The Washington times., 1913-11-16

1 Filed-D Persons having incomes not
exceeding 5000. t2) Persons for whom
return is made by d -holder-un-
| less such person nave other income ex-
| ceediDg 5000. 90 Persons whose in
come is from dividends on stock in cor
porations which pay tax. and who are
! liable for the normal tax only.
b. BY Whom Return Must Be Filed
% By persons having incomes exceed
ing 5000. t2) BY all corporations. 90
BY source-holder. (a) separate re-
turn for each payee; (b) return to con-
tain name and address OF payee; tc)
return to contain payee's application,
notice, or return for exemption or al
lowances; Id return by one of two
or more joint trustees Is sufficient. %
By ENTHUSIASTICALLY il required by
commissioner or collector. Note: Per-
account or on account OF another, need
make no return of income from divi-
dends from corporations which pay in
come tax.
c. What Return Must Contain-O
| The gross amount of income from all
separate sources and from the total. de-
Quoting the aggregate items of author
| lied expenses and allowances. Return
to be under oath or affirmation.
ID. When Return Must Be Filed-0)
Individuals: (a) On or before March ].
Corporation: ta On or before March
fiscal year.
L. Where Return Must be Filed, i. e..
In What District-Q) Individuals: (a)
Where he resides or has his principal
, place Of business. % Corporations and
non-reSidents: (a) Where principal
place of business in United states is
located. 90 Trustees, etc: (a) Where
such trustee resides, or (b) where will
or instrument, under which he acts, is
recorded.
F. When Tax Must Be Paid-O) Indi-
vidual: ta) Between June | and June ~
G) Corporations: (a) Between June l
and June 30, or IbJ where corporation
| uses fiscal year" tax must be paid
within 120 days after date on which II Is
| required to file its return.
What Constitutes Gross Income.
The tax is based primarily upon gross
income. which is to be determined as
follows:
a. Gross Income" Includes-D, Sal
aries, wages, gains and profits. and
compensation for personal service from
professions, vOcations. businesses, trade,
commerce and sales or dealings in or
growing out of ownership or use OF
property. real and personal. (2) In
come from interest, rent, dividends, Sc
curities, transaction of any lawful busi-
ness carried on for gain or profit: gains,
profits or income from any source what
ever.
p. Gross Income Excludes-(D The
! value OF property acquired by gift, be-
quest, devise, descent, but the income
from these is included. CD Proceeds of
life insurance policies; (a) paid on
death of the insured: (b) credited to
the insured on surrender of contract,
as % endowment: co annuity con-
tracts.
Deduction for the Normal Tax.
From the gross income, thus deter
Tined certain deductions are prescribed
by the law before the imposition of the
normal tax above described. These
deductions are as follows:
u Necessary expenses actually paid
| in carry on business-not including
personal. living or family expenses.
G) All interest paid on Indebtedness.
| t0 Taxes: National, State, county.
school and municipal. Does not include
| assessments for local benefits.
% Losses actually sustained during
the year: la) incurred in trade or bust