Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1910-01-06
UNCLE SAM JUST
WANTS THE MONEY
CORPORATIONS NOT REQUIRED
TO DISCLOSE SECRETS UNDER
INCOME TAX LAW.
WILL NOT INVES-
TIGATE RECORDS UNLESS
COMPELLED TO DO so.
Madison, Jad. 5.

MduAoO1is Jiu. D.
The new corporation excise tax is
not nearly as black as it is painted,
said Revenue Collector f. w. Bentley
yesterday afternoon. There was
considerable criticism of the so-called
publicity feature at first, many sup
posing that the government was
about to dig into the business secrets
of corporations and give them out to
the world"
Collector Bentley explained that
there was no real reason for this feel
ing, as, except in rare instances OF
necessity, the revenue officers and
their deputies will make no examina-
ton whatever of the books and bus
mess affairs of corporations. In the
first instance an that is required Is
that each corporation, acting by it's
president, treasurer or other qualified
officer, must prepare and file with the
revenue collector a verified statement
of its net income for the fiscal year
ending December 81, together with q
general statement showing how that
figure is determined. This statement,
which is made on a blank furnished
tor that purpose must be in the
hands Of the revenue officer by Marcn
II.
From this point on, Mr.. Bentley
continued, the department does not
concern itself with the affairs of the
corporation, unless it has reason to
believe that an untrue or incorrect
statement has been filed. In that
case, under the provisions of the law,
the commissioner may authorize any
regular revenue officer to make an in
spectiOn of the books of the suspect
ed corporation, and if necessary cause
the officers thereof to be examined
under oath concerning any corporate
affairs material to the tax.
When asked whether he was meet
ing with any difficulty in the carrying
out of the new law in his district, Col
lector Bentley replied in the mega
tive "The law and the instructions
of the department are very plain
he said, land we have no trouble in
disposing of all matters coming I'M
der our jurisdiction. We are receiv-
ing a score Of letters every day, ask
ing for information concerning the
operation of the law, but they are all
easily disposed of. Many corpora
tiOns seem to have the impression
that if their earnings for the year
are less than $4,000 they need not
fill cut the blank report of their bus
mess. We are advising them that all
corporations must report their income,
small or large The only matter Of
any consequence that we have had
up is the application Of some corpora
tiOns to- be permitted to report at
some other date than that called for
by the statute for the reason that
their fiscal year does not coincide
with the calendar year and that In
consequence they will be called upon
to take account of stock twice
year"
These cases, Mr.. Bentley said, were
disposed of by the law, which while
it expressly provides that the calen-
dar year must be used as the period
covered by the report, yet in those
cases where the fiscal year in use does
not correspond with the calendar
year, a complete new inventory need
not be taken, but its equivalent, Sc
cured in any systematic way, may be
instituted
What revenue will be derived
through the new tax from the west
ern Wisconsin district, is of course
uncertain at this time eve have
something over 1920 corporations to
deal with in our territory" said Mr.
Bentley, "but what part of these Will
pay any tax | have no idea. An cor
pOrations are required to file: their
statements of income by March I,
and at that time we can tell approx
mately what the revenue Will be"
In reply to the suggestion that the
new law might be held to be uncon-
stitutional, Mr. Bentley smiled, bur
declined to express an opinion. My
office has to do only with the secur-
ing Of reports and the collection OF
the money" he said, land I do not
care to be quoted on that phase Of the |
subject"