Every evening, Wilmington daily commercial., 1920-07-12
INDUSTRIAL TAX RETURNS.
Are Due on July 31--FOrms Can be
Procured of Revenue Collector.

1t Is estimated by the Bureau OF
internal Revenue that 325, 900 domestic
and foreign corporations carrying on or
doing. business in tho United States
Will file returns on or before July 81 for the
capital stock tax Forms for fling re-
turns are available at the Office of Col
lector II. T. Graham. Domestic cor
porations will ask for Form 707 and foreign
corporations for Form 70S.
The tax on domestic corporations IL
81 ''for each 81 900 of so much of the fair
average value of its capital stock for the
preceding year ending June 80, as is in
excess of $4,000" Foreign corporations
are required TO pay tax at the rate Of
81 for each 81 900 of their capital employ
ed in the United States without the bene-
fit of the 5000 deduction. The tax is
payable In advance, the returns filed IN
July of tins year covering the taxable year
beginning July 1, 1920 and ending Jun
80, 1921.
Returns are required of every domestic
corporation regardless of the par value of
it's capital stock and of every foreign cor
poration irrespective of the amount OF
capital employed in this country in the
transaction of its business.
Certain business enterprises not organ
lied for profit and purely personal service
corporations are exempt from the capital
stock tax. The class of organization
entitled to exemption is described in
regulations So revised, just issued by the
Bureau of Internal Revenue, copies Of
which may be had on application to col
lectors.
Corporations claiming exemption are
required to file returns setting forth fully
their reasons for such claim, accompanied
by evidence In support thereof. In such
cases the notation exemption claimed"
should be made on the face Of the returns.
II, on account of Illness or absence of the
officer of the corporation charged with
making the return, it is impossible To
prepare and file n return on or before
July 81, the collector, upon application
in writing, may allow an extension Of time
not exceeding thirty DAYS. No further
extension can be granted by the collector
or commissioner of internal revenue.
IL because of lack of complete data or
other reasons than illness or absence, IT
is impossible to file complete return on
or before July 81, tentative return may
be field, thus avoiding penalty. Such a
return should be marked tentative re-
turn" and should be prepared in as com
plete manner as possible, giving basis for
tentative assessment. When the com
plete return is filed it should be marked
completed return" showing that
tentative return was filed.
The penalty for failure to file a return
within the time prescribed is an added
assessment of 25 per cent of the amount
due, unless it is shown that the failure was
due to reasonable cause and not TO neglect.
In addition to the added assessment,
fine of not more than 81 900 is provided
for failure to make return on time. For
willful refusal to make a return, willful
evasion of the tax, willful refusal TO sup
ply information requested by the com
missioner, or attempting in anyway to
evade the tax and pay when due, the
penalty is fine of not more than $4,000
or Imprisonment for not more than one
year, or both.