Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-10-30

ness conducted By Il within TIE United
States and not c0mpt1.1,e0 ~ nsNf-
ance or otherwise. IncIr0|1| q |.|.on-
able allowance for depreciation |/ l11.
wear and tear Of property + any ana
/ ii the case Of mines Ie1|0I.I'. az
loUance FOR depletion 81 ORE. and All
other natural deposits. not q exceed
per cenfum Of the gross value A. [1I
Imine Of the output for the year Tor
which the computation = I||I1 and
In case re Insurance. computes me
/ net addition. II any. REQUIRED II law
to be made within the year o. reserve
funds and the sums other |.|0 d'I'-
bends paid within the year % policy
and annuity contracts Provided. III'
| lh6r, That mutual IRE '0III...1 0I.
|Dani4s requiring their member. 81
make premium deposits % provide for
In%ne 4py portion q 'ee Pre- ''' ~.
ers. but shall return ~ taxable ~
come al income received ~ |I|U
from al sources plus such portions
/ Of the premium deposits d. are ~.
tanned BY the COMPANIES Tor purposes
Iother than the payment ~ |1.... 1I1
expenses and Reinsurance reserves
, Provided further. That mutual marine
insurance companies shall include a
/, their return Of gross income I|1I'-
ums collected and receives. |I them
Hess amounts paid for It|11I| |IE. but
| shall Be entitled to include IN I1I1c
/ tons from gross income amount. re-
; paid to DoIIcghcIders % account 81
premiums previously paid ~ them
and interest paid upon sue. |.1II||
between the asceftaInne1[ thereof and
1.-THE payment thereof and ''. 'I8II-
ance ccfnpanies shall not Include a1
income n any year socI PORTION @
any actual premium received .oI any
Individual policyhoI4ef A shalt have
been paid back or credited % such IN
dividua1 policy holdef. o. treated a.
an abatement Of premium oi such ind,
fvidual polio der. within such year,
third the amount Of interest accrued
and paid within the year On IT, In
debfedness to an amour. n such In
Idebfedness not exceed|n9 the proper
/ ton Of one-half Of the sum 81 is n.
Aeresf bearing Indebtedness and it,
Epaidup capital stock outstanding ~
/ the close Of the year. Or Il no capital
stock. the capital employed n the bus
mess At the close 0f The year which
the gross amount Of It's income for
the year from business Transacted and
EeapItaI invested within the United
States bears 20 ffie gross amount 1t
tits income derived from AZ sources
within and without the DhIted states
Provided, That IN the case Of bonds
Ter ether Indebtedness which have
bbeen issued with guaranty that the
Interest pagable thereon shall be free
From taxation. no deduction for the
payment Of the tax herein imposed
shall be allowed: fourth al sums
paid by it within the year for taxes
imposed under the authority Of the
United States or Of any state Or terri
tory thereof or the District Of Column
! bia. In the case Of assessment IN
surance companies, whether domestic
or foreign, the actual deposit Of sums
IwitlrSstate or territorial officers. pur-
suant to law, as additions to guaran-
/ tee ar. reserve funds shall be treated
as being payments requfeed BY law to
reserve funds
Corporation Provisions.
fc1 The tax herein imposed shall d.
computed uDon Its entire net Income
accrued within each preceding calendar
year ending December thirty-6rsf:
Provided. however. That Cor the year
ending December thirty-flrsf. nineteen
hundred and thirteen, said tax shall
be imposed upon its entire net In
come accrued within that portion Of
said year from March first to Dccem-
Der thirty.6rst. both dates inclusive,
to be aseertained by taxing ffe-sfxths
of its entire net income for said cal
Eendar year: Provided further. That
any corporation, iointstock company
or association. or Insurance company
subject to this tak may designate the
last day Of any month in the year as
the day OF the closing Of its fiscal
year and shall be entitled to have the
tax payable by 1t computed On the