The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-12-15
THE rSooxE TAX


Washington City. Dec. i3.-The secre-
tary az the treasury today approved the
regulations prescribed by the commission
err Of Internal revenue for the enforce
ruent Of the collection OF the income tax
under n late tariff act. Under the regu-
iatfous provided and approved pursuant
10 the law, every citizen Of the UNITED
srxfes who ~ residing at home or abroad.
ana every person residing or doing bust
ness In the United States vino has an an
uuaI income Of more than $500. shall
make a full return OF the same. verified
by his oath, to the collector Of internal
revenue OF the collection district In which
he resides, or. IL not q resident, In which
his business or the property from which
his income n received, L. situated, On or
before the first Monday In March OF each
wear. The first return under the law
shall be made on or before the first Mon
day N. March. 1895, and shall INCLUDE al
income from every source received In ne
year 1884. from the first day OF January
20 the slst day OF December IN said year.
Guardians, trustees and ali persons and
corporations acting In any fduciary capa-
city are required to make similar returns
for all minors wards or benefciaries for
which they act The affidayit attached
10 the list must be subscribed and sworn
to by the person making the return and
Is 10 the effect that the affiant has In
Guided In said returns all gains, profits
and incomes from every source whatever,
received by him, or to which he 10 justly
entitled for that year. and that he ID
honestly and truly entitled to make all
the Deductions entered on his return. and
that he has truly answered the interrog-
atorses set forth On each blank form.
When completed and duly verified by tia
oath Of thu person rendering the same,
the same must be delivered. by mail or
otherwise, to the collector at any time
between the first day OF January and the
first Monday In March in each year. The
gross gains profits and incomes returned
by persons shall include:
Ffrst-Gross profits OF any trade, bust
ness or avocation wherever carried On
Second-Rents received or accrued DUR
ing the year.
Thfrd-Profits from sales Of real estate
purchased within two years.
Fourth - Farming operations and pro-
ceeds.
Fffth-Money and value Of all personal
property acquired by gift or inheritance.
Sixth-Premium on bonds stocks notes
and coupons
Seventh--Income from trade or profess
sion. not by stated salary and not here
tofore enumerated
Eighth - From salary or compensation
other than that received from the United
States
Ninth-Undavided gains and profits of
any partnership
Tenth Interest recaived or accrued
from all notes bonds or. other securities.
Eieventh-Interest on bonds or coupons
paid of any corporation
Twelfth-Dlvidends from corporations.
Thirteenth Income OF wife or minor
child or children.
Fourfeenth-An other sources OF income
not above enumerated.
The deductions allowed in the return
| and therein enumerated are:
First-Four thousand dollars exempt by
law.
Second-Interest due and paid within
| the year.
Third-Nationa1, state. county. school
and municipal taxes paid, not including
assessments for local benefits.
Fourth-Amount expended In purchase
| or production OF live stock or produce sold
| within the year.
FHfth-Necessary expenses, specified by
items, actually incurred In carrying on
any business or trade.
Sixth-Losses actually sustained during
| thu year specified.
seventh-Actual losses on sales Of real
estate purchased within two years.
Eighth-Debts contracted and ascertain
ed in the year to be worthless.
Ninth-Salary OF compensation over $1,000.
from which the tax OF 2 per cent has
| been withheld by disbursing officers of
| the United States government
| Tenth-Diyhdends included In the esti-
mate Of gross profits, from corporations
| on which the 10 per cent tax has been
| paid by such corporations.
| In the case OF non-residents the return
| must be made and oiled in the manner
| provided for residents. and, II not so fill
| ed. the collector must make return for the
nonresident. making no allowance for ex-
| emption. If any person falls to make re-
| turn I'm the manner and time provided by
| law. or makes a false or fraudulent re-
| turn. the collector shall make the return
from evidence obtained by summoning the
| person and examining his books. and from
| all other evidence obtained. and shall add
| per cent TO the amount Of tax found
1 due as a penalty In the case of refusal
| or neglect 20 make return. and 100 per
| cent. penalty In case Of false or frsudu-
| lent return The penalties and interest
1 Will be added. after notice to the party
and full bearing. Il such ts desired by
| him Where the tax has been returned
| and paid In another district. or where the
| party has not a taxable income. he may
| 50 declare In printed afadavits on tie
| blank annual returns
All corporations, companies and a-sSoci-
/ atoms both resident and foreign. doing
| business for profit in the United States.
| shall make an annual return OF all net
/ profits above business and operating ex-
| penses. on a separate blank prepared for
them. and when duly verified by the oath
| OF the president OF other chief officers of
such corporations. the return must be de-
4 hvered 20 the collector on or before the
| first Monday IN March OF each year. The
| net profits ana interest fer thu year 1894.
| The exemption 81 $49oo allowed 20 persons.
| "a net extended 10 corporations. but the
| returns must cover all net profits with
out exemption. The annual return OF cor
| poratfons must Include:
| FfrSt-The gross profits ot al kinds Of
| business.
| Second-Tae expenses. exclusive OF IN
tersst. annusttes or ttvi3en3s-
/ Thlrl-'rhe net PROFITS. without allow
/ ance for interest. annuities or dividends.
| Fcursh-Tae amount pad on account OF
| {nsa~ass aurustses and divttsrAs