The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1894-08-17

Elaborate Returns To Be Made By Bus.
mess Firms And Corporations-E
tions For Savings Banks And Charita-
BILE Associations-A Long And Inquisi-
torial Measure.
The income tax portion of the tariff
bill forms long and complicated chap
ter by itself, with all it's specifications
as to methods of assessment, collection
etc. The main clause of the chapter
is as follows:
That from and after the first day of
January, 1895 and until the first day of Jam
uary, 1901, there shall be assessed levied,
collected and paid annually upon the gains,
profits and income received in the proceed
United states. whether residing at home or
abroad, and every person residing therein,
whether said gains. profits OF income be
derived from any kind of property. rents,
interest, dividends, or salaries, or from any
profession. trade, employment or vocation
carried on in the United States OF else
where, or from any other source whatever,
tax of two per centuui on the amount SO
derived over and above four thousand dol
lars. and a like tax shall be lie wed, collected
and paid annually upon the gains, profits
every business, trade o, profession carried
on in the United States by persons residing
without the United States.
And the tax herein provided for shall be
assessed by the Commissioner of Internal
Revenue and collected and paid upon the
gains, profits and income for the year end
ing the Jhirty-first day Of December n! xt
preceding the time for leyying, collecting
and paying said tax.
A succeeding clause specifies the
METHOD OF COMPUTING INCOME,
and provides that in estimating the
gains, profits and income of any person,
there shall be included all income derived
from interest upon notes, bonds nd other
securities except such bonds. of the
United States the principal and interest
of which are by the law of their issuance
exempt from all federal taxation. profits
realized within the year from sales of
real estate purchased within two years
previous to the close of the year for
which income is estimated; interest re-
celved or accrued upon all notes, bonds,
mortgages or other forms of indebted
ness bearing interest. whether paid or
not, it good and collectible, less the in
terest which has become due from said
person or which has been paid by him
during the year; the amount Of all pre-
MUM on bonds, notes OF coupons: the
amount of sales of live stock, sugar,
cotton, wool, butter, cheese, pork. beef,
or other vegetable or other
productions. being the growth
or produce of the estate of such person,
less the amount expended in the pur-
chase or production of said stock or
produce, and not including any part
thereof consumed directly by the family;
money and the value OF ali
personal property acquired by gift or in
herltance; all other gains. profits, and
income derived from any source what
ever except that. portion of the salary,
compensation orSsay received for sevices in
the civil, military, naval or other service
OF the United States, including senators,
representatives, and delegates in Con-
CESS, from which the tax has been de-
Quoted. and except that portion of any
salary upon which the employer is re-
quired by law to withhold, and does.
withhold the tax and pay5the same to
the officer authorized to receive it.
In computing incomes the necessary ex-
penses actually incurred in carving
on any business, occupation or profess
ion shall be deducted and also ali inter
est due or paid within the year by such
person on existing Indebtedness. And
all national, State county, school and
municipal taxes, not including those as
sessed against local benefits, paid With
in the year shall be deducted from the
gains. profits, or income of the person
who has actually paid the same, whether
such person be owner, tenant or mort
gagor: also loss actually sustained dur
ing the year. incurred in trade or arising
from fires, storms or shipwreck, and not
compensated for by insurance or other
wise, and debts ascertained to be worth.
less, but excluding all estimated de-
probation of values and losses within
the year on sales of real estate purchased
within two years previous to the year
for which income is estimated: