Rock Island Argus., 1895-04-03
THE INCOME REVENUE.
Regulations In Collecting the speciA

The income tax collections are
being slowly made to the internal
revenue department at Peoria. Un-
der the regulations every citizen of
the United States and every person
doing business in the United States
who has an annual income of more
than $S. 500, shall make a full return
of the same. The gross gains, profits
and incomes returned by persons
shall include:
L. Gross profits of any trade, bus
mess or vocation where carried on.
2. Rents, received or accrued dur
ing the year.
| 8. Profits from sales OF real estate
purchased within two years.
A. Farming operations and pro-
ceeds.
5. Money and value of all personal
property acquired by gift or inheri-
tance.
6. Premium on bonds, stocks,
notes and coupons.
| Z. Income from trade or profess
sion, not by stated salary, and not
heretofore enumerateh.
s. From salary or compensation
other than that received from the
United States.
9. Undivided gains and profits of
any partnership.
10. Interest received or accrued
from all notes, bonds or other securi-
ties.
IL. Interest on bonds or coupons
paid of any corporation.
II. Dividends from corporations.
| 13. Income of wife or minor child
or children.
IA. All other sources of income
not above enumerated.
Deductions
Deductions allowed on return and
therein enumerated are:
l. Four thousand dollars exempt
by law.
| 2. Interest due and paid within a
year.
8. National, state, county, school
and municipal taxes paid. not in.
cluding assessments for local bene-
fits.
4. Amount expended in the pur.
chase or production Of live stock OF
produce sold within year.
). Necessary expenses, specified
by items, actually incurred in carry
ing on any business or trade.
6. Losses actually sustained dur
ing the year, specified.
Z. Actual losses on sales Of reaI
estate purchased within two years.
8. Debts contracted and ascer.
tanned in the year to be worthless.
8. Salary or compensation ovel
81, 900 from which tax 2 per centun
is withheld by the disbursing officer:
of the United States government.
10. Dividends included in esti
mated gross profits from corpora
tions on which 10 per cent tax is paiC
by such corporation.
In the case of non-residents the re
turn must be made and filed in thu
manner provided for residents, ant
if not so filed, the collector mus
make return for the nonresident
making no allowance for exemption
> Corporations.
The annual return of corporation.
must include:
L. Gross profits of all kinds o
business.
i 2. Expenses, exclusive of inter
est, anuuities or dividends.
8. Net profits without allowanc,
l for interest, annuities or dividends
4. Amount paid on account of in
terest. annuities and dividends.
5. Amount paid in salaries o.
$4,000 or less to each employe.
6. Amount paid in salaries more
than 1000 to each employe, and ad
dress each of such employees.
Gross Profits.
Gross profits include:
| 1. All profits of any trade or bus
mess.
2. Interest or coupons from bonds
or other securities of any corpora
tions.
4 5. Dividends received from an,
corporation.
: A. Undivided profits of any cor
n poration.
). Premium on bonds, notes OF
1 stocks.
6. Commission or percentage.
< Z. Interest on government secur
5 tiles, not exempt by them.
= 8. Interest on other notes, bonds
and securities.
$ Q. Profits from sales of real estate
10. From rents.
, II. Profits from all other sources
: to be enumerated.
; Operating Expenses.
n Operating expenses shall include
:. 1. Interest paid or accrued within
e a year on bonded or other indebted
= ness of such corporation.
/: 3. Losses actually sustained dur
: ing the year, which must be sepa
). rately stated and fully described a.
o &c cause. date and amount.
b. 8. All taxes actually paid.
4. Salaries and pay of officers ano
e employees actually paid during the
q war.
5. Rents and necessary repairs.
G. All other necessary expense.
/ Il L n