The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1894-12-20
THE INCOME TAX.
REGULATIONS FOR THE EN-
FORCEAIENT OF ITS COL
LECTION.

I LECTION.
Every Citizen with an Income Exceeding
$500 Must Make Il Return, Veri-
fed by Oath, on or Before the
First Monday in March.
Washington, Dec. 13.-The secretary
of the treasury today approved the regu-
latiOns prescribed by the commissioner of
internal revenue for the enforcement of
he collection of the income tax under the
late tariff law. Under the regulations pro-
vided and approved, pursuant to law every
citizen of the United States, whether re-
siding at home or abroad, and every citi-
zen residing or doing business in the
United States who has an annual income
of more than $500, shall make q full re-
turn of the same, verified by his oath, to
the collector of internal revenue of the
collection district in which he resides, or
If not a resident, in which his property
from which his income is received is
situated, on or before the first Monday in
March of each year. The first return
under the law shall be made on or be-
fore the first Monday in March, 1895,
and shall include all incomes from every
source received in the year 1894, from the
lISI VI W Tie OlSI Ol DcCeIlDeT
in said year. Guardians, trustees and all
persons and corporations acting in jul
dicary capacity are required to make
similar returns for all minor wards, or
beneficiaries for whom they act. The aft
davitS attached to the list must be sub
scribed and sworn to by the person max
ing the returns and is to the effect that
the atfiant has included in said list all
gains, profits and incomes from any source
whatever received by him, or to which
he is justly entitled for that year; and
that he is honestly and truly entitled to
make all deductions entered on by return,
and that he has truly answered the inter-
rogatories set forth on said blank for
that. When completed and duly verified
by the oath of the person rendering the
same, the return must be mailed or other
wise sent 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 re-
turned by persons shall include:
First-Gross profits of any trade, bust
ness or vocation, wherever carried on.
Second-Rents received or accrued dur
ing the year.
Third-Profts from sales of real estate
purchased within two years.
Fourth-Farming operations.
Fifth-The money value of all personal
acquired by inheritance.
SiXth-Premium on bonds, stocks, notes
and coupons.
Seventh-Income from trade or profess
sion not stated and salary not heretofore
Eighth-From salary or competition
other than that received from the United
States.
Ninth-Undivided gains and profits of
any partnership.
Tenth-Interest received or accrued
from all notes, bonds or other securities.
acknowledgements on bonds or coupons
paid Of any corporation.
observation-disclosures from corporations.
Thirtecnth-Income of minor child or
FOurtecnth--All other sources of in
come not above enumerated.
The deductions allowed on the return
therein enumerated are:
First-FOur thousand dollars exempt
by law.
Second-Intcrest due and paid within
he year 1899.
Third-National, state county, school
md municipal taxes not included in as
;essments for local benefits.
Fourth-Amount expended in purchases
If production of live stock or produce sold
within the year.
Fifth-Necessary expenses, specified by !
tens actually incurred in carrying on an
,ther business or transaction.
SiXth-Losses, actually sustained dur
NJ the year, specified.
Seventh-Actual losses on sales of real |
state purchased within two years.
Eighth-Debts contracted and ascer |
aimed in the year to be worthless.
Ninth-Salary or compensation of over |
1900, from which the tax of per cent |
las been withheld by disbursing officers |
If the United States government.
Tenth-Dividends included in the esti- |
nate of gross profits from corporations !
n which the per cent tax has been paid |
y corporations.
In the case of non-residents the return
aust be made and filed, and in the man
ner prescribed for residents, the collector
aust make returns for the nonresident,
laking no allowance for exemption. If
ny person fail to make return in the
lanner and at the time provided by law,
r make u false or fraudulent return, the
Ollector shall make the return from the
violence obtained by summoning the per-
on and examining his books, and all other
violence Obtainable, and shall add 80 per
ent of the tax found due as a penalty u
1 each case of neglect or refusal to
lake the return. The penalty and inter-
st will be added after notice to the party
nd full hearing, if such is desired by him.
All corporations, companies and Assoc
iations, both resident and foreign, doing
usiness for profit in the United States,
hall make annual returns of all net
rofits, with business and operating eX-
enses on separate blank prepared for
hem, and duly verified by the oath of the
resident or other chief officer of such
Orporation. The return must be deliv-
red to the collector on or before the first
IOnday in March of each year. l.
The first return of corporations shall
over net profits and income for the calen-
ar year 1894.
The exemption of $4,000 allowed to per-
)ns is not intended for corporations, but
ne return must show all profits without
|,
The annual return of corporations must
lclude: H.
First-The gross profits of all kinds of
usiness.
The expenses, exclusive of interest an
uities or dividends.
Third-The net profits, without allow
nee for interest annuities or dividends.
Fourth-The amount paid on account
{ interest annuities and dividends.
Fifth-The amount paid on salaries of
1000 or less to each employe. |,
Sixth-The amount paid in salaries OF
Iore than $4,000 to each employe, and the
anne and address of each of such en-
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