The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1894-12-20
INCOME TAX.
Every Citizen of tire United States.
Residing a, Homo or Abroad,
Who Has an Income d. Moro Than $1,000.
is Required 30 Make Return, Under
Oath, Before the First Monday
IA, March OF Each Ycar.

la March OF Each Xcar.
WASHINGTON. Dec. 1.-THE secretary
OF the treasury Thursday approved the
ircomc tax regulations Every citizen
OF the United States. whether residing
at homo or abroad, and every person
residing III or doing business in the
United States, who has an annual in
come Of more than So, 500. is required
TO make return, under oath before nc
first Monday in March Of each year.
The first return is to Include the in
come received in the year 1894. from
January TO December 81 Guardians.
,trustecs and all corporations acting in
any Judiciary capacity are required to
make similar returns for minors. wards
or benefciaries.
The person making return is required
to make affidavit that he has included
in said return all gains, profits and in
come from every source whatever re-
ceived by him or to which he is Justly
entitled for that year and that he is
honestly and truly entitled to. make
all the deductions entered on his re-
turns.
The gross gains, profits and income
returned by persons are 30 include:
Gross profits Of any trade OF business what
ever carried on.
Rents received or accorded during the year
Profit from sales Of real estate purchased
within two years.
Farming operations and proceeds.
Money ard value Of all personal property &C
Quired hy gift or inheritance.
Premiums or bonds. stocks notes and cou-
pons
Income from trade or profession not by
stated salary and not heretofore enumerated
From salary or compensation other than that
received from the United States.
From salary or compensation paid by the
United States.
Undivided gains and prof,s of any partner
ship.
Interest received or accrued from all notes,
bonds or other securities,
Interest on bonds or coupons paid of any cor
poration.
Dividends from corporation.
Income CT wife or minor child CT children.
All other sources Of income not above enum-
Grated
The deductions allowed on the return are:
Four thousand dollars exempt by law.
Interest due and paid within the year.
National, state, county. school and municipal
taxes paid and not including assessments for
local benefits.
Amounts expended in purchase or produce
ton of live stock or produce sold within the
year.
Necessary expenses specified by items ac-
tually incurred in carrying on any business or
trade.
Losses actually sustained during the year.
specifying all actual losses on sales OF real es-
tate purchased within two years.
Debts contracted and asccrtained in the year
10 be worthless
Salary or compensation over $4,000 from
which the tax OF 9 per centum has been with
held by disbursing officers OF the United states
government
Dividends included in the statement Of gross
profits from corporations on which the per
cent tax has been paid by such corporation.
If any person fails to make return.
or makes a false return, the collector
is to make return for him from evil
dence obtained by summoning the per-
son and examining his books, and from
all other evidence obtainablc, and shall
add 80 per cent. to the amount OF tax
found due as penalty for neglect anu
100 per cent penalty is case OF fraud
ulent return.
All corporations, companies and as
sociations, both resident and foreign,
doing business III the United States.
are required to make annual report OF
net profits on separate blank TO cover
the calendar year 1894.
The exemption of, 81 600 allowed to
persons is not to extend to corpora
lions. but the return must cover all
net profits without exemption. The
annual return of corporations must IN
clude:
The gross profits from al kinds OF business.
Tne ernenses exclusive OF interest," or an
nuities. ,,.or-
The net profits without allowance LOT il'e'-
est. annuities or dividends.
The amount paid on account OF interest "i-
nuiticS and DIVIDENDS ~ q.
The amount paid in salaries OF s1'VoV OF ie'' ~
each enploye. a.o thon
u,he amount paid In salaries OF more .H'.n
"a 900 to. each employee and the name anu '''-
dress Of each such employees
The gross profits must include:
All profits of any trade or business
Interest or coupons from popuo " os--S
curities OF any corporation .,o,
dividends received from any corpoEa.ioA
Undivided profits Of any corporation
premium on bonds, notes or stocAs'
Commission or percentage -. Nv
Interest on government securities no' "a
enpt by law. ,,,,s and securi-
ties,
Profits from sale OF real estate
From rents - no Gunner
ated. ;xo,r0e.
The operating expense must lnc Cruz On
interest paid or accepted within the su~,
bonded or other Indebtedness OF such oo' p''N
ton. ,ua during the year
which must be separately sI"., N,
sta,ed as 10 cause, date and amount oo,,,,1v
paw Of all employees and ohlccf'
paid during the year
~ Penis ana necessary repairs IT.. ,,,e, he
AZ cher necessary expenses wnicn , nrno'
,,emized and fully explained IN eho
The net profits are 10 INCLUDE;
al amounts paid TO stockholders, c,rried TO
The amount Of undivided proii''
surplus or any other fund. orstruction,
amonnt OF net profits used lot eon'''
n. or Of plant from
AZ other expenditures OF inVes'iN0A'