AN ANALYSIS AND INTERPRETATION OF THE Federal Income Tax Law BY Hon. HENRY M. FOOTE ADDITIONAL TAX Levied upon net income in excess of $20,000... Income included and excluded in making return for... COLLECTION OF NORMAL TAX ONLY AT THE SOURCE. 8 8-9 12 Instructions to banks collecting coupons, etc... Deductions from income taxed at source, how obtained.. .15-16 12 13 ........ Trustee or debtor to make return for one disqualified or unable 14 Trustee or debtor not to withhold tax after claim for exemption 12 Trustee or debtor will withhold and pay tax from fixed, deter- 12 15 Normal tax withheld only after November 1st, 1913... 12 52 CORPORATIONS. Pay normal tax only on net income 17 Foreign corporations pay on business and capital invested in the 17 Return of on or before March 1st, or 60 days after time 17 Gross income of 18 Income excluded in making return 18-19 Deductions to be made from gross income in return.. .19-20 Foreign corporations-deductions from gross income on business and capital invested in the United States.. .20-21 Tax only for January and February, 1913.. 22 23 23 23 Tax payable on or before June 30th on return of March 1st.. Not subject to normal tax in hands of individual, trustee or ..... Subject to tax as income of corporations. 18 98 Subject to additional tax in hands of individual if net income 9 Dividends of foreign corporations subject to tax. 18 312440 Must make return and pay tax for one they represent... Only income derived from fixed, determinable, annual gains and .... Income from interest obligations of corporations subject to tax 14 Appeal from collector to Commissioner of Internal Revenue.. 10 TAX. Normal tax on individuals 10 Additional tax on net income in excess of $20,000. Trustee or debtor pays only normal tax 12 Corporations pay only normal tax 17 7822 On net income of individuals in excess of $3,000, although not |