The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-30
THE TAX ON INCOMES.
Men Of Means Now to Be Called
on for Returns.
wt.o PAYS AND VINO DOES NOT.


a,.rn,fv f-ofsecto~ OF Inssrrai Revenue ].
p. Gleason ID in receipt Of Instructions TO
nrooees NJ ore with the collection Of the
sr,uez,-tzskea-of Income tar. The instruc-
sson. are very concise and accurate AMI
DEAF b. detail wtfh the sneshots 10 be
rr,rxresf 10 arriving at rhe incomes Of IN
ssivsdaass arn: corporations The method
Of procedure will be TO oend 10 each per-
son aud corporation doing business IN
this district ard subject TO the lax = eopy
Of the regulation blank and request that
4hey furnish statement OF their IN
come. and IN this way pr0Dsassy 80 per-
sssns believed 10 have incomes exesedins
8. 90 9 year and officers Of corporations
viii be called upon to make statements
90 tfis local Office Active work VIII be
begun within few days. Another dep
ufy win probably be assigned to the local
oflee shortly. as the business viii he
too heavy for Mr.. Gleason 30 fsarassse
aforr
The regulations provide that In cstl-
mating the gains. profits and incomes OF
any person for the purposes Of taxation
s.,<re shall be included:
J. All incomes derived from interest
upon notes. bonds and other securities.
except bonds Of the United States the
principal and interest Of which are by
the Law Of their issuance exempt from
ali federal taxation.
Profits realized within the year from
sales Of real estate purchased within two
years previous 20 the CLOSE OF the year
Tor Hfach income Ia estimated.
q Interest received or accrued upon
ail notes. bonds. Mortgages or other
forms OF indebtedness bearing interest.
rss==s.hsr PAID or not. II good or eo5lect-
tss.es
The amount Of all premium on
bosaIs. notss or coupons.
5. The amount Of all sales OF live stock.
sngar. eotton wool. etc. less the amount
expended in the purchase or production
OF the stock or produce. aagsi not inciud-
tnS ans part consumed directly By the
family.
&. Money. and the value of al person
al property acquired by gift or inhcri-
!. All other gains. profits ard income
ssrssesi from ans source except the salary
OF United States otficess. from which
fhs tax has been deducted.
United States. such as fees which are
Uncertain and irregular. shall be in
eisa1es4. sif such fees exceed sa.0o0 per an
nsssE.
There shall be deducted In computing
the incomes the following: The neces-
sxTy expenses actually incurred In car
rsing on any business. occupation or pro-
fszxon. ali interest due or paid within
q
debteansss: All national. state coanay,
school and municipal taxes: losses ac-
tuaIly sustained during the year IN
CURED In TRADES or arising from fire.
storm. etc; debts ascrrtained to be
worthless.
Deductions and Penalties.
No deductions Will be made for any
amount PAID out for new buildings, per-
manent improvements or betterment.s.
made 10 increase the value OF any prop
erty or estate. and the exemption OF $40
allowed 10 individuals slosss not apply to
corporations Their entire net profits are
subject 10 the per cent. tax In case
OF any return OF false or fraudulent
valuation intentionally, the collector shall
add loo per cent. 10 such tax, and in case
ef q refusal or neglect, except In eases of
sickness or abssrsee. to make a list or
return, be slasii add 90 per cent. 10 the
tax. Tho above penalties shall not be
assessed upon ANY corporation. company
81 association until after reasonable no.
tice Of the time and place has been given
s hs president or person IN charge.
The fiscal year for the Income tax wsil
run from Janssasy 10 January /, but
x.&{ff
l. The tax collected in July next Will
be fer the year 1884.
These Who Arc Exempt.
Under tho new law the following cor
porations are exempt:
l. States. counties or municipalities.
:. Corporations, companies or associa-
tons organized and conducted solely for
charitable, religious or educational pur-
poses. Including fratsrnal beneficiary So
eietles, orders or associations operating
upon The hodge system and providing for
payment OF life, sick and other benefits
To the members OF such societies aaai de-
readenss Of such members.
3 The stocks. shares, funds or So
caIStfes held hy any iiaue1ary or trustee
fer charitable. religious and educational
purposes.
I, nustlsng or ban associations or com
ranies which make loans only 10 shesr
Shareholders
., Savings backs AMI savings inSt4tu-
tsons ~ other societies which shall have
30 stockholders or members excsspt de-
lrositars and m capital EXCEPT deposits
which shall ~; receive deposits Ia the
aggregate anaannt In any one YEAR OF
more than si.ao from one sieposssor. which
shall not aiiow an accumulation OF de-
rosits by any one deposltar exceeding
sio-ea which shall actually distribute 10
ats deroSiterS ratahlc 10 deposits all their.
earnings oyer the necessary and f.rol,ai-
EXPENSES 81 such ranks, except s,tch as
shall be applied - surplus, and Which
shall rot Possesses in any form a surplus
f'1sssf exceeding 70 per ceas NJ sts swEN-
gate deposits
{. sash savings hanks. savings inst.
tut.aus, ssusposel os members ~ho "a
rastlospate in tAe prssits sheres.s. ami
which pay interest or dlsssieaas oH,y 70
ssssr de10sitorS
:. That part og Tho bassnssS of any saw
'ngs bank having cepstaa stock con-
ssastess 90 a mutual plan seleiy for the
benefit * So Ssaosstsss snlf Which shall
Keep sss aecagatS u IS business coa-
dns'ea on snofs RsutuaI plan separate
ard srart tom SITS other accounts.
Any lnsivarsse company ar a~s,Ssla.
sion wa4cA coasiacss all - BUSINESS s,,ss-.
iy Spen she nsssissal plan. agi os.ay fos
TIRE senesis - .ts FasScy holders AMI sssv.
sfss 30 capital stock. ana 40 sssNrk ..
ssssSransss<serS AMI holding aa pgorerfy