The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-07

ESTATES AND TRUSTS.


ESTATES AND TRUSTS.
Section 21e provides for the income
features Of estates or OF any kind OF
property held In trust.
PROFITS OF CORPORATIONS
TAXABLE TO sTOCKHOLDERs.
Section 2ao provides for the taxing
OF profits undistributed to stockholders
by corporations.
PAYMENT OF TAX AT SOURCE.
Section 22i provides the terms for
the payment Of the tax at the source.
CREDIT TAXES.
section 1922 shows the system Of
credits for taxes paid in foreign coun-
tries.
INDIvIDUA l. RETURNS.
Sec. a2s. That every individual hay
ing a net income for the taxable year
of 81 900 or over II single or IL married
and not living with husband or wife. or
OF $4,000 or over II married and living
with husband or wife, shall make under
oath q return stating specifically the
items of his Gross income and the de-
auctions and credits allowed by this
title II husband and wife living
together have an aggregate net income
Of $4,000 or over each shall make such
a return unless the income OF each Is
included in a single joint return.
II the taxpayer is unable to make his
own return the return shall be made By
a duly authorized agent o. by the guar
dian or other person charged with the
care of the person or property OF such
taxpayer.
PARTNERSHIP RETURNS.
Sec. 224 That every partnership shall
make return for each taxable
year, stating specifically the items OF Its
sross income and the deductions allowed
by this title, and shall include in the
return the names and addresses OF the
individuals who would be entitled TO
share in the net income If distributed
and the amount of the distributive share
Of each individual. The return shall be
sworn to by any one of the partners.
FIDUCIARY RETURNS.
Sec. 225 That every fduciary Eek
cept receivers appointed by authority of
| law in possession OF part only of the
property Of an Individually shall make
| under oath a return for the individual,
| estate or trust for which he acts % II
the net income Of such individual Is
| $1,000 or over IL single or IL married
| and not living with husband or wife. or
$4,000 OF over II married and living with
| husband or wife. or co II the net in
! come OF such estate or trust Is $1,000 or
| over or IL any beneficiary of such estate
| or trust is a nonresident alien. stating
specifically the items OF the gross income
and the deductions and credits allowed
by this title. Under such regulations as
I 81. 80
the secretary may prescribe. return
made by one of two or more joint fduci-
aries and fled in the Office of the col
lector OF the district where such fiduci-
| airy resides shall be q sufficient compli-
ance with the above requirement. The
! fduciary shall mako oath that Re has
| sufficient knowledge OF the affairs of
such individual estate or trust to en-
able him to make the return. and that
| the sa me Is to the best of his knowledge
| and belief true and correct.
| Fiduciaries required TO make returns
under this act shall be subjected to all
| the provisions Of this act which apply
to individuals.
RETURNS WHEN ACCOUN TING
PERIODS CHANGED.
Section 226 makes provision for re-
turns when the taxpayer changes the
basis computing his net income from a
fiscal to a calendar year
TIME AND PLACE FOR FILING
RETURNS.
Section 22I provides for the time OF
making the return and the place for
fling 1t.
lUNDERsTATEMENT IN RETURNS
Section 22s provides for dealing with
those who understate their returns.