Carson City daily appeal. [volume] (Carson City, Nev.) 1907-1930, 1909-11-27

ed: Provided, however, That nothing
in this section contained shah apply
to labor, agricultural or horticultural
organizations. or 10 fraternal benefic-
iary societies. orders or associations
operating under the lodge system,
and providing for the payment of
life, sick, accident. and other bene-
fits to the members of such societies,
orders, or associations. and depend
cnts of such members, nor to dOmes-
tic corporations which are or in future
organized and operated exclusively
for the mutual benefit of their men,
bers. nor to any corporation or assO-
citation organized and operated eX
clusively for religious, charitable. or
educational purposes. no part Of the
net income of which inures to the
benefit of any private stockholder or
individual.
Second. Such net income shall be
ascertained by deducting from the
gross amount of the income of such
corporation, joint stock company or
association, or insurance company, re-
ceived within the year from all
sources, (frsD ali the ordinary and
necessary expenses actually paid
within the year out of income in the
maintenance and operation OF its
business and properties, including all
| charges such as rentals or franchise
payments, required to be made as
| condition to the continued use or
possession of property: lsecond) all
losses actually sustained within the
year and not compensated by insur
ance or otherwise. including rea-
sOnable allowance for depreciation of
property. II any. and in the case of
insurance companies the sums other
than dividends, paid within the year
on policy and annuity contracts and
the net addition. il any, required by
law to be made within the year to
reserve funds ,third) interest act
ually paid within the year on its
bonded or other Indebtedness to an
amount of such BOMBED or other in
lCbtedness not exceeding the paid-up
capital stock OF such corporation joint
stock company or association. or in
surancc company, outstanding at the
close of the year, and in the case of
a bank, banking association or trust
company, all interest actually paid by
it within the year on deposits:
(fourth) all sums paid by it within
the year for taxes imposed under the
authority of the United States or OF
any State or Territory thereof, or
imposed by the government of any
foreign country as condition to car
rying on business therein; (fifth) all
amounts received by it within the
year as dividends upon stock of other
corporations. joint stock companies
or associations. or insurance compan
les subject to the taxes hereby i'm
posed: Provided, That in the case of
ia corporation, joint stock company
or association, or insurance company,
organized under the laws of foreign
country. such net income shall be as
certained by deducting from the
gross amount of it's income received
within the year from business trans
acted AMI capital invested within the
United States and any of it's terri
tories, Alaska and the District OF
Columbia (firsD, all the ordinary
and necessary expenses actually paid
within the year out of earnings in
the maintenance and operation of
its business and property within the
United States on its Territories.
Alaska. or the District of Columbia
not compensated by insurance or
otherwise, including a reasonable al
lowance for depreciation of property,
If any, and in the case of insurance
companies the sums other than divi-
dends, paid within the year on pol
Icy and annuity contracts and the
net addition, if any, required by law
to be made within the year to re-
serve funds: (third) interest actually
paid within the year on it's or other
Indebtedness to an amount of such
bonded and other Indebtedness, not