Bisbee daily review., 1921-08-16

havingincomes of less than S5,OOO, de- creases Tn. the levIes on candy, sport
 ing goods, 1urs and art and art works; the substitution Of manufacturers and "luXury levies, and other changes, details of which have been m previous Associated Press dis patches.
 Additional revisions include exemp- tion from taxation of the salaries of the president of the United States and the judges Of the supreme and I inferior federal courts and also amounts received by individuals as compensations, family allotments and | allowances under provisions of the war risk insurance and vocational re- mobilization acts.
 A change also is made in life insur- | ance company taxation, the bill re- quiring them to pay the normal cor poration tax in lieu of the levies on 1 policies when written and all other present taxes except the corporation stamp tax and certain stamp taxes. | Foreign life insurance companies would payon the net income from sources within the United States. Co-ops Are Exempt
 Another important section of the 1 new bill outlines a general plan to tax American concerns doing practi- ! cally all their business in foreign countries only on the income received
 from American sources. They now | are taxed on their entire income, which is contended to place them at disadvantage with competing for ] eign houses.
 | Personal service corporations. freed | by the supreme court from corpora tion taxes, would be brought specifi- caily under the corporation income 1 tax by the bill.
 l Exemption from taxes would be granted to farmers cooperative pur-. chasing organizations as we'll as sell | ing organizations where the materials purchased are turned over to mem bers of the organizations "at actual cost plus necessary expenses. Under an amendment to the estate ] tax sections of the present law, amounts receivable as insurance-u upon the life of nonresident decedent and any moneys deposited in any bank, banking institution or trust company in the United States, by or for nonresident decedent who was not engaged in business in the Unit edStates at the time of his death, would be exempt from taxation.
 Other provisions provide that ne el,a 6n fnl s.A missions all the proceeds of which in- ure exclusively to the benefit of per sons in military and naval service orto persons who have served in such forces and are in need; that the jewellers tax of five per cent on eye glasses and spectacles, and the manu- ! lecturers tax of five per cent on port able electric fans shall be repealed and that Q. tax of ten per cent shall be imposed on lenses on cameras weighting not more than 100 ponds.
 Among amendments to income tax provisions is one permitting after December 31, 1920, deduction of a net 1 loss from income of the succeeding taxable year. If the net loss is in ex- cess of the net income for the next taxable year, the bill provides that the amount of such excess shall be allowed as a deduction in computing net income for the year. For the present, losses must be taken .Or me year of which return is taken.
 Additional Securities
 Another amendment, to meet a st. preme court decision, provides spe- q, ,.,tf If Gtn dividends from taxation. but says "a distribution made Sy a corpnration U it's share holders or members shall Se included in the grJis income of the distributes as of the date when the cash or other property is unualifiedly made subject to their demands.
 Among legislative features in the bill is one giving the secretary of the treasury authority to issue S5OO.oOO.- 900 additional short dated scurities. making the total authorization for such securities $7.5OO, 100000. Secre- tary Mellon wrote the ways and means committee last week that this additional authority was necessary in order to carry out the tax revision program agreed upon at the White House conference last Tuesday anA provide further fer the financing of the short dated debt.
 Another legislative feature amends theLi5crty loan acts to make clearer exemptions from income tax if the interest on Liberty bonds. but it was stated officially that no substantial changes in the amounts of such in- terest to be exempted was made.
 With a view to simplifying present tax return forms. the bill proposes creation of a tax simplification board" to be composed of three mem bers representing the public, to be ap- pointed by the president and three members, officers of the internal rev enIe bureau, to be appointed by the secretary of the treasury, the public representatives to serve without pay.