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AN ANALYSIS AND
Federal Income Tax Law
Hon. HENRY M. FOOTE
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.
Instructions to banks collecting coupons, etc...
Deductions from income taxed at source, how obtained..
Trustee or debtor to make return for one disqualified or unable
Trustee or debtor not to withhold tax after claim for exemption
Trustee or debtor will withhold and pay tax from fixed, deter-
Normal tax withheld only after November 1st, 1913...
Pay normal tax only on net income
Foreign corporations pay on business and capital invested in the
Return of on or before March 1st, or 60 days after time
Gross income of
Income excluded in making return
Deductions to be made from gross income in return..
Foreign corporations-deductions from gross income on business
and capital invested in the United States..
Tax only for January and February, 1913..
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.
Subject to additional tax in hands of individual if net income
Dividends of foreign corporations subject to tax.
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
Appeal from collector to Commissioner of Internal Revenue.. 10
Normal tax on individuals
Additional tax on net income in excess of $20,000.
Trustee or debtor pays only normal tax
Corporations pay only normal tax
On net income of individuals in excess of $3,000, although not