The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-02-03
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the amosnt of each class included in the
amount set opposite paragraph 8 OF de-
But this is not all The ordinary individ-
ual is looked upon as a tax dodger. He is
required to make oath or affirmation that
his are true: but the ordinary
affidavit that the facts set forth in the
above affidavit are true to the best of my
knowledge and belief" etc. is not sufficient.
Uncle Sam recognizes that something
stronger than that is necessary to bring
some people within the bounds of truth,
and attaches the following:
............, being duly sworn, on his oath
| Tor affirmation), deposes and says that the
foregoing return contains a full, true, par
profits or income received by or accrued to
..... from the first day OF January, 1894. to
| days inclusive, and that said return con-
tains a true account OF all his income from
every source, whether derived from any
kind of property, rents, interest, dividends,
undivided profits, wages or salary. or from
any trade. profession. employment or vo-
during said year; and that he has not re-
ceived from any or all sources of income
together, any other sum for the said year
| besides what is herein set forth in detail;
and that each item stated under the head
and ar truly entitled to make Ike all lii the nodh educs-
lions from his income for said year AZ
specifically stated In detail, and that the
written answers to the above questions are
true.
The trainers of the income tax law were
no more considerable of corporations than is
the average jury. They failed to insert the
$4,000 exemption clause and corporations
must pay the tax on their entire net in
| come, or as stated on Form No. 366, ION
net profits or incomes over operating and
business expense" The gross income of a
corporation is to be ascertained by placing
a debit amount, if there be one, opposite
each of the following items.
Gross receipts, credits, earnings and gains
from any business, or any interest therein,
wherever. carried on; interest on coupons.
| due or paid on any bonds, or other evidence
| of indebtedness of any corporation, company
or association; dividends or interest OF the
ton, company or association; undivided
profits of any corporation. company or Assoc
citation; premium on bonds. stock notes, or
coupons; commissions or percentage; inter-
est on notes. bonds or other securities OF
the United States, except such bonds OF
the United States the principal and interest
of which are exempt from federal taxation;
interest received or accrued on all notes.
bonds, mortgages or other forms of indebt.
edness not included in the foregoing itemsi
profits realized within the year from sailed
of real estate purchased since Dec. 81, 1892;
rents received or accrued; all sources not
above enumerated Specifying same.)
A table similar to the above is devoted to
a statement of all expenditures which can
be classed under the head of Operating
and Business Expenses"
To assist the collectors in the assessment
of individuals corporations are required to
give a list of all employees who receive q
salary of more than $500 a year; a state
ment OF all annuities, dividends declared.
due or paid to stockholders, shareholders.
policy holders or depositors. Besides this a
number of questions touching bookkeeping
are appended. Following this comes an
ironclad affidavit similar to the one for in
dividuals.
CORPORATE EXEMPTIONS.
Care is taken to exempt from the opera
ton Of the law everything which would
effect the poor man in the slightest degree.
The following are exempt.
]. States, counties, municipalities.
2 Corporations. companies, or associa-
tons organized and conducted solely for
charitable. religious or educational purpose.
including fraternaI beneficiary societies,
orders or associations operating upon the
lodge system and providing for payment
of life. sick and other benefits to the menu
bers of such societies. orders or associa-
8. The stocks, shares. funds or securities
held by any fiduciary or trustee for char
liable, religious and educational purpose.
A. Building or loan associations or COM
panies which make loans only to their
S. Savings banks and saving institutions
or other societies which shall, first, have
no stockholders or members except depos-
Il dlio III dplldi CAtCpLu EpOSitS, S6cOnQ-
ly. which shall not receive deposits to the
aggregate amount in any one year of more
". which shall not allow an accumulation
or total OF deposits. by any one depositcr
exceeding $4,000; ,fourthiy, which shall
positorS ratable to deposits all their earn
ings over the necessary and proper expenses
Of such banks and institutions and socie-
ties, except such as shall be applied to sur
plus; fifthly., which shall not possess in any
form a surplus fund exceeding 10 per cent.
| of its aggregate deDOSitS-
s. Such savings banks, savings institu-
lions or societies composed of members who
do not participate in the profits thereof,
their deposltors.
ings bank, institution, or any other similar
association having a capital stock that is
benefit of its depositors on such plan, and
which shall keep its accounts of its business
conducted on such mutual plan separate
and apart from it's other accounts.
g. Any insurance company or association
which conducts all its business solely upon
of it's policyholders or members, and having
no capital stock, and no stock or shares
holders, and holding all property in trust
and in reserve for its policyholders or mem
bers.
8. That part of the business of any in
surance company, having a capital stock
and stock and shareholders, which is con-
Quoted on the mutual plan. separate from
the benefit of the policyholders and mem
bers insured on such mutual plan, and hold
ing all properly belonging 10 ana derived
from said mutual part of it's business in
trust and reserve for the benefit of its
policyholders and members insured on such
mutual plan.
The exemption extended in the above
named provisions to corporations, compan-
les or associations is intended for the bene-
fit of the depositors, shareholders and other
beneficiaries of such corporations, compan-
les or associations. The corporations, az
such, and all stockholders therein who own
such stock as investment for capital or
speculative purposes are not the intended
beneficiaries of this exemption.
Artificial SILK.
Philadelphia Times.
Artificial silk is even later than artificial
diamonds. 1t is made from a textile fibre