Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1913-10-21

ers, the terms of the lease require
the tenant to pay state and munich
pal taxes and assessments against
the property, the cost of mainte1-
ance, repairs and insurance, in which
case tenants are authorized and re-
| CURED to deduct the tax out of the
gross rental in the manner above
prescribed. Where the owner is a
corporation, the tenant shall not be
required il any case to deduct the
tax upon the gross rental, the cor
poration itself being required to
make the return and the statement
of the deduction.
! Where, under the terms of the
! contract entered into before this act
! takes effect, the payment to which
| the taxable person is entitled is re-
] quired to be made without any de-
| duction by reason of any tax impos-
| ed, the obligator shall not be compell-
! ed to make such deduction or with
hold the income tax, but shall give
notice to the collector of the pay
Ment made, or to be made. as a part
of the return which he is required to
| make, and the said sum shall in
that case, for the purposes of this
act, be computed as part of the in
| come of the taxable person. II the
obligator fails to give such notice he
shall be personally liable for the in
come tax if the same is not paid by
the taxable person. No such contract
entered into after this act takes eff
feet shall be valid in regard to any
federal income tax imposed upon
person liable to such payment.
Normal Tax Deducted.
provided, further, that the amount
of the normal tax hereinbefore i'm
posed shall be deducted and withheld
from fixed and determinable annual
gains, profits and income derived
from interest upon bonds and mort
cages OR deeds of trust or other OBJ
legations of corporations, joint stock
companies or associations and insur-
| annually or at shorter or longer
periods, although such interest does
not amount to $4,000, subject to the
provisions of this section requiring
| the tax to be withheld at the source
and deducted from annual income
| and paid to the governorment; and
| be deducted and withheld from cou-
pons, checks or bills of exchange for
or in payment of interest upon for
eig1 mortgages or like obligations
| (not payable in the United States),
and also from coupons, checks or
bills of exchange for or in payment
interest upon the obligations of for
eign corporations. associations and
Insurance companies engaged in bus
mess in foreign countries; and the
! tax in each case shall be withheld
and deducted for and in behalf of
any person subject to the tax herein
before imposed, although such inter-
est, dividends or other compensa-
ton does not exceed $4,000, by any
banker or person who shall sell or
otherwise realize coupons, checks Or
bills of exchange drawn Or made in
payment of any such interest or divi-
dends (not payable in the United
obtain payment mot in the Ulited
States), in behalf of another of such
dividends and interest by means of
coupons, checks or bills of exchange
and also any dealer in such coupons
who shall purchase the same for any
such dividends or interest mot pay
able in the United States), otherwise
than from a banker or another dealer
in such coupons; but in each case
the benefit of the exemption and the
deduction allowable under this Sec
ton may be had by complying with
the foregoing provisions of this para
graph.
License Required.
''All persons, firms or corporations
undertaking as a matter of business
or for profit the collection of foreign
payments by means of coupons,
checks Or bills OF exchange shall OBJ
tain a license from the commissioner
of internal revenue and shall be sub
ject to such regulations enabling the
government to ascertain and verify
the due withholding and payment Of
the income tav required to be with
held and paid as the commissioner
of internal revenue, with the APPROX
al of the secretary of the treasury.
shall prescribe; and as any person
who shall undertake to collect such
payments as aforesaid without havA
ing obtained license therefor, or
without complying with such regu-