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Author: 
 
 Belmont, August, & Co. 
 
 Title: 
 
 The tax on your income 
 
 Place: 
 
 New York City 
 
 Date: 
 
 [1913] 
 
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 PRESERVATION DIVISION 
 
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 491 
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 Belmont^ August, 4 co. 
 
 The tax on your income. 
 Belmont & oo . tl913j 
 
 cover-title, 16, clj P» 
 
 New York city, August 
 
 22P". 
 
 "Synopsis of the income tax law recently 
 enacted by the Congress of the United States.** 
 
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Bchool of Business Library 
 Columbia University 
 
 H'^AY 2 4 1941 
 
 The Tax 
 
 On Your Income 
 
 
 August Belmont & Co- 
 
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 QN THE FOLLOWING PAGES 
 
 ^^^ will be found a synopsis of the 
 Income Tax Law recently enacted by 
 the Congress of the United States. 
 This synopsis of the statute as it relates 
 to individuals has been prepared for the 
 benefit of our customers who are de- 
 sirous of not only getting at the gist of 
 the subject but who are anxious to know 
 just how it will affect them. We trust 
 that it clearly sets forth the provisions of 
 the law. :: :: :: :: :: :: :: 
 
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SYNOPSIS 
 
 L Persons liable for tax 
 
 II. The income tax 
 
 III. What constitutes income 
 
 IV. What does not constitute income 
 
 V. Deductions allowed from income 
 
 VI. Deductions not allowed from income 
 
 VII. Specific exemption allowed 
 
 VIII. The taxable year 
 
 IX. Statement or return of income 
 
 X. Who are required to make rttums 
 
 XI. Who are not required to make returns 
 
 XII. Collection at the source 
 
 XIII. How exemptions and deductions are secured 
 
 XIV. Assessment and payment of tax 
 
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 4) 
 
 THE INCOME TAX 
 
 I. PERSONS LIABLE FOR TAX : 
 
 The tax, as its name indicates, is levied against income 
 and not against tangible wealth, such as realty and personalty, 
 the tax on which is assessed locally. The law states that 
 the net incomes of the following individuals are subject to 
 this tax: 
 
 z. All citizens of the United States, whether residing 
 at home or abroad 
 
 2. All persons residing in the United States, though 
 not citizens thereof 
 
 3. Non-resident aliens on that income derived from 
 property in the United States or from carrying 
 on any business, trade or profession in the United 
 States. 
 
 II. THE INCOME TAX : 
 
 The income tax law as enacted by Congress and which 
 became a law on October 3, 19 13, provides for a progressive 
 tax ranging from i per cent, to 7 per cent, per annum, accord- 
 ing to the amount of income received. In order to facilitate 
 its collection the tax is divided into two parts — the normal 
 tax and the additional tax. The normal tax, amounting to 
 a fixed rate of i per cent, is collected for the most part at 
 the source, while the additional tax, with various rates 
 according to the amount of income received, is a direct assess- 
 ment against the taxpayer. A fixed rate is easy to collect 
 at the source while a progressive tax, varying with each 
 individual, can only be collected with ease by a direct assess- 
 ment against the individual — hence the distinction in the law 
 between a normal and an additional tax. 
 
 3SSS^SSSSSBSSS^^S 
 
 IX^.ilKlliii W 
 
This additional tax is as follows: 
 
 1% on amt. of income over $20,000, but not over $50,000 
 
 " " " 75,000 
 
 2 
 
 3 
 
 4 
 
 5 
 6 
 
 (( 
 
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 To illustrate 
 
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 100,000 
 250,000 
 500,000 
 
 50,000 
 75,000 
 100,000 
 250,000 
 500,000 
 if an unmarried man's income should amount 
 to say $750,000 per annum, his tax would be computed as 
 follows : 
 
 Net income $750,000 
 
 Exemption 3,000 
 
 Subject to normal tax 747,000 
 
 Normal tax of 1% on $747,000 $7»470 
 
 Additional tax on $747,000: 
 
