The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1913-11-26

ON the basis Of the net income re
ceiyed accrued from all sources dur
ing It's fiscal year, provided that it
shall designate the last day of the
month selected as the month in which
its fiscal year shall close as the day
OF the closing of its fiscal year, and
shall. not less than thirty days prior
to tn. date upon which its annual
return is to be filed, give notice, in
writing. to the collector of internal
revenue of the district in which its
PRINCIPAL place of business is located.
of The day it has thus designated as
the closing of such fiscal year
In pursuance of this provision, Il
corporation or like organization sub
ject TO this tax, may, for example,
designate the 3Oth day of Septem-
ber as the day for the closing of its
fisca year, whereupon its return of
annua net income shall be filed with
the collector of internal revenue OF
the district in which its principal
place of business is located not later
than 40 days after the close of its
said iroposed fiscal year; that is to
say, on or before the 29th day of No
,-anrl.r p.yt sl1Gran6iuu
The date of the closing of the Gs-
cal year having been designated, no.
tice thereof must be given to the
collector not less than thirty days
prior TO the last day of such sixty
day period In the case just instanc,
ed the notice must be given not lat
er than October 81.
If such designation (Sept 30 1879
had been made and notice given, as
hereiuoefore indicated as to the clos
ing of the fiscal year 1913, the cor
poratiou would be authorized to make
its return and have the tax payable
by it computed upon the basis Of the
net income received (accrued) by it
during the period from January to
September 80 1913, both dates in
elusive.
In the absence Of such designation
and notice of the closing of the fis-
cal year, corporations and like orga-
nizatious subject to this tax VIII be
required to make their returns and
have the tax computed upon the basis
of the net income for the calendar
year.
If it shall appear that for the cur
rent year the notice was given within
the prescribed time-that is, within
30 days Of the last day Of the 6O-day
period-the 1913 return may be made
as of the fiscal year 50 established; !
otherwise it will be made on the basis |
Of the calendar year until such time
as the designation shall be duly made
and notice thereof properly given.
The designation and notice cannot
be retroactive; that is to say, If a
now designates April 80, |
1914, as the date of the closing of its
fiscal year and gives notice of such
designation, it would not be author
zed to make a return for the |
months ended April 80, 1913, and then
for the fiscal year ended April 80, .
1914, nor would it be authorized to
make one return covering the entire .
I6 months ended April 80, 1914 In .
he case of such corporation the re-
turn for the current year must be |
made for the calendar year ended De
,ember 81, 1913, and then, assuming
hat designation and notice had been
properly made and given, It may make
/ return for the four months ended
April 80, 1914, and thereafter the
'eurn will be made on the basis of
he fiscal year so established.
In all cases where a fiscal year is
not established as above prescribed,
eturns must be made on the basis
If the calendar year, in which case
uch returns must be filed on or be-
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