The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1916-03-15

I
You will also note that ordinary
charges of book account representing
the purchase price of tangible personal
property on which no interest IS
charged are exempted from taxation
These are the substantial additions IN
the law as it existed prior to the mas
sage of this Act in so far as it refers
to money loaned.
Offsets.
cit becomes your duty to deduct
from the appraised value of the per
sonal estate of a taxpayer an offset
for debts found to be owing by the tax
payer on the 1st day of April. You will
note first, that this Offset is to be de-
Quoted from the appraised value of the
personal estate. Second that / per
cent of the reminder, if any, is to be
taken as the personal list of the tax
payer. Before any deduction is made
or allowed by you, the taxpayer must
have complied with the provisions of
Section 3 of the Act, and failure on
the part of the taxpayer to comply
with the provisions of Section de-
prives him of all right to any offset and
renders you liable, provided you allow
him any offset.
1.-The taxpayer who claims an off
=
statement of his indebtedness on the
LIST day of April for which an offset is
claimed. He must give the name of
each creditor, with the postoffice adj
dress of the creditor; the amount of
the Indebtedness owed by the TAXPAYER
to this creditor; and the date when the
debt was contracted, and the rate of
interest thereon, if any, on each debt.
Savings Deposits.
1.-The taxpayer must also include a
statement of the amount of his stocks.
bonds and loans which are EXEMPT
from taxation by the laws of this
state; he must include the amount of
his savings deposits in all savings
banks, savings institutions and trust
companies, and savings departments of
national banks in this state; he must
also include his ordinary charges of
book account representing the pur-
chase price of tangible personal prop
erty on which no interest is charged.
If the taxpayer is nonresident, and
such Indebtedness is included in his
inventory, he must furnish you with
statement from each one of the ner-
sons whom he owes, subscribed and
sworn to by the party to whom the tax
payer is indebted, and the form of this
statement must be satisfactory to you.
taxpayer claiming an offset must
further submit himself to examination
under oath, and furnish such addition
al proof OF his claimed Indebtedness as
you may require him to do.
when a taxpayer claims an offset
1t will be your duty to examine his in
ventory and determine the aggregate
amount OF the personal property be
longing to the taxpayer, that is, the
amount OF his stocks, bonds and loans
exempt from taxation by the laws of
TINS state; the amount of his savings
deposits IN all savings banks. savings
institutions and trust companies, and
savings departments III national banks
IN this state, and his ordinary charges
OF book account representing the pur-
chase price of tangible personal prom
erty on which no interest is charged.
| Having found this total, YOU will
hhd the total amount of the debts
winch he owes on which no interest is
payable, or on which a rate of inter
est less than per cent per annum is
payable. You will then find the total
amount of debts that he has incurred
subsequent to the 1st day of March
IN the current year. You will add
| these totals together; you will then
determine the total amount of the
debts claimed and established bv the
taxpayer; You viii then deduct the ag-
gregate amount referred to in subd.
| (b) of Section of No. 81 of 1915.
from the total of the debts claimed and
established by the taxpayer. If there
IS any remainder, so per cent of such
remainder shall be the offset for debts
owing to be allowed to the taxpaver
provided, however, that such 50 per
cent shall in no ease exceed $1,000.
! : You will notice that in addition
to that to which | have already called
yGur attention, the law provides that
when a statement of indebtedness
claimed is filed with you for offset
{ purposes, it devolves upon YOU. and is
made your duty to forthwith send To
eech creditor of the taxpayer a notice
IN which you shall set the amount
due him from the taxpayer, as shown
by the statement of the taxpayer
Moreover, if the creditor is a resident
| OF the state of Vermont. Won must
send a similar notice to the listers Of
the town where such creditor resides
LII VIII be necessary in order that vour
work may be completed within the
time provided by law, that these mo-
tices be made out and mailed as soon
AFTER you have received the inventory
as the work can possibly me done.
Section Z of the Act provides that
II you allow an offset to a taxpaver
Knowing the same to be contrary to the
provisions of this act, you subject
yourself to fine which may not ex