 1% on $30,000 ($20,000 to $50,000)...$ 300 
 
 2 
 
 3 
 
 4 
 
 5 
 6 
 
 (( 
 
 it 
 
 (( 
 
 25»ooo ( 50,000 to 75,000) . . . 500 
 25,000 ( 75,000 to 100,000) . . . 750 
 150,000 (100,000 to 250,000)... 6,000 
 250,000 (250,000 to 500,000) . . . 12,500 
 " 247,000 (500,000 to 747,000) . . . 14,820 
 Amount of additional tax 34,870 
 
 TOTAL AMOUNT OF TAX $42,340 
 
 The tax, as we have seen, is based on net income. It is 
 therefore, highly important that we know just what consti- 
 tutes net income. 
 
 III. WHAT CONSTITUTES INCOME: 
 
 The law states that "the net income of a taxable person 
 shall include 
 
 a. "Gains, profits, and income derived from salaries, 
 wages, or compensation for personal service of 
 whatever kind and in whatever form paid, or 
 from professions, vocations, businesses, trade, 
 commerce,* or sales, or dealings in property, 
 whether real or personal, growing out of the 
 ownership or use of or interest in real or personal 
 property, also from 
 
 , , 
 
 b. "Interest, rent, dividends, securities, or the trans- 
 
 action of any lawful business carried on for gain 
 or profit, or 
 
 c. "Gains or profits and income derived from any 
 
 source whatever, including the income from but 
 not the value of property acquired by gift, be- 
 quest, devise, or descent." 
 
 In the statement of income must be included, in the case 
 of a member of a firm, that portion of the yearly profits to 
 which he is entitled, whether personally received or not, as 
 partnerships, unlike corporations, are not liable for the income 
 tax. Partners are liable for the tax only in their individual 
 capacity. 
 
 As the net earnings of corporations are subject to the 
 normal tax of i per cent, only, and not to the additional tax, 
 there is incorporated in the law a provision against the ac- 
 cumulation of a surplus for the purpose of evading the addi- 
 tional tax by stockholders. This provision reads as follows: 
 
 "For the purpose of this additional tax the taxable 
 income of any individual shall embrace the share to 
 which he would be entitled of the gains and profits, 
 if divided or distributed, whether divided or distrib- 
 uted or not, of all corporations, joint stock com- 
 panies or associations however created or organized, 
 formed or fraudulently availed of for the purpose 
 of preventing the imposition of such tax through 
 the medium of permitting such gains and profits to 
 accumulate instead of being divided or distributed; 
 and the fact that any such corporation, joint stock 
 company, or association, is a mere holding company, 
 or that the gains and profits are permitted to ac- 
 cumulate beyond the reasonable needs of the busi- 
 ness shall be prima facie evidence of a fraudulent 
 purpose to escape such tax; but the fact that the 
 gains and profits are in any case permitted to 
 accumulate and become surplus shall not be con- 
 strued as evidence of a purpose to escape the said 
 tax in such case unless the Secretary of the Treas- 
 
 I 
 
 ^ 
 
li 
 
 ury shall certify that in his opinion such accumu- 
 lation is unreasonable for the purposes of the busi- 
 ness. When requested by the Commissioner of 
 Internal Revenue, or any district collector of internal 
 revenue, such corporation, joint stock company, or 
 association shall forward to him a correct statement 
 of such profits and the names of the individuals 
 who would be entitled to the same if distributed." 
 
 IV. WHAT DOES NOT CONSTITUTE INCOME: 
 
 I. 
 
 2. 
 
 'The value of property acquired by gift, bequest, 
 devise, or descent." 
 
 The proceeds of life insurance policies paid upon 
 the death of the person insured or payments made 
 by or credited to the insured, on life insurance, 
 endowment, or annuity contracts, upon the re- 
 turn thereof to the insured at the maturity of 
 the term mentioned in the contract, or upon the 
 surrender of the contract." 
 
