Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

posits on the basis of their actual orig
lnal cost In cash or the equivalent Of
cash.
(section 10S7m-4) (c) Dividends or
incomes received by any person from
stocks or interest in any y copart-
nership, corporation, joint stock COM
pany or association, the income of
which shall have been assessed under
the provisions Of this act; provided
that when only part Of the income of
any copartnersh1p, corporation, joint
stock company or association shall
have been assessed under this act only
a corresponding part of the dividends
or incomes received therefrom shall be
deducted, and provided. further, that
said copartnership, corpora ton,
5oint stock company or association re-
port = the name and address of
each person owning stock or lav-
ing such interest and the amount
of dividends or income paid such per-
son during the assessment year.
(Section 1OS7m-4 % All inherit
ances, devises and requests received
during the year which are subject
to and have complied with the inherit
ance tax laws i of this state
Section 6. Subdivisions (d) and (e)
of subsection 1 of section 10S7m-5
are amended to read: (Section 1087m-
81 1. (d) For each additional person,
. who is actually supported by
and entirely dependent upon the tax
payer for his support, two hundred dol
lars.
(Section 10S7m-5) l. (e) The afore-
said exemption shall not apply to in
comes derived from sources within the
state by nonresidents thereof nor to
copartnerships, corporations, joint
stock companies nor associations. In
computing said exemptions and the
amounts of taxes payable by persons
residing together as members Of a
family, the income of y II the
wife y and the income Of each child
under eighteen years Of age shall be
added to that of the husband or father,
or if he be not living, to that of the
head of the family and assessed to
him. The taxes levied thereon shall be
payable by such husband or head of
the family, but if not paid by him
may be enforced against any person
whose income is included in the as
SeSSment.
Section Z. Subsection 2 of section
1087m-6 of the statutes is repealed.
Section 8. There is added to section
10S7m-6 of the statutes a new sub
section to read: (Section 10S7m-6) 2.
The taxes to be assessed, levied and
collected upon the incomes of cor
porations, joint stock companies or
associations, after making such deduc-
lions and exemptions as hereinbefore
allowed shall be computed at the fol-
lowing rates, to-wit:
On the first $1,000 of taxable in
come or any part thereof, 2 per cent;
On the second $1,000 or any part
thereof, 21a per cent
On the third $1,000 or any part
thereof, 3 per cent;
On the fourth $1,000 or any part
thereof, 31A per cent;
On the fifth $1,000 or any part
thereof, 4 per cent;
=, On the sixth $1,000 or any part
On the seventh $1,000 or any part
thereof, per cent;
On all taxable in come in excess
of $1,000, per cent
ton and subsection Of section
1087m-10 of the statutes are amend
ed to read:
(section 10S7n-1O) 1. The state tax
commission and the assessors of in
comes shall annually on the first day
OF January, or as soon thereafter as
practicable, proceed to assess as here
matter provided every income re-
ceived during the preceding calendar
year liable to taxation under the pro-
visions of this act. Liability to taxa
ton for income which follows the
residence of the recipient in the case
of persons moving into or out of the
state shall be determined by the resi-
dence of such person on the thirty
first day of December of the income
year, and liability to taxation on like
income in the case of corporations
which have been created or dissolved
before assessment shall he determined
by the status of such corporation on
the same date. The assessment of cor
ations, joint stock companies and
associations shall be made by the state
tax commission, and the assessment of
persons other than corporations, joint
stock companies and associations shall
be by the county assessor of incomes.
=, (Sections 1087m-1O A. Whenever in
the judgment of the assessor of in
comes any person in his district other
than corporation, joint stock COM
pany or association shall be subject
to an income tax under the provisions
n Cf n oh rive
son to make report at such time and
in such manner and form as the tax
commission may presribe, specifying
particularly among other items the
amount of income received from SER
vices, unsecured notes, mortgages,
bonds, stocks and real estate, the
amount of income received by his wife
and each child under eighteen years
of age residing together with him as
members of the family and such other
information as the commission
shall deem necessary to enforce the
provisions of this act.
(Seetion 1OS7m-1o) 5. Every guard
ian, trustee, executor, administrator,
agent or receiver, and every other
person or corporation acting in tidu-
ciary capacity shall make and render
to the assessor of incomes of the dis
trict in which such representative re-
sides, q verified list or return
of the amount Of income received by
him for such person, ward or
benehclary together with all income
received by the ward, beneficiary, de-
ceased or incompetent person whom he
represents or succeeds during the year
covered by the return and shall be
liable to assessment and taxation
therefor, subject to the deductions
and exemptions provided In this chap
ter; provided. that such deductions or
exemptions have not been claimed by
or for such person, ward or beneficiary
in another capacity The return so
made shall be signed by the person
rendering it, and by the president or
secretary thereof, if corporation.
Every person subject to an income
tax in his representative capacity I'M
der this subdivision shall have all Of
the remedies and rights of reimburse
ment for any tax assessed against or
paid by him in such capacity pre-
scribed by section 1044a of the sta
tutes.
Section 10. There is added to Sec
ton 1087m-22 of the statutes a new
subsection to read (Section 1O87m-
22) 6. In the return of delinquent in
come taxes as required by law the en-
tire amount of each such delinquent
income tax shaI be returned to the
county treasurer without division or
apportionment. All laws, including the
provisions Of any city charter in con-
flict with this subsection are hereby
repealed.
Section II. This act shall take effect
upon passage and publication and shall