Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-10-17

tIr iifaDlc net IU'oiHt ~ tOinpHts"
without the benefit OF this paragraph
Such contributions or gifts shall be
allowable as deductions only II veri-
fled under rules and regulations pre-
scribed by the commissioner CT inter-
nal revenue, with the approval OF the
secretary Of the treasury"
Section 1902. That G) paragraphs
second and third OF subdivision (a)
OF section 8 of such act OF September
&. 1915, are hereby amended TO read
as follows
Second. The proportion o. all in
terest paid within the year by such
person on hts Indebtedness Except on
Indebtedness incurred for the purchase
II obligations or securities the inter
est upon which is exempt from taxa
tion as income under this tltle) which
the gross amount OF his income for
the year derived from sources within
the United States bears 10 the gross
.mount OF his income for the year de-
rived from all sources within and
without the United states. but this
deduction shall be allowed only II such
person includes I'm the return required
by section S all the information ne
cessarv for It's calculation:
Third. Taxes paid within the year
imposed by the authority Of tho United
States (cxccpt income and excess
profits taNcs), or OF its territories, or
possessions or by the authority or
Fny state, county. school district or
municipality, or other taxing subdi-
visioN Of any state, paid within the
United States not including those as
sessed against local benefits"
(?) Section NJ such act OF Sep
tember <, 1916 is also further amended
by adding a new subdivision 10 read
as follows:
&c, \ nonresident alien individual
shall receive the benefit OF the de
huctions and credits provided for In
this section only by filing or causing
to be filed with the collector Of inter.
nal revenue true and accurate re-
turn OF his total income. received from
all sources corporate or otherwise. In
the United States, in the manner pre-
scribed by this title: and in case OF
his failure to file such return the
collector shall collect the tax on such
income. and all property belonging 10
such nonresident alien individual shall
be liable to distraint for the tax"
Section 1903. % That section OF
such act OF September S. 1916, is
hereby amended TO read as follows:
Section 7. That for the purpose OF
the normal tax only. there shall be
allowed as On exemption In the nature
Of deduction from the amount or
The net income Of each citizen or resi-
dent Of the United States. ascertained
~ provided herein. the sum OF $4,000,
plus 81 006 additional II the person
making the return be the head OF n
family or n married man with a wife
living with him. or plus the sum or
} 900 additional II the person max
ng the return be a married woman
with a husband living with her: but
n no event shall the additional exemp-
ion OF $1,000 be deducted by both
a husband and wife: Provided furth-
er II the person making the return
Is the head of family there shall
be an additional exemption of 5000
Tor each child dependent upon such
person, If under eighteen years OF age.
DR. If incapable Of self-support because
or physically defective. but
this provision shall operate only in
the case OF one parent in the same
family: Provided further, that guar
dians or trustees shall be allowed to
make this personal exemption as to
income derived from the property
OF which such guardian or trustee has
charge In favor of each ward or cestui
que trust: Provided further, that in
no event shall a ward or cestui que
trust be allowed n greater personal
exemption than as provided in this
section, from the amount OF the, net
income received from all sources.
There shall also be allowed an exemp-
ton from the amount Of the net in
come of estates OF deceased citizens
or residents OF tho United States dur
ing the period Of administration or
settlement. and OF trust or other es-
tates OF citizens or residents OF the
United States during the period OF ad-
or settlement, and OF
trust or other estates of citizens or
residents of the United states. the
income Of which is not disturbed an
nually or regularly under the provi-
sions of subdivision (b) of section .
the sum of $4,000, including such de-
ductions as are allowed under sec
tion s."
CO Subdivision (b) of section I
~ such act of September s. 1915, is
hereby repealed,
Section 1904. G) That subdivisions
(c) and (e) OF section OF such act
of September s, 1916. are hereby
TO read as follows:
"(cN Guardians, trustees, executors,
administrators, receivers. conserva-
tors and all persons. corporations, or
asso Citations, acting in any fduciary
capacity. shall make and render re-
turn OF the income of the person, trust
or estate for whom or which they act,
and he subject to all the provisions OF
this title which apply 10 individuals.
such fiduciary shall mako oath that
he has sufficient knowledge of the af
fairs of such person, trust. or estate
TO enable him TO make such return and
that the same Ia, to the best OF his
knowledge and belief, true and cor.
rect, and be subject 10 all the provi-
sions Of this title which apply TO ind
Nidunls Provided, that return made
nv one or two or more Joint fiduclaries
filed In the district where such fidu-
ciarv resides. under such regulations
as the secretary II the treasury may
prescribe. shall be a sufficient compli-
ance with the requirements Of this
paragraph. Provided. that no return
Of income not exceeding 81. 900 shall,
he REQUIRED eNCept as In this title
otherwise provided.
"(e) Persons CARRYING on business
In partnership shall he liable for in
come tax only in their individual ca
pacity and tho share OF the urofits OF
the partnership To which any taxable
partner would he entitled II the same
we've divided, whether divided or 9th
erwise. shall he returned for taxation
and Tho tn< mid tt,lnr ia, ,,rn, i.lo,,.