 In computing net income there shall be excluded: 
 
 1. Interest upon obligations of a State or any 
 political subdivision thereof 
 
 2. Interest upon the obligations of the United States 
 or its possessions 
 
 3. The compensation of the present President during 
 the term for which he has been elected. 
 
 4. The compensation of the Judges of the Supreme 
 and Inferior courts of the United States now in 
 office 
 
 5. The compensation of all officers and employees 
 of a State or any political sub-division thereof, 
 except when such compensation is paid by the 
 United States Government (as Senators and Rep- 
 resentatives in Congress) 
 
 V. DEDUCTIONS ALLOWED FROM INCOME: 
 
 In computing net income for the purpose of the normal 
 tax of I per cent, there shall be allowed as deductions: 
 
 < > i> 
 
 i 
 
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 ,. 
 
 z. Necessary expenses actually paid in carrying on 
 any business, not including personal, living or 
 family expenses 
 
 a. All interest paid within the year by a taxable 
 person on indebtedness 
 
 3. All national. State, county, school, and municipal 
 taxes paid within the year, not including those 
 assessed against local benefits, which add to the 
 value of property and do not take away as an 
 expense, such as sidewalks, etc. 
 
 4. Losses actually sustained during the year, incurred 
 in trade or arising from fires, storms, or ship- 
 wreck, and not compensated for by insurance or 
 otherwise 
 
 5 Debts due to the taxpayer actually ascertained to 
 be worthless and charged off within the year 
 
 6. A reasonable allowance for the exhaustion, wear 
 and tear of property arising out of its use or em- 
 ployment in the business, not to exceed, in the 
 case of mines, 5 per centum of the gross value at 
 the mines of the output for the year for which the 
 computation is made 
 
 7. The amount received as dividends upon the stock 
 or from the net earnings of any corporation, joint 
 stock company, association, or insurance com- 
 pany which is taxable upon its net income 
 
 8. The amount of income, the normal tax upon which 
 has been paid or withheld for payment at the 
 source 
 
 Although the law does not definitely so state the above de- 
 ductions are also undoubtedly allowable in ascertaining the 
 amount of net income subject to the additional tax, with the 
 exception of No. 7 and No. 8. As corporations pay the normal 
 tax only the dividends in the hands of the individual are 
 subject to the additional tax. It is obvious that No. 8 cannot 
 be deducted for the purpose of the additional tax. 
 
 II 
 
1^ 
 
 VI. DEDUCTIONS NOT ALLOWED FROM INCOME: 
 
 1. All personal, living or family expenses 
 
 2. Taxes assessed against local benefits, such as for 
 sidewalks, curbing, etc., which add to the value 
 of property 
 
 3. All expense of restoring property or making good 
 the exhaustion thereof for which an allowance has 
 been made; for instance the expense of repairing 
 a house damaged by fire which is covered by in- 
 surance 
 
 4. Amounts paid for new buildings, permanent im- 
 provements, or betterments made to increase the 
 value of any property or estate. 
 
 The following are not allowed to be deducted for the pur- 
 pose of computing the additional tax: 
 
 1. The amount received as dividends upon the stock 
 or from the net earnings of any corporation, joint 
 stock company, association, or insurance company 
 
 2. The amount of income, the normal tax upon which 
 has been paid or withheld from payment at the 
 source. 
 
 VIL SPECIFIC EXEMPTION ALLOWED: 
 
 After net income has been ascertained in accordance with 
 the foregoing provisions, the law allows a certain portion of 
 net income exempted from the tax to cover personal, living 
 and family expenses. The exemptions are as follows: 
 
 For taxable person $3^000 
 
 For married man with a wife living with him 
 
 and vice versa ^^qoo 
 
 But in no event shall the $1,000 additional be 
 
 deducted by both husband and wife. 
 "Provided, That only one deduction of $4,000 shall 
 be made from the aggregate income of both hus- 
 band and wife when living together." 
 
