Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1909-08-18

and every insurance company, now or
hereafter organized under the laws
of the United States or under the acts
of congress applicable to Alaska or
the District of Columbia, or now or
hereafter organized under the laws of
any foreign country and engaged in
dizziness In any state or territory of
the United States or in Alaska or in
the District of Columbia. shall be
subject to pay annually special ex-
else tax with respect TO the carving
on or doing business by such corpora.
ticn, Joint one per centum upon the
entire net income over and above So
OVo received by 1t from all sources
during such year, exclusive of
amounts received by it as dividends
upon stock of other corporations.
JOINT stock companies or associations.
or insurance companies subject to the
tax hereby imposed; or if organized
under the laws of any foreign coun-
try, upon the amount of net income
over and above FIVE thousand dollars
for the year from business transacted
received by 1t from business trans.
acted and capital invested within the
United States and its territories. AL.
aska, and the District of Columbia
during such year. exclusive OF
amounts so received by 1t as divi-
bends upon stock of other corpora.
tons, joint stock companies or asso.
Citations or insurance companies, sub
ject to the tax hereby imposed: Pro-
vided. however, that nothing in this
section contained shall apply to Ia
Dor. agricultural or horticultural or.
CARNATIONS, or to beneficiary so
cieties, orders or associations operat-
ing under the lodge system, and pro-
viding for the payment of life, sick,
accident and other benefits to the
members OF such societies, orders, or
associations, and dependents of such
members, nor to domestic building
and loan associations, organized and
operated exclusively for the mutual
benefit of their members, nor to any
corporation or association organized
and operated exclusively for religious,
charitable. or educational purposes,
no part of the net income of which in
ures to the benefit of any private
stakeholder or Individual.
Second. Such net income shat. be
ascertained by deducting from the
gross amount of the income of such
corporation, joint stock company or
association, or insurance company, re.
ceived within the year from all
sources, (first) all the ordinary and
pecessary expenses actually paid
within the year out of income in the
maintenance and operation of its
business and properties. including all
charges such as rentals or franchise
payments. required to be made as
condition to the continued use or pos
session of property; (second) all
losses actually sustained within the
year and not compensated by insur-
lance or otherwise, including . rea-
Isonable allowance for depreciation OF
Il
insurance companies the subs other
than dividends, paid within the year
on policy and annuity contracts and
the net addition, if any, required by
Flaw to be made within the year to
reserve funds: (third) interest actu-
ally paid within the year ON its bond
ed or other Indebtedness to an
amount of such bonded or other in
debtedness to an amount of such
bonded Indebtedness not exceeding
the paid-up capital stock of such cor
5ration Joint stock company Or as
sociation, or insurance company, out
standing at the close of the year, and
in the case of bank. banking asso-
citation or trust company, all interest
actually paid by 1t within the year
on deposits: fourthl all sums paid
by it within the year for taxes i'm
posed under the authority of the Unit
ed States or of any state or territory
thereof, or imposed by the govern
ment OF any foreign country as a Con
1ition to carrying o. business there
In: (fifth1 all amour received by 1t
within the year as dividends upon
stock of other corporations, Joint
stock companies or associations. or in
surance companies, subject to the tax
hereby imposed: Provided. That In
the case of a corporation. joint 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 its income
received within the year from ousi-
ness transacted and capital invested
within the United States and any OF
its territories. Alaska. and the DIS
trict of Columbia. (firsD all the ordin-
ary and necessary expenses actually
paid within the year out of earnings
in the maintenance and operation OF
It's busir ass and property within the
United States and its territories, Al
aska ard the District of Columbia, In
,luding all charges such as rentals or
franchise payments required to be
made as a condition 10 the continued
use or pos. ,ession of property; tsec-
ond) all losses actually sustained
within the year i'm business conducted