OCR Text |
Show PENALTY ADDED TO TAX INSTALMENTS Lbbbbb! Those that by June 15 failed to pav ' the second Instalment of the Income t.ix under the revenue act of 1921 an-, I liable for the full amount of the third' and ;piirih lnst.alme.nt, as well a a 5 j per cent penalty on the second Instalment, Instal-ment, all of which is now due and I payable, according to an announce-: Kent made yesterday by local Internal revenue officials. . According to the .statement: The income tax due from a person for the year 1921 amounts to $.T2. Of this sum one-fourth wa.s paid upon the' filing of the return In March and of! the remainder. $S was payable June li thrMl V r.n SLnlmk.. 1Z I .1.-1 ' " ' iiv-hiiiu, I . jiiii HM final $8 December 15. But in case of failure to pay the Jwne if. instalment by that date, the law of 1921 pro-tides pro-tides : " If any Instalment Is not paid when Sue, the whole amount of the tax nn-paid nn-paid shall become due and payable ' Therefore, the $s second lnstalmenl hning become delinquent, the whole amount of the tax unpaid, or $2T. In qhe example given, becomes due and payable. The S second instalment II ting delinquent, a 5 per cent penalty automatically attaches under the law, ; 10 cents, making the delinquent second sec-ond instalment $8.40, to which is added add-ed the third and fourth $8 instalments, instal-ments, giving a total due and payable by delinquents of $24.40. "In the event that the $24.40 Is not paid within ten days, ihon a pen. ill', of 5 per cent attaches to the whole $24 which h.-us become due through the first delinquency, and the tax duo Is j$2f. 20, with interest thereon fit th-irate th-irate of 1 per cent per month on the $24. Interest not being computed on jtho 5 per cent penalty of J 1 20, "Upon the expiration of 10 da.vs from the, lime when, through f lun to pay the second Instalment on tlmi , the full amount of $2 1 and 11.20 in the example becomes due. If the full amount of $26. 20 be not paid 11 becomes be-comes the duty of the ollector to make collection by warrant of distraint (called writ of execution In the local statutes, but warrant of distraint In the United Btates laws) by seizure and sale of property. |