The weekly times-record. (Valley City, N.D.) 1912-1922, 1921-07-21
LAST DAY FOR
FILING STOCK

The following statement is ISSUED
by ollector Of Internal Revenue, Gun
der Olson, Fargo, N. D.
July 81 is the last day for filing re.
turns Of the capital stock tax. Tt
avoid penalty, the returns must be ir
the hands of collectors of internal rev.
enue on or before midnight Of that
date. 81.
Blank forms are available at the Of.
flee of Collector of Internal Revenue
Gunder Olson, Fargo, N. D. Form
707 is required for domestic, and 7Oe
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 1000 or 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 re-
quired to pay tax at the rate Of 81
for each $1,000 of their capital employ
ed in the transaction of business in
the nited States without the benefit of
the $4,000 deduction. The tax is pay
able in advance, returns filed in July
of this year covering the taxable year
beginning July 1, 1921 and ending
June 80, 1921. s,. s.L- s-.
The Bureau of Internal Revenue es-
Inmates that approximately 325,OOO
such returns will be filed, and that the
amount of revenue collected from this
source will be approximately $780,
100000.
Returns are required of every do
.mestic corporation regardless of the
par value of it's capital stock, and OF
every foreign corporation irrespective
of the amount Of capital employed in
this country in the transaction of it's
business. Certain corporations not or
ganized for profit are exempt from
capital stock tax. The class OF or
ganizations entitled to the exemption
IS described in regulations SO, revised
copies of which may be obtained at
the office of the collector.
, Corporations claiming exemptions
are required to file returns setting
forth their reasons for such claims
accompanied by evidence in support
thereof. IA
If; because of lack tof complete data
or other reasons than illness or alb
sence, it is impossible to file a COM
plete return on or before July 81, a
tentative return may, be filed, report
ing the approximately fair value in
order that an initial assessment may
be made, thus avoiding penalty. y {,
The penalty for failure to file re-
turn within 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 reasonable
cause and not to neglect.
In addition to the added assessment
a fine of not more than $1,000 is pro-
vided for failure to make a return on
time. For wilful refusal to make a
return, wilful evasion Of the tax, will
full refusal to supply information re-
ouested by the commissioner, or at
tempting in any way to evade the tax
and payment when due, the penalty IS
a fine of not more than 900 or i'm
prisonment for not more than one
year, or both. ...
With view to the prompt collection
Of the capital stock tax, and for the
convenience of the taxpayer as well
as the government, the bureau sug-
gests that corporations submit checks
with the returns for the amount Of tax
due. This method is appealing to cor
porations as it lessons liability to pen
atty. ..4 r. s,1 ..-...,..