Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1913-11-21

presented for payment?
A.. Notwithstanding q corporations
agreement to pay taxes Of all kinds
and character 1t will be the duty Of
the source to deduct the a on such
Interest coupons unless certificate Of
exemption is attached to them.
g. I am a married man living with
my wife, having income from various
sources. When do 1 claim my $1,000.
emption?
A. You will claim exemption in the
return to be filed by you with the
collector covering the period from
March LIST to December 31st. 1913, not
later than March LIST. 1914.
=: Would a widower. whose wife died
within the year for which he makes re-
turn. be entitled to the $1,000 exemption
for wife?
A. No.
.. Assuming a person had an income
OF *S.0U from a corporations: that he also
nad an INCOME Of equal amount from
property In the hands OF q fiscal agent,
and no other income. would he need to
make Q return Of his income?
A. For the first ear. yes. After that.
no. ~
Q. The law forbids q bank to deduct
the tax from coupons payable at the
source when accompanied by certificate
OF ownership. How will the bank get back
the amolntsO f the tax whenSin the course
OF business It has credited its customers
with the full mou Of coupon, but only
received at the source the amount of the
coupon less the tax
A. 1t will a W to cease crediting such
items to customers and take them only
Tor collection, crediting customers. after
collection has been made. with the pro-
ceeds.,
Q. What statement, II any, will be re-
Qufred of those with families. whose in
comes are less han $4,000 per annum?
A. None.
9. We are a national bank. Please in
struct us how to proceed. with regard to
collection OF taxes at the source.
A. First-As to bonds and mortgages.
or deeds Of trust, or other similar 0bli-
cations Of joint stool companies. corpor-
ations.. associations and insurance COM
pantes. the interest and principal Of
which are payable by a bank, the bank IL
the source. and it must deduct from the
interest thereon the normal tax Of / per
cent unless the coupons are accompanied
by a certificate Of owner averring that
he, she, or 1t, Is not taxable.
SecOnd-As to OF mortgages
not the obligations of corporations. joint
stock companies, associations n insur-
ance companies. interest n principal OF
which are payable at the bank. the latter
. OOAA9C0e 81 Vi = 0AAN SAAO
after to deduct the tax when the interest
on such coupons to any one person ex-
ceeds 5000 q year, unless such person or
corporation files with the bank certif-
cate Of exemption. For the remaining
months of this calendar year the bank
viii make no deductions In these cases I'M
less the payments shall be in excess of
5000: and It will make nc deduction only
IL no certificate Of exemption is filed with
1t.
Third-Where coupons are presented to
It for collection land 1t is not the source,
that IL. It Is not set out In the bond that
interest and principal are payable at the
bank and the ank Is not q designated
agent OF the frst source. or c0rporation)
the bank must deduct from said coupons
the / per cent normal tax, and its failure
SO to do renders It liable for this tax.
It must attach to the coupons its own
certificate, giving the name and address
OF the owner or person presenting coupons
or interest orders Tin the case of regis
tered sinterest) II the owner 10 not known
with = description of the coupons or In
that It 10 Withholding the tax upon them.
It should require persons rendering such
coupons or orders for registered interest
to satisfactorily establish their identity.
Fourth-Bonds which the . m may
own are not taxable al the source: that
u. the debtor should not deduct h tax.
But the debtor IL required to deduct It
unless the bank shall present certificate
Esatting out that Il u exempt from the
payment Of tax because It 10 y bank. n
- such taxed ON Its net earnings. There
- : prescribed certificate form for this
also.
Fifth-Until November Il coupons pre-
scented to . debtor need not be accom-
panied by certificates In q form ex-
So