"The American Home, the Safeguard of American Liberties." MEMBERS OF OHIO BUILDING ASSOCIATION LEAGUE JOHN J. PURINTON, President, East Liverpool, Ohio. Cincinnati Cont'd. Eagle S. & L. Ass'n. East End L. Ass'n Co. East Walnut Hills B. L. Co. Elberon B. & L. Ass'n. Co. Fortschritt Bau Verein. Gest Street B. Ass'n No. 1. Music Hall L. & B. Co. Oak L. & B. Co. Ohio Valley L. & B. Co. Seventh Ward L. & B. Co. Circleville- Cleveland Cech B. & L. Ass'n. Mravenec B. & L. Ass'a Clyde- Coldwater Home B. & L. Co. College Hill- Allemania B. & L. Co. Ohio State S. & L. Ass'n. People's S. Ass'n Co. Co. Coshocton MEMBERS OF OHIO BUILDING ASSOCIATION LEAGUE -Continued Home B., L. & S. Co. CovingtonCovington B. & L. Ass'n. Crestline Crestline B. & L. Ass'n. Dayton American L. & S. Ass'n. Mutual H. & S. Ass'n. Defiance Home S. & L. Security B. & L. Co. Citizens B. & L. Ass'n. Delta Delta B. & L. S. Co. Dennison Dennison & Uhrichsville B. & L. East LiverpoolFederal B. & L. Co. Peoples S. & L. Co. Potters S. & L. Co. Union B. & L. Co. East Palestine-- The Eaton L. & H. Aid Lorain County S. & L. Co. The Hancock S. & L. Co. The Miami Valley B. & L. The H. B. Smith B. & Sandusky Co. B. & L. Co. Gallipolis S. & L. Co. Galion Home B., L. & S. Co. Glandorf Germ. B. & L. Savings, Bldg. & L. Co. The Greenfield Home B. & Hamilton Citizens B., L. & S. Co. Lenox B. & L. Co. Crescent B. & L. Co. Jackson Jackson B., L. & S. Co. Johnstown B. & L. Ass'n Home S., B. & L. Co. Lancaster New Plan S. & L. Co. Equitable S., L. & B. Co. The Fairfield S. & L. Ass'n, Shoe Workers' Deposit B. & L. Co. Lebanon The People's B., L. & S. Leesburg- Allen Co. B. & L. Ass'n. Enterprise B. Ass'n Co. People's S. & L. Co. Citizens' B. & S. Ass'n Co. Logan H. & S. Ass'n. Pioneer City B. & L. Co. Home B., S. & L. Co. The Citizens H. & S. Co. The First S. & L. Co. Maumee- Miamisburg- Citizens B., L. & S. Ass'n. Millersburg Deposit B., S. & L. Co. Minster Minster L. & S. Co. Mt. Gilead Mt. Gilead S. & L. Co. Mt. Healthy- Mt. Vernon- Mt. Washington- Citizens B. & L. Ass'n, New Bremen- The Concordia B. & S. Co. New Carlisle- New Philadelphia- New Waterford- North Baltimore- Ottawa H. & S. Ass'n. Oxford L. & B. Ass'n, Painesville The Citizens L. & B. Co. SanduskyHome S. & L. Co. Peoples L. & B. Co. Savings B. & L. Co. Scio Home S., B. & L. Co. Shelby Co. B. & L. Ass'n, People's S. & L. Ass'n. Clark County B. & S. Co. Citizens B. Ass'n Co. Toledo Corn City B. & L. Co. People's B. & S. Ass'n. The People's B. & L. Co. The Fraternal B., L. & S. The Versailles B. & L. Co. Trumbull S. & L. Co. Waverly B. & L. Co. Wellston Central B. & L. Co. Jackson Co. B.,L. & S. Co. The Home S. Co. West Jefferson- W. Milton The W. Milton H. & S. Home B. & S. Co. Zanesville Equitable S. Co. Homestead B. & S. Co. Muskingum B. & L. Co. Albion Members of the Building Association League of Illinois. B. & L. Douglas Park. Drexel B. & L. Eagle L. & Inv. Ass'n. Entered as Second Class Matter at the Post Office at Cincinnati, O., SINCE 1880 THE RECOGNIZED AUTHORITY ON BUILDING ASSOCIATION MATTERS. Vol. XXXIV. FEBRUARY, 1914. No. 2. Income Tax Returns. Domestic building and loan associations, organized and operated exclusively for the mutual benefit of their members, are specifically exempt from the operations of the recently enacted Federal Income Tax Law, which superseded the excise tax on corporations. It is suggested that all associations secure from the Collector of Internal Revenue of their district a Corporation Income Tax blank and that, where the facts warrant, they attach thereto an affidavit claiming exemption in the following form, which Corporation Income Tax blank, with affidavit attached, should be filed with the Collector of Internal Revenue in the district in which the association is doing business, prior to March 1, 1914: State of Ohio, County of Hamilton. AFFIDAVIT. of..... President, and .Secretary of the ..... Association being severally duly sworn, each for himself deposes and says that the aforesaid association is a domestic building and loan association, organized and operated exclusively for the mutual benefit of its members, that it distributes its profits at equal rates among all its members, regardless of the kind of stock which such members hold, that it loans its funds to members only, and is strictly mutual, and therefore under the provisions of Section 2, Paragraph G of the Federal Income Tax Law of October 3, 1913, is exempt from the Income Tax imposed by said act. The filing of the blank with the affidavit attached is suggested for the reason that the present income tax act is a new law, and your claim to exemption should be asserted under the same and filed prior to March 1, 1914. TREASURY RULING. Dr. Herman C. H. Herold, internal revenue collector for the fifth district of New Jersey, received a letter from Acting Commissioner of Internal Revenue Robert Williams, Jr., in Washington, in response to repeated requests for instructions as to the liability of building and loan stock earnings of individuals subject to the income tax, which were sent by Chief Deputy Collector E. Allan Smith. The decision of the department, as given in the letter, is of importance and wide interest. It is as follows: "It appears that these associations (building and loan associations) issue statements annually at the close of their fiscal year, showing the book value of each share and the withdrawal value of each share. "In reply to your inquiry, you are informed that, in the opinion of this office, the increase in the value of the shares, as ascertained and as shown by the statements issued by the associations, should be accounted for as income to the individuals holding such shares of stock, and that the increase will be considered to be income for the year in which the increased value is made a matter of record on the books of the associations; that is to say, when these values are due and payable in case the individuals desire to withdraw, and in the case of actual withdrawals the income will be based upon the withdrawal value of the stock as evidenced by the statement of the association. "If the stock is not withdrawn, then the book value as evidenced by the statement will be the basis for determining the gain arising and accruing to the individual on this account." It was pointed out by Deputy Collector Smith that this ruling must not be construed to apply to the building and loan organiza |