The Portland daily press., 1895-03-02

IL ShOo40 IllH6Olis A. Nv ~
fuses or neglects to make return the
same must tie made by the collector.
Ihe national, State, county, school ana
municipal taxes deducti Bile from incomes
comprises such internal revenue taxes as
have not been included in the expenses
of the business, and all such State,
county, school ana municipal taxes as
are assessed ratably upon all persons
liable to such assessment; but assess
ments made upon the real estate of
particular locality on account OF street
improvements. sewerage, street grade,
or other improvements, not intended to
benefit the particular property included
in said locality are not considered as
taxes which may be deducted from In
comes. The interest on all bonds OF the
United States shall be returned as in
come by the person, corporation, COM
pany or association owning or holding
such bonds, except the interest on bonds
of the funded loan OF 1881, continued at 2
per scept: and the bonds of the 4 per
cent. funded loan of 1877 land the bonds
of the per cent. funded loans of 1904,
all of W hich are by the law OF their is
exempt Go FEDERAL a.
In estimating the amount of taxable
income only such losses as shall have
been actually suffered and the amount of
which has been definitely ascertained
during the year covered by the return,
can be deducted from the gross profits
ai1oned for any losses NOT specifically de-
sor; nod and sat forth IN the ANIMAL re
tarn Of foe nerson or cornoration claim
mo the deduction.
Persons receiving fees or emoluments
for professional or other services, as in
the casa Of
PHYSICIANS OR LAWY ERS,
sbo,1d inolrds oil oct,,oI reoei,,+s for
services rendered in the wear for which
return is made, together with all unpaid
accounts, charges for services, or conuin-
gent income due for that year, II good
and collectible.
The annual return of merchants and
manufacturers of their gains, profits or
income should cover the Euslntss OF Ine
year from the 1st day or January TO the
5lst day OF December IN tne year iot
which return is made, ana Gnelr DOCKS
of account, stock records ana inventories
should he kept ana taken az such Ilile
and in such manner as TO clearly snow
the gross profits, business expenses net
profits or income Tor the year endlng at
the close or business hours Oh the olsI
Gay OF Deem per. Inc lhseFes6 accrued
durlu g the year on NOTES, ponos, OF o9heI
evidences fof .ilndebtedness, II good ana
| collectl Die at emo Oh ing year, should pc
returned as lncol1e, .WheIher actuaiiy
collected or not. DIVIDENDS ana inter-
est payable IN 1879 should De returned
as income at that year, no matter when
oeciaaea.s l * ora con+raotod a,ri
the wear 1894. but found in said yearFto
be absolutely worthless, may be deduct
cd from. me income. OF the crealtor IN MS
ann os'' = ss'- - ~ ',''t Wy
SUCH DEBT
1,a oonsiaeroa ~ ro+,rnad 80
e'nnos oe e ~, as
worthless Until al'er iegai proceeings 10
recover the same nave proved Irultless,
or it clearly appears that the debtor is
insoIvent and that nroceedinos to col
iecb the oeo0 Wouio asall ho'hing. Ii
making the deduction for worthless
debts, the person claiming the same
must set forth in his return that the
facts as above stated exist In connection
with the debt returned as worthless. No
debts contracted prior to the year for
which return,ls made can be deducted.
No ded lction can be made because of
the diminished value, actual or estl-
mated of-real estate, nor OF stocks, bonds
or other personal property, Whlle owned
by the person making the return; nor
for estimated depreciation OF mines by
the process OF mining or otherwise. Rent
from mines, or foyalty tnereon is IN
come, and should be included In annual
returns
w ron1- ioNo
nialAe leeuins VI 'iie loilo"ihs nia'.efs'
fiia'' o s'os' pioAO' VI eooh CUT
potation' " assooia'io -. = iioiii
+ aaa. xmas OF BUSINESS OIL every MANS s@and z,
le n suae, ~ sr.s i a,.,So.3 so1, o..
tion- co,nnany or assnc,ation. eyclnsive
Il finterest. annuities and dividends.
Third. The net profits Of such corpora
ton, company or association, without al
lowance of interest, annuities or divi-
Idends. HI r9 :-i
/ Fourth, The amount paid on account
fof interest, annuities and dividends,
stated separately.
Fifth. This amount paid in salaries of
81. 600 or less to eacn person employed.
8 Sixth. The amount paid In salaries of
more than $4,000 to each person en-
ployed, and the name and address of
each of such person, and the amount
paid to each.
The first return made by corporations
under the nravisions of said act shall he