Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-06-26


| other corporations. Joint stock com
| panies or associations or insuranc,
companies subject to the tax hereby
imposed.
provided that in the case OF .
| corporation joint stock company OF
association. or insurance. organized
under the laws of a foreign country
OF It's income from business trans
acted and capitai invested within thu
United states and any of its territor-
| les, Alaska and the District of Coz
lumbia.
Interest actually paid within the
such net income shall be ascertained
by deducting from the gross amount
year ON its bonded or other indebted
ness TO an amount of such bonded an
out of earnings in the maintenance
ana operation OF its business and
property within the United States and
lis territories
"Ali losses actually sustained within
the year IN business conducted ~ II
witnin HE United States, lpt com
pensated by insurance or otherwise.
including reasonable allowance, foi
depreciation Of property and in the
case OF insurance companies the sums
required by law to be carried to pre-
MUM reserve funds.
"Al. the ordinary and necessary ex-
nonses actually paid within the yeai
thority of the United states # arN
other indebtedness not exceeding tn"
proportion )f its paid-up capita
stock outstanding at the close of tbs
year. which the gross amounts Of It
income for the year from business
transacted and capital invested with
in the United States and its tcrritor-
les bears to the gross amount Of Its
income derived from all sources with
i'm and without the United states
THE sums paid by it N'thin tn
year for taxes imposed under the au'
thority of the United states OF ANY
state or territory thereof. Al
amounts received by It within the
year as dividends upon stock of othai
corporations. joint stock companies
or associations and insurance com
panies subject to the tax hereby Inn
posed"
II Is provided that there shall he
deducted from the amount of the net
income of each corporation subject lt
the sum OF $4,000 the tax being com
puted upon the remainder.
Every concern subject to the taN
Is required on or before March first
or each year To make true and ac
return under oath or afflrma
tion OF its president. president o
other principal officer and its treas
urer or associate treasurer covering
the character of its organization and
the amount of business transacted
during the year to the collector o
revenue for the district IL
which the corporation Is organizef
or IN the ease of foreign corporations
stock companies or insurance com
panies. in the place whore Its prln
cipal business Is carried on with Tn
United states
tn return must however sc
fortlF
"GD Total amount Of paid-ui
capital stock outstanding at th
close OF the year. 90 Total bond
and other indebtedness. ca Gros
amount of income during the year
Ter the laws OF a foreign country Tho
gross amount of its income, derivcc
rom business transacted and capita
invested within the United states. ca
Amount received by way of dividends
IN stock OF other corporations ot
concerns subject to the tax go To.
al ordinary ana necessary expense |
paid out Of earnings in tn
and operation OF the
business and properties and In the l
'ase of foreign companies the cost OF
operations in conducting busines |
transacted within the United states. |
r6) Total losses actually sustained |
n the current year and not compen |
ated by insurance or otherwise stat
ng separately any amounts alloweo |
or depreciation of property; and ~ |
he case of insurance companies the
ums required by law to be carried to
premium reserve fund ana in th' |
ase of a concern organized under
he laws of a foreign country al
osses actually sustained by IT in bust
less conducted within the United |
tates not compensated by Insurance
r otherwise stating separately any
mounts allowed for depreciation Of
and in the case OF insurance
the sums required by law
o be carried to premium reserve
unds (D Amount of interest ac |
ually paid on bonded or other in
ebtedness to an amount not exceed
ng paid-up capital stock, or In cast
( a foreign corporation not exceed
ng the proportion OF it's paid-up cap
tai stock which gross income from
usiness transacted and capital IN
ested within the United States. bears |
D gross incomes, from all sources
-ithin and without the United states
- Amount paid for federal or 10
al taxes. go Net income after
laking the deductions authorized"
Local collectors will transmit the |
eturns forthwith to the commis-
ioner of internal revenue Ia Wash
igton.
Upon evidence iustifying the opin-
IN that the return is incorrect OF
hencvcr insufficient or no return
as been ma .e the commissioner Is
Empowered to designate any regularly |
ppointed revenue agent to examine
he books or papers OF such corpora
on i'm order to produce the informh-
on required for the purpose Of as
.ssing the tax. The commissioner
authorized also to invoke the AID
/ any United states court 10 require
lc attendance nf An. IA Officers or cnl- |