Milford chronicle., 1918-01-11

lively; rentals Of real estate and gains or
profits derived from agricultural opera
tions and the sum Of One Thousand
Dollars out of the income of each tax
able
2s1 D. Sec. 24s. In computing net
income, the following deductions shall
be allowed:-
First The necessary expenses actu-
ally paid by the taxable in carrying on
any business or trade, not including per-
sonal living, or family expenses, and
not including expenses Of agricultural
operations;
Second. All interest paid by the tax
able within the year on his Indebtedness;
Third. Taxes paid by the taxable
within the year imposed by the authority
of the United States, or its territories,
or possessions, or any foreign country,
or under the authority of any State,
county, school district, municipality, or
other taxing subdivision Of any State;
Fourth. Losses actually sustained by
the taxable during the year, incurred in
his business or trade, or other dealings,
or arising from fires, storms, shipwreck,
or other casualty, and from theft, when
such losses are not compensated for by
insurance or otherwise, not including
losses resulting from agricultural oper-
ations;
Fifth. Debts due to the taxable actu-
ally ascertained to be worthless and
charged off within the year;
Sixth. A reasonable allowance for the
exhaustion, wear and tear of property
arising out Of its use or employment in
the business or trade Of the taxable.
2S1 E. Sec. 249. The tax shall be
computed upon the net income, Of each
taxable subject thereto, received in each
preceding calendar year ending Deeem-
Der thirty-first.
On or before the first day of March,
nineteen hundred and eighteen, and the
first day of March in each year there
after, true and accurate return under
oath shall be made by each taxable, ex-
cept as hereinafter provided, having a
gross income of One Thousand Dollars
or over, for the preceding calendar year,
to the State Treasurer in such form as
he shall prescribe, setting forth speci-
fically the gross amount of income from
all separate sources and from the total
thereof deducting the aggregate of all
exemptions and deductions herein auth
orized; provided, that the said return
may be made by an agent when by rea-
son of illness or absence the person
liable for said return is unable to make
and render the same, the agent assum-
ing the responsibility of making the re-
turn and incurring penalties provided for
erroneous, false or fraudulent return.
Returns of the income of infants, idots
and insane persons shall be made by
their guardians, trustees, or other per-
sons having charge of their estates and
the collection of their income. Such
fiduciary shall make oath that he has
sufficient knowledge of the affairs Of the
taxable, for whom he makes a return, to
enable him to make such return and that
the same is, to the best Of his knowledge
and belief true and correct, and such
fiduciary shall assume the responsibility
of making the return and incur the pen
alties provided for erroneous, false or
fraudulent return. Where there are joint
iduciaries, any one of them may make
the return.
281 F. Sec. $50. All assessments shall
be made by the State Treasurer and all
taxables shall be notified of the amount
for which they are respectively liable
on or before the first day of June Of each
successive year and said amount shall
be paid to the State Treasurer on or be-
fore the fifteenth day of June following;
except in cases of refusal or neglect to
make the return herein provided for and
in cases of erroneous, false or fraudu-
lent returns, in which cases the State
Treasurer shall, upon the discovery
thereof, at any time within three years
after such return is due, or has been
made, make return for the taxable up
on information obtained as herein pro-
vided for, or require the necessary cor
rections to be made, and the State Treas
urer shall thereupOn make an assess
ment thereon which shall be paid by
such taxable or taxables Immediately
upon notification of the amount thereof;
and to any sum or sums due and unpaid
after the fifteenth day of June in any
year, or for ten days after the above
mentioned notification there shall be
added the sum of five per cent. on the
amount Of tax unpaid and interest at the
rate of one per centum per month upon
said tax from the time the same became
due, which said time shall be either the
said fifteenth day Of June or the date of