The producers news., 1934-03-02

ssssa Alhhlly mas u state income TAX
law. II Is known as Chapter isl,
SESSION Laws Of 1888, and levies
against all net incomes Of $1,000
or more. The payment under the
law Is now due and applies for the
year 1888. Forms can be obtained
from the state board Of equaliza-
ton at Helena.
Section 2: There shall be levied
collected and paid for each tax
able year upon the net income Of
every individual subject to this
tax, after making allowance for
exceptions and deductions, aa here
matter provided, a tax at the fol-
lowing rates, to-wit:
a. On the first two thousand
dollars ($2,000) of net income, or
any part thereof, at the rate Of
one (i) per centum.
b. On the second two thousand
dollars (s2,00O) of net income, or
any part thereof, at the rate Of
two (2) per centum.
c, On the third two thousand
dollars (s2,000) Of net income, or
any part thereof, at the rate Of
three (a) per centum.
d. On any net income in excess
of six thousand dollars (s6,000) at
the rate of four (4) per eentum.
Such tax shall first be levied,
collected and paki in the year 1854
with respect to the taxable income
for the calendar year 1888, or in
the case of any taxable year end
ing during the year 1888, the por-
tion of such taxable year begin
ming Jan. /. 1888.
Section o; In computing net In
come no deductions shall in any
case be allowed In respect Of;
/. Personal living, or family ex-
penaes.
2. Amy amount paid out for new
buildings or for permanent inn
provements or betterments made
to increase the value of any proIA.
erty or estate.
8, Any amount expended in re-
storing property or In making
good the exhaustion thereof for
which an allowance is or has been
made; or
4, Premiums paid on any life
insurance policy covering the life
Of any officer or employee, or any
person financially interested In
any trade or business carried on
by the taxpayer, WHEN the tax
payer Is directly or Indirectly 9
beneficiary under the policy.
Section ID; Every person hav'
ing a net income for the taxable
year Of one thousand dollars ($1,'
000) or over. If single or II mar,
ried, and not living with or sup,
porting a husband or wife or fam,
lily or of two thousand dollars
($2,000l or over If married ant
living with husband or wife, or 4
he Is the head Of a family, or {
gross income for the taxable yeal
of twenty-five hundred dollars (s2
b00) or over, regardless of the
amount Of his net income, shal
make, under oath, a return stating
specifically the items of his grosl
income and the deductions and thl
credits allowed by this Act. If
husband and wife living togethe
have an aggregate net income o
! two thousand five hundred dollar
, ($2,b00) or over. or an aggregat
gross income ( or such year o
three thousand dollars ($a,00O) o
4 over, each shall make such a re
turn, or the income Of each shal
be included In a single Joint re
turn, In which case the tax shal
be combined on aggregate income
! Section 10; Returns shall ht
. made TO the board. each accom-
panied by a filing fee of one dol
lar ($il on or before the 18th da
I- Of the fourth month following tn
i close Of the fiscal year. or. II IN
; return Is made on the basis Of tn
calendar year, then the return sha'
be made on or before the 18th da
= Of April In each year. The boar
y NAV grant reasonable extensio
3 of time for filing returns wher
y ever in its own Judgment roo,
cause exists and shall keep a re,
ord of every such extension an
: the reason therefor. Except in III
= case Of persons who are abroad
VI L A =