The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-01-25
INCOME TAX
INFORMATION
Explanation Of Manner Of Procedure
and Of What Items to Enter, Elk
planned by the Gov
eminent.
INDIVIDUAL STATEMENTS
Must be Filled Out and Then the Off.
cial Form Returned to the Col
Iector Of Internal
Revenue.

I ector of Internal
Revenue.
Z. The government has sent out the
terms for the individuals to fill out for
their net income for the purpose of |
Ilevying the income tax. These will be
distributed among the people and they
\ will be required to fill out the blank
!, spaces with the exact information re-
quired and then must return the form
to the revenue collector.
On the top of the form, which is
, numbered 1910, is concise statement
, of the requirements and also q state
, Iuent that any failure to comply fully
, with the letter and the spirit of the
| law will be met with penalty of
/ from 500 to $1,000. The statement
r must be in the hands of the collector
: March /. 1914.
: The first requirement is a statement
OF the gross income of the individual
i making out the return. This state
d nent is made from a summary of the
! various sources of income that must
e be listed on another page OF the form
r On the next line is the place for the
} general deductions that are also COM
It piled from summary of the deduc-
v tons allowed by law and listed on an
l. other page These deductions may bn
N made only on certain expenses.
ID Deductions May be Made.
The necessary expenses for carrying
$, en- business may be deducted.
All interest paid during the year or
Id the personal Indebtedness of the tax
70 layer.
All national, state, county, school
and municipal taxes paid within the
to year, not including those assessed
J. against local benefits.
Losses actually sustained during the
year incurred by trade or arising from
g fires, storms. or shpiwreck, and not
compensated by insurance or other
wise.
" Debts due which have been actually
ascertained to be worthless and Whic!
have been charged off within the year
Amount representing reasonable
~ allowance for the exhaustion, Of wea
~ and tear of property arising out of it
use or employment in the business
~ not to exceed in the case of mines
Nv five per cent of the gross vallle at tn
20 ~, Ppy- ho fn
~. which the computation is made, bu
" no deduction shall be made for an
iis amount of expenses for restorin
~. property or making good the exhaus
eu ton thereof for which an allowanc
M has already been made All OF tn
above are reasons for which ma
~ may be justified in making deduction
nc from the amount stated in his return
ga for the use of the income tax COLES
ISL tor.
I'll
=, Must Give List of Revenues.
The different kinds of revenue
IN must be recorded as well as the tot;
., amount The list has q line reserve
for almost every manner of revenu
~, and the individual must fill out a
no these spaces or be liable to prosec
tea ton under the new law.
The following Is the list wherein II
individual must answer every questic
applicable to his case or be liable
the law:
LII L. Total amount derived from So
aries, wages, or compensation for pc
vol Of WI, inI
whatever form paid
2. Total amount derived from pr
LESSONS, vocations, businesses, trad
les commerce, or sales or dealings in pro
,ca- erty, whether real or personal gro
IAN ing out of the ownership, or use Of,
ess- interest in real or personal propert
including bonds, stocks, etc.
ON 8. Total amount derived from ren
an and from interest on notes, mo
ted cages, and securities (other than
,ro- ported on lines ) and g.
4. Total amount Of gains and prof
yes derived from partnership busine
sup whether the same be derived and d
tributed or not.
), Total amount Of fixed and Diet
minable annual gains, profits, and
&c come derived from interest up
all bonds and mortgages or deeds Of tru
pre- OIL other similar obligations of corp
Rev. atoms. joint stock COMPANIES or
irst sociations, and insurance compani
pies whether payable annually or at she
! of Il or longer periods.
6. Total amount of income defiN