Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1909-07-02
SENATE HAsIAxlDEA
TWO PEN cent. AssEssMEMT
RON EvERv CORPORATION
PROVIDED IN TAFT PLAN.
CONCERNS GET EXEMPTION
VIII o. DsnsStsd BY $1,000 eresisIon'
WhIen 10 10 % In Feres Until Act
DseoWses ENsetivs-prssident 10

mUCn Q0roI06Q COIpUToSO0 - pAAAA
va presented to the senate BY
Senator Aldrich. chairman Of the
finance committee and was ordered
printed a committee amendment 70
the tafiH BILL
BriefIy stated. the plan imposes .
tax OF two per cent upon the net
earnings Of every corporation, Joint
stock company or association. organ.
ixed for profit and having . capital
stock represented by shares. and every
insurance company, organizer under
the laws OF the United States or OF
any state. territory, or district. or or.
-ganixed under the laws Of any for
esgn country and engaged in busjness
within the United States.
Every latitude 10 given to concerns
subject to the tax for the exemption
or expenses. cost OF maintenance. the
depreciation Of property, debts and
the interest thereon. other forms OF
taxation and all expenditures usually
taken from earnings accounts. Every
corporation is also given an exemp.
ton OF 5000 OF earnings before the
tax shall apply.
Commissioner to Collect.
\ All az the machinery relating to the
collection. remiesion and refund Of in
ternai revenue taxes is made appli-
cable to the corporation tax and the
responsibility for the enforcement Of
the proposed law rests with the COM
missioner OF internal revenue In the
same manner AZ other internal taxes.
Z While the corporations are required
to supply information OF 4 most inti-
mate character relating 70 their busi-
ness, provision IL made to safeguard
them against wrongful use Of data OBJ
ta.ned for the purpose Of assessing
the tax. Penalties are provided in
cases Of false or fraudulent re-
turns
Practically every character OF In
corporated Institution organized for
profit il brought within the provisions
Of the corporation tax. &
Defines Taxable Concerns.
The provision defining the concerns
from which the tax will be collected
Is as follows:
That every corporation, joint
stock company or association. organ
lied for profit anG having . capital
stock represented by shares. and
every insurance company. now or here.
after organized under the laws Of the
United States or Of any state or terri.
tory Of the United States. or under the
acts Of congress applicable to Alaska
or the District of Columbia. or organ
lied under the laws OF any foreign
country and engaged In business Ia
any state or territory Of the United
States or IN Alaska or in the District
Of Columbia, shall be subject to pay
annually special excise tax with re-
spect to the carrying on or doing bus !.
ness BY such corporation. joint stock
company or association. or insurance
company. equivalent to two percentum
upon the entire net income, over and
above 5000. received By It from al
sources during such year.
This is exclusive OF amounts re-
cefved by il as dividends upon stock
OF other corporations, joint stock com
panies or associations, or insurance
companies subject to the tar here
BY imposed. or II organized under the
Laws Of any foreign country, upon the
amount Of net income. over and above
$4,000. received By It from business
transacted and capital invested within
the United States and its territories.
Alaska and the District Of Columbia.
during such year. exclusive Of
amounts 20 received BY It % divi.
dends upon stock Of other corpora.
lions. joint stock companies or asso-
Citations or insurance companies. sub
ject to the tax hereby imposed.
Such net income shall be ascer-
tanned BY deducting from the gross
amount OF the income OF such corpora
ton. joint stock company or associa-
ton. or insurance company from al
sources" 4.
Too Fat for Robbery, Says Lawyer.
White Plains, N. Y.--Lawyer Benja,
min Eapan Of Ossining will file no.