The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1909-06-28
COTTON BAGG|NG IS
PLACED ON FREE LIST

subject to tax hereby imposed.
Such net income shall be ascertained
by the deduction from the gross
amount of income of such corporation,
joint stock company, association or in
surance company from all sources.
All the ordinary and necessary ex-
penses actually paid within the year
out of income in the maintenance and
operation of its business and proper
ties. All losses actually sustained
within the year and not compensated
by insurance or otherwise, including
reasonable allowance for depreciation
of property, if any, and in the case
! of nsurancecompanies the sums re-
quired by law to be carried to the
premium reserve fund.
In the actual amounts paid within
the year on its bonded or other in
debtedness not exceeding the paid up
capital stock of such corporations,
| point stock companies or associations
or insurance company outstanding at
the close Of the year.
All sums paid by it within the year
for taxes imposed under the authority
of the United States or any state CT
territory thereof.
All amounts received by it within
the year as dividends upon stock or
other corporations, join stock com
panies or associations or insurance
companies, subject to the tax hereby
imposed.
1t is provided that in the case of a
foreign corporation, the income shall
be ascertained by deducting from the
gross amount of its income from bus
mess transacted and capital invested
within the United States or any of its
territories, or in Alaska or in the Dis
trict of Columbia, its expenses, etc,
within the United States, its terrific.
ries, Alaska or the District of Co
lumbia.
1t is provided that there shall be de-
Quoted from the amount of the net in.
come of each corporation subject t.
the tax the sum of $4,000, the tax be-
ing computed upon the remainder.
Every concern subject to the tax is
required on or before March each
year to make true and accurate re-
port on oath or affirmation of its
president, vice president Or Other
principal officers, and it's treasurer N
assistant treasurer, covering the char
acter of its organization and the
amount of business transacted during
the year, to the collector of internal
revenue Of the district in which the
corporation is located or in the case
of foreign corporations, ETC., in the
place where it's business is carried
on in the United States.
The collectors will transmit the re
turns forthwith to the commissions,
of internal revenue, Washington
On evidence showing that the re
turns made by corporation is untrue
or wherever insufficient or no return
has ben made, the commissioner is
, empowered to designate any regular
ly appointed revenue agent to exam
inc the books of such corporation
and take testimony of responsible of
ficer of the corpo kation in order Il
produce the Information required fol
the assessing Of the tax.
The commissioner is also authorizel
to invoke the aid of the United States
courts to require the attendance o
such officers and employees and the
production Of the books, ct.
In case of a return being made will
false or fraudulent intent, the commits
sioner is required to add 100 per cent
to such tax, and in cases or neglect 81
refusal to make return or to verify tn,
same, the commissioner is to add 81
per cent. When the neglect is caused
by sickness OF the absence of re
sponsible officer, the collector is Al
lowed to extend the time, not exceed
ing thirty days. Assessment made b,
the commissioner must be paid by th,
corporation before June 80 of eaol
year.
AS assessments have been made, til,
returns of corporations must be file,
in the offices of the commissioner .
internal revenue, and they will ther
constitute public records, and as sucl
will be open for inspection. Gree
protection of corporation agains
5 the wrongful use of the information
If is provided for.
1t shall be unlawful for any collec