The evening world. [volume] (New York, N.Y.) 1887-1931, 1917-05-09

hCIlped until on or atter January i,
1918, and thereafter shall apply only
to Incomes exceeding $4,000 as pro-
vided In Title OF such act OF Sep
tember 8, 1916.
TAX ON CORPORATIONS IS MADE
RETROACTIVE BY BILL.
q. That In addition TO the tax inn
posed by Section 10 of such act of
,p.ember ., 1915. there shall be
levied, assessed, collected and paid
like tax OF 2 per centum upon the
net income received In the calendar
year 1917 and every calendar year
thereafter by every corporation,
Joint stock company or association,
or insurance company subject to the
tax imposed by that section. except
that II II has fixed Its own fiscal year,
the tax Imposed by this section shall
be levied, assessed, collected and paid
only on that portion OF its income for
the fiscal year ending during the cal
endar year 1917 which the period be-
tween Jan. I, 1917. and the end OF
sucn fiscal year bears to the whole of
suCn fiscal year.
THE tax imposed by this section
shall be computed, levied. assessed.
collected and paid upon the same in
comes and In the same manner as
act OF Sept. s, 1916.
Tin addition to this, the committee
to-day wrote In a new clause impos-
ing q retroactive tax OF 33 1-S per
cent. OF the rates existing under the
old law, and applied TO incomes for
the calendar 1850
THAT In addition 10 the tax inn
posed by Title II. OF the act, entitled
An Act to Provide Increased Revenue
TO Defray the Expenses of the In
creased Appropriations for the Army
and Navy, and the Extensions OF
Fortiflcations, and for Other Pur-
poses. approved March 8. 1917, there
shall be levied. assessed, collected and
paid a like excess profits tax OF
per centum upon the income received
In the calendar year 1917 and every
calendar year thereafter. by every
corporation, Joint stock company or
association. insurance company and
oartnershlp."
GOODWILL AND TRADEMARKS
ARE EXCLUDED.
The following are tne amendments
made to the law passed on March
of this year:
THAT when used IN this title. the
term corporation includes Joint stocH
companies or associations, and In
surance companies;
"The term United States means
only the States, the Territories OF
Alaska and Hawaii. and the District
OF Columbia; and
The term taxable year means the
twelve months ending Dec. 81, ex-
cepting In the case OF a corporation
or partnership allowed to fix its own
fiscal year. In which case IL means
such fiscal year The first taxable
year shall be the year ending Dec. 81.
1911, except that In the case OF
corporation or partnership which has
fixed It's own fiscal year II shall be
the fiscal year ending during the CAL
endar year 1917.
THAT for the purpose OF this titi-
| actual capital invested means az ae-
tual cash paid in, (2) the actual cash
value OF property paid in other than
cash for stock or shares in such cor
poration or partnership at time OF
such payment, and (O paid-in or
earned surplus and undivided profits
used or employed In the business.
provided, That the good will, In
cluding trado marks and trade brands
or the franchise OF a corporation or
| partnership, is not 20 be included In
| the actual capital invested, unless
the corporation or partnership made
payment therefor specifically as such
| in cash or tangible property, the
value OF such good will. trade marks
trade brands, or franchise, not TO ex-
ceed the actual cash or actual value
| OF the tangible property Dald for at
a