The Daily Alaska empire., 1939-01-11
INCOME TAX RETURN5ARE
 MAILED OUT
Annual Filing Date Is Sci for March 15-New
 Forms Issued

TACOMA, Jan. 11.-More than 130,000 Federal income tax returns for the year 1888, the largest number since 1924, are being mailed to tax payers today in anticipation of the annual filing date of March Is, it is announced by Thor. w. Hendrick- sen, Acting Collector of Internal Revenue.
 The 1888 forms being mailed indi- vidual taxpayers are similar to the simplied report adopted last year. The Revenue Act of 1888 now in ef- feet maintains the normal rate of four percent for individuals and a similar schedule of surtaxes for per- sons of larger incomes. The new forms provide for a determination of net gain or less from sale or ex- change of capital assets under the new percentages adopted under the Revenue Act of 1888.
 The filing of duplicate forms is again a requirement. under the law and each taxpayer is furnished the green duplicates necessary to be filed and retained for his own purposes.
 Individual Return
 The individual income tax return, Form 1040, for net incomes of more than $5,000 from salaries, 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 year The Collector stated: This change was made as a service to the taxpaying public in response to many requests that the form be folded in this manner to facilitate the typing of figures and the prep aration of copies" There is no sub stantial change in Form 1040-A de- signed for reporting of net incomes of less than $5000, derived from salaries, wages. dividends, interest and annuities.
 The fiduciary and partnership forms, 1041 and 1865 respectively, have undergone extensive revision. These forms printed on paper of similar color as previously, have been reduced from large single sheets to four-page forms similar to the individual return Form 1040. Two major changes in contents in volve the capital gain schedule necessitated by the Revenue Act of 1888, and the schedule of distributive shares of beneficiaries and partners. The schedule on both forms have been broadened to facilitate the computation by the fiduciary or partnership of various types of in- come flowing to respective bene- ficiaries and partnership members.
 New Form
 A new form, to be known as 1120-A, reduced to four pages, will be generally used by corporations having total receipts during the taxable period of not less than $250,- 900 and net incomes of not more than $25,000. The new form adapted to the needs of all smaller corpora tions, is greatly simplified to suit the needs of corporations doing smaller volume of business The old Form 1120 provided for the use of corporations with total recepits of S250 00O or more, and with net in come of more than $25,O00 has been revised in accordance with the pro- visions of the Revenue Act of 1938
 The Commissioner of Internal Revenue has advised the Collector that the Superintendent of Docu- ments of the Government printing house will no toffer 1888 income tax returns for sale as was the case in 1887, and the Bureau of Internal Revenue is without authority to sell