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

life insurance companies shall not in
|clude as income In any year such por-
tion Of any actual premium received
from any individual policyholder as
shall have been paid back or credited
TO such individual policyholder, or
treated az an abatement Of premium
|of such individual policyholder. with
in such year: tsixthl the amount OF
interest accrued and paid within the
year on its bonded or other indebted
ness not exceeding One-half Of the
sum OF its interest-bearing indebted
ness and its paid-up capital stock. out
standing at the close Of the year. or il
no capital stock, the amount OF inter-
est paid within the year on an
amount Of Indebtedness not exceed
ing the amount of capital employed In
the business at the close OF the year.
and In the case of bank. banking as
ISOLATION, or trust company, stating
separately all interest paid by Il with
I'm the year on deposits; or In case of
IA corporation, ioint-stock company or
association, or insurance company, or
ganized under the laws OF q foreign
country, interest so paid on its bond
ed or other Indebtedness to an amount
Iof such bonded or other Indebtedness
not exceeding the proportion Of its
paid-up capital stock outstanding at
the close Of the year, or IL no capital
stock, the amount of capital employed
I'm the business al the close Of the
year, which the gross amount of its
income for the year from business
transacted and capital invested within
the United States bears to the gross
amount of its income derived from all
sources within and without the United
States: tseyenth) the amount paid by
it within the year for taxes imposed
under the authority of the, United
States and separately the amount so
paid by 1t for taxes imposed by the
government Of any foreign country;
(eighth) the net income Of such cor
|poration, joint-stock company or assoc
citation, or insurance company, after
making the deductions in this subsec-
ton authorized All such returns
shall as received be transmitted forth
with by the collector to the commits
sioner Of internal revenue.
Ali assessments shan be made and
the several corporations, jointstock
companies or associations, and insur-
ance companies shall be notified Of the
amount lor which they are respective
~ liable on or before the first day OF
June Of each successive year. and said
assessment shall be paid on or before
the thirtieth day Of June: Provided,
That every corporation. joint-stock
company or association. and insurance
company, computing taxes upon the
income Of the fiscal year which il may
designate In the manner hereinbefore
provided, shall pay the taxes due I'M
der its assessment within one hum
ired and twenty days after the date
upon which it is required to file its
list or return of income for assess.
ment; except In cases OF refusal or
neglect to make such return, and In
cases Of false or fraudulent returns,
IN which cases the commissioned Of
internal revenue shall, upon the dis
coyery thereof. at any time within
three years after said return is due,
make e return upon information OBJ
tanned as provided for In this section
Eor BY existing law, and the assess
ment made by the commissioner Of In
ternal revenue thereon shall be paid
by such corporation, joint-stock COM
pany or association, or insurance COM
|pany Immediately upon notification Of
the amount Of such assessment: and
to any sum or sums due and unpaid
after the thirtieth day Of June in any
year, or after one hundred and twenty
days from the date on which the re-
turn OF income is required to be made
by the taxpayer, and after ten days
notice and demand thereof by the col
lectcr, there shall be added the sum
of 5 per centum or, the amount of tax
unpaid and interest at the rate of
per centum per month upon said tax
from the time the same becomes due.
Returns 70 BE Filed.
Cd When the assessment shall be
made, as provided In this section. the
returns. together with any corrections
thereof which may have been made by
the Commissioners, shall be fled In the
Office of the commissioner Of internal
revenue and shall constitute public
records and be open to inspection as
such: Provided. That any and all such
returns shall be open to inspection
only upon the order of the President.
under rules and regulations to be pre-
scribed by the secretary of the treas.
Iury and approved by the Presidents:
Provided further, That the proper OIL
GERS OF any state imposing general
income tax may. upon the request OF
the governor thereof, have access to
said returns or to an abstract thereof.
showing the name and income Of each
such. corporation, ioint-stock company,
association or insurance company, at
such times and in such manner as the
secretary of the treasury may pre-
scribe.
II any of the corporations. joint
stock companies or associations or
insurance companies aforesaid, shall
refuse or neglect to make return at
the time or times hereinbefore speci-
fed in each year. or shall render a
false or fraudulent return, such corpo-
ration, joint-stock company or associ-