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

paid Wltnfff the year, net fnrluding
IEcse assessed against local benefits:
fourth, lcsse5 actually sustained dur
ing the yeas incurred In trade or aris-
ing from fms, storms, or shipwreck,
aad net COMPENSATED for by insurance
or otherwise nth, debts due to the
taxpayer actually ascertained TO be
worthless anf charged of within the
Year sixth, b reasonable allowance
Tor the exhaustion. wear ana tear OF
property arising cut Of its use or en-
plcyment in the business, not to. ex-
coed. IN the case of mines. 5 per cen
tum Of the gross value at the mine of
the output for the year for which the
computation is made. but no deduction
shall be made for any amount OF ex-
pense Of restoring property or making
gccd the exhaustion thereof for which
an allowance Is aor has been made:
Provided, That no deduction shall be
allowed fer any amount paid out for
new buildings. permanent improve
ments. or betternlents. made to In
crease the value 81 any property or
estate; seventh. the amount received
as dividends upon the stock or from
the net earnings Of any corporation,
joint-stock company association, or
insurance company which is taxable
upon its net income as hereinafter
provided; eighth, the amount of IN
come, the tax upon which has been
paid or withheld for payment at the
source Of the income, under the pro-
visions Of this section. provided that
whenever the tax upon the income OF
a person is required 10 be withheld
and paid at the source as hereinafter
required. If such annual income does
b not exceed, the sum Of $1,000 or Is not,
fixed or certain, or is indefinite or ir-
regular as to amount or time of ac-
crual, the same shall not be deducted
in the personal return 81 such person.
Nen-Resldent.
The net income from prouerty
owned and business carried on IN the
United States by pers6fls residing
elsewhere shall be computed upon the
basis prescribed IN this paragraph and
that part Of paragraph @ of this sec
tion relating TO the computation Of the
met income Of corporations, joint- stock
and insurance companies .ofganized.
created, or existing under the laws OF
foreign countries, in so far al apple
able.
That in computing net income I'M.
der this section there shall b excIud-
ed the interest upon the .obligations Of
state or any political subdivision.
thereof. and upon the obligations Of
the United States or It's posseSsions.
also the Compensation az fhe nfesent
President Of the United States during
the term for which he has been elect
ed, and Of the Judges of the suuremei
and inferior courts Of the United
States now in Office. and the con1per-
safion Of all officers and employees of
q state or any political subdivision
thereof except when such compehsa-
Ition is paid by the United States eoy-
Iefnment.
c. There shall be deducted from he
amount of the net income of each 81
said persons, ascertained as provided
herein, the sum Of 5000. plus 5000
/ additional If the person making the
return be a married man with a wife
living with him, or plus the sum 81
| $1,000 additional II the person making
lit 0NtIl ~ UE1 - AAoLIIeu tWOLEdu WlI1L
Ia husband living with her: but in no
event SHAH this additional exemption
of $1,000 be deducted by both hus.
band and wife: Provided. That only
lone deduction Of $4,000 shall be made
from the aggregate income OF both
husband and wife when living to-
gefher.
For Year 1918
d. The said tax shall be computed
upon the remainder of said net income
lot each person subject thereto. accru.
ing during each preceding calendar
year ending December thirty-frst;
| Provided. however. That for the wear
lending December thirty-frst, nineteen
hundred and thirteen, said tax shall
| be computed on the net income ac.
Icruine from March first to December
| thirty-first, nineteen hundred and thir.
teen. both dates inclusive. after de.
lducting five.sixfhs only Of the sne-
ciflc exemptions and deductions here
| in provided for. .lOn ar befora the
| first day 81 March. nineteen hundre5
- 49,