The Owosso times. (Owosso, Mich.) 1897-1926, 1913-10-24

Those of all persons residing in the
United States. although not citizens
thereof
"All net incomes from property owned
and from every business, trade, or pro.
tession carried on in the United States
by persons (aliens or citizens) residing
elsewhere
NORMAL TAX.
lone per cent per annum upon the
amount of net income over SO, 900 for
individuals and over "a, 900 for husband
and wife living together.
ADDITIONAL TAX
lone per cent per annum upon the
total amount of net income from all
sources over $4,000 and not over
$50, 900 per annum.
Two per cent per annum upon
the amount of net income over $50, 900
and not over $4,000.
Three per cent per annum upon the
amount by which the total net income
exceeds $4,000 and does not exceed
100000.
-Four per cent per annum upon the
amount by which the total net income
exceeds 100000 and does not exceed
$500
Five per cent per annum upon the
amount by which the total net income
exceeds $25O,0OO and does not exceed
$780,
six per cent per annum upon the
amount by which the total net income
exceeds 100000
"Bor the purpose of the additional
tax the total net income shall comprise
that embraced in personal return, that
on which tax is withheld at the source
dividends from corporations, and al
80 undivided profits of corporations in
the nature of mere holding companies
or those formed to evade the tax.
| NET INCOME INCLUDES
"All gains, profits, and income de-
rived from salaries, wages, or compen.
sation for personal services of any kind
and however paid.
| Professions or vocations.
Business, trade or commerce.
'Sales or dealings in property, real
or personal, growing out of the owner
ship or use of or interest in property,
real or personal.
Interest, rent, dividends and securi-
ties.
Transactions of any lawful business
carried on for gain or profit.
"Gains or profits or income derived
from any source whatever.
Income. but not the value, of pro-
perty acquired by gift, bequest, devise
or descent.
Neither the return Of any part of
principal invested in life insurance to
the insured, nor proceeds of policies
paid upon the death of the insured are
| included as income.
DEDUCTIONS ALLOWED
Necessary expenses actually incurred
in carrying on any business.
"All interest, accrued and payable
within the year on Indebtedness.
"All national, State, county, school,
and municipal taxes.
Losses actually sustained during the
year in the business from which the
income is derived, not compensated by
insurance or otherwise, arising from
fire, storm or shipwr.c OK.
Debts actually ascertained to be
worthless and charged off during the
year.
"a reasonable allowance for the ex.
haustion or wear and tear of property
arising out of its use or employment in
business, not to exceed in the case of
mines per cent of the gross value at
the mine of the output for the year.
"All income the tax upon which has
been paid at the source
Amounts received as dividends up
on the stock of any corporation, ETC.,
which is taxed upon its net income, but
such dividends shall not be deductible
unless first reported In return as part OF
gross income.
| DEDUCTIONS NOT ALLOWED
"All personal, living or family ex-
penses.
takes assessed against local benefits
'Al expense of restoring property or
making good the exhaustion thereof for
which an allowance has been made.
Amounts paid for new buildings,
permanent improvements, or better.
ments made to increase the value Of any
property or estate.
| EXEMPTIONS
Interest upon the obligations of a
State or any political subdivision there
of.
Interest upon the obligations of the
United States or its possessions.
THE compensation of the present
President during the term for which he
has been elected.
1.-THE ompensation of the judges of
of the Supreme and inferior courts of