| Show THE IVCO3IE TAT Draper Feb 15 1S95 Editor of The Herald Salt Lake City Dear SirDoes the income taxi law affect water corporations formed for the purpose of controlling and distri bution of water for the purpose of irrigation ir-rigation the entire amount of capital stock being subscribed for and used or rented by the individual owners the expense of the company for construct ing and repairing ditches being met by taxing the capital stock the individual indi-vidual members having the privilege to work out part of their assessment Please answer the above in your paper pa-per and oblige DRAPER IRRIGATING COMPANY J W Shipley SeeThe See-The Herald is of the opinion that the company is not amenable to the law The tax is only to be assessed on the incomes of persons and corporations which are of the amount of 4000 per annum As a matter of fact the Draper Dra-per Irrigating company has no real inqome therefore it will have < o pay no tax We give this opinion on the foregoing statement made of the com panys purpose and status The Internal Revenue people here do not see anything at present to conflict con-flict with the opinion of The Herald But it is a new question and one they have not been able fully to consider As the time for returns has been extended ex-tended to April 15 the Draper company com-pany will have time to wait and meanwhile mean-while if there is any change in the opinion entertained by the revenue officers we will atonce publish it for the benefit of all concerned |
