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Important!

Important Treasury Rulings affecting both Income Tax

and Excess Profits Tax returns are expected between January 15th and February 1st, 1918. These, fully reproduced or summarized, with Mr. Montgomery's comment, will be printed in pamphlet form and will be sent to the purchaser of this book on receipt of the attached coupon properly filled out, together with 12c. (postage stamps) to cover cost of postage and handling.

THIS SUPPLEMENT will be sent under first class postage and will reach you in ample time for use in preparing your returns.

Note: This book is not returnable if coupon is detached.

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Please find enclosed 12c, for which send supplement to Montgomery's "1918 Income Tax Procedure."

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PROCEDURE

1918

BY

ROBERT H. MONTGOMERY

Attorney-at-Law. Certified Public Accountant.
Ex-President, American Association of Public
Accountants. Assistant Professor of Accounting,
Columbia University

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Copyright, 1918, by

THE RONALD PRESS COMPANY

William G. Hewitt Press, Brooklyn, Printers
J. F. Tapley Co., New York, Binders

M7

1918

PREFACE

We must win the war.

All of our usual activities must be subordinated to this supreme object. To win the war men, money, and munitions are required. Money-a lot of itmust be raised by taxation. The reader will find no information in this book which will be helpful in evading taxes. Suggestions will be found, rather, for higher but more equitably laid taxes, and on page 23 a fairer classification of income taxes is outlined.

The major purposes of this book are, first, to explain the present income tax laws and, second, bring about, so far as possible, an equitable and proportionate distribution of the taxes imposed by these laws among all taxpayers alike. Relatively no one should pay more than another, and none should pay less than his just share.

Some there are who through their inability to interpret the law correctly are liable to pay too much and they deserve such measure of protection as is afforded by full information. Some there are who seek to pay too little and they should be dealt with severely. These last will find neither aid nor comfort in this volume.

We are in the great war, as President Wilson has said, "To the last dollar, to the last man, to the last drop of blood," but it is not a fair inference that, because greater burdens of taxation are upon us than we, or any other nation, have ever borne before, there need be any disregard or minimizing of sound financial methods and equitable taxation. On the contrary, the increase in the burden on the taxpayers should proportionately increase the responsibility on the part of the lawmakers to inform themselves as to how taxes should be laid.

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