The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-07-20
E. e. DAVIS,
Superintende lent
CALLS ATTENTION TO J: )
TYPOGRAPHICAL ERROR
Auditor Moore, Too, Gives, Furthcs
Information AS To the Intent or !.
Law On Taxation. -

State auditor G. Lac Moore, hxx
sent out circulars to the Commissions
ers OF the Revenue Of the State. calls
ing attention to a typographical err0x
in that part of Item No OF the r.
come interrogatory, which provideG
for listing dividends derived from
stock and other items. The item wHs
printed as follows:
dividends derived from stocks oy
other evidences OF ownership or f1~
terest in property mot including divt-
dends paid in stock and profits az.
rived from corporations)."
Whereas. 1t should have been
printed:
Dividends derived from stocks 81
other evidences or ownership or In
terest in property (not including divi-
dends paid In stock) and profits dos
rived from corporations"
1t Is explained In the circular ,by
Mr.. Moore, that the taxpayer owning
stock issued by railroad, canal,
steamboat. express, telegraph, tele~
phone. heat, water, light, power. sleeps
ing dining or parior-car corporation,
and stock issued by a national or
State bank, and stock issued by an 1rf-
surance company licensed to do buaas
n ess In this State, and stock issued BY
any incorporated company chartered
under the laws Of the State. must re-
port dividends and profits derived
from any and all Of these stocks us-
der the item stated above From this
amount taxpayers should deduct the
dividends and profits received from
corporations chartered under the laws
of the State, as the incomes of such
corporations are subject to tax ~
the State. But dividends and profits
derived from corporations licensed -
do business IN the State cannot W
deducted. a. they are not assessahle
with tax on income. The intent o1
the law. Mr.. Moore states. - as ksi-
lows: s
4 taxpayer Ian Individual or a Ger.
poration) must List all dividends and
profits from stock and all joint stock :
associations and corporations but u
allowed to deduct from the amount
SO reported all dividends and profits
derived from joint stock associations
and corporations which are taxed by
this State on income; but Is not al
lowed to deduct tho dividends and
profits derived from joint stock as
sociations and corporations. which do
not pay an income tax to this Stat%
This State taxes the income OF III
corporations except the income Of xns
following named corporations: -
Railroad, canal, steamboat, expreAG
telephone. telegraph, heat water
light. power. sleeping. dining or p43s
lor-car corporations, national ana
State banks, and insurance companies
licensed to do business in this STATE.
The taxpayer In listing income and
ths taxing officer in assessing income
should bear tho following facts r.
mind, viz: q citizen Of this State and
q corporation chartered under the i4ws
OF this State doing business In tfIS
State. Is taxable by this State upoa
all Of his her or its income whether
the income arises from investments
in and out OF this State or from bua.
ness done In or out Of this State: 1nd
q nonresident person or corporAkaun
having business domicils Ia tlen
State upon the income derived zec6k
business In this State. -
(3<n0Ch NnaA GHfn E1ofnSe On - III