Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1917-12-19
NET INCOMES OF MORE THAN 81, 900 OF
ALL SINGLE MEN TAXED UNDER NEW LAW

A comprehensive statement show
ing now the internal revenue depart
ment construes the new income tax
law. which, 1t is estimated. win hit
1880 Rock Island county people. is
given today by K. u. McCabe OF Peo-
ria, collector OF internal revenue. II
explains how net income should be
inquired. and is as follows:
Every single individual having a
net income within the calendar year
1917 OF $1,000 or more and every mar
-rled person or recognized head Of
family having net income of $4,000
or more must file an individual in
come tax return on form 1910 be-
tween the first day Jan. l and March
/. provided that the joint income of
husband, wife and minor children
must be included in the return of
married individuals or separate re-
turns made for each and attached to-
gether.
Gross income to be reported must
include all money or the equivalent
/ thereof received from all sources dur
ing the calendar year. segregated az
Indicated by the form Income re-
/ ceived in the nature of salary from
! the state, county or city school board
/ or any political subdivision Of the
( state does not have TO be returned
neither does interest on the bonds OF
the state or any political sub-divi-
sion thereof need be included. ,Divi-
dends on stocks of a corporation must
J be returned but are taken as a de-
| duction for normal tax purposes. In.
dividuals engaged in business win not
include in their returns the cost OF
merchandise if operating on an in
ventory basis or the reimbursement
/ therefor.
I The forms are comprehensive and
a study of them will furnish d greai
amount of information necessary and
incident to the filing of a correct re-
turn. individuals will be required Il
obtain forms on which to make re.
turns either from the collector for his
district or one OF his deputies
Farmers WILL return as gross incom,
the total sum received for grain, pro
duee and livestock sold during thu
year. They must make allowance fol
the value of eggs, butter garden truck
chickens. hogs, etc. raised and con
sumed on the farm during the year
Under head of deductions farmers
may take the expense incurred TO
hired help. cost of threshing, Smelling
husking. etc, insurance on livestocl
and farm buildings other than owl
dwelling house; incidental repair ex
/ pense and reasonable cost Of feedin
hired help.
> Under head of deductions previousl
referred TO. individuals may take de
: duction for all interest paid withi
, the year except interest on indebted
J ness incurred TO procure tax free gov
3 eminent bonds, They may take dc
r duction for all taxes paid during th
a year, excepting income and war eX
, cess profits tax but cannot take de
!. duction account of special assessment
n such as sidewalk sewer or drainag
+ assessments.
They may take deduction for losse
70 incurred through fire. storm, etc
e which are not compensated for by il
j surance. Deduction may also be take
for losses actually incurred in trad
but if incurred out Of trade, then onl
to the extent of gains from live yer
lures. Deduction may be taken 0
!. account of debts ascertained worth
Il less within the year