Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1909-12-09
CORPORATION TAX.


mary 20 ColIeeting Money
Blanks are being received in this city
from the OFFICES OF the collector Of inter
nal revenue in Portsmouth. n. H.. ask
ing for Information about corporations,
when organized. kind Of business.
amount OF paid-up capital stocA, etc.
preliminary to assessing the tax imposed
by law passed at the last session Of
Congress. An epitome OF the law fol-
lows:
/. The law applies TO every domestic
corporation. ioint stock company or as
ISOLATION. organized for profit and hav-
ing capital stock or share capital. and
every insurance company: also to every
foreign corpo, alton as to business tran
sacted and capital invested in the United
States
.. tax OF one per cent Is imposed on
| the entire net income over and above
S.ooO in each calendar year. exclusive
I Of dividends received from corporations.
etc. m whirn the tax IL imposed. be-
ginning with the year ending December
81. 1904
8. On or before March a return COW
| erinC the preceding calendar year shall
he made to Tn, collector Of internal rev.
enue for the district in which the prin-
cipal place OF business or office ia sit
uated. in tn" form prescribed ny :he
commissioner Of internal revenue. This
| return conforms to the method pre-
scribed for sscer.aining net income; and
shall contain the following information:
(a) Total paid-up capital stock or share
capital outstanding at close Of the year.
| O) Total bonded and other indebted
| ness at close CT the year.
(c) Gross income from all sources dur
ing the year
(d) All dividends received within the
year on stock of corporations, etc. sub
feet to the same tax.
tc) Total amount Of all ordinary and
necessary expenses actually paid within
the year out of earnings; in maintena nee
and operations of the business and prop
erty. stating separately all rent, fran
| chise. and like payments made as a con-
dition to continued use or possession Of
property.
90 All loses actually sustained during
the year and not compensated by In
surance or otherwise. stating separately
any amounts for depreciation OF proper
~; also. in case OF insurance compa MES.
sums paid within tho year on policy
and annuity contracts mot dividends). and
not addition to reserves as required by
law.
(g) Interest actually paid within tho
year on bonded or other indebtedness to
an amount Of such Indebtedness not OK.
ceeding paid-up or share capital out
standing at the close Of the year: also.
in case OF banking institutions. all In
terest actually paid within the year on
deposits.
(h) All taxes paid within the wear. and
OF foreign government or country.
% Net income. after making authorized
deductions. indicated in (d) to nn)
I. The commissioner Of internal revenue
may examine papers bearing upon these
matters and fake the testimony with re-
ference thereto Upon Information so OBJ
tanned ne NAV amend the return made or
make return where mono has been
made.
s. The commissioner OF internal reve-
nue is required to add 10 the tag: (A)
100 per cent. In case Of a false or fraud
ulcnt return (b) so per cent In case Of
refusal or neglect to mako return In
case OF sickness or absence, he may
grant an extension not exceeding 70 days.
g. Assessments shall be made and no
tifications rendered or or before June
next succeeding, which assessment Is
payable on or before June 30. with penal
ties to be added II not SO paid