Milford chronicle., 1937-01-22

curing the tWO-year period ending
December 81, 1896, amounted to ST.
129,447.69. There remains outstand-
ing s57,182.66 due from 1904 tax
ables.
Licenses Net sl62,96s.97
The issuance of mercantile, manu-
featuring, and occupational licenses
delegated to the department June 1,
1885, netted for the year ending Oc-
tober 81. 1886. 1852. .962.97. excluding
county fees of $2.115.50. The total
for the year previous was $145.-
345.02, an increase of 19,61795, rep
resenting 9.979 licenses issued as
compared with 1923 in the previous
year.
The collection of inheritance
taxes for the year ended October 81.
1886, amounted to $376.970.60, COM
pared with s2SS,590.09 for the pre-
vious year. an increase of sSS,3S0.51.
The estate tax produced s195. 1862
during the same year as against
$32,810.55 collected the previous
year, an increase of $162.645.97. The
total revenue from these two sour
ces for the year ended October 81.
1886 was $572.42712, an increase of
$251, ,026.4S.
Franchise Tax Declines
The collection of the annual
franchise taxes during the year end
ed October 81. 1886, from corpora
tions organized In Delaware amount
ed to $2.721. 1886. compared to ST.
925,357 in 1885.
The current collections of fran
chise taxes declined $154,232, Mr..
dupont said. Assessments made
April /. 1886, against 23,504 compan-
les totaled $3.O19.677.9s. For the pre-
vious year. 23,055 companies were
assessed $3,307, 1871.
Dissolution of 904 companies in
the year 1886 to December l." Mr..
dupont reports, reduced the basic
franchise tax by s75.625; correspon-
ding dissolutions for the year 1885
diminished this tax In the amount of
$47.760 annually.
Franchise tax gains in the basic
annual assessment made in the year
1886 to December 81 totalled s59,S45
from corporations organized in that
period, or $3.50 less than annual
additions made to the tax for the |
year 1885.
Last year s2.715.0O0 was collected
In franchise taxes, contrasted to
$3,912,695 that would have been col
lected had not the losses occurred
because of changes from no par to
low par value shares"
Changes Proposed
Mr.. duPont's recommendations for
clarifying minor points in the oper-
alton of the income tax law are:
l. Authority should be granted the
tax board to subpoena witnesses and
records pertinent to any pending
2. Rules for guidance of taxables
In identifying the cost of stock sold
should be definitely prescribed in
The law.
3. Basis for determination Of gain
DR. loss through sale of capital assets ;
Dy persons establishing residence In [
Delaware should be fixed as of date
such residence was begun, or at cost. 1
whichever Is higher.
4. Provision should be made for {
collection of income taxes due from I
/ deceased person as a preferred a
lain against the estate, out of the
property in the hands of the bene- (
iciaries within one year after final 5
tax reports have been @
lied. I
Inheritance Tax
The recommendations made by (
Ir. dupont for improvement of the y
tax laws are:
I. Property held in joint names o
( two or more persons has been p
uled the taxable estate of deced- a
nts, unless amounts contributed by d
he surviving spouse or other joint
wner can be proved. This ruling II
hich agrees with the federal estate II
TX law, is based upon an opinion
the attorney General and is rec N
for inclusion in the law. CT
2. No commission should be allow pl
! by the register of wills to any 81
recutor or administrator until the tt