The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1909-06-24

neither he nor Mr. Wickersham would
discuss its terms
WASHINGTON, JUNE 23-Details
for the proposed measure for the
taxation of net eardnings of cor
porations we're arranged tonight an
the most important conference that
has been held at the White House
since Mr.. Taft assumed the presid-
eney
There were presen as the presi-
dents guests at dinner Attorney
General Wickersham and Senator
Root. who are charged with the work
of drafting the measure; Secretary
Knox, Senators Aldrich. Burrows,
Penrose. Hale Cullom. Flint, Smoot,
MeCumber and Lodge. Speaker Can
non, Representative Payne and Rep
resentative John Dwight OF New York
were also present.
For two hours the corporation tax
measure, which has been prepared
ia the form of an amendment 10 the
tariff bill. as viewed from every
angle. Many changes in form were
cuSHfeAtus ht AdAfAuis ~ CPoi NN
copies given TO each member of the
party by Attorney General Wicker
sham were returned TO him at the
end of the conferences.
President Taft himself suggested
that the copies should not be taken
BY the members of the party until
the amendment had been perfected
All agreed not TO make the form oi
the amendment public until it is
ready TO be produced in the senate
The terms of the amendment
provide that all corporations having
capital stock and organized for profit
shall pay a tax of per cent on theii
net earnings Corporations coming
within that designation will be com
peiled to make returns TO specially
named agents of the bureau OF in
ternal revenue of the treasury de
partment, giving the amount OF thell
gross receipts, capital stock, bonded
Indebtedness and all other visablt
debts.
This amendment will define in the
broadest possible way the character
of losses which may be deducted
from the net earnings upon which the
tax is TO be collected.
The > per cent tax will apply tc
all corporations organized for profit
but each corporation Will be allowed
five thousand dollar exemption.
Any corporation which makes
false report will be subject to 8
penalty, the amount of which was no'
decided tonight Most of the par
ticipants in the conference expressed
the opinion that it should range IRON
900 to $4,000.
The tax will be collected upon the
entire amount of perterred and com
mon stock of every corporation anc
upon the bonds of corporation
where they exceed the total amount
of capital.
II il intended that the bill shall be
come operative Immediately on its
massage. The life of the measure
was made indeterminate. The pres
ent wears tax will be collectable
July /, 1910.
Leaders in the senate and house
have been flooded with telegram'
from corporations expressing teal
that the law would be drawn III
such form that upscrupulous agents
NJ the internal revenue bureat
might use information so as to IN
lure the business of corporation
This was discussed tonight and Il
was decided that only especially
designated agents of the bureau
should be permitted to interrogatt
corporations regarding their pusi
ness.
IT was decided that all incorporat
ed insurance companys ORGANIZED
for profit should be brought within
the terms of the proposed corpora
ton tax law. This will not exemp
so-called mutual companies. Neithe
will It exempt fraternal Insurance
concerns. which come within tha
Interpretation of the law.
Estimates given tonight place Tn
(Contknued on page three)