Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1918-06-25
OIL PRODUCERS ASK
FOR CAREFUL STUDY

| CONTINUED FROM PAGE ONE
for such taxable year Suggestion,
offered by the mid continent OF
men include:
| In determining the invested capi.
tai for oil and gas properties for the
purposes OF the war excess profits
taN' the owners of such properties
shall make returns upon blanks pro-
| Vided by the treasury department
| showing the actual market value OF
| their property as of the date Of Jan.
uary !, 1917. Go
In arriving at such value. an ap-
praisal shall be made and sworn re-
turn thereof with the treasury de-
partment
There shall be taken into consid
Grafton in arriving at such value,
the net earnings Of such individuals,
partnerships, and corporations for
the three years preceding January
/, l9l7i and such net earnings shall
be reported in the return provided
for: provided that individuals. part.
nersips and corporations not in busi-
ness during the whole of such three.
year period prior to January /, 1917.
shall make reports for such period
NJ said time as they shall have been
engaged in business.
Appraiscmcnt Wanted.
In arriving at the fair market
value OF oil and gas properties there
shall be an appraisement by three
nisinterested parties familiar with
the business and who shall be treas
ury appointees.
Such returns and appraisals shall
be subject to inspection. correction,
approval by the treasury department
and the amount so accounted shall
be accounted and treated as the in
vested capital of such individuals.
partnerships, and corporations as of
January !, 1917 Additions to such
invested capital shall be determined
as hereinbefore provided
In the case Of oil and gas produc-
Ing properties which were discovered
and developed since the first day OF
January, 1917, a separate account
shall be kept for all such properties,
and all income derived from the
same shall be deemed a deduction
for depletion and depreciation and
treated as return OF invested capi-
tai for both income and excess prot
It's taxes for a period of three years
from the time OF commencement Of
production thereon.
If the invested capital shall be
fully returned In less than such per-
iod or three years, which shall not
be considered as eliminating such in
vested capital In computing future
taxes, then during the remaining
portion OF such time, there shall be
levied, assessed and collected upon
the net income derived from such
properties, a tax at the rate OF s
per cent per annum, in lieu of the
war excess profits tax.
That, after the expiration OF the
period above, provided
for the net income derived from
such oil and gas producing proper
ties shall then be taxed as provided
for under the war excess profits tax
law in force at that time.
Rules WantctI for Sales.
That where sale Of oil or gas
properties Of an individual, partner
SHIP or corporation Is made In ac-
the profits Of such sale
there shall be considered: GD The
actual fair and reasonable market
value OF such property so sold nsBof
January !, 1917; and (2) any addi
tions to Invested capital with respect
to said properly, made since said
date.
There shall be levied, assessed and
collected upon the profits arising
from such sales a flat rate of taxa
tion, probably per cent, which shall