The river press. [volume] (Fort Benton, Mont.) 1880-current, 1914-02-04

| year III which SuCn OoOIS were CnafSCu
off as worthless.
Is. Amounts due or accrued to the indi-
vidual members of "A partnership from the
net earnings of the partnership, whether
apportioncd and distributed or not. shall
be included in the annual return of the
individual.
1e. The United States pensions shall be
| included as income.
II. Estimated advance in value Of real
| estate is not required to be reported as
income unless the increased value is taken
up on the books of the individual as an in
crease of assets.
Is. Costs of suits and other legal pro-
ceedings arising from ordinary business
may be treated as an expense OF such
business and may be deducted from gross
income for the year in which such costs
were paid.
10. An unmarried individual or a mar
| ried individual not living with wife or
husband shall be allowed an exemption OF
s., 600. When husband and wife live to-
gether they shall be allowed jointly a to-
| tai exemption Of only $4,000 on their ag-
gregate income. They may make a joint
return. both subscribing thereto. or. II
they have separate incomes. they MAJ
| make separate returns. but In no case
shall they jointly claim more than $4,000
| exemption Of their aggregate income.
20. In computing net incomes there shall
be excluded the compensation Of all Off
GERS and employees Of a state or n po-
litical subdivision thereof. except when
such compensation is paid by the United
States government.
The blank spaces to be filed in form
1O4O cover three pages. The spaces on
the first page Of form 1O4O are to be
filed only after entries have been
made on the other two pages. but this
is because the first page is a sum-
mary Of totals on the other pages and
based upon the calculations that nus
be made in filling out the other pages
The second page Of form 1O4O is ar
ranged so as to aid the individual In
making return Of his gross income"
Description of Income.
The individuals income is to be de-
scribed as follows:
l. Total amount derived from salaries.
/ wages or compensation for personal serv-
ice Of whatever kind and in whatever
form paid.
2 Total amount derived from profess
| sions, vocations, businesses. trade. COM
merce or sales or dealings in property.
whether real or personal. growing out OF
the ownership or use Of or interest In real
or personal property. including bonds.
stocks, etc.
3. Total amount derived from rents n
from interest on notes. mortgages and Sc
curities eother than reported on lines 5
and 6sssl
4. Total amount Of gains and profits de-
rived from partnership business, whether
the same be divided and distributed or
not.
z r>o<o, nuo,c< ~ 0~od aud 6a<ar~ip.
able annual gains, profits and income de-
rived from interest upon bonds and mort
cages or deeds Of trust or other similar
obligations Of corporations. Joint stock
companies or associations and insurance
companies. whether payable annually OF
at shorter or longer periods.
G. Total amount Of income derived from
oupons, checks or bills Of exchange for
or in payment Of interest upon bonds is
sued in foreign countries n upon for
eign mortgages or like obligations mot
payable in the United States). and also
from coupons. checks or bills Of exchange
for or in payment Of any dividends upon
| the stock or interest upon the obligations
Of foreign corporations. associations and
insurance companies engaged in business
in foreign countries.
| Z. Total amount Of income received from
fiduciaries.
s. Total amount OF income derived from
! any source whatever not specified or en-
tered elsewhere on this page
All of the above income that may
have been deducted and withheld at
the source is to be itemized in me col
| the tax has not been withheld at the
source is to be shown in a separate
parallel column. The aggregate Of
these columns must be added to the
total amount of income derived from
dividends on the stock or from net
earnings of corporations, joint stock
companies. associations or insurance
companies subject to the tax. and the
result will be designated as the total
gross income"
The third page of the blank form
is arranged SO as to indicate the "gen-
eral deductions" to be allowed to the
individual.
General Deductions.
L Amount Of necessary expenses actual.
" paid in carrying on business, but not
including business expenses or partner
ships and not including personal. living OF
family expenses.
z All interest paid within the year on
personal Indebtedness OF the taxpayer.
3 All national, state. county. school and
municipal taxes paid within the year., not
including those assessed against local Vel
efits.
l. Losses actually sustained during the
year incurred in rad or arising from
fires. storms or shipwrecks and not com.
pensated for by insurance or otherwise.
s. Debts due which nave been actually
ascertained to be worthless and which
have been charged of within the year.
G. Amount representing a reasonable a.
lowance for exhaustion. wear and tear Of
property arising out of its use or employ
ment in business. not to exceed in the cast
of mines 8 per cent of gross value at tn,
mine Of the output for the year for which
the computation is made. but no deduc'
ton Is to be made for any amount Of ex
pense Of restoring property or making
good its exhaustion for which allowanc,