Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1919-01-26

a new feature as concerns the in-
ON" hN on corporations The
PRIOR law continued no such cN.
"uptlOu
The excess profits or war profits
'AN I1 wttrftI.N lurrrurd a. tu cor.
l"ttilorH but Re abolished uA To- TN
otNliuar Evidently congress con.
'ludci mat d, the time thc.cnipurh-
N"n pad tutd income ana vAcrsr
piuiiiS iuNts approaching su pet
cent ana the individual, Fiop kholdrr
l''d HltiIN rate extending up To
80 per rrpt up his dividends ''Dig
uut mess would b, too weak from
.''s ~ h."ul to Withstand further
surgical operations
Auu'hDl ,htu,, which is - inter.
"ti Geo ihu public generally r. that
the duN Geo make return a hAHed
. upon gross Income instead ~ net
IntuN" 49, tht' every single person
vain a sru's income NJ 81 0OU or more
ana every married individual who
1NrH ln !. 0oO dui NJ the year must
NAH" a return Tho government
wants lu look over your statement
1ul see whether you have taken your
deductions properly even though you
may not be- liable for any tax
Every corporation IN bus,nctH, must
MAX" return regardless ~ the
amount ~ iis iuromr as must. Also.
every Partnership But parturrshlpr
q" not pay any taNca The individual
n"mh.is ar" required Ia account fs
'hrir pfnportiOnnto share. ~ the
partnership ptofits In their income
~ u'lutno 7 Dee same ~ true In the
case of personal service rorputi
A..
new law Those are defined A. cor
poratlous whose Income IL 'u bee
ascribed prlmar Is Ia the activities NJ
the principal owners or Stockholders
who are themselves regularly en-.
gagged IN the active conduct ~ the
affairs ~ the corporation and IN
which capital lwhrther invested or
borrowed n not a material income
producing factor"
A number az changes concerning
deductahlo lnss"r have brrn written
into the law, The FIRST one ~ iL~-e
that We naturally notice In the diH
carding OF that peculiar provision ~
tho preV.ous measures whereby
losses sustained IN trlnsnctions cn
tered into for profit Nut disconnected
from ones trade ~ bus ness could
be deducted except To- the vNtcut uf
profits made IN similar ventures
The new act ns n went 10 confer
~nce permits the deduction of ca
all losrcs occurring in trade or husl
ness. thl Losses IN transactions en- !,
tered into FOR profit. hut sconnectcd
from ones trad" or business. and
tel losses of property not connected
with the trade or business II ARISING
from fires 'c'rtorins, rhlpNreck or
other casualty or theft Of course
N any such loss-a are compensated
hy insurance they are not drductahlc
I ndcr these liberal allowances one
can deduct almost every cnnccivp hle
lo~s except those arising from the
sale ut hia residence property. or
luSurics, such az pleasure cars and
private yachts etc. Iut II the resi-
dcnce burns down or the automobile
II stolen or tho yacht II lost IN "A
storm such loss may he deducted
The senate finance COMMITTEES
added n scction to the law permit
ting tho deduction of "a net" loss
| occurring W ono year from the In
come ~ another. That IN 10 say. II
YOU are able To show that your regu.
lar buslneSt as n whole. resulted IN
u net loss IN 1917 or 1918. you may
deduct that los- from your income ot
the succeeding year II such loss
occur 10 you In 1919 or thereafter
you may deduct IL from tho income
~ the preceding year ana have your
tax for such preceding year rede.
tcrmlned IND refund made
The excess profits and war profits
| portions Of the tar law are too com