Evening star. [volume] (Washington, D.C.) 1854-1972, 1939-07-20
LIST Of Exemptions
Given in Text Of
Provisions
Tax Up to ) Per Cent
Will Be Assessed
On individuals

Continued From Page B-16o
Of the corpus or the income there
from; or
~ in any person not having a
substantial adverse interest IN the
disposition of such part of the corpus
or the income therefrom, then the
income Of such part of the trust
shall be included in computing the
net income of the grantor
~ INCOME FOR BENEFIT OF
GRANTOR-Where any part of the
income of trust
N is. or in the discretion of the
srantor or of any person not having
a substantial adverse interest in the
disposition of such part of the in
come may be. held or accumulated
for future distribution to the grant,
or. or
W may. in the discretion of the
erantor or of any person not hav-
ing a substantial adverse interest in
the disposition of such part of the
income. be distributed to the
grantor; or
81 is. or In the discretion of the
erantor or Of any person not having
substantial adverse interest in
the disposition of such part of the
income may be applied to the pay
ment OF premiums upon policies OF
insurance on the life of the grantOr
Except policies of insurance ire
vocably payable for the purposes
and in the manner specified in sec
ton "a 10), relating to the So
called charitable contribution de-
duction) then such part of the in
come of the trust shall be included
in computing the net income of the
grantor.
~ DEFINITION OF IN DIS
CRETION OF GRANTOR'-As
USED in this section, the term "in
the discretion of the grantor'
means in the discretion of the
grantor, either alone or in con-
junction with any person not hay
ing a substantial adverse interest
in the disposition of the part of the
income in question
m INCOME FROM INTANGI-
BILE PERSONAL PROP E r T Y
HELD BY TRUST - Income from
intangible personal property held by
any trust company or by any ma
tional bank situated in the District
with or without an individual truS-
tee. resident or -resident III
trust to pay the income for the time
being to. or to accumulate or apply
such income for the benefit of any
nonresident of the District, shall
not be taxable hereunder if
N such beneficial owner or ceStui
Que trust was at the time OF the
creation of the trust a nonresident
Of the District: and
~ the testator. settler. or grantor
Uas also at the time of the creation
of the trust a nonresident of the
District.
Partnerships.
SECTION % loJ PARTNERS
ONLY NEUTRALITY-SUSPICIOUS. car
rying on business in partnership
shall be liable for income tax only
in their individual capacity. and no
income tax shall be assessable here
under upon the net income of any
partnership. All such income shall
be assessable to the individual part
ners; it shall be reported by such
partners as individuals upon their
respective individual income returns;
and it shall be taxed to them as in
dividuals along with their other in
come at the rate and in the manner
herein provided for the taxation of
income received by individuals.
There shall be included in comput-
ing the net income of each partner
his distributive share, whether dis
tributed or not, of the net income of
the partnership for the taxable year;
or if his net income for such taxable
year is computed upon the basis of
period different from that upon
the basis of which the net income
of the partnership is computed, then
his distributive share of the net in
come of the partnership for any &C
counting period of the partnership
the basis of which the partners net
income is computed.
~ PARTNERSHIP RETURN
Every partnership shall make a re-
turn for each taxable year stating
specifically the items of its gross
income and the deductions allowed
by this title. and shall include in
the return the names and the ad-
dresses of the individuals who would
be entitled to share in the net in
come if distributed and the amount
of the distributiVe share of each in
dividual The return shall be sworn
to by any one of the partners.
Payment of Tax.
SECTION rs "a TIME OF PAY
MENT-The total amount of tax
imposed by this title shall be paid
on the 18th day of March following
the close of the calendar year, or.
If the return should be made on
the basis of a fiscal year, then on
the 18th day of the third month
following the close of the fiscal year,
except a fiscal year which expired
In the calendar year 1889 prior to
the approval of this Act, in which
event the tax shall be paid on the
18th day of the third month follow
ing the approval of this Act.
(bJ EXTENSION OF TIME FOR
PAYMENTS-<At the request of the
taxpayer the assessor may extend
the time for payment by the tax
payer of the amount determined as
the tax. for a period not to exceed
six months from the date prescribed
for the payment of the tax or an
installment thereof. In such case
the amount in respect to which the
extension is granted shall be paid
on or before the date of the expira-
ton of the period of the extension.
(b) VOLUNTARY ADVANCE
PAYMENT-A tax imposed by this
title, or any installment thereof, may
be paid. at the election OF the tax.
payer. prior to the date prescribed
for it's payment.
ID FRACTIONAL PART OF
CENT-In the paVment of any tax