The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1901-09-11

sand dollars derived by person residing IN the lerry
of from all property owned and every business ao
profession employment vocation earned on IN the 1ero
and by every person residing without the Territory from all
popery owned every business trade profession employ
mont or vocation carried the Territory and by ser
want or officer of Territory wherever residing, tax OF
TWO PER CENT on derived during the year
preceding.
Sction g. There shall be levied assessed collected and paid
annually except as hereinafter provided, of TW PER
CENT on the profit income above actually operating
and business expenses from all property owned and every Du
ness trade employment vocation carried IN the Territory
of Hawaii of corporations doing business for proh IN the
Territory where created and organized PROVIDED
however that nothing contained shall apply to
tons companies associations conducted solely Tor charitable
religious educational scientific purposes including tratenal
beneficiary societies. to insurance companies taxed on
entage of the premiums the authority of another Act
ction g. estimating the gains profits and income Oh
any person corporation there shall be included all income
derived from upon notes. bonds and other ecur1e e
cent sch bonds of the Territory of Hawaii of municipalities
hereafter created by the Territory the principal and interest OF
which are by the of their issuance exempt from all taxaton
profits realized within the year preceding from sales OF real
estate including easehods purchased within two years. dv
dend upon stock of any coporaon the amount Oh all
premiums bonds notes coupons the amount OF SAFES oi al
movable property less the amount expended IN the purchase
or production of the same and the OF person not IN
Guiding any part thereof consumed directly by him his tam
gift inheritance and all other gains, profits and income de
rived from any source whatsoever
"Section a. The profits income OF all corporations
shall include the amounts paid payable to- or distributed OF
dstrbuabe among shareholders from fund account
carried to the account any fund used for construction
argements plant any other expenditure investment PAID
from the net annual profits acquired by said corpora
ton.
In computing incomes the necessary expenses actually IN
CURED in carrying any business trade profession occupa
on managing property shall be deducted ana also
paid by such person corporation ON existing IN
debedness And all government taxes and license ices PAID
within the year shall be deducted the gains, profits in
come of the person the corporation which has actually
paid same whether such corporation be owner
tenant or morgagor also all losses actually sustained during
the year trade arising from losses by lire not Gov
cred by Insurance. losses otherwise actually incurred
Provided that deduction shall be made for amount
paid out buildings ornament improvements or better
mens made the value of any property estate
provided further that deduction shall be made for per-
ona or family expenses the exemption of thousand dollars
mentioned in Section 1 being in lieu of same.
provided further that where allowable herein only one de
ducon thousand dollars shall be made from the age
gate of all the members of family composed
of both parents and minor children or nus
band wife that guardians shall be allowed to make deduc
favor OF each and ward except where TWO OF more
comprised family which the aggregate
deduction favor shall exceed thousand dollars
Provided fuher that in assessing the income of person
corporation there shall be included the amount received
any corporation dividends upon the stock of such
poraon the two per has been assessed It's
profits by said corporation required by this Act be-
quest inheritance otherwise taxed such.
'Secion s. When any person corporation having tax
able refuses neglecs render any list
quired by law decline take oath affirmation thereto
Assessor may make such assessments he may consider
just and the shall be binding and conclusive all
and shall be subject appeal In of false
fraudulent valuation by any payer the Assessor
shall per just valuation of the income of such
payer and the of the assessed such increase
shall become part of the the said income"
The attempted be levied and collected under the pro-
visions of Act 20, is direct Calling income tax
change its character 1t direct tax upon the real
and personal property the exemption ST. 600 the
the per provided for under the Laws of 1886
Chief Justice Fuller speaking for the Supreme Court of the
United States said That the income from real estate
fel within the the whence the income
IL u Il ] H.