Page:United States Statutes at Large Volume 28.djvu/585

 556 FIFTY-THIRD CONGRESS. Sess. Il. C11. 349. 1894. on the income derived from property situated in his district, subject to income tax, making no allowance for exemptions, and all property belonging to such nonresident shall be liable to distraint for tax: rmem. Provided, That nonresident corporations shall be subject to the same n§QQ;°°"°"* °°"‘* laws as to tax as resident corporations, and the collection of the tax ` shall be made in- the same manner as provided for collections of taxes against nonresident persons. rnmimpmnmr Sec. 32. That there shall be assessed, levied, and collected, except °°'P°’“‘*°““· as herein otherwise provided, a tax of two per centnm annually on the _ net profits or income above actual operating and business expenses, including expenses for materials purchased for manufacture or bought for re ale, losses, and interest on bonded and other indebtedness of all banks, banking institutions, trust companies, saving institutions, fire, marine, life, and other insurance companies, railroad, canal, turnpike, · canal navigation, slack water, telephone, telegraph, express, electric light, gas, water, street railway companies, and all other corporations, companies, or associations doing business for prout in the United States, no matter how created and organized, but not including partnershi s. P¤y¤b1¤ July 1- That) said tax shall be paid on or before the iirst day of July in each Penalty for fnilim; year; and if the president or other chief officer of any corporation, refuse to file with the collector of the internal-revenue district in which said corporation, company, or association shall be located or be engaged in business, a statement verified by his oath or affirmation, in such form as shall be prescribed by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, showing the amount of net profits or income received by said corporation, company, or association during the whole calendar year last preceding the date of filing said statement as hereinafter required, the corporation, company, or association making default shall forfeit as a penalty the sum of one thousand dollars and two per centum on the amount of taxes due, for each month until the same is paid, the payment of said penalty to be enforced as provided in other cases of neglect and refusal to make · return of taxes under the internal-revenue laws. _ Amounts include-! The net profits or income of all corporations, companies, or associa- “"'°°”‘ tions shall include the amounts paid to shareholders, or carried to the account of any fund, or used for construction, enlargement of plant, or any other expenditure or investment paid from the net annual profits made or acquired by said corporations, companies, or associations. e03m-slams sx- That nothing herein contained shall apply to States, counties, or °°l’* · **“‘°”*°’°· municipalities; nor to corporations, companies, or association organcnmsams societies, ized and conducted solely for charitable, religious, or educational pur· °‘°· poses, including fraternal beneficiary societies, orders. or associations operating upon the lodge system and providing for the payment of life, sick, accident, and other benefits to the members of such societies, orders, or associations and dependents of such members; nor to the stocks, shares, funds, or securities held by any fiduciary or trustee for _1s¤u.n¤g associ.- charitable, religious, or educational purposes; nor to building and loan “°“‘· associations or companies which make loans only to their shareholders; hallrrfgual savings nor to such savings banks, savings institutions or societies as shall, ‘ first, have no stockholders or members except depositors and no capital except deposits; secondly, shall not receive deposits to an aggregate amount, in any one year, of more than one thousand dollars from the same depositor; thirdly, shall not allow an accumulation or total of deposits, byanyone depositor, exceeding ten thousand dollars; fourthlv, shall actually divide and distribute to its depositors. ratably to deposits all the earnings over the necessary and proper expenses of such bank: institution, or society, except such as shall be applied to surplus; fiithly, shall not possess, in any form, u surplus fund exceeding ten per centum of its aggregate deposi ts ; nor to such savings banks, savings institutions,
 * ’,,,,°§f’ "°"‘ ""` company, or association, or in the case of any foreign corporation, company, or association, the resident manager or agent shall neglect or