Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-06-10
BY I. A. FLEMING.

individuals in tho District Of Columbia
must make return Of all taxable tangible
and Intangible personal property owned
by them on July Of each year, begin
ming with the LIST Of the ensuing month
These returns must be filed with the
assessor during July and not later than
the LIST day Of august. 1917. Schedules
will be ready for general circulation at
the District building late in juno.
Tho rate Of taxation on intangibles is
3-10 of l per cent, or 70 per thousano
dollars Of fair assessed valuation, but
1918, after which a penalty Of per cent
10 attached and thereafter l per cent per
month: while failure to submit returns
will subject the delinquent to 20 per cent
penalty.
Every person, firm, association or cor
poration, resident or engaged in business
In tho District of Columbia owning mon.
eys and credits. including moneys loaned
and invested; bonds and shares OF stock
must mako return at fair market value
OF their securities.
Must File Schedules.
Some Of the local corporations assume
the tax for their bondholders. but this
docs not release the owner from making
reports, nor does the fact that the stocks
Of public service corporations In the DIS
scheduling Of these securities -
Returns should also be made on al
securities, and personal property. whether
located in this Jurisdiction or elsewhere.
must be listed the same ana pay taxes on
Pledged securities must be returned at
full market value.
Tho holder Of trust FUNDS must make
the same returns as II no owned 'nehn
Business corporations and individuals
return all credits, bills receivabies etc.
without deduction for debts or biils pay
able
Government bonds are exempt from
taxation; municipal bonds arc not BANK
ers and brokers must make returns LOT
the credits arising from business Trans
railroad companies and other like cor
porations having deposits in the DistnS.
Of Columbia should make return OF socn
deposits: the fact that they are ta1eo
An individuai residing elsewhere
having deposits in the District banks
would not be taxable In this ourisaic,
ton unless such deposits were derived
from business actually done wthin
the District. :
Exempt Local Stock.
Stocks OF banks and other CORPORA
tions within the District OF ColumolA
are exempt from taxation. but not from
scheduling, and savings bank deposns
not in excess of $500 are not taxaoie,
nor does the tax apply to bank noIes
and notes discounted or negotiAteo py
or corporations for beneficial purposes
without capital. to building associa-
tons. fremen's relief. secret ana oene-
hcial societies. labor unions or Iuhos
received by contribution or assessment
upon members Of such associations. Sc
cret societies and labor unions; nor
shall the provisions apply to fire com.
pantes without capital. nor 10 STOCK o.
corporations which by reason OF OF
in addition to Incorporation receive no
special franchise. But all such corpo-
rations shall be rated. assessed ana
taxed as individuals conducting ousi.
ness in similar lines are rated. ta4so
and assessed.
Corporations, limited partnerships
and joint stock associations within the
District liable to tax under tho laws
OF the District shall not make any re-
port or pay any further tax under TINS
curit:es owned in their own right but
where acting as trustee. guardian. OK
ecutor. administrator. etc. shall make
returns and pay the tax imposed on all
such securities as in the case OF an
These are the facts REGARDING the the
Assessor of the District.
Thsy tell very plainly that the new
tax will bear heavily. Returns must
be made in July.
1t is an easy matter for the author.
tiles to secure through the interna!
revenue bureau the local holdings OF
securities. as all dividends and coupons
paid are matter of record there.
Local Securities.
With but four sessions of the Wash.
n
business transacted during the week
was the largest of any preceding week
OF the year.
There was very little encouragement
In the matter Of prices. other than that
there Was a better investment demand,
q market for nearly AYArYthin9 and Q