The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1915-02-16
INCOME TAX ON CORPORATIONS
PROPOSED In BILL INTRODUCED

faan AutItallffs GtllNeI 10 the
state tar commissioner a return In
writing. which shall be signed and
sworn 10 By Its president. vice pres
ident or other principal accounting
officer. In the form prescribed BY the
board Of public works OF the state.
for the year ending December 81 next
preceding
Such return shall accurately and
fully set forth.
Firxt- The total amount Of paid
M capital stock OF such corporation.
Joint stock company. association or in
furance company outstanding at the
close of the year.
Second. The total amount OF its
bonded Indebtedness al the close OF
the year.
Third. The gross amount of its in
come received during such year from
al sources. and n Organized other
wise than under the laws OF this
state the gross amount OF its income
received within the year from bust
ness transacted and capital invested
within the state of West Virginia /:
also the amount received by such cor
poration. joint stock company, asso-
citation or insurance company within
tie year by way Of dividends upon
stock OF other corporations. Joint
stock companies. associations or in
suIance companies subject TO the tax
| imposed by the act.
Fourth. The amount OF all ordinary
and necessary expenses actually paid
out OF the income in the maintenance
ana operation OF the business and
properties thereof within the year.
stating separately all charges such
as rentals or franchise payments re-
quired TO be made "a a condition TO
the continued use or possession of the
property. and IL organized otherwise
than under the laws of this state the
amount so paid In the maintenance
Z and operation Of its business within
the state of West Virginia.
Amount Of Losses.
F1fth. The total amount OF all loss
es actually sustained during the year
and not compensated by insurance
or otherwise. stating separately any
/ amounts allowed for depreciation OF
property and in the case OF insurance
companies the sums other than diyi-
denus paid within the year on policy
and annuity contracts and the net ad.
dition. il any. required by law 10 he
made within the year to reserve
funds, and in the case of corporations
organized otherwise than under the
laws OF this state, not concentrated
DIV insurance or otherwise. stating
/ separately any amounts allowed for
depreciation OF property, 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, il any
/ required by law to be made Within
the year to reserve fund.
SKIN. The amount of interest actu-
ally paid within the year on its bond.
ed or other Indebtedness to an amount
OF such indebtedness not exceedin9
the amount Of its paid up capital stock
outstanding at the close of the wear.
emo IN the case Of a bank, banking as.
soclation or trust company. stating
separately all interest paid by II with.
. IN the year on deposits; and in case
of other corporations subject IN the
/ TAX organized otherwise than under
the West Virginia laws. interest so
paid on It's bonded indebtedness TO an
amount of such Indebtedness not ex-
, ceeding the proportion of it's paid up
capital stock outstanding at the close
OF the year which the gross amount
OF its income for the year from bust.
ness transacted and capital invested
within the State OF West Virginia
bears TO the gross amount of its I'm.
I Gene derived from all sources within
ana without the State of West Wiz.
ginia for the year.
seventh. The amount paid by Il
I Sithln the year for taxes imposed un.
der the authority Of this State. and
( separately the amount imposed by any
u q mo INF
carrying on business therein.
Eighth. The new income of such
corporation. joint stock companv as
ISOLATION or insurance companv after
making the deductions authorized in
/ this section.
! Ninth. Any other facts required nv
IN" Board OF Public Works.
The Net Income.
Section three provides that the net
iEcome OF every corporation or com.
rany as Is required TO make the return
named In section No. ? shall be ascer.
famed by deducting from the gross
amount OF its income received within
I the year from all sources.
FIRST All the ordinary and necessa-
/ - expenses actually paid within the
year out Of It's income In the mainte-
Lance and operation Of its business
and properties. including all charges
such as rentals or franchise payments
required TO be made as a condition 10
the continued use or possession Of
property
Z Second. All losses actually sus.
/ 'atned within the year and not com.
prnsaied by insurance or otherwise.
including a reliable allowance for de.
| probation Of property. ~ any. and in
/ the case OF insurance companies the
sums other than dividends paid with.
~ the year on policy and annuity con.
: tracts and the net addition. if any. 70.
/ CURED by law TO be made within the
. year 10 reserve funds
f Ihifd. Interest actually rnfd within
u N' year ON its bonded ur other indehf-
. ,lnF'F 90 ON amount q such Indebted
L' NOT exceeding the amount ~ De
NifI np capital stock outstanding af fha
.'. on fu" year. and iu case OF n bank
W. association or H trust company.
80 .nier"rt actually paid by ~ within
Fourth. All sums paid bv 10 within
we .efI "I ufrueIfa. under the author.
] .I. nf fn'a state Hud any other Govern.
mfni q. n condition to CARRYING on buri-
EItfh. hU amounts received bv %
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