Walker Lake bulletin. (Hawthorne, Nev.) 1883-1926, 1921-07-23
TIust File Returns

II following statement is issued by
Coll ,tor of Internal Revenue, Louis
A. S. cllier, for the District of Nevada
Ju'y 81 is the last day for filing re-
turns OF the capital stock tax. To
avoi penalty, the returns must be in
the hands of collectors Of internal
revence on or before midnight of
that date
Blank forms are available at the Of
fee of Collector Of Internal Revenue,
Reno and the branch Offices at Ely,
Tonopah, Winnenlucca and Yerington.
Form 707 is required for domestic and
and 7G8 for foreign corporations
The capital stock tax is a special
excise tax imposed on corporations
with respect to carrying on or doing
business" The tax on domestic cor
-porations is 81 for each $1,000 or so
much Of the fair average value of its
capital stock for the preceding year
ending June so as is excess of $4,000
Foreign corporations are required to
pay tax at the rate of ST 70 reach
Sl,0OO of their capital employed in the
transaction of business in the United
States without the benefit of the $1,000
deduction. The tax is payable in ad-
vance, returns filed i'll July of this year
covering the taxable year beginning
July |, 1921 and ending June 80, 1922.
The Bureau of Internal Revenue
estimates that approximately 325,OOO
such returns will be filled, and that
the amount Of revenue collected from
this source will be approximately
500, 100000.
Returns are required of every do
mestic corporation regardless of the
par value of its capital stock. and of
every. foreign corporation irrespective
OF the amount of capital employed in
this country in the transaction of its
business Certain corporations not
organized for profit are exempt from
capital stock tax. The class of or
Iganizations entitled to the exemption is
described in regulations SO, revised
copies of which may be obtained at
the Collectors office or at the branch
Offices at Ely, Tsnopah, Winnemucca
and Yerington.
gre required to file returns setting
Corporations. claiming exemption
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 abb
sence, it is impossible to file a COM
plete return G.. or before July 81, a
tentative return may be filed, report
ing the approximate fair value in or
der that an in,eial assessment may be
made, thus avoiding penalty
The penalty for failure to file
return without the time prescribed is
an added assessment of rs per cent of
the amount due, unless it is shown that
the failure was due to reaS enable. cause
and not to neglect.
In addition to the added assessment
fine of not more than $1,000 is pro-
vided for failure to make a return on
time. For wilful refusal to wake a
return, wilful evasion of the lax, will
full refusal to supply information re-
quested by the Commissioner, or at
tempting in any way to evade the tax
and payment when due, the penalty is
fine of not more than $4,000 or i'm
prisonment for not more than one
year, or both.
With view to the prompt collec-
ton of the capital stock tax, and for
the CONVENIENCE e.f the taxpayer as
well as the COWS ,.nent the Bureau
suggests that corporations submit
checks with the returns for the amount
of tax due. This method is appealing
to corporations as it lessons liability