The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1909-08-25
NEW CORPORATION LAW
PROVIDING INCOME TAX

anCe or otherwise, including a reason
able allowance for depreciation of pro-
perry, if any and in the case of in
surance companies the sums other than
dividends, paid within the year on po-
Icy and annuity contracts and the net
of any, required by law to be
made within the year to reserve funds;
(third) interest actually paid within
the year on it's bonded or other indebt-
edness to an amount of such bonded
and other Indebtedness, not exceeding
the proportion of its paid-up capital
stock outstanding at the close of the
year which the gross amount of its in
come for the year from business trans
acted and capital invested within the
United States and any of its Terrific
ries, Alaska, and the District of Co
lumbia bears to the gross amount of
its income derived from all sources
within and without the United States;
(fourth) the sums paid by il within the
year as dividends upon stock of other
corporations, joint stock companies or
subject to the tax hereby imposed. In
the case of assessment insurance COM
panies the actual deposit of Suns with
States or Territorial officers, pursuant
to law, as additions to guaranty or
reserve funds shall be treated as be-
ing payments required by law to re-
serve funds.
Third. mere shall be deducted from
the amount of the net income of each
of such corportions, joint stock COM
panies or associations, or insurance
companies, ascertained as provided IN
the foregoing paragraphs OF this sec
ton the sum of five thousand dollars,
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 thirty
first nineteen hundred and nine, and
for each calendar year thereafter; ana
on or before the first day OF March
nineteen hundred and ten, and the
first day of March in each year there
after. a true and accurate return under
oath or affirmation of its president,
vice president or other principal OIL
Ger, and it's treasurer or assistant treas
urer, shall be made by eacn of the cor
porations, joint stock companies or as
sociattons, and insurance companies,
subject to the tax imposed by this
section to the collector of internal
revenue for the district in which such
joint stock company or as
sociation, or insurance. company, or
ganized under the laws of a foreign
country in the place where its prin-
cipal business is carried on within
the United States, in such form as the
Commissioner of Internal RHvenue5
with the approval of the Secretary OF
the Treasury, shall prescribe, setting
forth, (firsD the total amount OF the
paid-up capital stock of such corpor-
alton, Joint stock company or associa-
ton. or insurance company, outstand-
ing at the close of the year; (secono)
the total amount of the bonded and
other Indebtedness Of such corporation,
joint stock company or association, or
insurance company at the close of the
year Cthird), the gross amount of the
income of such corporation, joint stock
or association, or insurance
received during such year
from all sources, and if organized
under the laws Of a foreign country
the gross amount of its income receiV-
ed within the year from business trans
acted and capital invested within the
United States and any of its Terri
tories, Alaska, and the District of
Columbia; also the amount received
by such corporation, joint stock com
pany or association, or insurance COM
pany within the year by way of diyi-
dends upon stock of other corpora
tions, Joint stock companies or asso-
Citations or insurance companies, sub
ject to the tax imposed by this section;
(fourth) the total amount of all the or
binary and necessary expenses actually
paid out of earnings in the mainten-
ance and operation OF the business ana
of such corporation, joint
stock company or association, or in
surance company, within the year, stat
ing separately all charges such as rem
tails or franchise payments required
to be made as a condition to the con-
tinued use or possession of property,
and if organized under the laws Of a
foreign country the amount so paid
in the maintenance and operation OF
it's business within the United States
and its Territories, Alaska, and the
District of Columbia; (ifth) the total
amount of ali losses actually sustained
during the year and not compensated
by insurance or other wise, stating
separately any amounts allowed for
depreciation of property and in the