Evening journal., 1918-02-18
TAX
BLANKS PROMISED
Long-Overdue Forms Are
Expected to be Distributed
This Week
BOOK OF RULES
ISSUED AT LAST

Local revenue uNlctlc nope ~ nc hhlf
before the end Of this week to make
general distribution Of the long-over-
due corporation cxcess-pronts tax re-
turn blank. designated officially as form
ii03
individuals and corporations liable
under tho war-revenue bin havo been
anxiously awaiting this blank. which
must be filled In with care and accur-
acy and .flled. The distribution was
made impossible earlier because of me
difficulty in straightenlng out knotiy
features of the law.
Form ii03, reproduced elsewhere In
these columns. Is The form 10 be used
bv corporations reporting excess pro
0ts. Every corporation having a net
income of $1,000 or more for tho taxable
year must make return on this form
Of ts average invested capital during
the year and compute the amount Of
/ It's excess profits tax as directed by
general instructions" printed on the
I arst page Of the form.
The Internal Revenue Bureau has
Issued a booklet known as regulations
/ i. which gives instructions and eX-
arsoles OF how form ii03 should be
alled in. j. win be of bcneft both 20
the government and ne corporations,
/ according to revenue officers, If those
| liable 10 the tax viii take the time and
trouble 20 examine and study This
uoklet.
Besides corporations, partnerships
and individuals under certain circum-
stances will be under the necessity OF
/ nling excess-pronis returns. Every do
nestle partnership which had FOR the
/ taxable year a net income of $1,000 OF
more IT, unless exempt under Article
/ i3. required 20 make a return and pay
a tax. II any The same thing is true
Of foreign partnerships operating In the
/ United states. although IN their case,
/ the taxable net income begins with
+ $1,000 The liability OF corporations,
/ both domestic and foreign. starts when
/ the net income aggregates $1,000 or
more
/ Many individuals, both men and wo-
men. who were fortunate enough In
/ 1917 10 enjoy a net income in excess Of
$1,000 will be called upon TO make out
a return on form 1903 and pay a tax
/ II found accruing Article ~, for in
stance. provides that every citizen of
+ The United States who had for the tax
able year an aggregate net income in
excess OF $1,000 from trades. businesses,
occupations or professions Is, unless eX-
empi under Article i3. required 20
make A return and 90 pay the tax, II
any Similarly, nonresident alien indi-
viduals with an aggregate net income
OF $1,000 or more will be under the ne
cessity Of using form 1903.
Naaan -. q
The exceptions under the excess-pro.
nts law are Of three classes. divided
as follows
Ia Corporations exempt under th'
provisions Of Section II OF Title Of
| the act Of September 8, from the taA
imposed by such title.
%, Partnerships carrying on or do
ing the same kind OF business or COM
lne within the same description.
lei individuals 20 the extent that they
carry on or do The same kind Of busi-
ness or come within the same descrip-
tion.
In order 70 assist the taxpayer so
that he will know when a return of in
formation as 90 the invested capital and
net income for the pre-war period will
not be required. a statement on this
subject appears in Article IS Of the
government regulations. i IS there SET
forth that for the purposes Of the ex
cess-profts tax a return Of informa-
ton as mentioned above win not be
required Of a corporation. partnership
or individual IN the following cases
Is II the taxpayer accepts the mini
mum percentage, viz, per cent. as the
percentage 20 be used in computine
the deduction under Article 2i.
% II the trade or business Is taxable
only al the per cent rate under Arti-
Gle IS.
This article must not be construed as
not requiring a return Of information
as 10 all facts which may be necessary
FOR the ascertainment of the capital anC
income for the taxable year whenever
such a return is required by the Com
missioner az Internal Revenue.
Attention is also called 20 the FAC
that a married woman may make
separate return on Form ii03. Thi
internal Revenue Commissioner rule.
ina, A married woman who is a sol'
trader or Is entitled 10 any taxable in
come 20 her sole and separate use may
FOR purposes OF the eXcess-proflts tax
make a separate return in the SAM
manner as any other individual.
For the purpose of this regulation
two or more corporations will be deem
/ ed 10 he ailliatsd a. when one sucl
, CORPORATION owns directly or control
through closely anliated interests %
| by a nominee or nominees all or sub
stantially on Of the stock Of the othe
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