Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1894-12-21
iOU MUST PAY UP.
Income Tax Regulations
Approved
The Collector Will Make a Call
on or Before Next July.
A Heavy Penalty For Making RAISE
Returns Fully Provided For

The .ecre.ary of the treasury al hasnms
- ba.annroyed the income tax re
loni - FyeTy citizen OF the Cnited Ststes
sui 49,. oarson residing or doing business
an -. Trsi,ad states who has an amman IN
III 1io =, -,ora than IS, 500, Is required 10 rnske
-a,nrn under oath before tne T,
Mondav in March In each year
ir.t return is 10 include All nhvono
received in the year 1919.
s.nes and ali corporations acting In any
aSncisrv oapacity are required to make SINH
~ returns Tor minors, wards or benenclaries.
All Incomes OF $4,000 and over are taxable
,uo ner cent. The person making return
must make affidavit that he has Included
ali gains. profits and income from every
source received by him, or to which he Is JUST
Nv entitled for the year. The gross Income
received by persons is to include;
Gross profits of any trade or business,
rents received or accrued, prohIs I'm
sales of real estate purchased Win +,
in two years, farming operations anu
proceeds, money and personal prop
erty acquired by gift or inheritance. premiums
on bonds stocks notes and coupons, income
from trade or profession not by statea saiary
from salary or compensation other than thst
received from the United States, from salary
or compensation paid by the united ola'os'
undivided gains and profits oil any partner
shin, interest received or accrued from hotes,
hands or other securities, interest on Dohaf
or coupons paid OF any corporation'ui' ,OIno,
from corporations, income OF wife OF minor
children all other sources OF income moi
above enumerated.
The deductions allowed are: -Four thou,
sand dollars exempt by Law interest que ahu
Maid within the wear; national, state, county
school and municipal taxes paid, not lncluu.
inc assessments for local benefits; amount
expended in purchase or production oil i've
stnck or produce sold within the year; nee
essary expenses incurred in carrying on oh,
business or trade specified losses SUSTAINED
during the year; specified actuai losses vi
sales OF real estate purchased within wv
wears; debts contracted anu aSoei ''..,
In the wear To be worthless; salary or com
I nansa,ion over "A, 600 from which the TAX o
narcentum bas been withheld by disours
| inc off,cors of the United States ulVluehui
| Included I'm the estimates OF gross proht
! from cornorations on which the Z per cen
tax has been paid by such corpora'lon.
INV nersop fails to make return, OF muAc
! false return. the collector is to make return
for him from what evidence may be OBTAIN
able. and shall add 50 per cent to the amour
OF tax found due, ~ penalty Tor heelec'
and 100 per cent penalty In case oil irauu y.
lent return. Certain corporations ior cnaIls
able and ike purposes anu certain ea so,
mos banks mutual Insurance companie
and building and loan hss~Sauohs, Me "a
! empt from income tax. No PNst OF the sal
ary or emomments of any state, &ounty
municipal officer shall he subject to incom
tax. Dissatisfied taxpayers may appeal MS
| 10 the collector and then to the CORNERSTONE
OF internal revenue. The tx on incomes ~
1894 will be due and payable on or helor
| July next.