 Vin. THE TAXABLE YEAR: 
 
 The tax shall be computed upon the remainder of the 
 net income for the year ending December 31, except that for 
 
 8 
 
 the year 1913, the tax shall be computed only on that portion 
 of the income accruing from March i to December 31, from 
 which only five-sixths of the specific exemptions and deduc- 
 tions may be deducted. The tax for only ten months of the 
 present year is due to the fact that the XVI amendment to 
 the Constitution granting Congress power to levy an income 
 tax was not effective until the latter part of February, 1913. 
 
 IX. STATEMENT OR "RETURN" OF INCOME: 
 
 The return or statement of income, if it amounts to $3,000 
 or over must be made by March i in each year, to the col- 
 lector of internal revenue for the district in which the in- 
 dividual resides, or has his principal place of business. The 
 return of a person residing in a foreign country must be made 
 in the place where his principal business is carried on within 
 the United States. The return must be made under oath or 
 affirmation and the form will be prescribed by the Commis- 
 sioner of Internal Revenue, with the approval of the Secretary 
 of the Treasury. 
 
 "If the collector or deputy collector have reason to 
 believe that the amount of any income returned is 
 understated, he shall give due notice to the person 
 making the return to show cause why the amount 
 of the return should not be increased, and upon proof 
 of the amount understated may increase the same 
 accordingly. If dissatisfied with the decision of the 
 collector, such person may submit the case, with all 
 the papers, to the Commissioner of Internal Revenue 
 for his decision, and may furnish sworn testimony 
 of witnesses to prove any relevant facts." 
 
 In case of neglect or refusal to make returns, or in cases 
 of fraudulent or false returns, upon discovery within three 
 years after said return is due, the Commissioner of Internal 
 Revenue shall make such return himself. Any party liable to 
 make return who refuses or neglects to make a return of 
 his income is liable to a penalty of not less than $20 nor more 
 than $1,000, and in case of a frauluent return the guilty party 
 shall be fined not exceeding $2,000 or be imprisoned not ex- 
 

 ceeding one year, or both. The law also states that in the 
 case of false or fraudulent returns the Commissioner of 
 Internal Revenue shall add loo per centum to the tax and in 
 the case of refusal or neglect 50 per centum. 
 
 X. WHO ARE REQUIRED TO MAKE RETURNS: 
 
 1. Each person of lawful age, subject to the tax, 
 having a net income of $3,000 or over for the 
 taxable year. 
 
 2. Guardians, trustees, .^executors, administrators, 
 agents, receivers, conservators, and all persons, 
 corporations, or associations acting in any fidu- 
 ciary capacity, shall make and render a return of 
 the net income of the person for whom they act, 
 subject to this tax, coming into their custody or 
 control and management. Where there are two 
 or more joint guardians, etc., only one of them need 
 make the return, such return to be filed with the 
 collector of the district where the party for whom 
 he acts resides, or where the will or other instru- 
 ment under which he acts is recorded. 
 
 3. All parties withholding the normal tax at the 
 source as stated in Section XII of this synopsis 
 must make a return, but separate and distinct, of 
 the portion of the income of each person from 
 whom the normal tax has been withheld, giving 
 the name and address of such person so far as 
 is known, but no return of income not exceeding 
 $3,000 shall be required. 
 
 XL WHO ARE NOT REQUIRED TO MAKE RETURNS : 
 
 1. Persons whose net income does not exceed $3,000. 
 
 2. Persons for whom return has been made unless 
 there is other income. 
 
 XII. COLLECTION AT THE SOURCE: 
 
 If the income is fixed and determinable and exceeds 
 $3,000 for any taxable year the normal tax of 1% is withheld 
 at the source and paid to the Government: 
 
