Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-07-22
REPORT OMITTED VALUES
AGcREcAT|NG ss,614,863
Owners OF Intangibles Make Crafty.
ing Response Under Penalty Ex-
emption of New Law.
NEWPORT NEWS OFFICER LEADS
Buxton Reports S0,061.O77 Volun.
tarily Returned for Taxation by
Security Holders OF Eleventh Cir
cuit-McIlwaine Next.

Twenty OF the thirty-one ex-
aminers OF records OF the State have
| reported to Executive Assistant Gar
nett, Of the State Tax Board. voluntary
returns OF omitted intangible persona
property aggregating sa,sl4,s63. The
reports were made in response to a
general request sent out early this
month by Mr.. Garnett calling atten-
! tion to the recent act Of the General
Assembly under which owners of
omitted intangibles arc freed from any
penalty IL they voluntarily report this
property for taxation prior to Au-
gust l.
In order to secure Information as
to the number of people who are
| taking advantage of this law and the
amounts reported in each circuit. AIr
Garnett called upon all examiners to
tlc reports Of their operations in this
respect by July 90. Twenty one ex-
uminers complied with the call. Six
of these reported that they nave rot
received single voluntary return.
n AXE any report az all
AZ Hedu OF the ilSt or those re
porting is Examiner S. r. BUXTON. OF
the Eleventh Judicial Circuit. with
headquarters at Newport News Mr.
Buxton reports that frms and indi-
Niduals In his circuit have ZIP TO sally
p voluntarily declared Tor taxation
omitted intangible property asgresat-
ing in value s6.s6l,oI7 Next to him
comes Examiner Richard McIllwaine.
Of the Second Circuit. who has re-
ceived voluntary reports Of omitted
property valued at s1,14T.5oo.
REPORTS MAY BE FILED
Up TO AUGUST I
Under the law, reports OF omitted
property may be flied with the ex-
amlner until August !. without penalty.
1t is expected that the next ten days
will witness rush of declarations, and
that By August l there will be a large
addition to the nearly $lo,oo0,00o OF
omitted intangibles already in sight.
At the office of Examiner w. II. Sands,
OF Richmond, there is marked activity.
Many local people are calling every
day TO report omitted property for
taxation. The report of Mr.. Sands
shows that 100000 in this class OF
property has already been reported to
his Office from the Third Judicial Cir
cult
With $4,000, 900 in omitted property
voluntarily reported. Tax Executive
Garncet was inclined yesterday TO look
with confidence on the efficiency Of the
new law which allows the State to
probe back TO the year 1903 in assess
ing omitted intangibles, and allows the
~
the Slo,O0o,0o0 already in sight comes
under taxation for the first time, and
does not represent any inquisitorial
activity on the part of the examiners.
The Inauguration of the crusade
against hidden property in 1915 brought
"A net increase in the assessed value OF
intangibles, comparing the assessments
of 1915 with those Of 1914, of $780,
600. While the segregation Of the tax
on intangibleS to the State and a ma
terially reduced rate on this class OF
property stimulated fuller voluntary
returns and brought from hiding large
values which had under the high local
tax rates not been reported at all,
large amounts OF omitted property
were uncovered by the examiners of
records. In no case was there "A volun-
tary report of omitted property.
LARGE SUM REPORTED
ny OWNERS VOLUNTARILY
Stress is laid on the fact that the
| Slo,000,000 already reported TO the
examiners represents the value of in
| tangibles declared by their owners
| voluntarily. After August l. when the
| penalty exemption will be abroGated,
! the examiners will themselves begin
| independent inquiries into omitted
values. assessing the owners. for State
| purposes, back To the year 1903. Many
millions. it is expected. will thus be
brought under taxation for the first
! time.
OF the twenty-one examiners of
records who have filed reports with Mr..
Garnett, the examiners from the Fiji
tcenth, Nineteenth. Twentieth. Twenty
first, Twenty sevcnth and Thrty-firs
Circuits report no voluntary declara-
lions at all.
The other sixteen examiners report
the following totals:
Circuit No. Totals
Q. Richard McIlwaine. 81 III 500
| g. r. w Arnold. ....... 1903
4. George Mason. .......... 39.o25
5. S. l.. Ferguson. ......... 1900
g. John S. Chapman. ....... 22l,9l3
O. w. c. williams. .......... 4.325
10. W. Fl Sands. ............ 100000
H. s. r. Buxton. ............ 6.e6l.077
Il. sydney Smith. ........... $4,000