The Tucumcari news and Tucumcari times. [volume] (Tucumcari, N.M.) 1907-1921, 1910-04-12
CORPORATIONS SUB.
JECT TO EXCISE TAX
Internal Revenue Collector
at Santa Fe r Q C Give 5.
Synopsis of Decision Re-
garding Corporations Un-
der New Law.
CLASS OF COR
PORATIONS LISTED

SUNNI re, y. Me ApTn o'--iuteThh'
tional Revenue Collector Henry Bardshar
has received from commissioner Roy.
81 r.. tahcll of the treasury depart.
ment synopsis of decisions relating
to the tax imposed ~ section -, act
of August :, 1909, on corporations
joint stock companies, associations
and insurance companies. Ii appears
hat many concerns that have consid.
cred themselves exempt from this
tax are really subject TO II and WILL
of course, pay the ina imposed for
amount OF 'usinem thcv transacted.
Glass OF Corporations.
The class of corporations subject TO
tax is discussed IN ~ paragraphs as
follows.
l. The tax imposed by the act ap
plies to all corporations, etc, describ
ed except those specifically exempted
without reference to the kind OF bus,
ness carried ON.
,. Every corporation, etc, not 81"
officially enumerated as exempt shall
make the return required by law, al.
| though its net ihcom" during the y"ar
may not have exceeded $1,000.
3 Corporations claiming spe"iIi
exemption should nevertheless max.
return Gin blank il desire"J accom-
panied by a statement setting forth
the ground on which exemption is
claimed
I. Corporations, etc, organized dnr
ing The year going into liquidation dur
/ ing the year should nevertheless rcn.
der II sworn return on the prescribed
form. The tax imposed, however, is
rd not to apply to the corporations
which went out of existance prior 10
the passage Oh the act.
;. Where company has dissolved
and the required returns are not made
by it's officers. such returns will be
prepared by commissioners.
q. Where corporation has gone into
bankruptcy, returns in sueh eases to
be made by trustees in such eases.
I. Railroad companies operating
leased or purchased lines TO include
all receipts derived therefroni, and ii
bonded indebtedness has been assun.
cd may deduct interest thereon to an
amount not exceeding it's own paid.up
capital stock. II such subsidiary com.
ranies receive income in the way OF
rental, etc, return to be also made
~ such companies.
s. Corporations, etc, organized un'
der the authority OF the United States
or any stat" or territory thereof, or
| AluSla or the District ~ Columbia, "a
include in their returns not only tn"
income derived from the business ear.
ried ON within the confines Of the
United States, hut inco,ae received
'rOm business transacted in any for.
eisn country is well.
o. Corporations having branch or
subsidiary companies Ia include IN
their returns the income of all such
companies.
TO- Foreign companies having So,
oral branch ollices IN the Unite.i
States should each designate one or
said branches as it's principal office
and should also designate the proper
officers to make the required return.
n. Where n consolidation OF twu
oI more corporations has been effected
during the year, and each or any such
corporation subsequent to such consoli'
dation collects prior existing debts
each such corporation should make
separate return aud include therein all