The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1921-12-21
REVENUE LAWS
ARE MADE PLAIN

N'-S ~SAAN"AA0 ct"SOihShI loouCu
by Acting Collector Of Internal Reve-
nue, w. II. Bradley, District Of South
Carolina:
Enactment Of new revenue lagisla-
tion has brought to the Offices Of Col
lectors OF Internal Revenue q flood Of
inquiries regarding various provisions.
The Revenue Act Of 1921 became eff
fectiye November 23 1921, unless
otherwise provided for"
TO AVOID error in the preparation Of
with the Bureau OF Internal Revenue,
taxpayers are advised to carefully note
the changes and when they become ef-
fective.
The excess profits tax Is repealed as
Of January l, 1922. The rates for 1921
arc unchanged.
The surtax rates for the calendar
year 1921 are unchanged and range
from l per cent on the amount Of net
income between $4,000 and $4,000 to
65 per cent on the amount Of net in
como in excess Of $1,000,00O. For the
calendar year 1922 the surtax rates
range from l per cent on the amount
OF net income between $4,000 and $10,-
900 to so wcr cent on the amount by
which the net income exceeds 100000.
The exemption allowed for depend
cnt Is increased from $500 to $4OO.
Married persons living with husband
or wife and heads Of families are al
lowed q personal exemption Of $2500
(instead Of $4,000, unless the net in
come Is in excess Of $4,000, in which
case the personal exemption Is only
$4,000. The act provides that in no
case shat the reduction Of the person
al exemption from $4,000 to $4,000 op-
crate to increase the tax which would
be payable If the exemption we're $2,-
| 500 by more than the amount Of the
net income in excess Of $4,000. This is
to overcome the disparity in the case
of two taxpayers, one Of whom Is just
within the lower $4,000 exemption and
the other just within the higher $4,000
exemption.
| Single persons, and married persons
not living with husband or wife, are
allowed an exemption Of $1,000. Non
resident aliens are allowed a single
personal eemxption Of $1,000. Per-
sons having gross net incomes for 1921
OF $4,000 or over are required to make
q return, regardless Of tho amount of
net income.
provision is made for the repeal as
OF January 1, 1922, Of tho tax on
holders Of a personal service corpor-
alton as such. After that date such
corporations are to be taxed in the
same manner as other corporations.
The income tax on, corporations for
the calendar year 1922 and thereafter
Is Increased from 10 to IL 10 per cent.
The $4,000 exemption heretofore al.
lowed corporations is to be granted on
ly to those corporations whose net in
como is $4,000 or less.
Many persons are under the impress
sion that the taxes on leo cream, soft
drinks, ETC., monthly returns Of which
arc required, have been repealed with
the enactment Of the new act. These
taxes remain in force until the end Of
the calendar year 1921.
No change is made in the tax on ad-
mission, except that after January /,
1922 there will be no tax where the tax
Is 10 cents or less. Effective January
| |, 1922 the following taxes are also
abolished: on musical Instruments,
sporting goods, chewing gum. portable
electric fans, thermos bottles, fur ar
ticles, pleasure boats and pleasure ca
noes, (unless sold for more than $1,000
toilet articles, medicines and numerous
articles OF apparel
On and after January /, 1922, rhc
tax on various works Of art is reduced
from 10 per cent to S per cent, the tax
on candy from per cent to per cent
and the tax on carpets, rugs, trunks.
valises, purses, fans, ETC., from 10 per
cent of sales price in excess of speci-
ned amounts to S per cent Of sales
price in excess OF specified amounts.
The tax on parcel post packages is
eliminated effective January /, 1922.
The new act provides that no taxpay-
er shall be subjected to unnecessary
examinations or Investigations, and on
ly one inspection Of his books OF ac-
counts shall be made for each taxable
year, unless the taxpayer requests
otherwise, or tho Commissioners noti-