New-York tribune., 1909-06-26
AsCERTAINMENT OF INCOME.

companies or associations. or insurance compa-
nies subject TO the tax hereby imposed
ASCERTAINAIENT OF INCOME.
Second-Such net income shall be ascertained
by dedueting from the gross amount Of the in
lcorne OF such corporation joint stock company
or association, or insurance company from all
sources:
0) Ali the ordinary and necessary expenses
actually paid within the year out Of income in
the maintenance and operation Of its business
and properties
the year and not compensated by insurance or
otherwise. including a reasonable allowance for
depreciation Of property. If any, and in the case
of insurance companies the sums required by
law 10 be carried 70 premium reserve fund
80 Interest actually paid within the year
son its bonded other Indebtedness to an
amount OF such bonded and other Indebtedness
mot exceeding the paid-up capital stock Of such
corporation, joint stock company or association
or Insurance company. outstanding at the close
Of the year.
fD An sums paid by il within the year
for taxes imposed under the authority Of the
United States or any state or territory thereof
Cd All amounts received by it within the
year as dividends upon stock of other corpora
tions, joint stock companies or associations, or
Insurance companies, subject 10 the tax hereby
Supposed:
Provided, That in the case of a corporation.
f5oint stock company or association, or insurance
'company, organized under the laws Of foreign
country. such net income shall be ascertained
by deducting from the gross amount of It's in
rcone from business transacted and capital in
Territories and the District Of Columbia:
CD All the ordinary and necessary ex-
;peases actually paid within the year out OF
earnings IN the maintenance and operation OF It's
business and property within the United States
and its territories, Alaska and the District OF
Columbia
(2) An losses actually sustained within the
Ayear in business conducted by II within the
United States its territories or the District OF
Columbia. not compensated by insurance or 9TH
erwise. including a reasonable allowance for de-
probation Of property. if any, and in the case Of
Insurance companies the sums required by law
10 be carried TO premium reserve funds.
80 Interest actually paid within the year
;on its bonded or other Indebtedness TO an
amount Of such bonded and other Indebtedness
not exceeding the proportion OF its paid up cap
ital stock outstanding at the close Of the year
which the gross amount of its income for the
year from business transacted and capital in
vested within the United States and any Of its
territories. Alaska and the District Of Columbia,
bears 10 the gross amount of its income derived
from all sources within and without the United
States.
for taxes imposed under the authority of the
United States or of any state or territory
10 All amounts received by it within the
year dividends upon stock Of other corpora
tions, joint stock companies or associations and
insurance companies, subject TO the tax hereby
imposed
REPORTS REQUIRED.
Third-Trat there shall be deducted from the
amount Of the net income Of each of such cor
operations joint stock companies or associations.
or Insurance. conpani ascertained as provided
sn the foregoing paragraphs of this section. the
sum Of 5000, 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 De-
cember 81 1909, and for each year thereafter
and on or before March l. 1910. and March l in
each year thereafter. a true and accurate return
under oath OF affirmation Of its president vice
president other principal officer and its treas
urer assistant treasurer, shall be made by
each Of the corporations joint stock companies
or associations, and Insurance companies, SUB
iect the tax imposed by this section, to the
collector Of internal revenue for she district in
which such corporation, joint stock company or
association OF insurance company, has its prin-
cipal place Of business or, in the case of cor
porstion, joint stock company or association or
insurance company, organized under the laws OF
foreign country, in the place where its prin-
cipsl business is carried on within the United
Stares, in such form as the Commissioner of In
leTn7l Revenue, with the approval of the Sec
retary Of the Treasury, shall prescribe. setting
forth:
~ The total amount of the paid-up capi-
ral stock of such corporation. joint stock com
pany or association or insurance company out
standing at the close Of the year.
(2e The total amount Of the bonded and
other Indebtedness Of such corporation. joint
stock company or association or insurance COM
pany al the close Of the year
t3) The gross amount Of the income Of
such corporation. Joint stock company or asso-
ciation or insurance company received during
such year from ali sources and il organized
under the laws of a foreign country the gross
amount OF its income from business transacted
and capital invested within the United States
and any CT its territories, Alaska and the Dis
trIct OF Columbia.
"a The amount received by such corpo-
ration, Joint stock company association in
Euranoe company within the year by way Of
dividends upon stock Of other corporations
joint stock companies or associations or insur-
ances companies subject to the tax imposed by
this section.
80 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,
joint stock company or association or insurance
company within the year, and If organized
enoer the laws Of foreign country the amount !
SO palo n the maintenance and operation of its
business within the United States and its ter
ritories. Alaska and the District Of Columbia
NeD Ine total amount of all losses actually |
sustained during the year and |
by Insurance otherwise, stating sepa ratelxy |
any amounts allowed for depreciation of prop
erty and in the case Of insurance conpaujes the !
sums required by law to be carried to premium
reserve fund. and in the of a CORPORATION |
Joint stock company or association or insurance
company, organized under the laws Of a foreign
country, ell losses actually sustained by IL dur
Ing the year in business conducted by il within
the United States or IFS territories Alaska and
the District Of Columbia not compensated bv
insurance or otherwise, stating separately anv
amounts allowed for depreciation OF pronerty
ana In the case OF insurance companies the sums !
required by law to be carried 80 premium re
serve fund.
ca The amount of interest actually Maid
within the year on its bonded or other indebt-
edness TO an amount 5f such bonded and other
Indebtedness not exceeding the paid-up capitsl
Of stock Of such corporation. joint stock com
pSny or association or insurance company ort-
standing at the close Of the year or in case of a
corporation. joint stock cornpany or association
or insurance company. organized under the laws
OF forelgn country, interest paid on its bond
ed or other indebtedness to an amount of c,cb
oonded snd other Indebtedness not exceeding the
proportion OF its paid-up apital stock outsta1din1
AZ the close OF the year which the gross amount
OF its income for the year from business trans
acted and capital invested within the United