The Glenwood post., 1916-12-02
SPECIAL TAX ON
CORPORATIONS
CONTINUED from first pege)


life, sick, accident or other benefits to
the members of such society, ordsr or
association or their dependents.
Domestic building and loan assoeia-
tions and cooperative banks without
capital stock, organized and operated
for mutual purposes and without pro
fit
Cemetery company owned and oper-
ated exclusively for the benefit of its
members.
Corporation or association organized
and operated exclusively for religious,
fharitable, scientific or educational
purposes, no part of the net income OF
which inures to the benefit of any pri-
vate stockholder or individual.
Business league, chamber of com
merce, or board of trade, not orgar-
lied for profit and no part of the net
income of which inures to the benefit
of any private stockholder or indi-
vidual. II
Civic league or organization no or.
ganized for profit, but operated ex-
clusively for the promotion of social
welfare.
Club organized and operated exclu-
sively for pleasure, recreation and
other non-profitable purposes, no part
of the net income of which inures to
the benefit of any private stockholder
or member.
Farmers or other mutual hail, ey-
clone, or fire insurance company, mu.
tual ditch or irrigation company, mu-
tual or cooperative telephone company.
or like organization of a purely local
character, the income of which con.
sists solely of assessments, dues and
fees collected from members for the
sole purpose of meeting its expenses.
Farmers, fruit growers or like asso-
ciation, organized and operated as a
sales agent for the purpose of market.
ing the products of its members and
turning back to them the proceeds Of
sales, less the necessary selling ex.
penses, on the basis of the quantity of
produce furnished by them.
Corporation or association organizeil
for the exclusive purpose Of holding
title to property, collecting income
therefrom, and turning over the entire
amount thereof, less expenses, to m
organization which itself is exempt
from the tax imposed by the title.
Federal land banks and national
farm loan associations.
Mutual insurance companies and
othe r associations not having capital
stock represented by shares becausc
there is no basis for the computation
of the tax.
show for each corporation the total
number of shares of stock now out.
standing, par value of the shares, par
value of the total capital stock ont
standing. amount of surplus and the
number of shares outstanding on the
last day of the fiscal year; fair value
Returns to be made to the internal
revenue collector in January mUst
of total capital stock for the preceding
fiscal year; deduction allowed by law
of $4,000, and amount upon which tax
should be computed.
If the stock is not listed on any ex-
change and no sales have been made
during the fiscal year preceding, or If
sales have been made and the price Is
unknown, the fair average value of
the stock may be estimated from The
following information set forth on th,
return to the collector:
Amount of surplus, amount of undi,
vided profits, nature of business, es&o.
mated earning capacity, average divi-
dends per share paid dnring precedfn;'
five years. average profits per share
earned during the preceding five years
Upon the return to be made durinr
January. 1917, for the six months eni
ing June 80, 1917, the tax due win bc
25 cents per $1,000 on the fair value
of the capital stock outstanding.
Failure to make return during Jann-
ary and July, 1917, by any corpora
tion will be followed by an assessment
against the offending corporation Of 50
per cent of its total tax levied In nd
dition to the tax. In case Of fraudu.
lent return 100 per cent Of the tcta'
tar is to be added. ,,..