 10 
 
 "All persons, firms, copartnerships, companies, cor- 
 porations, joint-stock companies or associations, and 
 insurance companies, in whatever capacity acting, 
 including lessees or mortgagors of real or personal 
 property, trustees acting in any trust capacity, ex- 
 ecutors, administrators, agents, receivers, conser- 
 vators, employers, and all officers and employees 
 of the United States having the control, receipt, 
 custody, disposal, or payment of interest, rent, sal- 
 aries, wages, premiums, annuities, compensation, 
 remuneration, emoluments, or other fixed or de- 
 terminable annual gains, profits, and income of 
 another person, exceeding $3,000 for any taxable 
 year, other than dividends on capital stock, or from 
 the net earnings of corporations and joint-stock com- 
 panies or associations subject to like tax, who are 
 required to make and render a return in behalf of 
 another, as provided herein, to the collector of his, 
 her, or its district, are hereby authorized and required 
 to deduct and withhold from such annual gains, 
 proRts and income such sum as will be sufficient 
 to pay the normal tax imposed thereon by this 
 section, and shall pay to the officer of the United 
 States Government authorized to receive the same; 
 and they are each hereby made personally liable 
 for such tax." 
 
 The normal tax will not, however, be deducted at the 
 source prior to November i, 1913. 
 
 From the foregoing provision it will be seen that unless 
 the annual income from a given source amounts to $3,000 
 there is no deduction for the normal tax. There are, how- 
 ever, certain specified cases where it is deducted and with- 
 held at the source even though the income does not amount 
 to $3,000, and they are : 
 
 z. Incomes derived from interest upon bonds, and 
 mortgages, or deeds of trust, or other similar 
 obligations of corporations, joint-stock companies 
 or associations, and insurance companies, whether 
 payable annually or at shorter or longer periods. 
 
 11 
 
 t 
 
2. Incomes composed of coupons, checks or bills of 
 exchange for or in payment of interest upon bonds 
 of foreign countries and upon foreign mortgages 
 or like obligations (not payable in the United 
 States) 
 
 3. Incomes composed of coupons, checks, or bills of 
 exchange for or in payment of any dividends upon 
 the stock, or interest upon the obligations of 
 foreign corporations, associations, and insurance 
 companies engaged in business in foreign 
 countries. 
 
 Dealers in foreign exchange are to withhold the tax 
 on the foreign payments coming through their hands and 
 furthermore they are required under the law to obtain a 
 license from the Commissioner of Internal Revenue. 
 
 XIII. HOW EXEMPTIONS AND DEDUCTIONS ARE 
 SECURED: 
 
 In the case of the additional tax, where return of income 
 is made, there is no trouble about securing the exemptions 
 and deductions to which one is entitled. When it comes to 
 the normal tax, however, withheld at the source, in order 
 for the taxpayer to secure the specific exemptions allowed 
 (Section VII of this synopsis) : — 
 
 "He shall, not less than thirty days prior to the day 
 on which the return of his income is due, file with 
 the person who is required to withhold and pay tax 
 for him, a signed notice in writing claiming the 
 benefit of such exemption and thereupon no tax shall 
 be withheld upon the amount of such exemption." 
 
 "If any person for the purpose of obtaining any 
 allowance or reduction by virtue of a claim for such 
 exemption, either for himself or for any other 
 person, knowingly makes any false statement or 
 false or fraudulent representation, he shall be liable 
 to a penalty of $300." 
 
 If the taxpayer desires to secure any of the deductions 
 enumerated in Section V of this synopsis to which he is 
 entitled : — 
 
 12 
 
 "He shall, not less than thirty days prior to the day 
 on which the return of his income is due, either 
 file with the person who is required to withhold 
 and pay tax for him a true and correct return of his 
 annual gains, profits, and income from all other 
 sources, and also the deductions asked for, and the 
 showing thus made shall then become a part of the 
 return to be made in his behalf by the person re- 
 quired to withhold and pay the tax, or likewise make 
 application for deductions to the collector of the dis- 
 trict in which return is made or to be made for him ; 
 
 Provided further, That if such person is a minor 
 or an insane person, or is absent from the United 
 States, or is unable owing to serious illness to 
 make the return and application above provided for, 
 the return and application may be made for him or 
 her by the person required to withhold and pay 
 the tax, he m.aking oath under the penalties of this 
 Act that he has sufficient knowledge of the affairs 
 and property of his beneficiary to enable him to 
 make a full and complete return for him or her, 
 and that the return and application made by him 
 are full and complete." 
 
