The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III. The Missouri tax system

Collection:: Economics Books

THE MISSOURI TAX SYSTEM 95 organizations not organized for profit; clubs organized for recreation, pleasure, and other non-profitable purposes; various mutual insurance companies on an assessment basis; title-holding companies operating on an expenses basis; Federal land banks and national farm loan associations; joint stock land banks, as to income derived from certain specific sources; and express companies and foreign insur- ance companies. EXpress companies and foreign insurance companies, as will be seen, are subject to special taxes on their gross receipts and are therefore exempt from the general income tax. In order to establish that it is entitled to exemp- tion, any organization may be required to furnish such information as will enable the taxing authorities to determine its exact status under the statutes. In addition to the exemptions mentioned above, income received from the following specified sources is exempt: (1) proceeds of life insurance policies paid to individual beneficiaries and return premiums on life insurance, endow- ment, or annuity contracts; (2) compensation received under workmen’s compensation acts on account of personal injuries or sickness and damages received on account of same; (3) the value of property acquired by gift, bequest, devise, or descent? (4) interest on the obligations of the Federal Government or its possessions and interest on the obligations of the State of Missouri and the local governments in the state; (5) the compensation of public officers for public ser- vice where the taxation thereof would be repugnant to the constitution; and (6) income derived from any public utility performing functions of the national government or the state or its political subdivisions, or from the exercise of any essential governmental function accruing to any state, territory, or the District of Columbia. Some of the foregoing are not income under the definition as given in the statutes.® They are included in the list of exemptions primarily for the purpose of clarification. The personal exemptions are of the kind usually granted ander a state income tax. A single person is granted an ex- emption of $1,000; a married person or head of family, 1 Session Laws, 1927, p. 479. * The income from such property is taxed. 8 Session Laws, 1929, p. 429.

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