Notice of assessment. ART. 197. When assessment has been made, collectors will, on receipt of their returned lists, at once issue preliminary notices of assessment (Form 647), and where in any case the tax assessed is not paid on or before the 30th day of June, or in case of corporations designating their own fiscal year, within 120 days following the date on which the return should have been filed, notice and demand (Form 17) should be at once issued, and unless the tax in such case is paid within 10 days after the service of such notice, general demand for tax, penalty, and interest (Form 21) should at once be issued. Immediate notice and demand (Form 17) will, however, be served in case of failure to file the required return within the statutory period. Notice of assessment to be sent immediately on return of list. ART. 198. Pending assessment on returns forwarded to the commissioner, collectors will have prepared the necessary notices of assessment, with properly addressed envelopes, to be used immediately on return of their assessment lists. Payments, abatements, and outstanding balances. ART. 199. Statements of payment, abatement, and outstanding balances of such assessed taxes will be rendered monthly by collectors on special Form 325. Such statements will be prepared in the same manner as required in the case of assessments on the regular Form 23, except that in Statement III the outstanding balances on the various lists will be reported in aggregate only. Items constituting such balances, however, will be carded by collectors, but only as to such as were assessed during the month for which the return is rendered, thus avoiding detailed statements each month of outstanding balances previously reported. A separate card (Form 1020) will be used for each such item; and all cards so prepared each month should be arranged alphabetically, and so forwarded by the collector with his report on special Form 325. W. H. OSBORN, Commissioner of Internal Revenue. Approved: W. G. MCADOO, Secretary of the Treasury. INDEX TO FEDERAL INCOME TAX LAW NOTE.-Regulations are indexed by article number; law indexed by page. A. Accumulated profits, when considered evasive of tax. when considered reasonable surplus..... Accumulations of surplus, when to be taxed as income. Administrators to make return.... to deduct tax.. Agents to make return.. Agricultural organizations, exemption of... ... Page. 382 382 382 379 379 379, 381 364 374 372 372 Ascertainment of persons subject to internal revenue tax..... Assessment to be filed in office of Commissioner of Internal Revenue.. B. Banking associations and trust companies entitled to deduction of in- Bills of exchange, normal tax to be withheld from. Bonds, interest on, when deductible... Civic leagues or associations, exemption of.. 365 378 Collector, employee, etc., not to disclose information.. 373 penalty therefor 373 may make return when corporation fails to do so. penalty in such case.. 375 375 to furnish receipt of payment of tax... 376 381 Collectors of foreign payments to be licensed.. Commissioner of Internal Revenue, assessment to be filed in office of.. 372 to issue license to collectors of foreign payments.. NOTE.-Regulations are indexed by article number; law indexed by page. Comparative table of Acts of 1909 and 1913-Continued. return remedy for incorrect return or failure to make return. Deduction of interest on deposits by banking associations and trust companies of ordinary and necessary expenses. losses sustained within year. Page. 389 392 394 395 363 363 380 367, 371 366 366 for depreciation for depletion in mine.. reserve fund by insurance companies. 366 366 366 366 366 interest on deposits by banking associations and trust com- 367, 371 taxes paid to the United States, State, Territory or foreign gov- 367, 371 to be ascertained in case of foreign corporation. 371 of reserve fund in ascertaining net income of insurance com- 366 where return is made by another. 381 Definition of the word "State" and "United States". 373 Depreciation, allowance for, in ascertaining net income. 366 Digest of corporation tax decisions under Act of 1909.. dissolved corporation to make return under Act of 1909. District Courts of United States, jurisdiction of United States in case of person summoned to testify or produce books... 376 Dividends, normal tax to be withheld on..... 379, 380 Domestic building and loan associations, exemption of. 365 374 collector when person or corporation fails to make list. NOTE.-Regulations are indexed by article number; law indexed by page. lodges paying sick, life, accident or other benefits. domestic building and loan associations.. of cemetery companies... religious, charitable, scientific or educational associations or cor- Page. 364 364 365 365 365 365 365 365 365 365 365 proceeds of life insurance companies.. F. Failure to make return, penalty therefor.... 382 372, 373, 382 382 Fire insurance companies, how return to be made. 370 Foreign corporations, net income, how ascertained.. 367 Form of return prescribed by Commissioner of Internal Revenue... H. Horticultural organizations, exemption of..... I. Income derived from public utilities, exemption of..... Insurance companies, deduction of reserve fund in ascertaining net 369 364 382 364 365 366 ... 366 Interest on indebtedness to be deducted.. 366, 371 deposits by banking associations and trust companies to be de- 367, 371 J. Jurisdiction of district courts of United States in case of person sum- 376 L. Labor organizations, exemption of.. Lessees to deduct tax for rent due to landlord.. 364 379 License to be issued by commissioner of internal revenue to collectors 381 Life insurance companies, how return to be made up.. 370 Lodges paying life, sick, accident or other benefits, exemption of...... 365 income 366 NOTE.-Regulations are indexed by article number; law indexed by page. Mines, allowance for depletion of ores in...... Mortgagors to deduct interest due to mortgagee.. Mutual fire insurance companies not required to return premium de 366 379 posits as income.... ..... 366, 370 Penalty for disclosing information by collector, deputy-collector, clerk or employee in case of neglect or refusal to make return. for false or fraudulent return.. 373 372, 373, 382 372, 373, 382 376, 377 Porto Rico and Philippine Islands, provisions to apply to..... 372 R. Receipt to be furnished by collector on payment of tax.. 375 Receivers to make return.. 379, 381 Refusal or neglect to make return, penalty therefor.... 372 Religious, charitable, scientific or educational associations or corporations, exemption of..... 365 Return, when to be made in ascertaining net income... by case of corporation organized under laws of foreign 370 of income by corporations making payments of $3,000 or over to 378 by trustees, executors, administrators, fiduciaries, agents, re- |