The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-26

withheld prior to November 4. 1913. and
no tax sh0uld have bssn withheld in No
vember and December. 1918, unless the
payments since November I amounted to
$4,000 or more.
In this case. therefore, no tax should
have be,;. withheld In 1913. The tenant
will no; be liable for any tax and you
should report the rent ~ income upon
which the tax has not been withheld.
Less 81 Resl Estate.
.,. H., ma. - H.: :. ss
nv iseems BY. about $4,000. IL Il nscssssry
for me to make an income TAI return7
Answsr-if the purchase and sale Of
the real estate took place in the 1913
any return. II. however. the loss was
incurred on land purchased prior to
March I, 1918. you should figure your
los for the 1918 taxable period on the
assumption that the decrease In value was
constant from the time Of the purchase TO
the sale. II on this basis your net In
come was lee than e2.5oo for the 1913
| to make . return.
Cerpsratisss Are Allowed Ne En.
eaDsiss UsAss the lsesae
TaH Law.
| ss-C. w. y. WhAt Income II q cor pora
ton exenrpt from IN computing the income
On y. h iss.m yn.y ~, esli:'d a.. to icec%
An0wer-Cnder the new law corpora
tions are allowed no exemption whatever.
Every corporation must make = return
and pay a tar Of PER cent on il en-
tire net income.
Lesses - Bssisess Are Allowable
| DeAuetieas.
:, x: :sri' income ss q QUO: :. sssnss.
amount 20 net III. eco. ' ''' '"' ''-'
!; , I. n:e;::.ry 70, .'tn.r Of Them to ne
Answer-No A return is not neoes-
sary unless the net income ia more than
$4,000 for the 1913 taxable period.
PsyAeats - InAebteA.sss.
:ee-E. ,. W Can payments I made on
;.rsst ! paid on same Ss dsdue,sd In nsu aa
| Ing my net income under the TAI law
Answer-oniy interest paid on personal
Indebtedness Il an allowable deduction.
notes. loans and mortgages cannot there
| fore be deducted.
American Citiae. Residing .. . Fer
| eiga Cssatvy.
.s1-S. E. y. am an American citizen
living In foreign country. have no bust
| obtained from my business abroad.
Am ! correct In understanding that I need
not make a return under the income tar
Answer-You should make q return II
your net income for the ten months.
March to December 81. 1918. amounted
to &2.5oo or over. for the law says: That
there shall be levied. assessed. collected
and paid annually upon the entire net
income arising or accruins from al
| sources In the preceding calendar year 10
every citizen Of the United States whether
residing at home or abroad"
Ex<cutsrs sAssIA Make Retspus ses
Persess WE Died After March
- the Yesr 1919.
ceiv.d from an estate a monthly income OF 80,
| during 1914 she died In OctobAS. 1914
Ms: her from nseSor pay neo %. IL. on h
| death and vha; form
Answer-Her executors should mako a
return on Form 1910. the regular form
to be due thereon will b q debt agains,
her estate.
:s7-w. q. r. Ny total income tom sl
.ourssa for the ten month: March !. isia
| 10 DSJsmDer 81, lslb. was ys.sbv.
Ny authorized expenses. including tAIss
on my properly and interest upon mort
amount 20 Sisi. leaving With only thsss
Items my net income q: t2.Sss.
comm..,oS. S:a 70 n msns any .sps 70 IN,
district
Answer-Not II your deductions arr
proper onea
.sa-H In computing the amount upos
which IN. additional tar :. levied am en-
X: sSps y..f me Of isis OF ''
Answer-No exemption Ia allowed ir
connection with the supertax.
Address 81 Collector.
To- yhom should my statement Of income b
Answer-To the collector OF interna
revenue Of your district, Frederick L
Marshall. Third avenue and sixteenth
street.
Caiaisg EaeaDtios.
.ss.E. T. p: ~ Pleas. refer 10 eai,oria
Money :.vns yI hint: 0 to s.,p.y.s. 'n0''A
, VIII the failure to ME Forms 1907 and 100
sd Mes ps r.; r.: e ,s'.'s 90. ss
: Jsct TO ,ncoms tax from obiAining n
ss %. e. sSsS n.. .s.c :hS q r.
later dies with the Internal rsvsnus ono
before s Ms,h the s susS Form
, seems to provide for thsss dsdvctsons also
ss :: On p.s. 81 sag; :..s .na
t2) derive some interest on notes o
persona not corporations. secured by rsa
state mortgages tdesds Of trust In Yves
virginia. said interest being collected .
Fixed ssm!-Anngs! psriod. by . bank I
nled with the bank BY me. the same a. 4
coupons or registered interest orders'
reading of the law leads me 90 think sucl
, interest on personal notes would not reQuir
from me . csrtinca ate accompanying. but 4
be reported to the collsetor In the annus
! return. What IL your best 1udsmsn
Answer--n II the tax he's besn with
J held on hfs income beyond the exemption
and deductions he should hle with HI
. return an application for refund. I'm
: less, however. the income during Novem
Der and December. 1919. was $4,000 o
over no tax should have been withheld
In 1913. For the year 1914 the necsssar
! certificates for claiming exemption ma
be hled any time prior to February
: 1915. In order to obtain exemption TO
. your allowable deductions. a. we'll A. tn
: exemption OF $4,000 or $4,000. a. the cas-
a may be. you should nls with the sourc
a Of your income or with the collector O
your district. not later than thirty day
-. prior to March I. correct return o
your annual income from all sources an
= the deductions asked for. The source VII
then withhold only on tho excess owe