The Cordova daily times., 1919-06-04
TAXES IMPOSED ON ALL SALES
 IN TERRITORY

Legislative aSSemDly, CdSt1He dUout loI ways and means of increasing the ter ritory's revenue, passed law entitled "An act to provide revenue for the government of the territory of Alaska by imposing and collecting.a a tax upon profits derived from the sale of prop erty within the territory, and provid- ing means for the collection and en- forcement of same"
 The bill as passed follows:
 Sec. 1. That there shall be levied, assessed, collected and paid, a tax of 1 per centum upon all profits in excess of one thousand dollars ($1,000.00) re- ceived after this act shall become ef- fective upon all sales and contracts to sell real estate or other capital assets situated in the Territory of Alaska, whether the sale or contract of sale and payment be made within or with out the territory. The term real es- tate" shall include mines, mineral To- cations, water rights, power sites, fish ing and manufacturing sites, and all rights acquired under the public land laws of the United States, and all buildings, manufacturing and reduc- tion plants, railways, tramways, pipe or other transmission lines, dredges, wharves, piers and docks, and all the improvements, machinery and equip. ment placed thereon. The term "capi- tai assets" shall include fish traps and fishing rights and privileges, timber sold separate from the real estate, boats, scows and barges, and all per sonal property held as an investment or used in the transaction Of business, as distinguished from ores and min erals, fish and fish products, forest products, and other merchandise and personal property sold in the ordinary transaction of any business for which license is paid to the territory, and it is hereby declared to be not the in tention of this act to impose any ad- ditional tax upon profits obtained in the ordinary transaction of any busi- ness for which a license tax is inn posed by the laws of Alaska. For the purpose of ascertainning the gain or loss resulting from the sale or other disposition of property, real or per sonal, acquired prior to the first day of March, 1913 the fair market value of such property as of that date shall be deemed it's purchase price and used for the basis of determining the amount of such gain or loss. If the consideration be paid otherwise than in money, the fair market value of the consideration at the time received shall be deemed the selling price for the computation of the amount of the tax.
 Sec. 2. A lien is hereby declared and imposed in favor of the Territory of Alaska upon all property and property rights within the territory for the payment of. any tax imposed by this act, and the purchaser of any such property may pay the amount of such tax and deduct the same from the pur- chase price, or the territory may en- force such lien by appropriate action in the courts of the territory in the manner provided for the foreclosure or mortgages. Any person or persons, partnerships, association or corpora tion receiving all or any part of the purchase price or other consideration for or on account of any such sale or contract of sale shall make true and complete return, under oath, to the territorial treasurer, upon such forms and according to such regulations as the territorial treasurer may prescribe, reciting in detail such facts as may be required by that official in order to compute the amount of such tax. Such return shall be made within thirty days after receipt of the purchase price or other consideration, but if the same be paid upon installments, then the return must be made before Febru- ary first of each year for all install ments received during the previous calendar year and, in any event, with in thirty days after final payment of the consideration be made, and the tax shall become due and payable from time to time as computed by the territorial treasurer, and shall bear interest thereafter until paid at the rate of l per centum per month. Should such return be not filed as herein required, the territorial treas urer may compute the amount of such tax from such information as he may conveniently obtain, and may proceed to recover the same precisely as fl such return had been filed in due form noxSn ,o,,&okSox np <ho %o~ wade