The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1918-02-15

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accrued since March /, 1913 are tax
able. I'm
Net partnership profits, whether
divided and distributed or not.
Royalties from mines, oil and gas
wells, patents, copyrights and fran
chises.
The following items are not taxable
and need not be reported in your re.
turn
Gifts.
Value of property acquired through
will or by Inheritance. 1t must be
understood, however, that the income
received from such property is tax.
able.
Proceeds of life insurance policies.
Returns of premiums on life en-
downment and annuity policies.
Interest on bonds and other obliga-
ton Of the United States Government
or its possessions and of any State or
political subdivision of State such as
a city, town, county or village.
Interest on the Second Liberty Bond
issue of September "a, 1917 to an
amount not exceeding $4,000 of such
bonds. II you own more than that
amount the interest on the additional
bonds is exempt from the normal tax
but not from the surtax.
Interest on securities issued under
the provisions of the Federal Farm
Loan Act of July II, 1916.
Salaries of officers and employees
of State Or political subdivision Of
a State, including school teachers.
In addition to the normal rate of 2
per cent the act of 1917 imposes an
extra levy or surtax ranging from /
per cent on incomes between $4,000
and $500 to so per cent on incomes
in excess of $1,0OO,000. The act of
1916 in addition to the normal tax i'm,
poses a surtax ranging from per cent
on incomes between $4,000 and $40,-
900 to ID per cent on incomes of more
than $2,000,000. The total tax on in
comes Of more than $2,0O0,000 there
fore, is CT per cent.
II by reason Of illness or absence
from the United States you are un-
able personally to render return, you
may appoint an agent to act for you.
Your agent must make affidavit that
he has sufficient knowledge of your
affairs to make return for you and be
willing to assume responsibility for a
delinquent, false or fraudulent return.
The task of collecting income taxes
developes upon the Bureau of Internal
Revenue. The Bureau is sending into
every county in the United States
revenue officers to assist taxpayers in
making out their returns. The loca-
tion of their offices may be ascertain
ed by inquiring of the office Of the col
lector of internal revenue, your bank
or the postmaster. They will furnish
you with blanks, answer any and all
questions as to how to fill them out
and swear you to your returns, each
of which must be accompanied by an
affidavit.
If your incomes was not more than
$4,000 ask for Form 1040-A. If 1t was
more than $4,000 ask for Form 1040,
The services of the Government ex-
pert are offered without cost, but
should you fail to see them you are
not relieved of the duty imposed by
law to file your return within the
time prescribed. The Government Is
not required to see the taxpayer. The
taxpayer must seek the Government.
Payment of the tax must be made on
or before June Is, 1918.
The man who thinks to evade the
income tax is making a serious error.
A checking system will inform the
Government of delinquents. Under
what Is known as the information at
source provision of the act of 1917
employers are required to file with the
Commissioner of Internal Revenue a
true report of the wage of $500 or
more paid to each employee during
the year 1917. The Government has
other methods of keeping tab on de-
linquents.
The penalties are severe. For fail
ing to make a return on time the pen
atty is fine of not less than $40
nor more than $1,000 and in addition
SO per cent of the amount due. For
making a false or fraudulent return
the penalty Is a fine not exceeding
$1,000 or one years imprisonment or