Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1909-08-18
THE NEW CORPORATION TAX LAW
Exact Provisions Of the nsas,r. as 1t Goes Into Effect

came derived from all sources within
and without the United States.
sfourth) the sums paid by II within
the year for taxes imposed under the
authority of the United States or of
any STATE or territory thereof; (ffthI
an amounts received by it within
the year and dividends upon stock of
other corporations. joint stock COM
panies or associations, and insurance
companies, subject to the tax hereby
imposed. In the case of assessment
insurance companies, the actual de-
posit OF sums with state or territorial
officers, pursuant to law, as additions
to guaranty or reserve funds shall
be treated as being payments re.
quired by law to reserve funds.
Third. There shall be deducted
from the amount of the net income of
each of such corporations, joint stock
companies or associations or insur-
ance companies. ascertained as pro-
vided in the foregoing paragraphs of
this section, the sum of $1,000, and
said tax shall be computed upon the
remainder of said net income of such
corporation, joint stock company or
ASSOCIATION or insurance company, for
,, the year ending December 81, 1909,
and for each calendar year there
after; and on or before the first day
Of March, and the first day OF
March in each year thereafter, true
and accurate return lnder oath or
affirmation of its president. vice pres
ident, or other principal officer. and
it's treasurer or assistant treasurer.
shall be made by each of the corpor-
atoms, joint stock companies or asso-
Citations, and insurance companies.
subject to the tax imposed by this
section, to the collector of internal
revenue for the district in which such
corporation, joint stock company, or
association. or insurance company. has
its principal place of business, or, in
the case or a corporation, joint stock
company or association or insurance
company, organized under the laws of
its principal business is carried on
within the United States, in such form
as the commissioner of internal reve-
nue.. with the approval of the sec retary
of the treasury, shall prescribe, set
ting forth, (first the total amount of
the paid up capital stock of such cor.
poration, joint stock company or asso-
citation, or insurance company, out
standing at the close of the year;
(second) the total amount of the bond.
ed and other Indebtedness of such cor.
poration, joint stock company or as
ISOLATION, or insurance company at
the clase of the year; (third) the
gross amount of the income of such
corporation, joint stock company or as.
ISOLATION, or insurance company. re-
ceived during such year from all
sources, and If organized under the
laws of foreign country the gross
amount of its income received within
| the year from business transacted and
capital invested within the United
states and any of it's territories
Alaska. and the District of Columbia:
also the amount received by such cor
poration, joirt stock company or as
ISOLATION, or insurance company, with
In the year by way of dividends upon
stock of other corporations, joint
stock companies or associations. or
insurance companies, subject to the
tax imposed by this section; (fourth)
the total amount of all the ordinary
and necessary expenses actually paid
out OF earnings in the maintenance
and operation of the business and
properties of such corporation, Join,
stock company or association, or In.
/ suranee company, within the year.
stating separately all charges such as
rentals or franchise payments re.
CURED to be made as a condition to
the continued use or possession of
property. and If organized under the
laws of a foreign country the amount
SO paid in the maintenance and oper-
alton of its business within the United
States and its territories, Alaska, and
the District of Columbia; (fifth) the
total amount of all losses actually sus-
tanned during the year and not COM
pensated by insurance or otherwise.
stating separately any amounts al
lowed for depreciation of property.
and In the case of insurance compan.
les the sums other than dividends.
paid within the year on policy and an
nuity contracts and the net addition.
If any. required by law to be made
within the year to reserve funds; and
In the case of corporation, joint
stock company or association, or in
surance company. organized under the
laws of foreign country. all losses
actually sustained by it during the
year in business conducted by it with
I In the United States or its territories.
Alaska, aid the District of Columbia,
not compensated by insurance or 9TH
, erwise, stating separately any
amounts allowed for depreciation of
property. and in the case of insurance
companies the sums other than divi-
dends, paid within the year on policy
and annuity contracts and the net adj
dition. II any. required by law to be
made within the year to reserve fund !:
sixth the amount of interest actually
paid within the year ON its bonded or
other indebtedness to an amount of