Book Description

Excerpt from The Wisconsin Income Tax Law: With Explanatory Notes The fundamental principle of the income tax law is to tax annually net incomes within the jurisdiction of this state. This basic principle should not be lost sight of either by taxpayers or tax officials when dealing with income taxation. Net income is what remains of gross income after deducting the expenses of producing it and certain other charges specifically allowed as deductions by statute. No deductions from gross income are allowable except such as are authorized by law. Every individual receiving taxable income is required to report annually to the assessor of incomes in his district on forms prepared by the tax commission the amounts of income received by him during the previous year from all sources. All corporations doing business in this state must make like reports to the tax commission. Corporations and individuals should also report on the same blank used in reporting income all necessary expenses incurred in producing the same and all statutory deductions. If it were perfectly dear in all cases just what under the law is income and just what is legally deductible and all taxpayers religiously complied with the law in making returns, the task of the tax commission and of income tax assessors would be simple. But failure on the part of taxpayers to understand fully just where the line runs between receipts that are income and those that are not and to distinguish between expenditures that are deductible and those that arc not, opens up an extensive field for investigation on the .part of tax officials. This pamphlet contains the Wisconsin income tax law of 1911, as amended in 1913,1915,1917, and 1919, together with citations to decisions of the supreme court, and to some of the important rulings of the tax commission under appropriate sections. It is published as an aid to assessors of incomes and taxpayers in performing the important duties imposed upon them. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.