The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1919-03-11

CURED OF persons oT Coipoi osioAAo
holding in trust the estate OF another
person, the net income OF which
equals or exceeds $1,000 or $4,000
according to the marital status of the
beneficiary" explained Collector OF
Internal Revenue James M. Cathcart
last night. Continuing Collector
Cathcart said
"Fiduciaries are subject to all pro-
visions of the law which apply to in
dividuals who are required to make
return of income, and must state un-
der oath that they have sufficient
knowledge of the affairs Of the per-
sons for whom they act to enable
them to make such returns. A return
filed by one of two or more fiduciaries
in the Office of the collector OF inter
nal revenue in which the fiduciary re-
sides, is sufficient to meet the re-
auirements of the law.
"The duly appointed guardian OF
J minor. or the conservator of the es-
tate of an incompetent person, is re-
ouired to render a personal return in
. behalf of his ward under the same
conditions as would the ward, II COM
, netent to act for himself. In doing
SO the personal exemption to which
} the ward is entitled may be claimed.
Trustees having charge of an es-
tate the net income of which IS reg
. ularly distributed among the benei1ci-
aries, are required to make return
if any Of the beneficiaries is single
and his net income from the estate
equals or exceeds $1,000, or If all O.
the beneficiares are married and the
ret income of any one equals or e4
, ceeds $4,000.
Each Partner Liable for Tax
Partnerships as such are not sub
! iect to the income tax, each partner
being liable to the tax in his 1ndl
vidual capacity. A partnership. how
ever, is required to make a return
for the taxable year, stating specific
| ally the items of its gross income ant
| the deductions allowed. Each part
Z ner must include in his individual re
! turn his distributive share OF tn
partnerships net income whether o
not it has been actually paid Wher
1 the result of partnership operation /
~ net loss, such loss is divisible be
= tween the partners in the same pro
- norton as net income would hav
. been divisible, and may be deducte
/, by the individual partners in thei
| return of income. A partnership re
! turn should be computed on the sam
| basis and in the same manner as a
| individual return.
/ Information at Source
| "The information at source pre-
| vision Of the revenue bill furnishe
the Bureau of Internal Revenue wit
| system Of choking UP delinquents
| Reports OF payments to others CT 81
| 900 or more during the year 191
| must be made by all individual
| trustees, guardians and other fiduc
| aries, and by partnerships and co
porations. The 1917 act reuuir,
that returns be filed of payments
$500 or more. Interest rent sa
y aries, wages, premiums. annuitie
= compensation, remunerations, emol
ments or other fixed and determi
able gains and profits, must be
cluded in the returns of informatio
A separate return for each emplo
49, whose salary for 1918 was $1,000
. more is required of employers.
Z "The bill provides that wheneN
i 7 necessary the name and address
! the recipient of the income shall
IuTUlsueu ny IuS pSls WI pti aIi
Z or partnership paying it. The retul
- must show, whenever possible whe
: er the recipient of the income is S
I gle married or the head of fami
> Z Regardless of the amount, inf
7 nation returns may be required
! the case of payment of interest III
AL bonds, mortgages. deeds of trust
. other obligations of corporate
Individuals, corporations and pa
nerships making collections as
matter of business or foreign p
ments of interest, dividends, {
similar items not payable in
United States must obtain ice
from the Commissioner of Inter
Revenue, and furnish returns of
formation.
Information Returns to Washingt
Returns of information must
fled with the commissioner of in
nal revenue at Washington, collect
- Of internal revenue are not autl
- ICED to receive such returns. F,
= 1899, on which report must be mi