Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1909-06-30

pensated by insurance, or otherwise,
stating separately any amount al
lowed for depreciation of property, and
in the case of insurance companies
! the sums required by law to be carried
I to premium reserve fund
THE amount of interest actually
paid on bonded Indebtedness to
an amount not exceeding paid up cap
| ital stock, or in case of a foreign cor
poration, not exceeding the proper
ton of it's paid up capital stock which
J gross income from business transacted
/ and capital invested within the United
| States, bears to gross income from all
sources within and without the United
States.
S-Amount paid for federal or local
/ taxes.
9-Net income after making the
| deductions authorized.
False Returns.
Local collectors will tranmit the
returns forthwith to the commissioners
of internal revenue in Washington Up
! on evidence justifying the opinion that
| the return made by corporation is
incorrect, or whenever insufficient or
no return has been made the commits
sioner is empowered to designate any
regularly appointed revenue agent to
examine the book or papers OF such
cor oration, and take testimony of a
responsible officer of the corporation
in order to produce the information
required for the purpose of assessing
the tax. The commissioner has author
ity also to invoke the aid of any
United States court to require the at
tendance of such officers or employees
and the production of books and pa
pers. Upon the information so ac-
uuired the commissioner of internal
revenue may amend any return to
make return where none has been
made.
Returns are to be retained by the
commissioner, who will assess the tax.
Il the event of any return being made
with false or fraudulent intent the
commissioner is required to- add 100
per cent of such tax, and in cases of
neglect or refusal to make return, or
to verify the same, the commissioner is
to add so per cent to the tax. When
the neglect is occasioned by sickness
or the absence of a responsible officer
l/rf+ 6A sinh n
the collector is allowed to extend the
time, not exceeding thirty days. AS
assessment made by the commissioner
must be paid by the corporations be-
fore June 80 of each year.
Secrecy.
After assessments have been made
the returns of corporations must be
fled in the Office of the commissioners
of internal revenue and they will then
constitute public records and as such
will be opened for inspection. For
the protection of corporation against
the wrongful use of information the
following is provided:
1t shall be unlawful for any collect
OF, deputy collector, agent, clerk, or
other officer or employee of the United
States to divulge or make known IN
any manner whatever not provided by
law, to any person any information
obtained by him in the discharge OF
his official duty, or to divulge or make
known in any manner not provided by
law. any document received, evidence
taken or report made under this sec
ton except upon the special direction
of the president; and any otfense
against the foregoing provision shall
be misdemeanor and be punished
by a fine not exceeding one thousand
dollars or by Imprisonment not eX-
ceeding one year, or both, at the dis
erection of the court.
Penalties.
IF any corporation refuses or neg
lects to make a return in the manner
required or shall make false or
fraudulent return it is liable to pen
atty of not less than $1,000 and not eX-
ceeding $4,000 When any person au-
thorized by law to make or to verify
q return. shall make false or fraudu-
lent statement for the purpose of evad-
inc the assessment he becames Liable
to a. fine not exceeding $1,000 or a
nrison sentence of not mere than one
year, or both.