Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-08-04

relating to taxation of incomes, and
making an appropriation therefor
The people Of the State of Wisconsin,
! represented in Senate and Assembly,
do enact as follows:
Section l. There are added to the stat
uteS thirty new sections to read. Section
lGSfm-l There shall be assessed levied
collected and paid tax upon incomes re-
ceNed during the year ending December
81 l9ll, and upon incomes received an
nualIy thereafter by such persons and
from such sources as hereinafter des-
crlbed; provided, that firms, co-partner-
snlps' corporations, joint stock companies
ara associations which cuStomarily close
thelf annual accounts on a date other
IMAM december 81, or which customariy
/ eStlmate their income or profits on q
basis other than Of actual cash receipts
ana disbursements, may, with the con-
sent and approval of the tax commission,
return Tor assessment and taxation the
income or profits earned during the bust
ness year for which the accounts of such
person are custOmariy made up.
SECTION lO81m-2. l. The term per
son, as used in this act, shall mean and
include any individual, firm, copartner-
ship, and every corporation, joint stock
company or association organized fer
profit, and having capital stock repre-
scented by shares, unless otherwise ex-
pressIy stated.
2 The term Income" as used in tins
act shall include:
(a) All rent of real estate, including
the estimated rental of residence property
CD All interest derived frum money
| loaned or invested in notes, mortgages,
bonds or other evidence Of debt OF any
| KIND whatsoever.
(c)) All wages, salaries OF fees de-
rived from services; provided that COM
pensatlon to public officers for public
service Shail not be computed as a part
OF the taxable income in such cases
where the taxation thereof would be re-
puSnant to the constitution.
(d) Al! dividends or profits derived
from stock or from the purchase and sale
CURED within three years previous or
from any business whatever.
(c( All royalties derived from the pos
session or use OF franchises or lesali2ed
privileges Of any kind.
O. And all other income Of any kind
derived from any source whatever eX~
cept such as is hereinafter exempted.
). The tax shall be assessed, levied
and collected upon all income, not here
matter exempted, received by every per-
son residing within the state, and by
every nonresident of the state unon SUCH
income as is derived from sources within
the stae or within its jurisdiction. So
muCh or the income of any person reSid-
ing within the state as is derived from
| rentals, stocks, bonds, securities or eVi-
denceS of Indebtedness shall be assessed
and taxed, whether such income is de-
rived from sources Within or without the
state; provided that any person engaged
in business within and without the state
SHALL with respect to income other than
that derived from rentals, stocks, bonds
securities or evidences Of Indebtedness, be
taxed only upon that proportion Of such
income as is derived from business trans
acted and property located within tho
state, which shall be determined in tho
maner specified in subdivision Cd of sec
ton 1l10b, as far as applicable.
Section 10S7m-3. Every corporation,
Joint stock company or association shall
be allowed to make from its gross income
the following deductOns:
(a) Payments made within the year
for personal services of officers and EN-
ployes actually employed in the produc-
ton Of such income; provided, there DO
reported the name, address and amount
paid each such officer or employee to
whom a compensation of seven hundred
dollars or more shall have been paid dur
ing the assess ment year.
| 90 Other ordinary and necessary eX-
penses actually paid within the year out
Of income in the maintenance and opera
ton OF it's business and property, includ-
ing Il reasonable allowance for deprecia-
ton Of property from which the income is
derived. All bonds issued by a corpora
ton shall be deemed an interest in the
property and bushes OF such corpora
ton; and so much of the interest payable
on such bonds as is represented by the
ratio between the property located and
business transacted within this state TO
the total property and business of such
corporation as provided in subdivision 3,
OF section 1087m-2, shall be subject to
taxation under this act at the same rate
as the income Of such corporation Such
tax shall be assessed to the bOndhOlders
under the general designation THE Bond
holders of. ........." Inserting the namo
of the corpOTatiOn), but shall be lien up
on the property and business of such cor
pCration prior to all other liens, and IN
less paid by the bondholders shall be en-
forced against the corporation. When
paid by the corporation the amount OF
such tax may he deducted from the next
interest payment on such bonds, unless
otherwise provided by contract.
Ia 9fat1
the year and not compensated for by in
surance or otherwise.
(dD Sums paid by such person within
the wear for taxes imposed by any state
Of this union or subdivision thereof or
any territory or possession of the Unit
| cd States, upon the source from which the
income taxed by this act is derived. go
(o) Dividends or income received with
in the year from stocks or interest in any
firm copartnership or corporation. CONT
stock company or ASSOCIATION, the income
or which shall have been assessed under
tho provisions Of this act; provided, suCl
firm, copartnership, corporation, CONT
stock company or association report at
the time of assessment the name ana
address of each such person owning
stocks or interest in the same and the
amount Of dividends or income PAID such
person during the assessment year.
% Interest received from bonds or
| other securities exempt from taxation UNI
; der the laws of the United States
Section 1087m4. Persons other than
s0ciations. in reporting incomes for pur-
/ noses of taxation shall be allowed the fol~
Ga9 The ordinary and necessary cx-
.. penses actually paid within tho year in
carrying on the profession occupation or
business from which the income is de-
rived. including n reasonable allowance
for depreciation Of the property from
which the income is derived But no de-
ductions shall be made for any amount
paid for personal services unless these
he reported the name, address and the
=, amount paid each such enpioye to Wnom
a CONDENSATION of seven hundred dollars
or more shall have been paid during the
Cb9 Losses during the year and not
COMPENSATED for by insurance or other
Ccl Dividends Of incomes received ny
any person from stocks, or interest IN
> any firm copartnership, corporation JolhC
stock company or association, the income
Of which shall have been assessed under
the provisions Of this act; provided sald
firm, copartneTship corporation Jolnt
stock company or ASSOCIATION report ~
the time of assessment the name ana 40
dress Of each such person owning Stock
or interest in the same and the amount
of dividends or income paid such per-
son during the assessment year 49,.