St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1895-03-09
INCOME TAX

proved the joint resolution of Congress
extending the time for iucome tax re-
turns the public will have until April
Is to make such returns.
1t is probable that before that date
the United States Supreme Court will
decide in the test cases pending before
it whether the law is constitutional. If
it should be held unconstitutional, and
hence void, there would, of course, be
no occasion for returning incomes.
But the tax must be assumed to be valid
until %judicially declared otherwise.
The personal as distinguished from
the corporate income tax is levied on
all incomes above foul thousand dollars,
whether derived from fixed salaries,
professional fees, profits in business,
investments. gifts or inheritances. The
rate is two per cent on the excess OF
four thousand dollars. The income to
be returned and taxed this year is the
income from Jan l to December 81.
1894. The tax is to be paid on or before
the first of July next.
Every citizen Of the United States,
whether residing at home or abroad,
and every person, citizen or alien,
residing in the United States. having
an income of more than four thousand
dollars is required to make a return on
or before April Is next. In the case OF
a family consisting of one or 10Th par
ents and or more minor children or
husband and wife, the return must be
made by the head if the aggregate in
come of all the members exceed three
thousand five hundred dollars, and If
it exceeds four thousand dollars the
excess is to be taxed, though the in
com of no one member equals four
thousand. Guardians, trustees, ETC.,
are required to return the income
of minors and others for whom they
hold trust funds when such income
exceeds three thousand i've hundred
dollars.
Returns are to be made on blank forms
to be procured from the office OF the
collector. Some persons may receive
these by mail, but all persons having
the prescribed income are required to
make the returns whether blanks are or
are not sent to them, and whether the
collector does or does not call on them.
There are two forms, n for persons
and one for corporations. The former,
which we are now considering, gives
detailed information and instructions
as to computing incomes, making re-
turns, etc. 1t contains a detailed list
of sources of gross Income and another
Of deductions allowed by law. The
person making the return is required
to state the amount and source of his
gross income, the amount and nature
of the deductions he claims and the
sum of the net income. He must then
sign this statement and make affidavit
of its truth before a collector, deputy
collector or some officer authorized to
administer oaths. The law declares it
4 criminal ofense for any official or
any other person to make public any
income returns.
If any person having a returnable in
come wilfully neglects or refuses to
make a return within the prescribed
time, or make a wilfully false or fraud
ulent return, the collector or deputy
collector is authorized to make the
according to the best informa-
ton he al obtain by the examination
Of such person or any other evidence"
is also made his duty to add fifty per
cent as a penalty to the amount of tax
due in case of neglect or refusal to
make return, and one hundred per cent
case of false of fraudulent return.
But before making such assessment the
collector or deputy must notify the per-
ION SO assessed, who is entitled to Z
and an opportunity to show that
le has not a taxable income or that the
eturn made by him is correct.-New
fork Herald.