 Where the individual has many sources of income he may 
 choose the source from which he may claim his deductions 
 and exemptions, but when deducted from one source they 
 may not again be deducted from another source. In the event 
 that the normal tax is not withheld at the source on a taxable 
 income owing to the fact that it consists of an aggregation 
 of sums, each amounting to less than $3,000, such incomes 
 must be reported and the normal tax theron is then collected 
 by direct assessment. 
 
 In order to obtain the benefit of the specific exemption 
 allowable in the case of incomes composed of interest on 
 corporate obligations the Rules and Regulations of the Treas- 
 ury Department require the American Citizen or resident alien 
 bondholder, or his agent, to execute a certificate covering each 
 separate issue of bonds in substantially the following form, 
 
 13 
 

 I I 
 
 C, ' I 
 
 which certificate is to accompany the coupons when presented 
 for payment: 
 
 I do solemnly declare that I, 
 
 of the United States, and residing at 
 
 of $ — - — bonds of the denomination 
 
 a citizen or resident 
 
 , am the owner 
 
 of $^ — each, 
 
 numbers 
 
 of the (name of debtor) known as (particu- 
 
 lar issue of bonds), from which were detached the accom- 
 panying coupons, due 191 — , amoimting to $ — - — , or 
 
 upon which there matured , 191 — , $ of registered 
 
 interest. 
 
 I do (do not) now claim with respect to the income rep- 
 resented by said interest the benefit of a deduction of $ 
 allowed under paragraph C, section II of the Federal in- 
 come tax law. 
 
 Date , 191—. Name . 
 
 Addres s 
 
 In the case of interest paid by check to a registered 
 holder the above certificate duly executed must be filed with 
 the debtor corporation at least five days before the due date of 
 such interest (and not later than thirty days prior to March 
 i). The tax will not, however, be withheld on coupons or 
 registered interest maturing and payable before March i, 1913, 
 although presented for payment at a later date. 
 
 If the amount of income in question from a given source 
 does not equal the exemption allowable, exemption is claimed 
 on that amount only and the balance of exemption may be 
 claimed from any other source. 
 
 If the above certificate is not executed and presented 
 the normal tax of i per cent, is withheld and the collecting 
 agency executes a prescribed form in lieu thereof to be re- 
 turned to the Government, the collecting agency requiring 
 "the persons tendering such coupons or orders for registered 
 interest to satisfactorily establish their identity." 
 
 The normal tax on many bond issues will undoubtedly 
 be borne by the corporations owing to the clause in their 
 indentures guaranteeing the payment of interest without de- 
 duction for any tax which they may be required to deduct 
 therefrom. 
 
 When the normal tax is withheld by foreign exchange 
 dealers such deduction will be duly stamped on the instru- 
 ment representing the payment of the income. If exemptions 
 are to be secured from this quarter the certificate above given 
 must be executed. 
 
 14 
 
 i 
 
 i 
 
 Where coupons or interest orders, presented for payment, 
 represent the interest on bonds, or other similar obligations, 
 owned by a partnership, they shall be accompanied by a certi- 
 ficate of ownership, which shall be signed either in the firm's 
 name by one member of the firm or by each individual member 
 of the partnership, and the normal tax shall be withheld by 
 the debtor with respect to the income represented by said 
 interest. 
 
