The Washington herald., 1918-09-04
MASSES OF RETIRING ENEMY SHOT DOWN"
HAIG REPORTS; HUN RETREAT BORDERS
ON DISASTER OVER FRONT OF IS MILES

net income in excess OF twenty per
cent Of the invested capita
The definition of invested capital
has been entirely rewritten in the
bill. Intangible property is de-
nned as meaning patents, copy
rights, secret processes. and formu-
lac, good will, trade marks. trade
brands. franchises. and other like
property. Tangible property" con-
sists OF stocks, bonds. notes. and
other evidences of indebtedness,
bills and accounts receivable, lease
holds, and other property other than
Intangible property. Borrowed cap
itaP' means money or other prop
erty borrowed, whether represented
by ponds, notes, open accounts OF
otherwise "Inadmissible assets
means stocks, bonds, and other Cb-
legations, except obligations OF the
United states, the diyjdends or in.
terest from which is not included
in computing net income; but where
the income derived from such assets
consists in part of gain or profit
derived from the sale or other dis
position thereof, corresponding
part OF the capital invested in such
assets shall not be deemed to be
inaGmissible assets.
Invested capital, under the bill!
means: % Actual cash bona fide
paid in for stock or shares; (2)
actual cash value of tangible prop
erty; (3) paid in or earned surplus
and undivided profits. not includine
surplus and undivided profits earned
during the taxable year; G) in
tangible property bona fide paid in
for st...k CIR shares prior to March
3. 1917; (5) patents and copyrights
Invested capital does not include
borrowed capital nor intangible
property paid for in stock or shares
on or after March 8. 1917.
The inheritance taxes run from :
per cent on estates not exceeding SO. =
900 to 20 per cent on those in excess of
SIC, 900, 600.
Taxes on Insurance.
The insurance taxes are as follows
Eight cents on each 800 of insurance
under life policy, group insurance OF
not more than % persons to be at the
rate of 4 cents on each 800. and indus
trial policies to be taxed at the rate OF
10 per cent OF the first weekly premium
or % per cent Of the first monthly
premium Marine, inland and fire In
surance is to be taxed one cent on each
dollar or fraction thereof paid and the
premium casualty Insurance to be al
the same rate. The taxes are to be
paid by the insurance brokers.
On whisky and similar distilled spir.
its the tax Is IS a gallon on all with.
drawn for sale and A.4O on the amount
kept in bond. Perfumes containing
distilled spirits imported into tn,
United States are to pay at the rate
Of $3.50 per gallon. The tax on beel
and similar other fermented liquor.
Is fixed at $s barrel of thirty-on.
gallons. Wine from grapes. contain
ing not more than IA per cent alcohol
will be taxed 16 cents a gallon up t.
wines cont aiming over q per cent anC
not over "A per cent, 81 a gallon.
Among the special taxes in the bil
are:
Brokers. 500 year: ship broker.
$50: custom house brokers, $50; pro
pllSlOIs VI tntdltTs, museums an
concert halls, $50 for $50 seatini
capacity, 500 for go to 500 seatin
capacity. $50 for 800 to 500 seating
capacity and $500 for more than 50
seating capacity; circuses, 500: al
other exhibitions. SEQ: bowling alleys
billiard parlors and pool halls, SO 70
each alley or table; shooting galleries
$40; riding academies. 500: sightseein
=
10 per cent OF the gross receipts: au
tomobile liveries. 5 per cent of tn
gross receipts: brewers. wholesale an
retail liquor dealers I'm any plac
where such business in prohibited
$1,000: every person in trade. bushes
Or profession where the gross receipt
amount TO more than 5000 a year
shall pay an occupational tax of 81
except tsat 1t shall not apply to sal
aries or to persons in agricultural pur
suits.