The Nome nugget., 1939-01-30
Federal Income Tax Information

1924, are being mailed to tax payers in anticipation of the an- nual filing date of March 18th, it was announced by Thor w. Hen ricksen, Acting Collector of In- ternal Revenue.
 The 1888 forms being mailed individual taxpayers are similar to the simplified report adopted last year. The Revenue Act of 1888 now in effect maintains the normal rate of four percent for individuals and a similar sched- ule of surtaxes for persons of larger incomes. The new forms provide for a determination of net gain or loss from sale or ex- change of capital assets under the nex percentages adopted un der the Revenue Act of 1888.
 The filing of duplicate forms is again a requirement under the law and each taxpayer is furnish ed the green duplicates necessary to be filed and retained for his own purposes.
 The individual income tax re- turn, Form 1040, for net incomes or more than $5,000.00 from sal aries, wages, dividends, annuities and incomes from other sources, regardless of amounts, will be folded at the top instead of the side as in 1887 and previous years. The Collector stated, This change was made as a ser vice to the taxpaying public in response to many requests that the form be folded in this man. her to facilitate the typing of figures and the preparation cop ias.' There is no substantial change in Form 1040-A designed for reporting of net incomes of less than $5,OOOOO derived from salaries, wages, dividends, in- terests and annuities.
 The fiduciary and partnership forms, 1041 and l065 respective 1 ly, have undergone extensive re- vision. These forms printed on paper of similar color as previous ly, have been reduced from large single sheets to four-page forms similar to the individual return Form 1040 Two major changes in contents involve the capital gain schedule necessitat- ed by the Revenue Act of 1888, and the schedule on both forms has been broadened to facilitate the computation by the fiduciary or partnership of various types of income flowing to respective beneficiaries and partnership members.
 A new form, to be known as 1120-A, reduced to four pages, will generally used by corpor- ations have total receipts during the taxable period of not more than 100000 and net incomes of not more than $25,000.00. The new form adapted to the needs of all smaller corporations, is greatly simplified to suit the needs of corporations doing a smaller volume of business The old Form l120 provided for the use of corporations with total re ceipts of $25O,00O0O or more, and with net incomes of more than $25, 100000 has been revised in ac- cordance with the provisions of the Revenue Act of 1888.
 The Commissioner of Internal Revenue has advised the Collect or that the Superintendent of Documents of the Government printing house will not offer 1888 income tax returns for sale as was the case in 1887, and the Bur eau of Internal Revenue is with out authority to sell any of its forms. Collectors are advised, however, that they are permitted to furnish information 10 tax practitioners, banks, trust com panies, and others when forms are to be used for tax purposes, The Commissioner has defined tax purposes" to include forms reasonably required for work sheets and permanent files.
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