The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1912-01-02
Corporations Should Promptly
Make Returns Under the
United States Corpora
ton Tax Law
OF Fifty Per Cent and of
From $1,000 to $4,000 Falls on
Delinquents-In 1911 There We're
Twenty-Five Thousand Delinauents
and Great Sums We're M Figures
Against Delinquents.

The matter Of the United States
tax law is one that should
be considered by all business corpo-
TatiOns. and prompt reports should
be made so as to avoid the penalty
imposed for delay in making reports
as required by the law. It is a law
which should be taken seriously by all
corporations desiring to avoid
trouble.
Business concerns operating under
articles or acts of incorporation
should recognize the fact tina returns
are required from all corporations or
ganiZed for profit and having a APT
tai Stock represented by shares, and
all insurance companies, regardless
Of the volume of their business or
whether operated at a profit or a
loss, and, in fact, whether in active
operation at all; that these returns
must cover the entire calendar year
and must be filed on or before March
LIST. Those failing to observe this
time limit are subject to pay a fifty
| per cen penalty on the amount found
to be due, and in addition to this are
.,able to a penalty Of from one thou
sand to ten thousand dollars, the lat
ter penalty applying to hos whose
| net receipts are less than five thou
sane dollars as we'll as to those who
oil 1Cu1iu ~ VIC l1dUic 70 Ida. "A Ctiii
mon error has been to suppose that
concerns making no profits or max
ing less than five thousand dollars
are not required to make returns, anC
this error has cost many concerns
dearly. It is estimated that there We're
twenty-five thousand delinquents il
the country at large in the year
1911. All these incurred the pen
atty Of from one thousand to tel
thousand dollars, and those Whose
profits exceeded five thousand dollar
were required to pay a penalty 0
fifty per cen on the amount of IL.
found to be due.
Blanks for these rcturns are sen
from the Collectors office in tn,
month Of December to every corpo
iation on his list, but it is not an
ticipated that every blank will reacl
the right party. In case of failur
to receive a blank, request should b
made therefor of the Collector. Fai;
ure to receive blank is not a vail,
excuse for delinquency, nor can igno
rance Of the law be SO considered
Returns must be signed and sworn L
by two officers of the corporation
preferably president and treasurer
but in ase the SINE person hold
Doth positions such person cannO
, sign in both capacities. The sigma
J ture of two persons is required.
Corporations which stand organ
: ized but are not in active Operatio
must make the return, stating tn
facts on the required form. Each me-
corporation which was organize
during the year should inform To
Z Collector of that fact, giving it's ey
: act corporate name address and NJ
ture OF business, so that it may L
placed upon the list and be furnishc
the necessary blank forms. All COZ
e porations should file their returns I
soon after January first as possibl
and certainly before March first.
r these rules are observed there nee
be no delinquents in 1912, and tt
e penalties Of 1911 is a warning TO
e corporations.
S