The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-02-24

eral changes in the tax policy of pre-
ceeding years. Probably the most I'M
portant is the provision allowing de-
auctions for losses sustained In trans
actions outside of the taxpayers reg
ular line of business "A business
man who 'dabbled in stocks and In
one transaction lost $4,000 and in,
another made $1,000, was required,
under the 1917 act, to include the ST.
900 in his return Of gross income, and
could claim only that amount as q de,
ductiOn. Under the current act, No
is allowed to claim q deduction Ut
$1,000. @ta. 1885, ~
Deductions. -
Deductions CanOt be made for per.
son, family or living expenses.
Tho. following items are exempt
from taxation under the current act
and need not be included In the re-
turn: ,.j"HI >A's't.-,---' RI.
Proceeds of life insurance policies.
Returns Of premiums on lite endoW-
ment and annuity policies l~i,@. ?,
o Value Of property acqulred''by gift,
beqpuest or Inheritance. 1t must be
understood, however, that the income
derived from such property Is tax
able and should be Included under
gross income. 34aH!& 3tiiom2o
Interest on bonds and other ,0bli-
cations Of any state or territory, or
any subdivision Of a state or terri
tory, such as city, town, county or
village, and of the District OF Co.
lum ola. > - q ',
Interest on securities issued under
the provisions of the. federal farm
loan act of July II, 1916.
Interest on the obligations of the
United States, except that in the case
Of obligations issued after September
/, 1917, the interest is exempt only
to the extent provided for in the Lib
erty bond acts. Il Interest on Liberty
bonds to the par value Of $4,000 Is
exempt from all taxation. Holders Of
large amounts of Liberty bonds are
advised to consult their bankers Or
collectors Of qinternal, revenue as to
interest exemptions. u a
70 oAn0unts9 received through accident
or health Il insurance,s or, under 'MOrk-
nlens'9 compensation at6ts, splus' the
amount .of damaB ess Received tHlfether
by suit or agreement, r 6noaeGOunt Of
such injuries or sickness. 9lartsE,'
Amount received during the war by
q person lin, the military, or naval
forces for active service not to OK.
coed $780,. vi :.
Husband or wife whose ocombined
net income for 1918 equaaidd or ex-
n1t n.
or separate or Joint as desired3W sep
arate returns are filed either one
may claim the, ,parsanal exemption OF
$1,000, or they may, divide it. A widow.
q woman living apart from her hus.
band, or q maid must file q return If
her net income was $1,000 or more.
The bureau Of internal revenue is
seeking to impress upon the public
the necessity for compliance with
that section Of the law requiring a
return of income whether or not the
income is taxable. The single man
iwth an exact income Of 900, or the
married man with an exact income of
$4,000, who decides that, because his
income is not taxable, he need not
bother about filing q return, Is max
ing mistake. 5'..' T.,
To Be Checked Up.
A checking system will inform the
bureau of internal revenue of delin.
luents. Under the information at
source" provision Of the act, every in.
dividual corporation or partnership
which paid in 1918 to another individ-
ual, corporation OF partnership $1,000
or more, must make a return Of such
payment to the commissioner of intern
al revenue. These returns are re.
quired of employers, lessees and mort
gagers Of real estate, and fiduciaries,
and must include, rents: salaries,
premiums, and annuities. Employers
are required to make a separate re-
turn Of each payment of $1,000 or
more to employees, and wherever pos
sible, must state whether the recip-
lent is single, married or the head Of
a family eta III tsE4- ..s
Forms for filing 4ncome tax returns
may be obtained at the offices of col.
lectors of internal revenue. Announce
ment Of their date of distribution will
be made by collectors. Taxpayers,
whose net income for 1913 was less
than 5000, should ask for Fort 1O4OA.
Those whose income was more than
$1,000 should ask for Fort 1910.
The man who this year is required
to pay. an income tax Is urged by the
bureau of Internal Revenue to file
his return without delay as & means
not only OF avoiding possible future
embarrassment to himself, but as an
aid to the government in the collec-
tton OF Its war revenue.
1T must be remembered said
Commissioner of Internal Revenue
Daniel C. Roper. that the revenue to
be derived under the current act Is
to be used to defrAy the cost OF
war that has brought victory to the
United States and It's allies. The es-
timated total II $1,000 OOO, 900. Com
pare this with the indemnity that
would have been demanded by Ger
many had victory been on the other
side. The man who pays an income
tax this year may do SO with thank
ful heart, secure in the knowledge that
no Is bearing only his just share OF
a comOmn burden. which no loyal
American would evade."