Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-07-14

poratlon. company or association dur.
ing the whole calendar year last pre-,
cedlug the cate " .ilisg EaiI statement
as hereinafter required, the corporation
company or association making default
| shall forfeit as u penalty the sum OF
| one thousand dollars and per centum
on the amount OF the taxes due, fot
each month until the zane u paid. the
/ payment OF said penalty TO be enforced
as provided In other cases OF neglect
l and refuEal 10 mako returns OF taxes
under the internal revenue laws.
The net profits or income Of all cor
porations, COMPANIES or associations
shall .aciude the amoiets paid to share
I holders or carried to-the account OF any
fund. or used for construction, enlarge
ment Of plant, or my ether expenditure
or investment paid from the net annunl
profits made or acquired by said cor
rOrations. companies OF Fluctuations.
The Exemptions.
That nothing herein contained shall
apply 10 states, counties or NUM-
cipnlities; nor to corporations, COM
panies or associations organized or con-
Quoted solely for charitable. religious
or educational purposes, including IRA
ternal beneficiary societies, orders or
associations operating on the lodge
system and PROVIDING for the payment
OF life sick, accident and other benefits
to the members OF such societies.
orders or associations and dependents
OF such members. nor to the stocks.
shares, funds or securities held by any
nduciary OF trustee charitable, re-
llgious or educational purposes; nor 10
building and loan associations or COM
panies which make loans only to their
shareholders; nor to such savings
banks. savings institutions or societies
as shall, first have no stockholders or
IL aFal
tai except dCpt sits. secondly, shall not
receive deposits to an aggregate
amount In any one year OF more than
one thousand dollars from the same
deposltOr; thirdly shall not allow an
accumulation or total Of deposits, by
any one dep0altor, exceeding ten
thousand dollars; fourthly. shall actu-
ally divide and distribute to its de-
positors, ratably 10 deposits, all the
earnings over the necessary and proper
expenses Of such bank, institution or
society. except such as shall be APP
piled TO surplus. hfthly, shall not
possess In any form "A surplus fund
exceeding ten per centum OF Its ag-
gregatc deposits; and slNthly, nor TO
such savings banks savings institutions
or BOcltlCs2 composed OF members who
do not participate In the profit thereof
and which pay interest on dividends
only to their depostors; nor to that
bank, institution or other similar as
ISOLATION having capital stock, that
~ conducted on the mutual plan solely
for the benefit OF to depositors on such
plan md which shall keep
its accounts OF its business conducted
on such mutuai plan separate ana apnrt
from Its other accounts; nor to any
Insurance company or association
which conducts an its business solely
upon the mutual plan. and only for the
benefit OF It's pnlicy-holdcr4 or members,
ana having no capital stock and no
stock or shareholders, and holding ali
lt5 property In trust and IN reserve
Tor US policyholdors or members. nor
10 thht part OF busluoHs of any inHur-
onre company having capital stock
ana stock and chRrehOulders which
Is conducted on the mutual plan.
separate from its stock plan OF insur-
hucc, ana solely for the benefit or the
pollcyholders ana members Insured on
said mutual plan, and holding all the
pFun"ftY belonging To ana derived from
sold mutual part Of itR business IN
trust and reserve Tor the benefit of It's
policyholacrs and members insured on
snld mutual plnn.
Salaries due state. county or munlc-
iphl officers are exempted from the
income tax, The section regulating the
inspection Of banks was. after de-
bate, modified so an TO read as fol-
lows:
Thntsit shall be the duty OF every
corporation. company or association
doing business for profit 20 keep fun.
regular and accurate books OF ac-
count, upon which all It's transactions
shall be entered from day to day, In
regular order, and whenever cnllcc-
tor or deputy collector OF the district
IN which any corporation, company or
association Is assembled shall believe
NltUtH
Income OF such corporation, company
or association has not been made, he
shall make an affidavit OF such belief
aud OF tho grounds on which Il ls
founded and nlc the same with the
commissioner OF internal revenue and
" said commissioner shall. on eXamina-
ton thereof, and after ful hearing
upon noiicc given to all parties con-
cludc there ia good ground for such
belief he shall issue n request Ia
writing TO such corporation. company
ur association, 10 permit an inspection
Of the books OF such corporation, COM
pnny or association To- be made, and
" such corporation. company or AS
ISOLATION shall rcfuge 10 comply with
auch request, then the collector or
deputy collector OF the district shalt
make from such Information ms he
can obtain an estimate OF the amount
OF such income and then ndd 10 per
cent thereto, which assessment shall
then be the lawful assessment of such
Income
The only change of Importance In
tho whisky schedule ~ that permit
ting the use OF alcohol I'm the arts With
ont the payment ofq duty Il reads as
followH;
Any manufacturer. finding It neccs-
snry TO uAo alcohol In the arts. or In
amy medlcul or other like compound,
may use the game under regulations
10 be proaoribod by the secretary of
the tr2arury, mud ON satisfying the
collector " Internal revenue for the
district wherein he resides or carries
On business that he has complied with
such regulations and has used such nj
oNhol therein. and exhibiting ana de-
iVcring up the stamps which show
that n tax has been paid thereon. ahnll
Ne entitled 20 receive from the treas
urv of the United Stntes rebate or
repayment OF the tax 10 paid