The War Income Tax is an addition to the existing Income Tax. Its rates do not supersede, but supplement, the existing income tax rates. The taxable person therefore must take account both of the war income tax rates and of the regular rates of the Income Tax Law of September 8, 1916, as amended. conveniently, readers are referred to Part II of this To do this book, where the provisions of both Acts are presented together. The War Profits Tax, on the other hand, supersedes completely the Excess Profits Tax approved March 3, 1917; and to determine his liability to the War Profits Tax, the taxable person need consider only the provisions of Title II of the War Revenue Act. The Stamp Taxes imposed by Title VIII of the War Revenue Act demand the careful attention of business men and bankers generally. Important transactions such as the issue of bonds and capital stock and the sale of stock and of produce on exchange are subject to these taxes. Also, important commercial instruments such as promissory notes, time drafts, conveyances, powers of attorney and proxies are included in the Stamp Tax Schedule. The Stamp Tax is effective December 1, 1917. Title XII of the War Revenue Act is important because it contains some very comprehensive amendments to the existing Income Tax Law. The precise effect of the new amendment is pointed out in the marginal notes printed in connection with the text of the amendments. PART II of the book is devoted to the Income Tax Law. The Act of September 8, 1916, is brought down to date by the proper insertion of all amendments, and is supplemented by the pertinent sections of other Acts which relate to the Income Tax. As has already been pointed out, the War Revenue Act affects the existing Income Tax Law in a number of particulars. Title I of the War Revenue Act imposes for the duration of the War a War Income Tax which is supplementary or additional to the existing tax. Title X of the War Revenue Act, which contains administrative provisions, contains several paragraphs which modify the way and the form in which payments of taxes may be made. Finally, Title XII of the War Revenue Act amends the old law in many exceedingly important particulars. Therefore, the Income Tax Law of September 8, 1916, has been printed with all amendments inserted in their proper places. An authoritative text of the law as it now stands is thus provided. The National Bank of Commerce in New York will gladly render those interested all possible assistance in connection with the interpretation of these laws. PART I War Revenue Act Approved October 3, 1917 The War Revenue Act levies taxes which seriously affect every individual or corporation which is engaged in manufacturing, commercial or financial activities. The National Bank of Commerce in New York presents for the use of its friends and customers the complete text of the Act as approved by the President October 3, 1917. |