The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1918-02-03
MIDI Continent

Penn. ------ 3.75 Somerset ----- 25j
Cabeil ---- 2.7s Ragland ----- l.2O
Corning 98o llionos ------ 2l2
-e -'' Indiana ------ l. 9S
North Lima 2OS PRINCETON oIo
South Lima 2OS Plymouth ---- 2O3
Petrolia (Canadian) ------------ 2.4S
The following Washington dispatch is
of particular interest to all engaged i'm
the oil industry:
Regulations governing administration
cf the personal and corporation income
tax have been completed 10y the bureau
cf internal revenue and viii bo ready
for distribution early next week Most
Of the provisions are the same as those
covering the Old income tax. The ques
ton of inventories is left open to Doe
covered by special regulation later.
Among the more important new rocu
latiOns are those relating tu dividends
depletion in the case of OIL gas an'
mining properties, and payments from
depreciation and depletion reserves.
"The ruling on dividends I'm sub
stance" says an official memorandum
on the regulations, "s that dividend.
paid during 1917 will be deemed to-
have been paid from 1917 earnings il
such earnings during the year were
greater than the dividends distributed
unless the corporations showthat at Oh.
time Of distribution of any particular
& vidends the rulings were not sufficient
to cover.
"A new ruling as an alternative to- the
existing one has been provided for con-.
putting the amount necessary to return
capital invested I'm oil and gas wells
the rule being based upon an estimate
OF the units contained i'm the property
ond Zee owners and lesseos are placed
ulon the same basis, I'm $50 far as bo.
muses. have actually been paid for leases.
with regard to mining corporations,
/, Is stated that i'm passing ON values
set up as of March /, 1915, as q basis
i"r depletion, the department Will give
due weight to market intentions of cap
j;al stock as of that date and to values
stated by the corporations i'm their cap.
!tal stock returns
"It is held that dividends paid out
Of depletion or depreciation reserves
are In the nature Of q liquidation divi
dend and are return Of capital to the
stockholders and not taxable as income
Such dividends will not be so regarded
u'ieS9 'ne INCOME anu sur Ip'u7 nav
uceh i'lsI reI!S'Iu'u''u anu ."' l".,
''"' '''S'' '"p,''' ''"S "S'" I'""''' WI
published statements.
''S'o" ma" "'So o''" i""'e re-
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ue'''' ''''s ''i9o O'e'' '''0N'" "u''
., ihe one interesting event ol ,"e
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Nf,d.Contirent field sbouId he stiuu
i.ied ms soon ae weather conditions will
norrnit New refinery plants tbrournout
,ba 0al1 win can f,r ,t Iaast 60 O0o
horrale nar day more of crude ir tboy ar.
IN rpr at canacitv New production
IN the old fields will hardl, keen mn with
the deterioration Of older wells
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