The Tucumcari news and Tucumcari times. [volume] (Tucumcari, N.M.) 1907-1921, 1910-04-12

uuNt vi
~. principal place of busineSs
is held to mean the principal oiicc
where the company keeps its books
from which the required returl ~ to-
be prepared, and not the place where
1he operating plant is located.
10. As the law specifically prov 'dcS
,hat the tax imposed shall be comlu:
ed on the net income during -, y eal
endar year, returns OF income oaScd
on any period than the calendar yc',r
cannot be accepted.
IL. Full amount Of stock. as iol"
r"senred by the par value oi the shares
issued, To be regarded a. the pald.up
capital stock, except when such stock
il assessable on account Ut deferred
r,vmeuts, in which ease the amount
actually raid on such shares will on.
s,nute the actual paid up capita! stock
of the corporation.
H.. Capital stock held t. ~, lu'lo
both preferred and common sto,N.
10. Surplus and undivided profits
rot 10 be included in capnuI sto
II. Holding companies known is
"voting trusts" receiving on'y ii,i
dends on stock held, AMI having II"
capital stock, etc, not lahl"
Is Mutual saving banks having
no capital stock not liable - 80 IN.
posed (Opin Atty. Gen. feh II lnln)
10. Cooperate dairics not issuing
stock and allowing patrons dividends
based on the butter fat in milk fur
nishcd not liable.
having no office in the United States.
whose vessels only occasionally to reach
at points in the United states, not re
garded as doing business in this coun
try within the meaning of the statute.
~. Companies organized in Porto
Rico and not engaged in business in
the United States not subject to tax
20. Corporations owning sugar ~
other plantations and disposing oi
the products thereof not entitled To
exemption as agricultural organizations.
%. Corporations organized to sell
provisions, etc. to stockholders and
others not exempted,
-. Corporations organized for the
purpose of holding real estate, to
make returns OF income derived from
the property so held.
90. National banks do not come with.
in any of the exemptions nance in the
act
20. Agricultural organizations,
held not To come within the statutory
exempt ion unless their chief object
is the promotion or advancement Of
agricultural interest, and no part of
the net income insures to the benefit
Of their stockholders.
%. Mutual Hail association re-
garded as an insurance company aud
not as an agricultural assoc iation, and
therefore liable to tax.
2s Exemption in favor Of fraternal
beneficiary associations does not ap
ply to mutual fire insurance companies.
go. Limited partnerships, If organ.
lied for profit and having capital
stock represented by shares, although
no certificates of stocks are issued,
are liable to the tax imposed (Opin,
Atty. Gen. IA, l9l0.)
30. Building and loan associations
not exempt if having Il capital and
loaning To others than members, i. e..
If doing a business akin to banking
business.
81. building and loan association
issuing stock on which dividends are
guaranteed held TO be liable 20 tax
imposed.
ment bonds to be included in gross
income. (Opin. Atty. Gen. Jan. l3,
1910.
81. Returns should be signed aud
verified by two Of the officers desig
mated in the two. Signing of one per
son holding two such offices not per
mitted. Agents for foreign steam.
ship companies may sign the requir.
ed returas, il 81 authorized by their
companies.
81. Returns not required to have
corporate seal affixed.
35. Returns filed with deputy col.
lector regarded az having been filed
with collector.
10. No form of protest prescribed
Any form of protest sufficient ii filed
before payment of tax. Right OF pro