Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-10-18
is EXEMPTED
FROM PAYMENT or TAX
Senate Committee Alters Revenue
Bill So as to Make 1t Like
Present Law.
TAX "swIvEL-cnAlR" OFFICERS
Amendment Made to Dcfihition Of In
come Proyisions-TaXes on State
County and Municipal Bonds
Eliminated.

WASHINGTON. October l7.--The spe-
ellie provision In the revenue bill I'M
posing the paE'nen, of an income tax
justices OF the Supreme Court and
judges of al! tho inferior courts. was
s samm,,s en. by the Senate FiHanee
eliminated.
By striking out the language in the
PIN which named the President and,thn
judges az among those who should pay
the tax. tho measure is left exactly as
the existing law In, it's application to
Presiden, Wson always a hns pa sHnr sia
income tax, although not required sp.,.
cihcally to do so; The House Bill
President and ali othSr Federal ann
state officials mandatory. no that none
woul1 be exempt.
The elimination o; the section i'm
Issued by State or any political sub
DIVISION was in response to very
o %,hiSssp}read Iro,es, frem state and city
francisco and other cities .ent repre-
sentatives 10 the Senate COM nlittce to
protest against this featur. OF the
Senator Simmons. chairman OF the
finance Committee, said that In strik-
,nE out these provisions the committee
bill to replace them. whateL er amount
OF revenue may be lost through the ex-
fisiHn VII be made UP on other rates
Ths committee changed the section
which gives exemption 10 persons In
ing Il to the form in which II passed
the House. The section was Changed
az an earlier session Of the Senate
TO soldiers and sailors actually in the
field; this restriction was removed 20
so That the latter will not receive any
: Senator Simmons announced. how
ever. that the committee Intends to dc
yise some method Of differc ntiating be-
those known as swivel chair ofiiceIs
5othat the latter Will not receive any
An important amendment to the def
milton or the income tax provisions was
made BY the committee. 1t is in the
form OF n new section which would per
who had net loss during the taxable
year 10 %educt the amount of this loss
from the taxable income for the sue
ceediag year. This deduction may be
made on losses during the years from
December 81. 1915. to December 81.
ADOPT PROVISION FOR
AEFUSDING THE PAYER
AZ the same time provision is made
LOT the reminding to the. taxpayer OF
any net loss that may be endured in
any taxable year after January next
The new section which the committee
ta) That as used in this section the
term net loss refers only to ne. losses
resulting from either U) the opera
tion Of any business regularly carried
on by the taxpayer or ~ the bona
de sale by the taxpayer of plant.
buildings: machinery. equipment or
other facilities constructed, installed or
acquired by the taxpayer on or after
April U. 1917. for the production Of ar
t:cies contributing to the prosecution
OF the present war; and when 30 re-
su!ting. means the excess of the deduc-
tons allowed b. law (exclpding in the
case of corporations amounts received
az dividends from n corporation. which
- taxable under this title upon it's net
'ncome) over the sum OF the gross in
come plus any interest received free
from toNation Doth under this title and
under title III.
ODD II fos any taxable year, begin
ming after December 81. 1916 and not
later than December 81. 1919 II an
pears. upon the production OF evidence
satisfactory to the commissioner. that
any taxpayer has sustained a net loss,
the amount of such net loss shall. UNI
Ger regulations prescribed by the com
missioner with the approval OF the sec
rotary, be allowed as n deduction in
computing the net income OF the tax
payer for the succeeding taxable year
"tc) II for any taxable year. begin