The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1918-02-01
Claud COllard Establishes Office in Fed
eral Building; Here for Five Days;
Aid in Making Returns
MARRIED MEN $1,000
SINGLE men $1,000
Answers Questions in Regard to Law:
Firms Paying Any Person $500 or
More Must Report

Deputy Income Tax Collector Claud
Collard opened his office il the civil
service rooms on the thi:d floor of
the Fedctal building this morning
and will be located there until Feb.
5 for the purpose of aiding any one
in making out their income tax list
Mr.. Collard, in speaking of some
of the questions that are commonly
asked relative to the payment of the
income tax, gave the following expla.
nation: every married man whose
net income is more than $4,000 is not
regarded as exempted and must make
a return. However such men are al
lowed in excess of this amount $500
for each child that is under eighteen
years of age Every single man who
has ap income in excess of $1,000
must make a return.
cash and its equivalent made
in the. calender year of 1917 will be
required to be returned as income
and only the cash or its equivalent
that has been paid out during the
calender years as expenses will be
deducted. The cost of all land and
live stock sold in the calender year
and all valuable things will be re
garded as purchase and may he de.
Quoted.
"The increase of farm products in
1917 together with the stock born
in the same year are not taxable un-
less sold in the farmers hands In
1917. What is done with the increase
in the calender year is If no con-
Germ to the government The past
is immaterial and all that is wanted
Is the net profit that was made.
"The farm products such as eggs,
butter, cream, chickens ad other ar
.icles when exchanged fo
and other things consumed in the
home are taxable and are regarded
as an income
THE law divides the incomes and
expenses into two classes. There is
the income from the regular line of
business and the income from outside
Of the regular line of business. The
expenses and losses in excess of the
gain made in an outside business
nay not be deducted from the in
come derived from the regular line
If business.
ITO illustrate this; A physician |
whose net income from professional
fees is $4,000 He deals in real es-
tate and stocks and bonds on the
side and derives a net profit from
his source of $4,000. On the other
hand if i this transaction he loses
$4,000 this will show a net loss of
$1,000. This loss can not be deduct
ed from the net gain of the income
from professional services.
On the other hand If his income from
The outside on speculations exceeds
the losses he shall return as income
the difference between the loss and
The gain.
THE deputy collector is in this
work not to find out what you have
Dr. what your expenses and losses
might have been in the past year
We are here to give aid in making
out the returns to the government.
This is an accommodation afforded
by the government and it is hoped
that it will be taken advantage of as
it may save considerable trouble.
The taxpayer knows what he made
in the last year and we do not, but
by comforting with us we may be
able to make some things clear that
would not be otherwise
Another thing that l want to call
the attention of the public to is that
if a married mans income is less
than the amount named, $4,000, al