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Income Tax Returns

Income Tax Returns image
Parent Issue
Day
6
Month
March
Year
1895
Copyright
Public Domain
OCR Text

G. V. Wilson, acting commisaioner of nternal reveime, has prepared and sent, out to collectors the folio w ing explanation of clianges made in the provisions of the incouie tax law : "By joint resolution of congress, approved February 21, 1S95, the time within which income tax returns for the year 1894, may be legally made has been extended froin the first Monday in Marcb, to April lö, ]895. Other provisionsnf tlie income tax law have been modifled or construed by said resolution which is copiéd in full for your guidance, as folio us : "Joint Resolution - Extending froin March 1, 1895, to April lö, the time for making returns of income for the year 1894, and for other purposes. ■ "Resolved, by the senate and house that the time fixed by existing law for the rendering of income returns, to wit : 'On or before the first Monday of March, in every year' (Section 35, Act of August 28, 1S94, and Section 3,173, revised statu tes, as amended by Section 34 of that Act) is hereby extended, with erence only to returns of income for tlie year 1894, so that it shall be lawful to tnake such returns for that year April 15, 1895.. "Resolved. That in computing incomes under said act the amount necessarily paid for fire insurance premiums and for ordinary repairs sliall be deducted. "Resolved, That in computing incomes under said act, the amounts received as dividends upon the stock of any corporation, company or association shall not be included in case such dividends are also Hable to the tax of the two per centnin upon the net profits of said corporation, company or association, although such tax may not have been actnally paid by said corporation, company or association at the time of making returns by the person, corporation or association receiving such dividends and returns or reports of the ñames and salaries of employees, unless called for by the collector, in order to verify the returns of employees."

Article

Subjects
Old News
Ann Arbor Courier