| Show CHAMBER kAMBER Of COMMERCE BANQUET AND BAlL ESCALANTE HOTEL DEC 31 3 31 I I A Tho Shall File Income Tax Returns lel Every ery individual having a net in In- In terne cne for the taxable year of 1500 br V l' over if single even though he heLay helay Lay lay fay be the head of a family or orf orr f r married and not living with hus bus wife must make a return anci or wife in n the case of of a married person liv liv- with husband or orviCe wife viCe a return is ng income for the squired required if It the net year ear Is or over Ever ever er if an 01 individual has a gross inome inome in- in ome of or over he must make fa a 11 return regardless of the amount of this his net income In the thu case of u Ii husband and wife living together no return need be made unless s their J aggregate ag ng- net net income is at t least e st wife In ln cases where the husband and leach each have sub substantial incomes in in- comes it will often oCten be found advantageous advantageous tp file return returns so sois L h h is fl the V o benefit fit of the low low- that U sac h ge ler er brackets of normal and s Surtax A AI I husband and wife m maj elect elett to file returns for one year and a joint return for the or vice versa I The of Ii a minor unless' unless he has b been been en emancipated must be included led ed in inUi return of the the parent It win will be found that the first firs clause chuse will till bring within the requirements require require- ments merits practically every livestock man in iii li this Section n. n I Fiduciaries Fiduciaries' are are l I to file returns reI returns re re- re- re I turns for individuals individuals' S for whom they I act under the circumstances in which the individuals themselves would be ber r required q ired to to make returns The term I fiduciary ciary means a guardian trusI trustee trustee trus trus- I tee executor administrator re receiver eiver I conservator conservator conservator- or any ny person person a acting in any fiduciary capacity for any per Jo i Every must ma make e a re return return return re- re 1 turn on form 1120 regardless of th the amount of its its' net income Receivers trustees In bankruptcy or assignees operating the property or business ils of ofa a corporation are required to make returns for the corporation A partnership is not a taxpayer within the meaning of the Income Tax Law and although i it itis is required Ho ito file filEt returns they are for the purpose of information only The tax on the partnership income is paid by the individual al partners who must include include in in- clude elude in their return their proportionate proportion proportion- ate share of the partnership income whether distributed or not A partner is also en entitled to claim as a deduction deduction deduction deduc deduc- tion in computing his net income his proportionate sh share re of the net loss I sustained by the partnership The Thenet Thenet Thenet net income of a partnership is co computed com computed com com- In the same manner and on the same basis as th that t. t of an individual except that no deduction is allowed for charitable contributions the proportionate proportionate pro pro- share of which must be claimed by the partners on their individual returns No o return can cover a period of mere more than twelve months although one may be required for a a. a shorter period Returns shall be ma made e onor before the day of the third month fol fol- the close se of the year for which which the he return is made In certain cases collectors are authorized to grant extensions extensions extensions' ex ex- tensions tensions' of time for filing returns if application is made In case cage o of failure fail fall ure to file a return on time penalty a of 25 per cent of the amount of th the tax ax Is added unless a reasonable cause for or the delay is shown Continued next week ol 1 |
