Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1894-12-20
THE INCOME TAX.

THE INCOME TAX.
Features of This Provision az 1t Will Go
Into Operation.
WASHINGTON. Dec. 14.-The secre.
tary OF the treasury has 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 before the
first Monday in. March of each year.
The first return is to include all income,
received in the year 1894, from
January to December 81 Guar-
dlans, trustees and all corpora
tlons acting in any fduciary
capacity are required to make similar
returns for minors, wards or benefici.
aries.
The gross gains, profits and in.
comes returned by persons shall in.
clude:
Il. Gross profits OF any trade, business or vo-
cation. wherever carried on.
w Rents received or accrued during the
year
''3 Profits from sales OF real estate pur-
chased within two years.
d Farming operations and proceeds.
80 Money and value Of all personal property
acquired by gift of inheritance.
Is Premium on bonds, stocks, notes and cou-
pons
~ Income from trade OF profession, not by
stated salary, and not heretofore enumerated.
IS From salary or compensation other than
that received from the United States.
80 Undivided gains and profits of any part
nership
10. Interest received or accrued from all
notes, bonds or other securities.
IL Interest on bonds or coupons paid of any
corporation.
'12. Dividends from corporations.
l3 Income of wife or minor child or chill
dren.
IA All other sources Of income not above
enumerated
The deductions allowed on the re
turn and therein enumerated are:
II. -Four thousand dollars exempt by law.
e Interest due and paid within the year
'3 National. state, county, school and mu-
n1cipal taxes paid. not including assessments
for local benefits.
- Amount expended In purchase or produc-
ton of live stock or produce sold within the
year.
"5. Necessary expenses. specified by items,
actually incurred in carrying on any business
or trade.
IS Losses actually sustained during the
year specified
~. Actual losses on sales OF real estate pur-
chased within two years
"8. Debts contracted and ascertain6d in the
year to be worthless
49, Salary or compensation over $4,000 from
tov of 1,o
held by disbursing officers of the United States
government
10. Dividends included in the estimate of
gross profits from corporations on which the
per cent tax has been paid by such corpora
ton "
The annual return of corporations
must include:
Il. The gross profits OF all kinds OF business.
y The expenses, exclusive of interest," an
nuitieS or dividends.
"3 The net profits without allowance for in
terest, annuities or dividends.
- The amount paid on account OF interest,
AnnultieS and dividends.
- The amount paid in salaries OF $4,000 or
less to e CHI employee.
IS The amount paid in salaries OF more than
S4GoO to each employe and the name and ad-
dress of each Of such employees
The gross profits includes:
2. Interest or coupons from bonds or other
securities Of any corporation.
10 dividends received from any corporation
- Undivided profits OF any corporation
rs. Premium Oh bonds, notes and stocks
"6. commission Or percentage.
y. Interest on government securities not
exempt by law.
"a Interest on other notes, bonds and securi.
ties.
80 Profits from sales of real estate.
10. From rents
~. Profits from all other sources to be
eaumera,ed
Certain specified corporations TO,
CHI vitable and like purposes and GER
tain savings banks, mutual insurance
Companies and building and loan asso:
Nations. are exempt from income
LAX. In such cases it is
held by the department tina,
the intention of the exemption
is to extend its benefits to the small
depositors and benefciaries of such
mutual and savings institutions, anG
that the corporations as such and
those who speculate in the shares
stock or funds are not the intended
benefciaries of the exemption.
1t is pro vided that no part Of til
salary, fees or emoluments of any
state, county or municipal, officer shall
be subject to income tex, and no re.
turn thereof shall be made of the sal.
airy or fees of such officers. Salary re-
ceived by government officials in 1884,
shall be included in the first annual
return to be made on or before the
first Monday in March, 1895
If any person fails to make return
or makes false return, the collector
is to make return for him from evi
dence obtained by summoning the per,
son and examining his books and from
all other evidence obtainable, ano
shall add 80 per cent. to the amount OF
tax found due as penalty for neglect
and 100 per cent. penalty in case of a
fraudulent return.
Severe penalties are imposed upon
all officers and other persons who
make known, in any manner, any fact
or particulars contained in or relating
to an annual return Of any taxpayer
or any fact as to the sources or amount
of the income of any such person. Col
lectors are strictly directed by the
regula tions to rigidly enforce this pro
vision.
The tax on incomes for the year 1884,
will be due and payable on or before
the LIST day of July next, and If not
paid at that time the penalties will at
tach2for non-payment
WAS A DEATH BLOW.
a Pugilist Never Receivers consciousness:
After Leaving the Ring.
- NE1u Or n nx,o "a R<,4xx