losses actually Sustained during tho
year specified
N Actual losses on sales OF real estate pur-
chased within two years,
rs Debts contracted asa ascertained IN the
year 20 bo Worthless
eQ salary or compensation over 5000 from
which tho tax or 2 per ccatum has been Wlih-
held by disbursng oincefs 81 tho bhltea states
30 Dividends includcd In the estimate q
gross profits from corporations on whicn the
per cent tax has been paid by such corpora
tion
The annual return Of corporations
must include:
-. Tho gross PROFITS o All kinds ~ business
, - The expenses, exclusive Of interest an
nultics or dividends
~a The net profits without allowance FOR Ia
tcrest annuitics or dividends
, "a The amount paid Gu account q Interest,"
nunuitlCs gnd dividends
"5 The amount puid Ia salaries OF tAVV1 .
2 less 90 each employe.
y 80 The amount paid ~ salaries OF more Una
z "A 900 20 each employee end the namo and al
dress OF each Of such employees
The gross profits include;
= Il An profits ot any trade or business.
+ % Interest or coupons from bonds or othc
o sqcurltios of any corporAtion
a 10 Dividends rcccivtl from any corporation
o "A Undivided proAts u any corporation.
o 20. Premium on bones notes and stocks
% "a Commission or percentage
n H. interest government securities nc
y IS Interest on Other notes, bonds and scour
tics
> 70 Profits from sales Of real estate
"a 40 From rents
"A enumerated"
II Certain specified corporations e
q charitable and like purposes and eel
y, tain savings banks mutual insurane
n companies and aiding and loan ass
or Citations, are eSempt from neon
tax. In such cases II
Of held by the department TIT
y the intention " the cxemptic
- IS TO extend its benefits TO the sma
~ depositors and bcneficiaries OF sue
- mutual and savings institutions, a.
o. that the corporations as such NJ
=, those who speculate in the share
RS stock or funds arc not the intend'
NJ bcnefciaries OF the exemption.
ny 1t is provided that no part OF Z
~ salary, fees or emoluments OF al
OF state, county or municipal officer sin
be subject TO income tax, and no
is turn thereof shall be made of the s.
IN, AIRY or fees of such officers. Salary !
~. ccived by government officials in IL
mt shall be included In the first annr
rctern 10 be made on or before
ms hrst Monday in March, 1895.
'to II any person fails TO make retul
ato or makes false return, the collect
no is 10 make return for him from c
20 dence obtained by summoning the p
III III son and examining his books and fr
all other evidence obtainablc, a
hat shall add so per ceut TO the amount
tho tax found due as penalty for negl
ana and 100 per cent penalty in case OF
~ fraudulent return.
severe penalties are imposed NJ
,eet all officers and other persons v
not make known, in any manner, any
ag- or particulars contained in or relat
ms To an annual return of any taXpa,
tied or any fact as To the sources or amo
cir OF the income of any such person.
lake lectors are strictly directed by
,. tns regulations 10 rigidly enforce this !
ould vision
con- The tax on incomes for the year
II will be due and payable on or be
'9 ,Ss the ist day or July next. and II
bIii paid at that time the penalties will
A IN tach for non-payment
ave |
ting. Provisions for Nebraska sufferers