The Kevin courier. [volume] (Kevin, Mont.) 1922-1922, 1922-07-05
PROPOSED INCOME TAX LAW
Continued from Page 4)

wages, salaries ana OCnoF persona
services, from interest, rent, dividend
or the transaction of business. 1t doe
not include income from life, healt'
accident or other insurance, propert.
acquired by gift, interest on govern
ment bonds or other securities of
public character, wages and salarie
from the United States, all money
received from the United States b.
war veterans, and a few other mino.
items.
In computing net income the fol
lowing deductions are allowed:
(1) The ordinary expenses in car
rying on any trade or business;
~ Interest paid on indebtedness
(3) Taxes except assessments fol
| improvements, inheritance taxes an(
income taxes imposed by this act;
az Losses not compensated by in
surance or otherwise, arising out Of
the business or from fire, etc.;
(5) Debts ascertained to be worth
less;
(6) Reasonable allowance for veal
and tear of property;
CD Reasonable allowance for de-
pletion of mines, oil and gas wells,
timber and other natural deposits;
(8) Gifts for religious, charitable,
educational, literary and scientific
purposes, and to all war veterans or
CARNATIONS.
The following items are not de-
ductible:
(1) Personal and family expenses;
(2) Amounts paid for improve
ments which increase the value of
property;
(3} Amounts paid for restoring
property for which an allowance has
been made;
(4) Premiums paid for life insur-
ance covering the life of anyone fl
n~ancially interested in the business.
The following exemptions or credits
are allowed:
~ A single person, $1,000;
(2) The head of a family or a
married person living with husband
or wife, $4,000;
(3) A dependent under eighteen
years of age or anyone incapable, of
self-support because of mental or
physical defects, $500;
az Dividends from a corporation
taxable under this law;
(5) Interest from government Sc
curities.
Corporations or other organizations
not operated for profit are exempt.
These include labor and agricultural
organizations, mutual savings banks,
fraternal beneficiary societies, domes-
tic building and loan associations,
cemeteries, corporations operated ex-
.lusively for religious, charitable or
educational purposes, chambers of
commerce, clubs for recreation, farm
srs' mutual insurance, irrigation, tel
and like companies, etc.
In case of corporations, the defini-
ions from gross income and the de-
luctions and credits differ to some
from that of individuals. These
differences are found in sections 20
"a of the act.
Returns are made in such form as
he Board of Equalization may pre-
cribe, and shall conform as near as
nay be to the blank forms of return
'rescribed by the United States Com
missioner of Internal Revenue for the
Increment Of the Act of Congress
nown as the Revenue Act Of 1921"
The county assessor, while listing
roperty for taxation, delivers to each
erson who in his Judgment is re-
uired to make a return a copy Of the (
orm prescribed by the Board Of
QudliZdtlOi, dllQ CSitlllco Lie lldlllSS $
, the said board. All returns are
led with the state treasurer at the :
me specified, and penalties are pre- :
for failure to file. The return (
lust be accompanied by the amount {
{ tax payable by the person or cor :
grafton making the return. 5
Except in accordance with a judi (
al order, it shall be unlawful for any Z
ficer to make known any particulars :
It forth in any return required under s
lis act, but the State Board of Ex- 4
miners may permit the Commission Z
!. of Internal Revenue of the United 3
tates, or any proper officer of g 5
ate imposing an income tax, to in s
,ect the returns, or may furnish such I
an abstract of anu return J