The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1901-07-17

The statute requires that returns be made between the FIRST
and days of July provides that in case of refusal
neglect 10 render the return required the Assessor may make
such assessment he may consider Just and the same shall be
binding and conclusive and subject appeal (Secton
furthermore IN of such refusal neglect the Assessor
such party any person having possession ems
od or care OF the books of of
uon ana require HIM under oath testify respecting any
come liable to tax the thereof (Section g.
The two hundred cent penalty be added secon 81
applies only in which or fraudulent returns or
valuations made
No penalty provided for failure make returns excepting
that such failure the taxpayer the danger of being
required upon valuation the actual income
without right of appeal therefrom
Form OF RETURN
While the only required pay the tax upon net
income provided Scton 6I that returns shall be made
and rendered the Assessor M such form Treasurer of
the territory may direct The form prescribed requires that
emized statement of gross be made under Schedule
and of deductions and exemptions Schedule OBJ
with special exhibit for corporations under Schedule CO..
The direction by the Treasurer that made this
would appear be authorized by statute so that
returns containing only the of would be
sufficient
SPECIAL ITEMS UNDER SCHEDULE CA
Item 1"Intere Bonds, Notes other securities"
relates to interest money actually received.
Item 2-''Profts Real Estate (incudng easeholds) pur
chased within years Although Schedule A headed
Gross Income this calls profits upon estate
including easehold sold during the year preceding July
1 1901 provided they purchased within years prior
the of sale If the real held for than
years before selling it would have be returned all
Item S-Dividends Corporation Stocks This item is
include the total of all dividends received
whether from several corporations The corresponding
item in Schedule Bo Dividends Corporation Stocks
ceved Corporations which have assessed upon its
profits the of per cent also includes the total
amount of all such dividends In neither necessary
state the name of the corporation corporations
making the deductions it will be fair to that all
corporations doing business profit the Territory have been
so assessed The individual taxpayer not required to have
actual knowledge the The result is that the item in
Schedule B will be the that in Schedule that
the taxpayer will pay taxes on his dividends
Item 4-Premiums on Bonds, Notes and Coupons, appar
emily refers to cases where bonds coupons have been
sold during the year for higher than the pce pald Tor
them by the person selling.
Item 5-Sales of Movable Property of every Description
This includes the total realization from sales and not merely the
net profits The profits will when there IS deducted
from the amount given this item either the amount
the purchase production of the under the second item
in Schedule B or as the of sale of sugar crop
the necessary expenses actually incurred IN carrying On the Du
ness under the third in Schedule B
Exchange of property is not sale to be returned.
s o personal property are be returned irrespective of
the time of purchase of the same
Item 6Money and the value OF other personal properly
acquired by gift Inheritance seems to express clearly Wnat
intended II does include real estate and only relates to
such money property actually received during the year
any beques inheritance has been otherwise taxed as such 1t
will be deducted by placing it in the corresponding item IN
Schedule .eB"
Items and 9"Amounts paid payable, distributed or
dsrbntable to shareholders from any fund or account
carried to of fund.- or used tor con-
or enlargement Of plant and other expenditures or In
vestments paid from annual profits
These two items have aserisks against hen ana the ho
reads hese items apply corporations and are to be stated
unless covered by one of the previous items In our OPINION
these items will always be covered by one OF more items Oh
schedue T and therefore that they can not be ea OUT
out duplicating of the items De,ese INC ie'
6 which reads: -