Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-12-20

OStSS Will
all the ordinary and necessary expenses
actually paid within the year out OF
earnings IN the maintenance and op-
Grafton OF its business and property
within the United States and its ter
ritorles, Alaska and the District of Col
umbia, including all charges such as
rentals OF franchise paymeats required
to be made as n condition TO the
continued use or possession of
property: (second) all losses actually
sustained within the year in business
conducted by il within the United
states or Its territories, Alaska or the
District of Columbia not compensated
by Insurance or otherwise including
reasonable allowance for deprecia-
tion Of property, IL any, and in the
case of insurance companies the sums
other than dividends, paid within the
year on policy and annuity contracts
and the net addition. IL any, required
by law to be made within the year to
reserve funds; dhird) interest actually
paid within tho year on Its bonded
or other indebtedness to an amount
of such bonded and other indebted
ness not exceeding the proportion of
its paIdup capital stock outstanding
at the close of the year which the
year from business transacted and
capital invested within the United
States and any of its territories. Alas
ka and the District of Columbia bears
to the gross amount of Its Income de-
rived from all sources within and with
out the United States tfourth) the
sums paid by it under the authority
of the United States or of any state
or territory thereof; (6fth) all
IA inf h,ri IL d, IN,
as dividends upon stock of other cor
poratlons, Joint stock companies or
associations, and insurance compa-
MES. subject to the tax hereby imposed.
In the case of assessment insurance
companies the actual deposit of sums
with state or territorial officers, pur-
suant to law. as additions to guaranty
or reserve funds shall be treated as
being payments required by law to
reserve funds.
CONTENTS OF REPORT.
The law then provides that after the
net income has been ascertained In the
manner detailed above, IS 900 shall be
deducted from II and Il tax of one per
cent computed on the remainder The
tax is payable on the business done
for the year ending Dec. 81, 1909. and
for each calendar year thereafter
a very important duty Is then i'm
posed; stripped of its legal verbage
the next section says in substance that
on or before the first day of March,
1910, and the first day of March In
each year thereafter. a true and ac-
curate report under oath of the presi-
dent, vice president. or other prin-
cipal officer of the corporation and Its
treasurer or assisting treasurer, shall
be made by the corporation This re-
port must be made to the collector OF
Internal revenue for the district In
Which the corporation has its principal
place of business. Blanks will be fur
nished by the collector upon applica-
tion.
The report must contain In substance
the following;
l. inc total amount of the paid-up
capital stock of the corporation out
standing at the close of the year.
- y The. total amount of the bonded
and other Indebtedness of such corpora
tion at the close OF the year
E .. The gross amount of the income OF
the corporation receJed during the
year from all sources: also
a. The amount received by the cor
poration within the year as dividends
upon stock of other corporations, Joint
stock companies or associations. OF In
surance companies subject to the tax
imposed by this section.
4 Total amount of all the ordinary
and necessary expenses actually paid
out of earnings In the maintenance and
operation OF the business and properties
of the corporation within the year, stat
ing separately all charges such as rent
ais or franchise payments required to
be made as a condition to the, continued
use or possession of the property
). The total amount of all losses ac-
tually sustained during the year and not
compensated for by insurance or othCf-
wise, stating separately the amounts
allowed for depreciation of property.
6. The amount of interest actually
paid within the year on It's bonded or
other Indebtedness to an amount of
such Indebtedness not exceeding the
paid up capital stock of the CORPORATION
outstanding at the close of the year,
z. The amount paid by the corpora
tion within the year for taxes imposed
under the authority of the United
States or any state or territory there
of. and, separately, the amount paid by
the corporation for taxes imposed by
tho government of any foreign country.
as u condition TO carrying on business
therein.
8. The net income of the corporation.
after dcducting the amounts permitted
to be deducted by the statute. These
are detailed above.
WORK FOR COMMISSIONER.
The act goes on to say:
II the commissioner of internal revc-
nue. shall. upon evidence. deem the re-
port as filed incorrect, or il a corpora