Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-11-15
Local Institutions Compelled to
Furnish Necessary Blanks
at Present Time

at ffeSeilt lime
Besides having to act as deput,
collectors without recompense and in
cur extra Office expenses without re
EQUIPMENT, like their brethren on tn,
mainland. under the federal income
tax act, the bankers of Hawaii at the
outset have even to provide the pre-
scribed blanks for carrying out theil
part Of the provisions OF the law, as
the collector of internal revenue here
has not yet received q supply of such
. necessary stationery While the 10
cal banking and trust people are moi
going to make any protest against
such demands upon their time, labor
and money, they expect that some OF
the big metropolitan concerns on the
mainland win put up fight on this
score. Action was taken yesterday
looking to prompt cooperation with
the government IN carrying out the
new law on the part of the Honolulu
financial institutions.
"A meeting was held at Bank Of
Hawaii yesterday afternoon, said E.
]. Spalding. yice-president and manag-
er Of the Bank Of Honolulu this morn
ing, .of representatives Of the banks
and trust companies Of Honolulu, to
consider the action necessary on the
part Of these institutions In receiving
bond coupons under the regulations
of the United States treasury depart
ment regarding the deduction Of the
federal income tax from bond interest
coupons.
Great Deal of Confusion.
THE law very comprehensive
and one that requires q great deal Of
study to understand IL thoroughly. In
fact there Is good deal of confusion
already existing among the banks of
the mainland owing to uncertainty re-
latiEe to the exact requirements OF
the statute as 1t concerns them. That
condition also exists locally Even
the collector Of internal revenue, who
was present for consultation, was not
prepared clearly and flllly to define
the requirements of the law In this
matter considered yesterday. The
territorial treasurer was present for
information and did not Join in the
discussion.
st was unanimously decided, how
ever, that the federal income tax law
requires that before q bank. trust
company, banking firm or individual
could receive q bond coupon for pay
ment or deposit except the coupons
Of bonds Of the United States or its
possessions, or of any state or politi-
cal subdivision thereof There must
be attached to the coupon q certif-
cate in q prescribed form, signed by
the owner or his duly authorized
agent or trustee acting u e trust
capacity, etcs- dllis Fcsrtalieafs de-
ciares that tne elgnef ~ ,citi2en OF
resident ol tne uAltea la.ess resia-
ing az sucn 2 place. tnat ne = me
owner q ponos 70 9 certain sa,us anu ~
Of CERTAIN y y sls llie luS
a.lu ~ - ~,
= - :. s. z ~.
~ a,,S
dollars. After tllees particulafs are
recifed the certificafe further states
that the owner does not now claim.
with respect to the income represent
ed bv the Interest. the benefit Of q
Reduction sof blank dollars allowed
under paragraph g of section 3 of
the federal Income tax law.
nea,,ctio.. frnr, 4 ,Sn,.e..
--,,,' - :. 3, s. to,,,;,,,e
= = ..
z ~ -
ION ne al:loul.e g s.le les .,lsu'. -
- { sau s,l = sassso
pIostusl ne = ~ ~ g sessp,
pius savsv s. e, = sale s'.
IL