The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1909-06-26
TAX MEASURE
PRESENTED TO THE SENATE
President Taf MuchHeaed Plan Impose Two per Levy
the Net Incomes Of Corporations Goes Upper House
in Form Of an Amendment the Tariff Bill

, States or Of any state Or territory Of
the United States or under the acts Of
congress applicable to Alaska or the
District Of Columbia. or organized un-
der the laws of any foreign country
and engaged in business in any state
or territory of the United States or in
Alaska or in the District Of. Columbia,
| shall be subject to pay annually spe-
cial excise tax with respect to the
carrying on or doing business by such
corporation, Joint stock company, as
sociation or insurance company, equ1y-
alent to 2 per centum upon the entire
net income, over and above S. ,000 re-
| ceived by it from all sources during
such year, exclusive of amounts re
ceived by it as dividends upon stock
or other corporations, joint stock COM
panies or associations, or insurance
companies subject to the tax hereby
imposed. or if organized under laws of
any foreign country upon the amount
of net income over and above $4,000,
received by it from business trans
acted and capital invested within the
United States and it's territory, Alaska
and the District of Columbia during
such year, exclusive of amounts so re-
ceived by it as dividends upon stock
of other interpretations, joint stock
companies or associations, or insur-
ance companies subject to the tax
hereby imposed.
How Ascertained.
"Such net income shall be ascer-
tained by deducting from the gross
amount of the income of such cor
poration, Joint stock company or assoc
citation or insurance company from all
sources:
"All losses actually sustained within
the year and not compensated by in
surance or otherwise, including a rea-
sonable allowance for depreciation of
property il any, and in the case of
insurance companies the sums required
by law to be carried to premium re-
serve fund.
"Interest actually paid within the
year on it's bonded or other indebted
ness not exceeding the paid up capital
stock of such corporation, joint stock
company or association or insurance
company outstanding at the close Of
the year.
"A1l sums paid by it within the year
for taxes imposed under the authority
of the United States or any territory
thereof.
"All amounts received by it during
the year as dividends upon stock of
other corporations, joint stock COM
panies, or insurance companies subject
to the tax hereby imposed.
Foreign Concerns.
"Provided that in the case of a cor
poration, joint stock company or as
sociaton or insurance company, or
ganized under the laws of IL foreign
country, such net income shall be as
certained by deducting from the gross
amount of its income from business
transacted and capital invested within
the EniEad States and any of it's terri
tories Alaska and the District of Co
lumbia.
sAll the ordinary and necessary ex-
penses actually paid within the year
out of earnings in the maintenance
and operation Of it's business and
property within the United States and
it's territories, Alaska and the District
of Columbia.
'All losses actually sustained within
the year in business conducted by it
within the United States not COM
pensated by insurance or otherwise,
including reasonable allowance for
| depreciation of property. and in the
case of insurance companies the sums
required by law to be carried to prem
| ium reserve funds.
'Interest actually paid within the
| year on it's bonded or ether indebted
ness to an amount of such bonded and
other Indebtedness not exceeding the