The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-06-26

| ance company. from all sources:
| "All losses actually sustained within
tho year and not compensated by insur-
ance or otherwise, including reason
able allowance for depreciation or prop
companies the sums required by law 10 be
carried 10 premium reserve fund.
Interest actually paid within the year
on its bonded or other Indebtedness not
exceeding the paid up capital stock Of
such corporation. joint stock company or
association: or insurance COMPANY out
"An sums paid by II within the year
| for taxes imposed under the authority Of
the United States or any territory
| thereof.
IAN amounts received by it during the
year as dividends upon stock of other
corporations Joint stock companies or as
| ISOLATION. or insurance companies sub
| jcct TO the tax hereby imposed.
provided. that in the case Of cor
poration,. joint stock company or associa-
der the laws OF a foreign country. such
net income shall be ascertained by de-
ductns from the gross 1nnsnr,od amount OF nd 1IS
capital invested within the United states
and any of its territories, Alaska and the
district OK Columbia.
"ku the ordinary and necessary cx-
penses actually paid within the year out
of earnings in the maintenance and oper-
alton Of It's business and property within
| Alaska and the District OF Columbia.
Further Deductions.
"An losses actually sustained within
the year in business conducted by IL
within the United states. not compcn-
ING a reasonable allowance for dcprecla-
ton OF property. and, In the case OF IN,
surancc companies. inc sums rcQuireu
by law to be carried TO premium 'esc'Ns
funds. 49,
on its bonded or othe; lndeptcnness 20
an amount of such bonded and other ll-
debtedness not exceeding the proportion
OF its paid up capital stock outstanding
al the close OF the year which the gross
gmount OF its income for The year from
husiness transacted and capital invested
within the United states and any oi hS
territories, Alaska and the p1stri1t OF
its Income derived from all sources with
in and without the United states ..
''Thc sum paid by 1T within the year % toI
taxes imposed under the authority of the
| United States or OF any state or territory
thereof All amounts received By ~
within the year as dividends upon STOCK
Of other corporations, Joint stock com
| nsnios or associa tions and insurance
companies subject to the tax hereby I'M
| posed
Ii is provided that there shall hal he, he de- iH
! come OF each corporation, subject TO the
fax the sum OF $4,000. the tax being com
putcd upon the remainder.
Accurate Return Required.
Every concern subject to tho tax Is
| required on or before March J ol caci'
! wear To make n true and accurate re
| turn under oath or affirmation OF It's
| president vice president or other princl-
| pal officer, and Its treasurer or associate
| treas snrer covering the character OF its
organization and the amount OF business
| transacted during the year, to the col
lcctor OF internal revenues. Tor 'he diS-
| trict in which the corporation Is organ
| lZed: ol. I'm the case of foreign corpora
| tions stock companies or insurance COM
panias I'm the place where It's principal
! business is carried on with the United
| States,
''The return must however. set forth,
| a. Total amount of paid-up capital
! stock outstanding at the close OF the year
| (2) total bonded and other indebtedness
| (3) gross amount OF income during the
! wear from all sources. and II ORGANIZED
under the laws of a foreign country, tho
gross amount OF It's income, derived from
| business transacted and capital invested
within the United States, G) amount re
ceived by way OF dividends upon stock
Of other corporal tions or concerns subject
10 the tax; t6D total ordinary ana neces'
sary expenses actually paid ont OF earn
ings in the maintenance and operation
of the business and properties. and "
! the case of foreign companies, the cos
OF opera tion in conducting business trans
acted within the United States: 90 TO-
tai losses actually sustained during the
year and not compensated by insurance
| or otherwise. stating separately any
amounts allowed for depreciation OF prop
erty; and in the case OF Insurance com
panies the sum required by law 10 D'
carried to premium reserve fund, and II
| the case of n concern organized undei
the laws of foreign country, all losses
actually sustained by it in business con
| Quoted within the United states, not COM
| pensated by insurance or otherwise, stat.
ing separately any amounts allowed fol
| depreciation Of property. and in the case
| of insurance companies the sums re
quired by law to be carried to. premium
reserve fund. ca amount Of Interest
actually paid on bonded or other indebted
ness 10 an amount not exceeding. paid
| up capital stock, or In case of a foreign
| corporation not exceeding the proportion
Of its paid-up capital stock. which gros:
| income from business transacted lDt
capital invested within the United States
bears TO gross incomes from all sources
within and without the United States
tS) amount paid for federal or loca
taxes; (O net income after making Tho
deductions authorized
Plans for Collection.
Local collectors will transmit the re
turns forthwith to the commissioner q
internal revenue In Washington.
! Upon evidence Justifying the opinion
that the return is correct. or that when
ever insufficient or no return has beer
made the commission Is empowered &c
designate any regularly appointed revenue
agent to examine the books papers
of such corporations in order 10 produce
the information required. for the purpose
OF assessing the tax. The commissioner
is authorized also to invoke the aid oi
any United States court To require the
attendance OF such officers or employees
and the production OF hooks and papers
Upon this information the commissions,
may amend any return make return
whore none has been made"
Returns are TO be retained by the com,
missioner who Will assess the tax. IL
the event OF any return being made will
false or fraudulent intent. the commits
sioner is required to add 100 per cent o
such tax, and In cases OF neglect or re-
fuSaI to make return, or to verify Tho
same the commissioner Is to add 90 pei
cent to the tax. When the neglect is
occasioned by sickness or the absence o
Il responsible officer OF the corporation
sIlbiccf To The tax. the COLLECTION Is allowed