members; domestic, building and loan associations for mutual benefit of members; corporations or associations for religious, charitable or educational purposes, exclusively, and not benefiting any stockholder or individual.

system, domestic building and loan associations, cemetery companies, organized for mutual benefit to members, corporations or associations organized and operated exclusively for religious, scientific, educational and charitable purposes, not benefiting any stockholder or individual; business leagues, chambers, of commerce, boards of trade not benefiting any stockholder or organized for profits; any civic league not organized for profit.

1909

Net income ascertained by deducting from gross amount of entire income the following items: (a) all ordinary and necessary expenses actually paid in maintenance and operation including rentals and franchise payments.

(b) all losses, not compensated by

insurance or otherwise, actually sustained, including allowance for depreciation.

(Insurance companies may deduct payments other than dividends annuity contracts and reserve fund additions.)

1913

Net income ascertained by deducting from gross amount of entire income the following items: (a) all ordinary and necessary expenses paid within the year in maintenance, and operation, including rentals and franchise payments.

(b) all losses sustained within the

year not compensated by insurance or otherwise and a reasonable allowance for deprecia

tion.

Mining companies allowance for depreciation of ore not exceeding 5% of gross value of output at mine.

Insurance companies may deduct net addition required by law to reserve funds and sums other than dividends paid on policies.

Mutual Fire Insurance Companies

(c) Interest actually paid on all indebtedness to an amount of such indebtedness not exceeding the paid-up capital stock, and in case of banking institutions, all interest paid on deposits.

(d) All sums paid for any taxes.

need not return premiums restored to policy holders, but must return income from all other sources and deposits retained for payment of expenses other than losses and re

serves.

Mutual Marine Insurance Companies shall return gross premiums collected, less amounts paid for reinsurance and premiums and interest restored to policy holders. Life Insurance Companies shall not include any portion of premiums returned or credited to a policyholder.

(c) Interest accrued and paid on

bonded or other indebtedness not exceeding of sum of its interest bearing indebtedness, and its paid-up capital stock, outstanding at close of year, and if no capital stock, the amount of interest paid within the year on indebtedness not exceeding the capital employed within the year. Where the indebtedness is wholly secured by collateral subject to sale in ordinary business by such corporation, the total interest paid may be deducted as an expense of doing business. Where bonds are issued free from taxation, no deduction for taxes paid shall be allowed.

Banking institutions may deduct interest paid on deposits or interest bearing certificates of indebtedness. (d) all sums paid anywhere for

taxes.

(e) All amounts of dividends from

corporations subject to the corporation tax.

Assessment insurance companies; actual deposit of sums with state or territorial officers pursuant to law as additions to guarantee or reserve funds shall be treated as payments required by law to reserve funds.

Assessment insurance companies, actual deposit of sums with state or territorial officers pursuant to law as additions to guarantee or reserve funds shall be treated as payments required by law to reserve funds.

1909

Net income ascertained by deducting from gross amount of income foreign business transacted in the United States and territories, including Alaska and D. C. the following items:

(a) All ordinary and necessary ex

penses actually paid in maintenance and operation of business and property within the U. S. and its territories, etc., including rentals and franchise payments.

(b) All losses actually sustained

in its business in U. S., its territories, etc., not compensated by insurance or otherwise, including allowance for depreciation.

(Insurance companies may deduct payments other than dividends, annuity contracts and reserve fund additions.)

1913

Net income shall be ascertained by deducting from the gross income accrued within the year from business transacted and capital invested in the U. S. the following items:

(a) All ordinary and necessary ex

penses paid. within the year in maintenance and operation of its business within the U. S., including rentals and franchise payments.

(b) All losses sustained within the year in business conducted within the U. S. and not compensated by insurance or otherwise and a reasonable allowance for depreciation.

Mining companies. Same as domestic corporations.

Insurance companies. Same as domestic corporations.

Mutual Fire Insurance Companies. Same as domestic corporations. Mutual Marine Insurance

(c) Interest actually paid on all indebtedness to an amount not exceeding the proportion of its paid-up capital stock outstanding which the gross amount of income from business in the U. S., its territories, etc., bears to its gross income from all countries.

(d) All sums paid for any taxes.

(e) All amounts of dividends from corporations subject to the corporation tax.

Assessment insurance companies. Same as domestic corporation.

1909

Companies. Same as domestic corporations.

Life Insurance companies. Same as domestic corporations.

(c) Interest accrued and paid within the year on its indebtedness to an amount not exceeding the proportion of 1-2 its bonded indebtedness and its paid-up capital stock outstanding at close of year which the gross amount of income from business done and capital invested in the U. S. bears to the gross amount of its capital within and without the U. S. Where bonds are issued free from taxation, deduction for taxes paid shall be allowed.

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(d) All sums paid for taxes imposed by the U. S., District of Columbia or any territory.

Assessment insurance companies. Same as domestic corporation.

$5,000 shall be deducted from the net income of corporations ascertained as provided; to be computed for the year ending Dec. 31st.

1913

Computed on entire net income accrued within the preceding calendar year, ending Dec. 31st, save in 1913, the tax is computed on the accrued income from March 1st to December 31st, by taking 5-6 of the entire net income for the calendar year. Corporation may designate the last day of any calendar month as the day of closing its fiscal year and may have its income

computed for such fiscal year. Notice to be given collector thirty days prior to filing annual return.

To be filed on or before March 1, under oath of its president, vicepresident or other principal officer, and its treasurer or assistant treasurer, with the collector of Internal Revenue in the district in which the principal office of the corporation, domestic or foreign, is located, in the form prescribed showing:

1. The total amount of the paidup stock outstanding at the close of the year.

2. The total amount of the bonded or other indebtedness at the close of the year.

3. The gross income received from all sources during the year, and if a foreign company, the gross business transacted and capital invested in the U. S. territories, Alaska and D. C., also the amount received as dividends from any corporation subject to the corporation tax. 4. Total of all ordinary and necessary expenses paid out of earnings in the maintenance and operation of business and properties stating separately:

(a) All charges such as rentals and franchise payments required to

To be filed on or before March 1, 1914, and March 1st thereafter or within sixty days after the close of a duly designated fiscal year. Under oath of its president, vicepresident, or other principal officers, and its treasurer or assistant treasurer, with the collector of Internal Revenue in the district in which the principal office of the corporation, domestic or foreign, is located, in the form prescribed showing:

1. The total amount of the paidup stock, or if no stock, of capital employed in the business at the close of the year.

2. The total amount of the bonded or other indebtedness at the close of the year.

3. The gross income received from all sources during the year, and if a foreign corporation, the gross amount of income received from business transacted and capital invested in the United States.

4. Total of all ordinary and necessary expenses paid out of earnings in the maintenance and operation of business and properties stating separately:

(a) All rentals or other payments required to be made as a