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Hon. HENRY M, FOOTE
(Late Assistant to the Attorney General of the United States, Department of Justice)

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G

INDEX

ADDITIONAL TAX

Levied upon net income in excess of $20,000...
Income included and excluded in making return for....
Not assessed on income in trustee or debtor's hands.....

8
8-9
12

COLLECTION OF NORMAL TAX ONLY AT THE SOURCE.
Interest on corporate indebtedness

14
Who required to withhold tax..

12
Banks and other required to withhold tax..

14
Instructions to banks collecting coupons, etc...

.15-16
Deductions from income taxed at source, how obtained... 12
Trustee or debtor to make return

13
Trustee or debtor to make return for one disqualified or unable
to make it .....

14
Trustee or debtor not to withhold tax after claim for exemption
under par. C is filed

12
Trustee or debtor will withhold and pay tax from fixed, deter-

minable, annual gains and profits, in excess of $3,000...... 12
License to be obtained to make collection of foreign payments of
interest and dividends

15
Normal tax withheld only after November 1st, 1913..

12

CORPORATIONS.
Pay normal tax only on net income

17
Foreign corporations pay on business and capital invested in the
United States

17
Return of on or before March 1st, or 60 days after time
designated

17
Gross income of

18
Income excluded in making return

.18-19
Deductions to be made from gross income in return..... .. 19-20
Foreign corporationsdeductions from gross income on business
and capital invested in the United States.

.20-21
Tax only for January and February, 1913...

22
Commissioner Internal Revenue will assess tax.

23
Tax payable on or before June 30th on return of March 1st.. 23
Tax payable 120 days after return of day designated....

23
DIVIDENDS OF CORPORATIONS.
Not subject to normal tax in hands of individual, trustee or
debtor

9
Subject to tax as income of corporations.

18
Subject to additional tax in hands of individual if net income
exceeds $20,000

9
Dividends of foreign corporations subject to tax.

18

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FIDUCIARY AGENTS.

Must make return and pay tax for one they represent...
One of two or more may make return...

11
11

INCOME.
Gross of individuals

7-8
Gross income of corporations

19
Exemption and deductions from gross income in ascertaining
net income

8-19
Net income subject to tax

9-20
Only income derived from fixed, determinable, annual gains and

profits in excess of $3,000 taxable in hands of trustee or
debtor

12
Income from interest obligations of corporations subject to tax
if less than $3,000 .....

14
Annual income taxable in hands of individual

8
PENALTIES

24

RETURN.
Of corporations

17
How made by corporations

18
When made

17
How verified

18
Domestic corporations, tax on.

17
Foreign corporations, tax on

17
Return by individuals

10
Exclusions in making return

8
Deductions in making return

9
Return may be increased by collector

6
Appeal from collector to Commissioner of Internal Revenue.. 10
No return unless income exceeds $3,000 for calendar year....10-25
Return should be made if individual claims the benefit of de-
ductions and exemption

10

TAX.
Normal tax on individuals

7
Additional tax on net income in excess of $20,000..

8
Trustee or debtor pays only normal tax

12
Corporations pay only normal tax

17
On net income of individuals in excess of $3,000, although not

from fixed, determinable, annual income as is required
when tax is withheld at the source by trustee or debtor... 7-10

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