The Oskaloosa herald., 1909-12-16


inventory at beginning of the year,
and credit to the account of the
sum of the inventory at the end Of
the year. To this amount should be
added all items of income received dur
ing the year from other sources. in
Guiding dividends received on stock
OF other corporations, joint stock
companies, and associations subject
to the tax. In the determination OF
the cost of goods manufactured and
sold as above such cost shall compre-
bend all charges for maintenance and
operation of manufacturing plants and
properties, but shall not embrace any
allowances for depreciation or losses,
which items shall be taken account OF
under the proper heading as de-
duction.
.s For Mercantile Companies.
4. Mercantile Companies. - Gross
amount of income, received during the
year from all sources consists of the
total amount ascertained through in
sventory, or its equivalent, which shows
the difference between the price re-
ceived for goods sold and the cost of
goods purchased during the year, with
an addition of charge to the account
of the sum of the inventory at begin
ming of the year and a credit to the
account of the sum Of the inventory
at the end of the year. To this amount
should be added all items of income
received during the year from other
sources, including dividends received
on stock of other corporations, joint
stock companies, and associations sub
ject to this tax. In determining this
amount no account shall be taken Of
any allowance for depreciation or
losses, which items shall be taken ac-
count of under the proper heading as
a deduction.
s. Miscellaneous. - Gross income
consists of the gross revenue derived
from the operation and management
of the business and property of the
corporation making the return, togeth-
err with all amounts of income (includ-
ing dividends received on stock Of
other corporations, joint stock COM
panies and associations, subject to this
this taxi derived from all other
sources, as shown by the entries on
It's books from January l to December
81 of the year for which return is
made.
De-. Authorized Deductions.
Relating to statutory deductions,
the regulation is to the effect that the
deductions authorized shall include all
expense items under the various
heads acknowledged as liabilities by
the corporation making the return and
entered as such on its books from
January to December 81 of the year
| for which return is made. 1t will ap-
pear, therefore, that the return is to
be made up from the ledger and not
the cash book, and that entry on the
ledger from January 1 to December 81
of the year for which return is made
Is the evidence which will determine
whether or not an item is to be taken
account of in making the return.
The forms and regulations will go
to the collector of each district, who
will send copies of the blanks and a
copy of the regulations to every cor
poration whose name and address the
collector has been able to secure.
Failure to receive the blanks or any
notice relative thereto will not ex.
cuse a corporation from making the
return required by law, nor will it re-
lieve it from penalties for failure SO
to do. If copies of blanks and regu'
lations are not received on or about
January. l. application should be made
to the collector in whose district the
principal office of the corporation is
located, so that the return can be in
the hands of the collector by the
time required in the statute.