Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-01-19
G0LLEGT0R READY
m RECEIPT FOR
INCOME TAX
Internal Revenue Office Gets
Big Supply of Blanks For
Individual Returns Under
New Federal Law

sessi.l coHRes7o"os"es 20 noRN'Ne 'oo"NAll
ssnto Fe. n. NJ. Jan. fS.-Five
.nonsand copies eff the forms to be
MINI IN making individual returns TO
w., government under the new in
ae-ox law haze been received by
M collector OF internal revenue, Man
uI r.. Otero, and at least half that
,nonv more are expected soon
An persons having an income in eN-
,ess of $4,000 must make his or her
rsmrn FOR 1913 the exemption will
no $500, or $3,333.S2 in the case of
married person. and in the future
~.ars $1,000 ana $4,000. The law
,nroses a tax of per cent, and pro-
y,des that individuals who haze an
,pcome of over 100000, and not more
Imam $50 600. shall pay an additional
M ~ per cent ON such amounts ON
an over $4,000 ana not over 500,
ooo 4 per cent. al over S250000 and
MT over 100000. per cent, and AN
over 100000, 6 per cent
Refusal or neglect to file returns,
eycent in cases Of sickness or abb
snce will result in adding so per
rent 10 the tax assessed In case Of
false or fraudulent returns 100 per
cent VIII he added TO the taS assess
cd and any person required to make
sign verify or render such returns
who makes false and fraudulent
statement Viii be guilty Of q INSIDE
meanor ana subject to fine of not
more than $1,000, or Imprisonment
for one Year, or both.
Expenses for medical attention,
store accounts, family supplies wages
Of domestic servants, cost Of board,
room or house rent, cannot be deduct
I'd from the gross income. and indi-
wduas who own their own residence
cannot deduct the estimated value Of
The rcnt
llanchers must include in the mes
income reported ali money received
from produce and nimals sold, for
wool ana hides of slaughtered ani-
mails, provided they are soll They
may deduct the sums actetlly pad
for the animals sold or SLAUGHTERED
animals. provided they are sold They
may deduct the sums actually paid for
The animals sold or slaughtered dur
Ing he year. but the value Of animals
raised must not be- deducted as eN-
pense or loss A ranchcr can also
take out expenses FOR PRODUCING farm
products live stock, etc. and for re-
pairs for The current year. The cost
Of tools and machinery is deductablc
but not to exceed IN value those re-
placed
Persons receiving fees or emOlu-
ments for professional or other serv.
ices must include an actually paid
them for services during the year, TO.
gcther with all unpaid accounts
charges fer service or contingent i'm.
come for the Year il good and col
lcctible"
Debts contracted within curren
wear may be deducted from the gros
income when found worthless. hu
not bcforc legal proceedings have
proved unavailable Debts contracte,
in previous years which eventualh
prove worthless may be deducted sub
seQuontIy under the head of LOSSES
when they are charged off
Accounts due or accrued 10 individ
ual members Of a partnership from
net earnings must be returned includ
Cd in The return of the individual
whether distributed or net. AMI Unit
I'd SHtes pensions haze to be include,
as incomes.
estimated advances of real estat
value are not required 70 bo reported
Unless placed as an asset on the indi
ildual's books Costs of suits am
oihrr legal proceedings arising out @
efHinaiy business may DE treated a
EXPENSE and deducted from the gros
income of q business I'm computing
A3 Income compensation OF an Off
eeis and employees Of state or am
lHitIrnl subdivision thereof shall b.
excluded. hut not where paid by th
United States.
AS lamlct said 10 his mother
bosl like The plcture?'