The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-02-12


Fourth-Is your income herein esti.
mated or taken from your books?
| flfth-What are the particular items OF
losses" set forth by YOU opposite para.
graph six of deductions" and when did
| each occur?
| > Nth-Are you a citizen of the United
states, and what is your occupation?
Seventh-How did you determine that
debts returned hy you as "worthless" can
not be collected?
Eighth-Wnat were the necessary ex-
| penses" and the amount of each class in
Guided IN the amount set opposite para
graph five of deductions -;
Inc list OF questions for corporations is
| even more searching than those for
private persons. To the statements are
| attached forms of aft iavits which must
| be subscribed TO.
Expenses for medical attendance. store
accounts, family supplies, wages of do
h tneslc servants, cost OF board, room or
house rent for family or personal use. are
not expenses that can be deducted from
the gross profits or income i'm
making annual returns. Assess
ments made upon real estate
OF particular locality on account of
street improvements, sewerage, street
eraue, or other improvements intended to
neneht the particular property included
IN the locality. are not considered as taxes
which may be deducted from incomes.
lakes deductible from incomes COMPRISE
such internal revenue taxes as have not
been included in the expenses of the BUSH
ness, and all such state, county. school
ana municipal taxes as are assessed rata
Oily upon all persons liable TO such assess
ment. Interest on all government bonds.
except on the funding loan of 1891, 1917
anu I9o4, which are exempt by the terms
OF theIr ISSUANCE. Debts cannot be con-
sldered or returned as worthless until
after legal proceedings to recover the
same have proved frultless, or il clearly
appears that the debtor is insolvent and
that proceedings to collect the debt would
avail nothing. Professional people, such
as doctors and lawyers, must include all
actual receipts for services rendered i'm the
year Tor which return is made, together
with all unpaid accounts, charges for
services, or other income due for the year
ending with Dec. 81.
The returns of corporations must in |
Guide the business of the calendar year of /
1884 and contain tho gross profits. ex- I
penses exclusive of interest, antilles or |
dividends; the net profits; amount paid |
III interest, ETC.; amount paid in salaries |
Oh S4OOO or less; the amount paid in sal |
aries OF "a 900 or more.
The deductions from the return of cor.
pontions may include interest paid or
accrued within the year on bontled or
other Indebtedness, losses actually sus-
FAMED from fires, storms. etc., and not
compensated Tor by insurance or other
wise; state, county and municipal taxes
actually paid. not including assessments
Tor local benefits; salaries of officers and
wages OF employees; rents or necessary re-
PAIRS, out not including any amount used
or improvements, construction, enlarge
nent or betterment of plant; other neces-
AIRY business expenses, which must be
ully set forth in the return.
The net profits of corporations and |
pom wnlcn the per cent. tax must be | ,
'aid, must include the amount of interest, ,
minutes. dividends, and other sums paid ,
o stockholders the amount of undivided ,
rohts on hand or carried to the account {
t surplus or any other fund; the amount
SEQ Tor construction; the amount used s
Or enlargement, betterment or perma-
ent improvement of plant, and all ex-
enditures or investments paid from auy
ct annual profits. G
In case corporations refuse to complv
lth the collectors request for n state |.
lent, he shall make an estimate from
len information as he can obtain and
zen add Oh per cent, to il, which assess a
tent SO made shall be the lawful assess
tent against the corporation. The pen- o
NY TOT failure OF a corporation to make
nnual returns is a forfeit of 81 900 and II
er cent on the amount of taxes due for v
'ch month until paid, and the penalty '
" y false return is an added 100 per r.
mt, and in a case of refusal to verify Il
81 there shall be an added penalty of II
per cent.
1t is estimated that there are between
and % corporations in this county that m
III come under the income tax law. and II
ooably over 100 individuals. a