Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1909-06-30
TAFT'S TAX PLAN
FOR CORPORATIONS
Continued from page 1.
Continued from page 1.

tanned by deducting~ from the gross
amount of the income of such corpor-
alton, joint stock company or associ-
alton, or insurance company from all
sources:
L THE ordinary and necessary ex-
penses actually paid within the year
out of income in the maintenance and
operation of its business and proper
ties.
2-All losses actually sustained
within the year, and not compensated
by insurance or otherwise, including
a reasonable allowance for deprecia-
ton of property, if any, and in the
case of insurance companies the sums
required by law to be carried to pre-
MUM reserve fund.
3-Interest actually paid within the
year on it's bonded or other indebted
ness not exceeding the paid up cap
ital stock of such corporation, joint
stock company or association, or in
surance company outstanding at the
close of the year.
All sums paid by it within the
year for taxes imposed under the au-
state.
5-All amounts received within the
year as dividends upon stock of 9TH
err corporations, joint stock companies
or associations or insurance compa-
MES, subjec5 to the tax hereby i'm
posed; provided that in the case Of a
corporation, joint stock company or
association, or lnsui ance 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 from business
transacted and capital invested with
in the United States and any OF its
territories, Alaska and the District
of Columbia.
6-All the ordinary and necessary
expenses actually paid within the
year out of earnings in the main
tenance and operation of its business
and property within the United States
and its territories, Alaska and the
District of Columbia.
/ All losses actually sustained
within the year in business conducted
bv it within the United States, not
compensated by insurance or other
wise, including a reasonable allow
ance for depreciation of property, it
| of
companies the sums required by law
to be carried TO the premium reserve
fund
| 8-Interest actually paid within the
year on it's bonded or other indebted
ness to an amount of such bonded
and other indebtedness not exceeding
the proportion of it's paid up capital
stock outstanding at the close of the
year which the gross amount OF its
income for the year from business
transacted and capital invested with
in the United States and any of its
] territories, Alaska and the District OF
| Columbia bears to the gross amount
Of its income derived 1rom all sources
within and without the United States.
9-The sums paid by it within the
year for taxes imposed under the au-
thority of the United States or of any
state or territory thereof.
10-All amounts received by it
within the year as dividends upon
stock of other corporations, joint
stock companies or associations, and
| insurance companies subject to the
tax hereby imposed
1t is provided that there shall be
deducted from the amount of the net
income of each corporation, subject
to the tax, $4,000, the tax being com
puted upon the remainder.
| Making Returns.
Every concern subject to the tax is
required, on or before March of each
| year, to make true and accurate re-
| turn, under oath or affirmation of its
president, vice president or other prin-
cipal officer, and its treasurer or as
| sociate treasurer, covering the char
acter of it organization and the
amount of business transacted during
the year, to the collector of internal
revenues for the district in which the
corporation is organized; or, in the
case of foreign corporations, stock
/ companies or insurance companies, in
the place where its principal business
is carried on within the United States.
The return must, however, set forth:
| Paid up capital stock.
] Bonded and other Indebtedness.
/ Gross amount of income during
| the year from all sources, and if CIR
ganized under the laws of a foreign
country the gross abount of its in
come derived from business transact
ed and capital invested within the
United tSates.
Amount received by way of divi-
dcnds upon stock of other corporations