The Cairo bulletin., 1914-02-14
TO CLEAR
F0CCY POINTS IN
INCOME TAX Law
Treasury Officials Dispel Complex
tiles in a Ninety Page
Booklet.
OTHER REGULATIONS DUE
NEW POINTS ARE RAISED
Sixty Pages Used in Telling Tax
Payer How Net Income is to
Be Ascertained.

Washington, February 12--After
weeks of study of the complexities
of the income tax law, Treasury OF
fIcials have just issued ninety
mage booklet, christened il "Regu-
lations No. 49, and sent it forth
10 Collectors of Internal Revenue In
the expectation that it will clear up
many OF the MISUNDERSTANDING con-
corning the law which have arisen |
Throughout the country =. Il
| II takes 90 pages of the book 20
got forth the law itself but GO pages
are used In telling how the net IN
come 10 be taxed is ascertained ny
| the tax payer. when and where tax
must be paid, what penalties Will be
imposed for non-payment, what ex-
emptiops and deductions will be al
lowed. Many pages are devoted 10
an explanation of that part oil TIE
law imposing one per cent tax CT
| the income of all corporaHohs'
which replaces the old corporation
tax.
Although officials are confident
that this booklet will prove a aulde
TO tax payers which will settle many
annarently difficult problems. there
/
will be other regulations IN the III
ture when new points are ralsea'
The book does not contain new set
of regulations but Is a computation
lin compact form of the ones ALREADY
issued, with explanations OF points
never before discussed. Under TIC
law, partnerships are not subject 10
tina tax. but the regulations provide
THAT annual profits from a partner
shin paid to members shall be Ia
4 eluded IN their returns and where
such profits are undistributed ami
UNPAID they must be ascertained
and included in the individuals re-
!, turn for taxation just the same.
1t Is made clear for the first time
that persons who have a net income
+, Of less than $4,000 all derived
; from investments and upon which
the tax has been withheld at the
,s source, shall not be required to
make any return Executors and ad-
mfnistrators of estates of perSons
are required to pay the tax on the
;. net income for the part of the year
% In which the deceased was alive.
Where persons taxable refuse TO
make the proper list or return or
{ makes false return the regulations
provide that the proper collector Of
Internal revenue, shall, after due
~ notice. take tho return for such
person and the lax shall be assessed
on this return, with a fifty or onf
: hundred per cent penalty added
= Returns must be verified by oath OF
affirmation. Returns shall DE SEN
by collectors to the Commissions
" of Internal Revenue in Washingto-
: by registered mail. Taxes un7a't
. after June so shall bring a penalty
of 8 per cent, after ten days notice
- and demand by the proper collector
and interest at the rate of one pei
= cent month from the date due
Returns shall be made to collectors
before March /. every year
In dealing with the corporation
:" feature. it is explained that all re
e. Gums snail he public records sub
Jet to inspection on order Of tn
r. President of the United States I'm
W der tho rules prescribed by the See
rotary of the Treasury, Copies Of
returns can not be sent to any person
g except tn corporations or its at
re torney, but on request OF Governor
~ Officers of state which imposes Z
"a general income tax, may have &c
n. cess to returns by corporations do
eli ing business in that state. Onitet
lri except the corporation or It's at
d. der certain restrictions, have acces
rs to the returns. DISCLOSURE by an!
"a collector or other employee of TN
III United States, of any Information
ag NhaleEerfs SCI forth IN any return Q
annual net ucome, Is made mis-
deneanor, punishable by fine u
- 81 200 and one years Imprisonment
3 and II, the person found guilty Is,
United States employee he will h
al dismissed and thereafter be inca
i pable of ever holding office undo
i the government.
IL