Evening journal., 1918-01-21

IN"CC. dIllltS 10 every lNhlN lhut
termed taxable" by the actl who re
oeiyed Gross Income of One Thou
sand Dollars. o. ove~. for the precedin
calendar year The income Of corpora
lions is not taxable While only me
income" is taxable. as later explained
yet every indlN idual who received on
Thousand Dollars or more during tn
calendar year 1917. must make re
turf.
The return must be made on or be
fore the FIRST day OF Marsh. TO the Stat
Treasurer. In such form as that ON
cisl shall prescribe. and shall set fortl
specifically the gross amount Of income
from all separate sources From thii
gross amount OF income is TO be de
Quoted certain exemptions and deduc
lions, allowed by law, which difference
or the net>income" is the basis o.
taxation
The return must be true and accurate
and made under oath by the taxable
or by his agent, II the taxable is pre-
vented by Illness or absence, In which
case the agent assumes the RESPONSE
billties OF making the return and In.
curing the penalties for erroneous, fake
or fraudulent return.
AAD ilahlno va An4'N AtNlAn ~
deemed by the act to be perjury, and
Is punishable IN the manner prescribed
for that offense by the laws Of this
state. viz. a fine not less than five
hundred. not more than two thousand
dollars, Imprisonment for a term not
less than one year nor more than ten
years, and whipping with forty ldshes
at the discretion Of the Court.
Returns by Guardians and Trustees.
Returns OF the income OF infants,
idiots and insane persons shall be made
by their guardians, trustees or other
persons having charge OF their estates
and the collection OF their income Such
iducia-v shall male oath that lac has
sufficient knOvled ye Of the affairs Of
the taxable, TO- whom he makes re-
turn. TO Enable him TO make such re-
turn and at the same is. 10 the best
OF his knoNled ye and belief true and
co ~ect, and such lduclary shall as
srmc the ~espons'b llty Of making the
reiu and incur the penalties provided
fnr e'rnneOus, fake or fraudulent re-
turn. Where there are Joint tlduclaries.
any one OF them may make the return.
I'm" Of Making Return.
The law Is not In force and every
taxable must make Q return on Or be-
~ The FIRST day OF March, 1915 Of his
oss IN ONE during the calendar wear
e 1877. II 10 exceeds one thousand dollars,
and hcfo the nrst day Of March In
eac' year thereafter.
This retu to be sent 10 the state
T 'easu a. at Dn' er. Del
Assessment and Payment
UpOn receipt OF the "etI~n. n Is in
spected by the ofllce OF the Stute Treas
ure, acting through the Income Tax
Clerk Upon being satisfied Of the cor
rectness OF the return, including the
validity of the exemptions and deduc-
fions the assessment Is computed and
the taxable is notified OF the amount
The notice OF the assessment and the
amount shall be made known or mailed
10 the taxable on or before the FIRST
day OF jane, and the amount Of the
assessment must be paid by the tax
able on or before the fifteenth day OF
June following II the tax Is not paid
by that day June i5) the law provides
that five per cent. OF the amount Of
the tax shall be added. together with
interest at the rate OF one per centum
per month.
Refusal or Neglect 10 Make Return.
The refusal or neglect 10 make a re-
turn is made misdemeanor, punishable
with a fine not exceeding 1--WE hundred
dollars. OF by Imprisonment not ex-
ceedlng six months, or both.
Raie OF Taxation.
u'he rate Of taxation Is one per CEN
tum upon the entire net income from
all sources. This tax Is payable annual
~ and the return is 30 be computed
upon the calendar and not upon the
fiscal year.
Net Income.
The act most specifically defines met
income" or that income which is tax
able The tenn met income" Is clearly
dlstingushable from gross. income,
and tersely, net income is gross income
minus the deductions and exemptions
allowed by the act to the taxable As
defined by The statute met Income" is
the aggregate Of all;
l. Gains, profits, salaries. wages,
compensation for personal service OF
whatever kind and in whatever form
paid
, Income derived from professions.
yocsiions. business. trade, commerce,
sales or dealings In real or personal
property growing out Of the owner
ship or use Of or interest in such prop
e~ly.
3 Income from interest. dividends
securities or the transaction OF any
business carried on for gain or profit
The w0-d "di' idends" means any DIS
tr'hrtlon made by a co-po alton. 10 Mt
stock company o. association out Of It's
er min IS or profits accrued since Janu-
ay FIRST, nineteen hundred and seven
ten. and paid to its shareholders.
Niether in cash or property
T. Gains or profits and income de
rived and actually received into pos
session by a taxable f.om any source
Wirale' e..
8. The share OF the p-oats OF any
taxable in a cO-partnership whether
such profits have been divided or other
wise
Less the aggregate OF 'n'
4 Exemptions.
? Deductions.
Exemptions.
4. The p',,ceeds OF life insurance
policies paid TO individual benefciaries /
npon the death OF the insured.
2. The amount received by the in
sured, as a return OF. premium or pre-
miums paid by him under life insur-
ance, endowment, or annuity con-
tracts, either during the term or AT
tne maturity OF the term mentioned in
he contract. or upon the surrender Of \