The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1909-12-25

laws of this state with the exception of private corporations, lodge and
religious organization, etc.
The following is taken from the corporation tax # the tann law
as passed by the special session of congress and should prove Of IN
terest to the officers Of all corporations doing business In the state;
Sec. 80. That every corporation, joint stock company o assocla-
ton, organized for profit and having a capital stock represented ny
shares, and every insurance company, now II hereafter organized un-
der the laws of the United States or Of any state or territory OF the
United States o under the acts of congress applicable to Alaska Or
the District of Columbia, II now or hereafter organized under the
laws of any foreign country and engaged in business in any state or
territory of the United States or in Alaska or in the District OF Column
bia, shall be subject to pay annually q special excise tax with respect
to the carrying on or doing business by such corporation, JOINT STOCK
lcentum upon the entire net income over and above hve Thousand DOL
lars received by it from all sources during such year, exclusive OF
amounts received by it as dividends upon stock of other corporationa
joint stock companies or associations, or insurance companies SUD.
ject to the tax hereby imposed. Provided, however, that nothing IN
this section contained shall apply to labor, agricultural OF hortlcul'
tural organizations, or to fraternal beneficiary societies, orders or
associations operating under the lodge system, nor to any corporation
Tor association organized and operated exclusively for religious, cnarlt-
able, or educational purposes, no part OF the net income Q wncn
inures to the benefit Of any private stakeholder or individual.
Second. Such net income shall be ascertained by deducting from
the gross amount of the income of such corporation, joint stock COM
|pany or association, or insurance company, received within the year
from ali sources, (frst) all the ordinary and necessary expenses act
luany paid within the year out of income in the maintenance and opera
ton of its business and properties, including all charges such as rentals
or franchise payments, required to be made as a condition to the con-
|tinued use r possession of property; (second) all losses actually sus-
Itained within the year and not compensated by insurance o II other
if any, and in the case of insurance companies the sums other than
dividends, paid within the year on policy and annuity contracts and
the net addition, if any required by law to be made within the year
Ito reserve funds; third interest actually paid within the year on its
bonded or other Indebtedness to a amount of such bonded or other
indebtedness not exceeding the paid-up capital stock Of such corpora
ton joint stock company Of association, n insurance company, out
standing at the close of the year, and in the case of a bank, banking
association or trust company, all interest actually paid by it within
1.-THE year o deposits; (fourth) all sums paid by it within the year
for taxes imposed under the authority of the United States or OF
any state II territory thereof, or imposed by the government of any
foreign country a s a condition to carrying on business therein; (ffth)
all amounts received by it within the year as dividends upon stock
of other corporations, joint stock companies or associations, or insur
ance companies subject to the taxes hereby imposed