Palestine daily herald. [volume] (Palestine, Tex.) 1902-1949, 1910-02-28
CORPORATIONS REPORT
Under the New Corporation Tax Law
a Heavy Fine Will Be Imposed
on Delinquents.
CHerald Specially


Washington, D. c., Feb. 2S.-Advice'
from all over the country indicate tina
the officials of corporations are awak
ening to the Importance of the new
corporation tax law, and it is not like
ly that many important concerns will
be delinquent in filing their reports
which must be in the office OF the col
lector of internal revenue for, theil
district by tomorrow night.
Every corporation that fails to have
its report, properly filled out, in the
hands of the revenue collector by to
morrow, makes itself liable to a fine
of not less than $1,000 and possibly
$4,000
New York corporations have gener
ally shown an inclination to comply
with the law, SO far as the filing Of
reports is concerned, but most of them
do so merely as a matter of form and
without any expectation of ever hav
ing to pay the tax, which they assume
will be declared unconstitutional
Collector Hertz of the Chicago dis
trict is reported as saying: "The spirit
shown by most of those we have
dealt with is good. Now and then a
man comes in with chip on his shout
der. as my assistant, Frank Hemstreet,
says: When it comes to taxes every
man is against the government but
most of them are reasonable. They
know that the matter is to be fought
out in the courts, but they don't talk
about it. Some of them have ex-
pressed themselves warmly in favor of
the law, and / already have a lot of
checks, although they don't have to
pay before June. These are more nu-
merous than those who attach pro-
test to their return"
Collector McCroach of Philadelphia
takes an optimistic view of the law
He says: Il do not think that any of
the corporations, companies or asso-
Citations are holding back their reports
with a view to resisting the constitu-
tionality of the law or with an idea
that its provisions may be modified
by congress. None of the organiza-
lions affected by the law seem to fear
that its figures will become known to
their business rivals or to the public.
All statements received at this office
Immediately become the property Of
the department, and are forwarded to
Commissioner of Internal Revenue Ca
bell. at Washington"
1t is understood that nearly all of
the twelve thousand corporations in
the pestnn district have reported, al
. thc4e llsny of them do so under pro-
test.
Those" said Chief Deputy Hamil-
ton, of Boston, who like 70 get rid of
disagreeable thing at the earliest
opportunity have already reported as
theNlaw directs; those who put things
off till the last moment are now send
ing in their papers,"
st. Louis corporations will not, Dep
uty Collector Brodt thinks, pay more
than s1,000,000 under the federal tax
law, and there is possibility that the
total will be as low as 100000. But
if large railroad and insurance COM
panies, with headquarters at st. Louis,
should file their statements here, the
payments may exceed s1,000,O00. Ac-
cording to compilations prepared by
brokers the payments at st. Louis
may exceed $S.OO0,O0O.
Corporations of the New Orleans in
ternal district, which comprises the
state of Louisiana, seem to be willing
to comply with the new corporation
tax statute, although they are slow in
making reports. So far as is known
none of the Louisiana corporations in
tend to contest the law, but it seems
physically impossible that all of the
reports shall be in by tomorrow.
Dispatches from San Francisco, Los
Angeles, Seattle and Portland indicate
shat the coast corporations are rapidly
getting into line and that the returns
for that section will be practically
complete tomorrow.
To Fight Sunday Openings.