The Forrest City times., 1894-01-26


 i-stases ol deecased, insane or insolvent per
 sons are exempted from this penalty.
 NoS'REsIDENTs MUST PAY UP sec. D. Every nonresident person or cor.
 poration owning property in the United States
 or receiving an income from the United States
 suaii pay taxes on incomes received just as if resident in the United States Provision for
 the exemption of incomes under s4. 600 as well
 as Tor taxation ofdelinquent taxpayers is same
 us Tn cases of resident citizens
 sec 6 That there snail be collected tax of 7 per cent. on all dividends in scrip or money thereafter due. whenever the same be payable
 to stockholders policy holders, including non-
 residents. whether citizens or aliens as part or the earnings. incomes or gains or any bank, trust company savings Institution. and of any fire, marine life or other Insurance company, whether specially l incorporated or existing under general laws and on all undistributed sums made during l the year to their surplus funds; anC said | banks, trust companies, etc, shall pay the | said tax, and are hereby authorized and re. quired to deduct all payments made on ac- count of any dividends, due and payable as aforesaid, the tax of per cent And list or return shall be made and rendered to the col | iector on or before the tenth day of the month following that in which any dividends be- l come due. containing a true account of the i amount Of taxes; and there shall be annexed declaration of the president or cash | Ter, under oath, in form as prescribed, that the same contains faith ful account of taxes as aforesaid. And for any default in the making of such list or return | with such declaration annexed. the bank. etc, shall pay penalty of Fl OOO; and in case of de.
 fault in rendering said list or return, or of de.
 fault in the payment of the tax, the assess | ment and collection of the tax ani penalty shall be In accordance with the general pro-
 visions Of law in other cases of neglect. provide l cd that the tax upon dividends of life insurance l companies shall not be deemed due until such dividends are payable nor shall the portion of l premiums returned by mutual life companies | to their holders nor the interest allowed or | paid to the depositors in savings banks or in- st1tutions be considered dividends.
 Sec '. That any bank. building association I or other banking institution emitting to make l dividends or additions to it's surplus as often | as six months, shall make list in duplicate under oath to the deputy collector of internal
 revenue, on January and July lof the amount | Of profits accrued by said institution during SIX mouths preceding and shall present one | list to the collector of the district and pay ? 1 per cent. on such profits. and in default shall l be subject to the penalties prescribed in the | foregoing section; provided that when any | dividend is made which includes any part of l the surplus which has been assessed and paid l the amount of duty paid on that portion of | the surplus or contingent fund may be deducted | from the duty on such dividend.
 | BONDED CORPORATIONS.
 l Sec g. That any railroad or canal. turnpike, | canal navigation company any telephone. tele. | graph. electric light and gas company or wa. | ter company. and any street railway company | or other corporation indebted for any money | for which bonds have been issued upon which | interest is to be paid, or any such company l that may have declared any dividend in money | payable to it's stockholders as part of it's earn. | ings. and all profits of such company shall be | subject to tax of per cent. on the amount 1 of all such interest or coupons dividends | or profits whenever the same shall be | payable, and to whatsoever party, and said | companies are authorized to withhold from 1 all payments, on account of interest due and l payable. the tax of ? per cent, and the pay | mcnt of the amount of tax so deducted from | the interest and certified by the president | or treasurer or other principal accounting of- hcer, shall discharge said company from that | amount of the dividend or coupon on bonds, | except where said companies may have con | tracted otherwise.
 Sec requires that all officers of the gov.
 ernment receiving more than 1000 shall pay 1 a tax of per cent, which it shall be the duty of all paymasters and diSbursing officers to de-
 duct and withhold to the credit of the govern.
 ment The payment of prize money is re-
 garded as an income from salaries, and the regular tax collected therefrom. -f | Section 10 amends section 3l67 of the exist ing internal-revenue law so that any collector or other officer internal-revenue agent who l diyulgeS Tn any way the operations. apparatus | or manner of working of any manufacturer or | producer visited by him in collection of income | tax shall be subject to fine not to exceed | Sl,OOO or imprisonment for one year, or both, | and shall be dismissed from office and be for l ever thereafter incapable Of holding any office | under the government.
 | Section 3i72 is amended so that deputy col lectors shall from time to'time proceed through | every district inQuiring after and concerning | all persons liable to pay any tax. and shall make list of such persons and their awnings. | Section g. 173 is amended so that any person. partnership firm. association or corporation | liable to any special tax or duty not otherwise 1 provided for. on July l. shall. on the lst Of | March preceding the time when such taxes | are due, make out under oath return of their | dutable goods or incomes When this is | not done it is required that deputy collectors | shall make out the list. collector is given | the power when the proper person can not be fornd in his own district to enter any other | collection district where such person may be | found, and to make the examination. EVASION OR FRAUD.
 Section 316 is amended so that where the person to be taxed refuses to make a return list l or ma kes one which is deemed fraudulent the | collector shall have power to enter the prem | ises and make his own, adding penalty of 50 per cent. for refusal or neglect. and of 100 per l cent. for fraud. The sickness or absence of the
 party to be taxed gives the collector the right | to allow not exceeding thirty days in which | the delayed list may be offered.
 | Section 12 requires every corporation doing | business for profit to make return of amount of | dividends under oath that it is true in amount, | in such manner as may be prescribed by the l commissioners
 Section l3 prescribes that every corporation | shall make return, beginSing with 1895 of all | the following matters: CD Gross pro1ts t2) | expenses of corporation exclusive of interest, | annu ities and dividends; @ net profits with | out allowance for interest etc; t4 amount | paid on account of interest, etc, stated sepa- | rately; (5) amount paid n salaries of &.0O0 or | less to each person employed; t6l amount paid l in salaries of more than 1000.
 1 Section IA requires every corporation to keep | accurate books for inspection by proper ofii. | cers.
 1 Section l5 prescribes that taxes imposed up- | on dividends etc. shall be collected therefrom l whenever the same may be payable. and every l ti1nrara a thereon retain