The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-11-11

Q. Would = xidover. whose wife
died within the year for which he
makes return, be entitled to the ST.
600 exemption for wife,
A. No.
9. Assuming a person had an In
come Of ss.ooo from a corporation,
that he also had an income of equal
amount from property in the hands
of fiscal agent, and no other income,
would ne need to make return of
his income2
A. For the FIRST year. yes. After
that, no.
@. The law forbiis a hank to de-
duct the tax from coupons payab'e at
the source when accompanied by Ger
tiacate OF ownership. How viii the
bank get back the amount OF the tax
when in the course Of business 1t has
credited It's customers with the full
amount OF coupon, but only received
at the source the amount of the cou-
pom less the tax.
A. II will have to cease GREETING
such items 10 customers and take
them only FOR collection. cged;ting
customers, after collection has been
made. with the proceeds.
@. What statement, II any. VIII be
required of those with families, whose
incomes are less than $4,000 per an
num-
A. None.
O. We ar. national bank. Please
Instruct US how to proceed with re-
gard to collection Of taxes at the
source.
A, Ersf-As to bonds and mort
cages Or deeds OF trust, or other SIM
liar obligations of joint stock com
panies, corporations. associations and
insurance companies. the interest ami
principal Of which are payable BIZ
bank, the bank is the source, and 1T
must deduct from the interest the
on the normal tax Of per cent uni sss
the coupons are accompanied by a
certificate Of owner averring that he.
she, or it. is not taxable.
Second-As to coupons OF mo t.
cages not the obligations OF corpora
lions, joint stock companies, assocfa-
tons and insurance companies, inter
est and principal of which are pay
able at the bank. the latter is obliged.
as OF Ncvembef and thereafter to
deduct the tax when the interest on
such coupons to any one person ex-
ceeds $4,000 a year, unless such per
son or corporation files with the bank
certificate OF exemption. Fer the re-
naming months of this calendar We r
the bank will make no deductions In
these cases unless the payments shsll
be In excess Of $4,000; and 1t viii
make no deduction only If no ceztii-
cate of exemption is fled with ii.
Thsrd-Where coupons are PRESENT
ed to 1t for collection land it IS not
the source, that Is. 1t is not set out
in the bend that interest and p-inc.-
pal are payable at the hank and thu
bank is not a designated agent OF the
first source, or corporationl the bank
must deduct from said coupons the /
per cent normal tax, ard its failure
so to dosrenders It liable for this tax
1t must attach to the coupons It's own
certificate, giving the name and adj
dress OF the owner or perso1 p esent-
ing coupons or interest orders lin
the case Of registered iate zes II the
owner fs mot knoun v-ith !. Ga-crn
ton of the coupons or interest or
ders; also setting forth the fact that
It Is withholding the tax upon ITEM.
It should require persons tender n
such coupons or orders for registered
interest to satisfactorily establish
their identity.
Fourth-Bonds which the bank may
own are not taxable at the source:
that is. the debtor should not deduct