 The following certificate should be used when coupons 
 or interest orders are presented by citizens or residents of 
 the United States for collection of interest on bonds, or other 
 similar obligations, owned by the partnership of which they 
 are members: 
 
 of 
 
 I, 
 
 -, a member of the firm or partnership of 
 and residing at (give full address) do 
 
 solemnly declare that the said partnership is the owner 
 of $ bonds of the denomination of $-— — each, 
 
 Nos. of the (give name of debtor) known as 
 
 (describe the particular issue of bonds) from which 
 
 were detached the accompanying interest coupons, due 
 
 191 — f amounting to $ — , or upon which there matured 
 
 191—, $ of registered interest, and that the name 
 
 and address of said firm or partnership, and the names of 
 the individual members thereof, and their places of resi- 
 dence, are as follows: 
 
 Names of partners: ■ ■ 
 
 Address : 
 
 Name of partner signing: 
 Of firm of: . 
 
 Address: — — ^— 
 Date 191—. 
 
 Any member of a partnership, who is entitled to a de- 
 duction (under Paragraph C, Section II, of the Income Tax 
 Law) of his pro rata share of the tax which may be withheld 
 at the source on interest on bonds owned by his copartnership, 
 as above, may claim such deduction or allowance when he 
 shall make his individual income tax return for the year in 
 which said deduction at the source was made. 
 
 Non-resident foreigners owning interest bearing bonds 
 are not subject to taxation on income from such bonds if 
 proper certificate is furnished. 
 
 This tax will not be deducted from the income which may 
 be derived from interest on bonds, mortgages, equipment 
 trusts, receivers' certificates or other similar obligations of 
 
 IS 
 
which the bona fide owners are citizens of foreign countries, 
 residing in foreign countries, provided that such interest 
 coupons or, in case of wholly registered bonds, the orders for 
 the payment of such interest shall be accompanied by duly 
 certified certificates, hereinafter provided for, to cover the 
 cases of foreign and non-resident owners of bonds and other 
 
 securities. 
 
 Unless such proof of foreign ownership is duly furnished 
 the normal tax of i per cent, shall be deducted as herein pro- 
 vided. 
 
 Such certificates shall be in substantially the following 
 
 form: 
 
 I do solemnly declare that I am not a citizen or resident 
 of the United States of America, but a subject (or citizen) 
 
 of and that I am the owner of $— — bonds of the 
 
 denomination of $ — ■ each, numbers , of the 
 
 (give name of debtor corporation), known as (de- 
 scribe the particular issue of bonds) bonds, from which 
 
 were detached the accompanying coupons, due 
 
 191 — , amounting to $ — , or upon which there matured , 
 
 19l— , $-_ of registered interest, and that being a non- 
 resident foreigner I am exempt from the income tax im- 
 posed on such interest by the United States Government 
 under the law enacted October 3, 1913. and that no citizen 
 of the United States, wherever residing, or foreigner resid- 
 ing in the United States or any of its possessions, has any 
 interest in said bonds, coupons or interest. 
 
 Signature of owner of bonds . 
 
 Address . 
 
 Date , 191—. 
 
 XIV. ASSESSMENT AND PAYMENT OF TAX: 
 
 All persons shall be notified of the amount for which 
 they are respectively liable on or before June i of each year, 
 and the tax must be paid on or before June 30. 
 
 "To any sum or sums due and unpaid after the 
 thirtieth day of June in any year, and for ten days 
 after notice and demand thereof by the collector, 
 there shall be added the sum of 5 per centum on the 
 amount of tax unpaid, and interest at the rate of i 
 per centum per month upon said tax from the time 
 the same became due, except from the estates of 
 insane, deceased, or insolvent persons." 
 
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COLUMBIA UNIVERSITY LIBRARIES 
 
 This book is due on the date Indicated below, or at the 
 expiration of a definite period after the date of borrowing, as 
 provided by the rules of the Library or by special arrange- 
 ment with the Librarian in charge. 
 
 DATE BORROWED 
 
 DATE DUE 
 
 DATE BORROWED 
 
 DATE DUE 
 
 
 
 
 
 
 
 
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END OF 
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