The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1917-10-16

Full text Of the War Revenue Bill
designed to raise $4,000, 100000 was
eceived in Honolulu yesterday. Its
trivial has beeu anxiously awaited
hat definite information as to its pro.
isions regarding what Is termed the
Var Profits Tax or the Excess Profits
TAX might be definitely determined as
ffecting the corporations Of the Isl
nds and the dividends which may be
expected from such companies. ta
This provision Of the bill was com
letely changed in conference from
fsither Of the original bills. The de.
hetion appears to be limited TO a
line percent pre- war profit and in com.
Snting the tax the relation Of the ex,
;ess 70 the invested capital is taken
nto consideration. ,lI
The following is the text of little
I--War Profits Tax: .ME.
corms Are Defined .af
% Section 200 That when used In.
his title--the term corporation In
,lndes joint stock companies or asso,
iations aud insurance companies;
1.-THE term. domestic means Great
a under the law Of the United States,
~ Of any State, Territory, or district
hereof, and the term foreign means
/ reated under the law of any other
= loasession of the United States or Of
any foreign country or government;
''The term United States means
lnly the States, the Territories of Alas
o and Hawaii, and the District Of
Columbia; & .. sas
Z & The term taxable year. means the
welve months ending December thirty,
irst, excepting in the case of corpo,
ration or paStnership which has Rxed
It's own fiscal year, in which ease II
means such fiscal year. The first tax
able year shall be the year ending DE,
tember thirty first, nineteen hundred
md seventeeh, except that in the case
Of corporation or partnership wheih
has fixed its own fiscal year, Il shall be
he fiscal year ending during the cal
sndar year nineteen hundred and sew
enteen. If a eoFporation or partner.
ship, prior 10 March Rrst, nineteen
.hpRdred and elebteen, makes a return
'eoSering its own fiscal year, abd- fn6Iuds
ing therein the income received during
hat part Of the fiscal year falling with
IA the calendar year nineteen hundred
and sixteen, the tax for Bnch taxable
wear shall be that proportion Of the
Ak computed upon Athe excess profits
turing such full fiscal year, which the
time from January first, nineteen hun.
lred and seventeen. 10 the end of such
fiscal year hears to the full fiscal year;
and the term 'prewar period means
he calendar years nineteen hundred
and eleven, nineteen hundred and
awelve, and nineteen hundred and thir.
cen, or IL corporation or partner.
Ship was not in existence or an indi.
svidual was not engaged in trade or
business during the whole Of such pc.
Rod, then rs many Of such years during
he whole of which the corporation OF
partnership was in existence or the in
diyidual was engaged in the trade OF
business. S..a
"The terms trade and business
include professions aud occupations.
Percentages Are Fixed 03,.'
See. 20l That in addition to the
taxes under existing law and undel
This act there shall be levied, assessed
| collected, and paid for each taxabl,
year upon the income of every corpora
ton, partnership, or individual, taI
| hereinafter in this title referred to a.
the tax equal to the following percent
ages of the net income determined a
hereinafter provided; ...
| Twenty percentum Of the amour
of the net income in excess of the de
duction provided for hereinafter am
not in excess of fifteen percentnm o
the invested capital for the taxabl
year; .... ......:.-,.
Twenty five percentum of tn
amount of net income in excess of af
teen percentum and not in excess o
twenty percentum Of such capital;
Thirty'fve percentum of the amour
of net income in excess of twenty per
centum and not in excess of twenty Il V
percentum Of such capital; -,
"Forty-fve percentum of the amour
of net income in excess of twenty fl v
percentum and not in excess of thirty
three pereentum of such capital; an,
Sixty pereentum of the amount o
the net income in excess of thirty .thre
percentum of such capital,
| FAX0N b. =. .@~ ~. -
Who Deemed In Business
'For the purpose of this title ever,
lcorpOration OF partnership not exsmp
under the provisions of this sectio
shall be deemed TO be engaged in bus
mess, and all the trades and businesse
in which it is engaged shall be treate,
as a single trade or business, and all it
income from whatever source derive
shall be deemed to be received frou
such trade or business. $fLat
This title shall apply to all trade
or businesses Of whatever description
whether continuously carried or not
except: .#.
"(a) In the case Of officers and en-
ployes under the United States, or an
State, Territory OR the District of Go
lumbia, or any local subdivision there
Of, the compensation or fees receive
by them as such officers or employees.
"(b) Corporations exempt from ia
under the provisions Of Section Eley
en- Of Title J. Of such Act of Septembe
eighth, nineteen hundred and sixteer
as amended by this Act, and partner
ships and individuals carrying ON O
doing the same business, or comm
within the same description; and
i. "(c) Incomes derived from the bus
ness of life, health and accident insul
Ianee combined in the policy issued o