Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-01-28
MORE Federal
TAKREGULATION
ISPUT NEFFECT

New regulations affecting taxpayers
of all classes have been received from,
Washington by c. A. Cottrill. internal
revenue collector for the district of
Hawaii. These pertain to the emer-
gency or so-ealled war tax as we'll as
to the corporation and individual in
come tax and the gist of them is as
follows: J."
Individuals desiring to file claims
for exemption with withholding agents
must do so not later than March /.
The law is mandatory on withhold
ing agents, and if they have in their
hands sums due other persons of a
taxable amount, they must withhold
the normal tax and must withhold on
the total amount unless claim for eX-
emption is filed within the time speci-
fled. 49, ..-. -.
Unlike the law governing the pay
ment of city, county or territorial
taxes, returns mailed prior to the
closing hour, not received by the col
lector before that time, will be con-
sidered delinquent The mere mail
Ing does not constitute a filing.
ALI corporations, except those speci-
fically exempted by law, must submit
q report, whether there is an income
to report or not. Requirement is not
based on income, but is mandatory as
to a report. The exemptions specified
by law are as follows: Labor, agri-
cultural or horticultural organizations,
mutual savings banks without capital
stock represented by shares; frater-
nal beneficiary societies, orders or
associations operating under lodge
system or for exclusive benefit of the
members of a fraternity itself operat-
ing under lodge system, and provid-
ing for the payment of life, sick, acct
dent and other benefits to members;
domestic building and loan associa-
tions; cemetery companies for mutual
benefit to members, and all similar in
situations. IT., ~
All individuals who have a net in
come in excess of $4,000 must submit
report, even if the person be mar
ried and is entitled to $4,000 exemp-
ton.
The administrator. or executor of a
person, whose death occurred prior
to the close of the calendar year must
submit a return for such decedent
from January to the date of death,
and if the return shows a taxable in
come, the tax is collected as with hy-
ing persons.
A person who marries during the
year must make return as a married
person, as the status at the close of
the year determines the status for the
year-therefore. husband or wife dy.
ing within the year leaves the surviv-
or as single person at the end of the
year
Persons residing within the United
States, although not citizens, must
make return the same as citizens OF
the United States, and must include
the income derived from properties
outside the United States. Non-resi.
dent aliens are taxable on the income
derived from property owned or bust.
ness, trade or profession carried on
within the United States.
Under the stamp act, bank borrow.
ing funds from another bank, on a
certificate of deposit, the certificate
of deposit being in lieu of note
whether secured by collateral or mott
such certificate must bear stamps at
the rate of two cents for each 500
or fraction of the amount borrowed.
The borrowing bank, under these con
ditions, must account for the funds
borrowed in its statement of capital,
surplus and undivided profits used in
business.