The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1914-01-06
INCOME TAX
REGULATIONS
SENT OUT YESTERDAY BY
TREASURY DEPARTMENT
ARE COMPREHENSIVE.
Gives In Detail Just What Is Re-
quired From These Affected
Under the New Law.

1nuer the New LAW.
WASHINGTON. Jan. THE form
70 De used and regulations TO be fol-
lowed by individuals i'm making re-
turns OF incomes subject TO the new
Iederal income tax we're sent out 10
day BY the treasury department.
Every citizen OF the United States,
whether residing az home or abroad,
every person residing in the United
states and every nonresident alien
who has income from United States
investments OF $1,000 or more. must
make such return.
For the part year 1913 the specific
exemptions will be s.. 500 or 1883 SO
IN The case OF married person, and in
future years $4,000 and $4,000. Where
the tax has been withheld on part OF
the income AT the source or where
part OF the income comes as divi-
which Is taxable under the corpora
tion tax section of the act, the regu-
lations set forth that such income
shall be deducted form the individu-
ais total net income when computing
the amount on which he is taxable.
The law imposes a tax OF one per
cent and provides that individuals
| who nave an income over $4,000 and
not more than $4,000 shall pay an
| additional tax OF one per cent on
such amount: on all over $4,000 and
not over $4,000. two per cent: on all
! over $4,000 and not over 500, 900.
4 three per cent: all over 100000 and
not over s25o.O0O; four per cent; all
over $25O.0OO and not over 100000
five per cent, and all over $500. 900
| six per cent. Return must be in the
hands of the collector of internal rev
/ enue in the district where the payee
/ lives or where he has his principal
I -.
March i, failure 10 observe this time
limit 10 be punished with fines rang
ing from 500 10 81 600
Added Assessment.
Refusal or neglect TO file returns.
except in case OF sickness or absence.
will result in an addition of so per
cent TO the tax assessed. In case of
false or fraudulent return loo per
cent will be added TO the tax as
sessed. and any person required to
make. render, sign or verify such re-
turn who makes faha or fraudu-
lent statement With intent to defeat
or evade the tax will be guilty OF q
misdemeanor and subject 10 2 fine OF
not more than $1,000 or imprison-
ment for one year. or both
An extension Of thirty days from
March ! in case OF sickness or alb
sence may be allowed by the proper
collector. provided an application is
made by the individual concerned.
Returns must be accompanied by
oath or affirmation.
Expenses for medical attendance.
store accounts. family supplies
wages of domestic servants. cost OF
board, room or house rent shall NOT
be deducted from gross income. and
individuals who own their own resi-
dences canot deduct the estimated
value OF the rent
Tho farmer L. raurttr.H
in his net income all money from
produce and animals sold for wool
and hides Of slaughtered animals.
provided they are sold. iic inay de
duct the sums actually paid for the
animals sold or slaughtered during
the year. but the value OF animals
raised shall not be deducted As cx-
penses or loss. The farmer also may
deduct money paid as expenses for
producing farm products. live stock.
etc. and for repairs for the current
year. The cost Of tools or machinery
is deductibie. but not TO exceed In
value those replaced
Persons receiving fees or emolu.
mcnts Tor professional CT other ser.
wees must include al actual receipts
Tor services during the wear. together
Win all unpaid accounts. charges FOR
service or contingent income for the
year, N good and collectibie"
f'NNH fNlNlN'NfN " linIn 81 current
year may be deducted from gross I'm.
come. when found worthless. Int not
before legal proceedings have proved
unavailing. Debts contracted i'm pre-
yious years. which eventually prove
worthless may be deducted eubsd.
guently under the head or losses. when
they are charged or
Amounts due or accrued ~ individ-
ual members of partnership from
not earnings shall bo Included in the
return Of the indivigsIal. whether dir.
tributed or not and United states
pension must be included aa income
Estimated advance Of real estate
value u MOI required 10 DO roporfaf
unless placed as an asset on tho indf.
Vidums books. Cost. of euifa and
other iegal procedures arising ONT or
ordinary business NAV boz treated ae
expense and deducted from gross In
come of a business. IN computing not
income compensation Of an Officers and
en- loves or state or any political
subdivision thereof shall ba excluded
6ul not where paid by the United