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SEC. 36. That it shall be the duty of every corporation, company, or association doing business for Act Aug. 28, profit to keep full, regular, and accurate books Duty of corof account, upon which all its transactions to keup books. shall be entered from day to day, in regular order and whenever a collector or deputy collector of the district in which any corporation, company, Collector, when or association is assessable shall believe that that a true rea true and correct return of the income of been made, such corporation, company, or association has affidavit and not been made, he shall make an affidavit of commissioner. such belief and of the grounds on which it is founded, and file the same with the Commissioner of Internal Revenue; and if said commissioner shall, on If commin examination thereof, and after full hearing full hearing upon notice given to all parties, conclude concludes there is good ground for such belief, he ground for shall issue a request in writing to such cor- request to inporation, company, or association to permit an inspection of the books of such corporation, company, or association to be made; and if such corporation, company, or association shall refuse to comply with such request, then the collector or permit inspecdeputy collector of the district shall make, collector thate from such information as he can obtain, an add fifty per estimate of the amount of such income and then add fifty per centum thereto, which said assessment so made shall then be the lawful assessment of such income.

such belief, he

spect books.

On refusal to

of income and

cent.

Under the terms of this section it seems clear that, in assessing the income tax of a corporation, company, or association, no compulsory inspection of the books can be made.

Sec. 37. That it shall be the duty of every collec

Act Aug. 28,
1894.
Duty of col.
lector to give
receipts.

tor of internal revenue, to whom any payment of any

taxes other than the tax represented by an adhesive stamp or other engraved stamp is

made under the provisions of this act, to give to the person making such payment a full written or printed receipt, expressing the amount paid and the particular account for which such payment was made ; and whenever such payment is made, such collector shall, if required, give a separate receipt for each tax paid by any debtor, on account of payments made to or to be made by him to separate creditors, in such form that such debtor can conveniently produce the same separately to his several creditors in satisfaction of their respective demands to the amounts specified in such receipts; and such receipts shall be sufficient evidence in favor of such debtor to justify him in with holding the amount therein expressed from his next payment to his creditor ; but such creditor may, upon giving to his debtor a full written receipt acknowledging the payment to him of whatever sum may be actually paid, and accepting the amount of tax paid as aforesaid (specifying the same) as a further satisfaction of the debt to that amount, require the surrender to him of such collector's receipt.

See, also, Sec. 3183 R. S., as amended, as to receipts by collectors for taxes.

SPECIAL NOTE. While this work was passing through the press (February, 1895), Congress passed a joint resolution extending the time for making the income returns due on first Monday of March, 1895, to April, 1895, and making some other amendments to the income tax law. This joint resolution will be found in the Appendix.

REGULATIONS (SERIES 7, NO. 21) RELATIVE TO THE AS

SESSMENT, LEVY, AND COLLECTION OF THE TAX ON INCOMES, UNDER THE PROVISIONS OF THE ACT OF CONGRESS IN EFFECT AUGUST 28, 1894.

TREASURY DEPARTMENT, OFFICE OF INTERNAL REVENUE,

WASHINGTON, Dec. 13, 1894.

I.

The act of Congress entitled “ An act to reduce taxation, to provide revenue for the government, and for other purposes," in effect August 28, 1894, provides, in Sec. 27, that " from and after the first day of January, eighteen hundred and ninety-five, and until the first day of January, nineteen hundred, there shall be assessed, levied, collected, and paid annually upon the gains, profits, and income received in the preceding calendar year by every citizen of the United States, whether residing at home or abroad, and every person residing therein, whether said gains, profits, or income be derived from any kind of property, rents, interest, dividends, or salaries, or from any profession, trade, employment, or vocation, carried on in the United States or elsewhere, or from

any other source whatever, a tax of two per centum on the amount so derived over and above four thousand dollars ; and a like tax shall be levied, collected, and paid annually upon the gains, profits, and income from all property owned and of every business, trade, or profession carried on in the United States by persons residing without the United States.”

And that the tax therein provided for shall be assessed by the Commissioner of Internal Revenue, and shall be collected and paid upon the gains, profits, and income for the year ending the 31st day of December next preceding the time for levying, collecting, and paying said tax.

The first taxable year under the provisions of the law is the calendar year 1894, and the tax on incomes due and payable on or before the 1st day of July, 1895, shall be computed on the taxable incomes received in said year 1894, from the 1st day of January to the 31st day of December, both days included.

II.

ANNUAL RETURNS OF PERSONS.

To be made and delivered to the collector on or before the first

Monday of March in each year.* Under the provisions of said act, it shall be the duty of all persons of lawful age, having an annual income of more than $3,500, computed on the basis prescribed by said act, to make and render a list or return on or before the first Monday of March in each year, in such form and manner as may be directed by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, to the collector or deputy collector of the district in which they reside, of the amount of their income, gains, or profits for said year.

All guardians, trustees, executors, administrators, agents, receivers, and all persons or corporations acting in any fiduciary capacity, shall make and render a list or return to the collector or deputy collector of the district in which such persons or corporations acting in a fiduciary capacity reside or do business, of the amount of the income, gains, or profits of any minor, or person for whom they act.

The annual returns of all persons liable by law to make and render a return, and the returns of all guardians, and persons or corporations acting in any fiduciary capacity, will be made on Form 365, and must be verified by oath or affirmation of the party making the same.

Collectors are especially enjoined by the law to require every list or return to be verified by the oath or affirmation of the party rendering it. The affidavit may be made before the collector or deputy collector of the district, or before some officer having a seal and authorized by law to administer oaths. The collector, in all cases, must be satisfied of the authority of such officer before whom the affidavit is made.

Persons having less than $3,500 annual income are not required to make such return, but in all cases where the annual income of any person exceeds the sum of $3,500, whether it reaches the taxable limit or not, the list or return on Form 365 shall be made by such person, duly verified, and forwarded to the collector of his district.

* See note at end of these regulations.

The collector or deputy collector may increase the amount of any

list or return, if he has reason to believe that the same is understated, and the person or corporation whose list is thus increased may be permitted to prove the amount of income liable to be assessed, but such proof shall not be considered as conclusive of the facts, and no deductions claimed in such cases shall be made or allowed until approved by the collector or deputy collector.

The annual returns of all persons, on Form 365,* and of all corporations, companies, and associations, on Form 366,* made on or before the first Monday in March of each year, will be forwarded by collectors to the Commissioner of Internal Revenue on or before the 15th of April following. Said returns, and all matters relating thereto, must be securely sealed, in envelopes or packages, by collectors forwarding the same, and, with all returns of delinquents made and forwarded by collectors, and all data relating to returns of incomes, will be filed and securely and permanently retained in the office of the Commissioner of Internal Revenue.

Gains, profits, and income to be included for taxable purposes

in the annual returns of persons. In estimating the gains, profits, and incomes of any person for the purposes of taxation, under the provisions of Sec. 28 of said act, there shall be included :

1. All incomes derived from interest upon notes, bonds, and other securities, except such bonds of the United States, the principal and interest of which are by the law of their issuance exempt from all federal taxation.

2. Profits realized within the year from sales of real estate purchased within two years previous to the close of the year for which income is estimated.

3. Interest received or accrued upon all notes, bonds, mortgages, or other forms of indebtedness bearing interest, whether paid or not, if good and collectible.

See Appendix.

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