Milford chronicle., 1917-11-23
The STATE INCOME TAX
LAW IS NOW in EFFECT
Must Make Returns After January
Next-Frank Danner Of Near
Dover Appointed Clerk.

Under the provision of the Income
Tax Law. enacted by the Delaware
Legislature this year, State Treasurer
Swain has appointed Frank Danner.
of near Dover. as Income Tax Clerk.
The salary of the office is $1,000 per
annum.
Because many inquiries as to the
deductions allowed under the law, as
well as exemptions, the following is
quoted from the act:
"The proceeds of life insurance pol
icies paid to individual beneficiaries
upon the death of the insured: the
amount received by the insured. as
return of premium or premiums paid
by him under life insurance. endOw-
ment or annuity contracts. either dur
ing the term of maturity of the term
mentioned in the contract or upon
the surrender of the contract; the
value of property acquired by gift,
bequest, devise or descent; interest
upon the obligations Of a State or up
on the obligations of the United
States or its possessions; the salary
of the present governor during the
term for which he has been elected
and the compensation of other public
OAlEGAo VI NAAA0 aA4ANf AANW "a bAAAtFf
during their present terms of office
respectively; rentals of real estate
and gains or profits derived from from
agricultural operations; and the sum
of one thousand dollars out of the in
come of each taxable.
2S1 d. Sec. 24S.-In computing net
income. the following deductions shall
be allowed:
U7irst Tho nacaeearxr avnauqaq art
ually paid by the taxable in carrying
on any business or trade, not includ-
ing personal, living or family ex-
penses, and not including expenses
of agricultural operations.
Second-All interest paid by the
taxable within the year of his indebt
edness.
Third-Taxes paid by the taxable
within the year imposed by the au-
thOrity fthe United States, or its
territories or possessions, or any for
eign country, or under the authority
Of any state, county, school district.
municipality or other subdivision of
any state.
FOurth-Losses actually sustained
by the taxable during the year incurr-
ed in his business or trade, or other
dealings, or arising from fires, storms,
shipwrecks, or other casualty, or from
theft, when such losses are not COM
pensated for by insurance or other
wise, not including losses resulting
from agricultural operations.
Fifth-Debts due the taxable actu-
ally ascertained to be worthless and
charged off within the year
Sixth-A reasonable allowance for
the exhaustion, wear and tear of prop
erty arising out of its use or employ
ment or trade of the taxable.
PSI E. Sec. 249.-The tax shall be
computed upon the net income of each |
taxable subject thereto. received in |
each preceding calendar year ending |
December 81.
Each taxable must, on or before |
the first day of March in each and |
every year. render under oath an ac-
curate return of all gross income of |
one thousand dollars or over the |
preceding calendar year. to the State |
treasurer, in such form as he shall |
prescribe, setting forth specifically |
the gross amount of income from all |
separate sources and from the total /
thereof, deducting the aggregate ex-
emptions and deductions herein au-
thOriZed.
NET income" means the aggregate |
Of all gains, profits, salaries, wages,
for personal service of
whatever kind and in whatever form
paid, ETC.. and income derived and
actually received into possession by
a taxable from any source whatever.