| Show WJ rTCH lHnNtu ms 1 I New Law Effective on January j First Next 1 lrt II I I NO INSTRUCTIONS EECEIVEDi I INTERNAL K15VELC OFFICIALS ARC ANXIOUSLY AWAITING 1 I 1A Ucnvy Ucmind For fiooil nee Cattle tt Cat-tle at the Vrinclpal SlarUetR With PiSues Con rtiIcwMy Improved Jauntier fc Tlmlalu Conimciifurt Ihelr Dcli erj Payins More Itcl f istcrctl County Warrant Clearings Clear-ings ShoivinR Uii VolI I 1 Utahs internal revenue officials are I Btill anxiously awaiting the receipt of blanks and further instructions regardIng j regard-ing the collections made necessary un I S der the income tax law and their anxiety anx-iety is ghaved though from an entirely different causeby the capitaliets who will come within the provisions oC the I I act It is highly probable that the long i looked for papers will arrive before the i I i I first of the coming month in which event the officials whose special duty j i it Mil be to enforce the newyneasure j will at once enter upon their campaign I cam-paign The collector for Wyoming and i Colorado Is also still in the dark but he purposes to inquire at headquarters and will probably prove a great factor in stirring up the procrastinating ofh daIs This act becomes operative on January Janu-ary 1 and provides as follows It shall bo the duty of all persons of lawful 1 age having an income of I more than 3500 for the taxable year computed on the basis herein describ jed t j-ed to make and render a list or return on or before the day provided by lain la-in such form and manner as may be j I directed by the commissioner of internal inter-nal revenue with the approval of the I I secretary of the treasury to the cols col-s Sector 01 a deputy collector of the district dis-trict in which they reside of the I amount of their income gains and profits as aforesaid and all guardians and trustees executors administra1 I tors agents receivers and all persons j or corporations acting in any fiduciary j I I rapacity shall make and render a list or return as aforesaid to the collector collect-or or a deputy collector of the district in which such person or corporation acting in a fiduciary capacity resides or does business of the amount of income in-come gains or profits of any minor or person for whom they act but persons having less than 3500 income are not required to make such report It will be seen said Collector New while in Denver the other day on his way to Washington that the law contemplates con-templates just how assessments are to be made and I presume Instructions f will be based on it Really when you come to look at it there seems to be no necessity for the Issuance of instructions in-structions The law is so plain twit all we require will be the necessary 1 forms in blank I Every man whose income is 3500 j or greater will be required to file a j schedule He will not be assessed I JioweVer unless the income exceeds 4000 and then on the excess only j For instance if a persoas income is 4100 he will be required to pay 2 percent per-cent on S100 j Is this a gross or a net income that 4 is referred to was asked 4 It cannot be called either Many people ask that question Section 32 says That there shall be assessed 1 levied and collected except as herein otherwise provided a tax of 2 per ecu turn annually on the net profits or in dome a bavte actna1 operating and business I busi-ness expenses Including expenses for materials purchased for manufacture or bought for resale losses and interest i inter-est on bonded and other indebtedness j of all banks banking Institutions trust companies savings institutions fire marine life and other insurance companies railroad canal turnpike canal navigation slack water telephone tele-phone telegraph express electric light gas water street railway companies com-panies and all other corporations cOrn panles or associations doing business for profit in the United States no matter mat-ter how created and organized but not Including partnership Here net profits prof-its or incomes is mentioned but that doesnt mean living expenses SoL So-L while operating expenses of a business v are to be deducted contingent expenses of a family cannot be |
