Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1913-10-29

exemption under paragraph G., sec
ton 2, of the federal income tax law,
or
BY corporations, joint stock COM
panies, associations or insurance COM
panies organized in the United States,
or organizations, associations, fraterni-
ties, etc., which are either taxable or
exempt from taxation as provided for
in paragraph G, subdivision A, of the
act, or
By bona fide resident and citizen
of a foreign country, claiming exemp-
ton as such.
Designating Fiscal Agents.
The debtor may appoint paying or
fiscal agents to act for it in matters
pertaining to the collection of this
tax, upon filing with the collector of
internal revenue for it's district
proper notice of the appointment of
such agent or agents.
If the owners of the bonds are indi-
viduals who are citizens or residents
of the United States, the certificates
shall accompany the coupons, or with
respect to the interest on registered
bonds shall be filed with payer of
said interest, and such certificates
shall describe the bonds and show the
amount of coupons attached, or the
amount of interest due such owners
on registered bonds and the full name
and address Of the owners and shall
also state whether they claim, or do
not then claim, exemption from tax
alton at the source provided for by
paragraph c of section 2 of the fed
eral income tax law $4,000 and, I'M
der certain conditions, $4,000 as to
the income represented by such cou-
pOns or interest.
The certificates shall also show the
amount, if any, of the exemption
claimed and the date Of signature.
Whenever interest coupons accom-
panied by a certificate of an individual
who is a citizen or resident of the
United States, as aforesaid, are pre-
sented to a debtor or it's fiscal agent
for payment, or whenever interest is
payable to such Individual on a bond
registered as to both principal and in
terest, the debtor or it's fiscal agents,
shall deduct and withhold the amount
of the normal tax, except to the ex-
tent that exemption is claimed in the
certificates of ownership in the form
herein prescribed.
Not Taxed at Source.
If the owners of the bonds are cor
porations, joint stock companies, asso-
Citations or insurance companies or
ganized in the United States, no mat
ter how created or organized, or or
CARNATIONS, associations, fraternities,
etc., which are either taxable or ex-
empt from taxation as provided in
paragraph G, subdivision A, of the act,
the debtor is not required to with
hold or deduct the tax upon income de-
rived from interest on such bonds,
provided coupons or orders for inter
est from such bonds shall be accom-
panied by certificate of the owners
thereof, certifying to such ownership,
which certificates shall be filed with
the debtor when such coupons or in
terest orders are presented for pay
ment
Disposition of Certificates.
The debtor, or paying agents, shall
deliver all certificates with the list of
names and addresses of those for
whom the tax has been withheld, show
ing amounts as required by law, to the
collector of internal revenue for their
district on or before the goth day of
the month succeeding that in which
said certificates were received by
them
The tax shall not be withheld on
coupons, or registered interest, matur-
ing and payable before March 1, 1913,
although presented for payment at a
later date.
All persons, firms or corporations
undertaking for accommodation or
profit (this includes handling either by
way Of purchase or collection) the col
lection of coupons, checks or bills of
exchange for or in payment Of interest
upon bonds issued in foreign countries
and upon foreign mortgages, or like
obligations, and for any dividends up
or insurance companies engaged in
business in foreign countries, are re-
quired by law to obtain license from
the commissioner of internal revenue
and to give bond in such amount and
under such conditions as the commits
sioner of internal revenue may pre-
scribe
The licensed person, firm, or corpo-
ration first receiving any such foreign
items, for collection or otherwise, shall
withhold therefrom the normal tax Of
one per cent. and will be held re
sponsible therefor.
In the event such coupons, checks or
bills of exchange above mentioned are
presented for collection by an indi-
vidual claiming the benefit OF the de-
auctions allowable under paragraph
G, section 2 of the federal income tax,
such individual shall be permitted to
avail himself of the deduction claimed
upon signing form for coupons pay
able in the United States, and no tax
shall be deducted for the amount Of