The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1921-07-22
"any person may sell or peddle the
products of the farm or garden, occu-
pied and cultivated by him, without
obtaining license therefor"
Canital Stock Tax.

| Capital Stock Tax.
July 81 is the last day for filing re.
turns of the capital stock tax. TIC
avoid penalty, the returns must be in
the hands of collectors of internal
revenue on or before midnight Of
that date.
Blank forms are available at the
Office of Collector of Internal Rev
enue, st. Paul, Minnesota, and the
following branch Offices: Minneapolis,
Duluth, st. Cloud, Winona and Man
kato. Form TOT is required for
domestic, and 708 for foreign cor
porations.
The capital stock tax is a special
excise tax imposed on corporations
with respect to carrying on or doing
business" The tax on domestic
corporations is 81 for each $1,000
or so much of the fair average value
of its capital stock for the proceeding
year ending June 80 as in excess of
$4,000. Foreign corporation sare
required to pay tax at the rate of
81 for each 1000 of their capital
employed in the transaction of bus
mess in the United States without
the benefit of the $4,000 deduction.
The tax is payable in advance, re-
turns filed in July of this year COW
ering the taxable year beginning July
1, 1921 and ending June 80, 1922.
The Bureau of Internal Revenue
estimates that approximately 1885,
600, such returns will be filed, and
that the amount of revenue collected
from this source will be approx
mately $4,000, 1000.
Returns are required of every DOM
este corporation regardless of the
par value of its capital stock, and
of every foreign corporation irres-
pective of the amount of capital en-
ployed in this country in the trans
action of it's business. Certain cor
porations not organized for profit are
exempt from capital stock tax. The
class of organizations entitled to the
exemption is described in regulations
SO, revised, copies of which may be
obtained at the Office of The Col
lector of Internal Revenue, st. Paul,
Minnesota.
Corporations claiming exemption
are required to file returns setting
forth their reasons for such claims,
accompanied by evidence in support
thereof.
If, because of lack of complete
data or other reasons than Illness or
absence, it is impossible to file COM
plete return on or before July 81,
a tentative return may be filed, re-
porting the approximate fair value
in order that an initial assessment
may be made, thus avoiding penalty.
The penalty for failure to file a
return within the time prescribed is
an added assessment of rs percent of
the amount due, unless it is shown
that the failure was due to reason
able cause and not to neglect.
In addition to the added assess
ment fine of not more than 81, 900
is provided for failure to make a
return on time. For Wilful refusal
to make return, wilful evasion of
the tax, wilful refusal to supply infor-
nation requested by the Commits
sioner, or attempting in any way to
evade the tax and payment when due,
return on time. For wilful refusal
the penalty is fine of not more than
$4,000 or Imprisonment for not
more than one year, or both.
With a view to the prompt col
lection of the capital stock tax, and
for the convenience of the taxpayer
as well as the government, the Bur-
eau suggests that corporations submit
checks with the returns for the
amount of tax due. This method
is appealing to corporations as it les
sens liability to penalty.