The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1915-02-18
NOW BEFORE HOUSE T]PlACE
AN Income neutrality-suspicious.

" Wltni LIuu ychtf Oh anu In
case of other corporations subject to
the tax. torsanised otherwise than IN.
der The West Virginia laws, interest
10 paid on IT'S bonded indebtedness to
an amount Of suoh indebtedness not
exceeding the properties Of its paid
up capital stock outstanding at the
close Of the year which the gross
amount OF its income for the year
from business transacted and capital
invested within the state Of West vir.
Etnia hears to the gross amount OF its
income derived from all sources with.
In and without the state OF West Wiz.
ginia for the year.
Seventh. The amount paid by It
within the year for taxes imposed un.
der the authority Of this state, and
separately the amount imposed by any
other government as a condition to
carrying on business therein.
Eighth. The new income of such
corporation. Joint stock company, as.
ISOLATION or insurance company, after
making the deductions authorized in
this section.
Ninth. Any other facts required by
tne poato OK PUBIC WORKS.
The Net Income.
Section three provides that the net
income Of every corporation or com.
pany as Is required to make the return
named In section No. 2 shall be ascer.
tanned by deducting from the gross
amount Of its income received within
the year from all sources:f
First. All the ordinary and neces.
sorry expenses actually paid within the
year out OF its income In the main.
tenance and operation Of its business
and properties. including all charges
such as rentals or franchise payments
required to be made as a condition to
the continued use or possession OF
property.
Second. All losses actually sus.
tanned within the year and not com.
pensated by insurance or otherwise,
including q reliable allowance for de.
probation OF property, IL any, and in
the case OF insurance companies the
sums other than dividends paid with.
in the year on policy and annuity con.
tracts and the net addition, II any, re.
CURED by law to be made within tho
year to reserve funds.
Third. Interest actually paid with.
In the year on its bonded or other in.
debtedness to an amount of such in.
~debtedness not exceeding Tie amount
OF Its paid UP capital stock outstand.
Ing at the close OF the year; and In
case OF a bank, banking association or
q trust company, all interest actually
paid by it within the year on deposits.
Fourth. All sums paid by It within
the year on deposits; under the an.
thority of this state and any other
government as a condition to carving
on business therein.
Fifth. ALI amounts received by II
within the year as dividends upon
STOCK Of other corporations, Joint
STOCK companies. associations or in.
surance companies. subject to the tar
hereby imposed; provided, that IL II
pc orSariscd otherwise than under the
laws OF tafs state such net income
snail be a%scertained by deductin9
from the Gross amount of its income
received within the year from bust.
ness transacted and capital invested
within the state Of West Virginia.
tta) All necessary and ordinary eY.
penses actually paid within the wear
out OF earnings in the maintenance
and operation OF its business and pro-
perty within the state of West Wiz.
gtnia, including all charges, such as
rentals or franchise payments re.
CURED to be made as to a condition n
the continued use or possession nj
property.
~ All losses actually sustained
within the year In the business Nm.
Quoted by 1t within the state. not
compensated by insurance or other.
wise. including a reasonable allow.
ance for depreciation Of property, q
any; and IN the case Of an. insurance
company the sums other than the
dividends paid within the year. On
policy and annuity contracts and the
net additions, II any, required by law
to be made within the year to "a.
serve funds.
(c) Interest actually paid withiI
the year on It's bonded or other IN.
debtedness to an amount of each IN.
debtedness not exceeding the propor.
ton OF Its paid.up capital stock ont.
standing at the close Of the wear
which gross amount OF its income for
the year from business transacted and
capital invested within the state Of
West Virginia bears to the gross
amount OF its income derived from ali
sources within and without the state
Of West Virginia.
td) The sums paid by It within
the year for taxes imposed under the
authority Of the state Of West VII.
ginia.
o. All amounts received by q
within the year as dividends upon
stock Of other, corporations, Joint
stock companies. associations and In.
surance companies subject to the Tar
imposed by the act.
Insurance Companies.
In case assessment insurance com.
panies and actual amount Of deposit
Of same with officers OF this STATE. and
required by law 40 additions 10 r,ar.
anty or reserve funds. shall be treated
as being payments required by INV,
to reserve funds, shall be treated az
being payments required by law or
reserve funds. There shall be also
deducted from the amountSo of the nat
income OF each OF such corporations
as are required BY this character M