The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-03-28

All previous records in the Office of
the local collector of internal revenue
were broken yesterday by the receipt
of twenty-three returns from probable
and prospective income taxpayers.
Heretofore the reports have been going
in by ones or twos and sometimes then
five or six days apart; but it is now
very evident that the people have
awakened to a realization of the fact
that there are less than three weeks
more in which to make their state
ments, good. bad or Indifferent 1t was
anticipated that on Monday the Su-
preme Court of the United States
would render its decision as to the
validity of the income tax act, but that
tribunal has not acted at this writing
and many of the people who have re-
ceived blanks are now probably of the
opinion that 1t is as well to be on the
safe side, and therefore they are send
ing in their reports in somewhat
larger numbers than heretofore. 1t is
sald that the payment of incomes will
not be very heavy in Utah for this
year, the forecast being based upon
the nature of the reports which have
been received to date. While no infor-
1AAo(AO41 e1o " Tile COIIeHlS IS ever gwen
out by the revenue officials the state
ment has been made that compare
lively few of the returns are of a ia
Vorable nature, by far the greater ma
Jorlty being from persons or corpora
lions who claim to have lost money
during the past year, rather than made
any. To date not a mining company
which has paid dividends during the
year just closed has sent in its state
i'm fox ~,
hit several of the big producers right
in the neck, as it were.
There is still a great shortage in
blanks, especially those designed for
the reports of the corporations, all of
which must make returns of their
business, regardless of whether or not
they have made any money during the
year 1884. On Monday a small batch
of the papers were received, but they
went like hot cakes and the demand
for them is still unsatisfed.
Collector Chase yesterday received
an important ruling. of the commits
sioner OF internal revenue and he is in
dustriously giving notice7thereof to the
prospective taxpayers of the territory.
1t is as follows:
Office of Commissioner of Internal
Revenue, Washington, D. c., March
81, 1896:
To Collectors of Internal Revenue:
Only debts which were contracted
during the year 1894 and found in said
year to be worthless, and losses from
the sale of bonds, notes and other
personal property purchased in said
year can be deducted from income as
worthless debts or losses actually sus-
tanned, in computing income for that
year.
Collectors should require both per-
sons and corporations in making return
to state specifically in answering
questions on page of returns, when
debts reported as worthless were con-
tracted, and when property, from the
sale Of which losses are claimed, was
purchased.
Attention is particularly directed to
the fact that all returns should be
made full and complete, as designated
on forms 365 and 366, and no income
return should be received unless it
clearly appears from the statement in
such return that all deductions therein
are allowable by law and conform to
the rule above stated. All returns
should be carefully examined and cor
rected before the same are forwarded
to this office. T. w. WILSON,
Acting Com n1icSi00ar