The new Revenue Act gives no relief whatever to corporations from federal taxation. In fact, instead of relief, in a number of instances, it involves considerable additional burden in the form of computations i of income tax returns in the elaborate accounting necessarily imposed this connexion. Some authorities go so far as to state that the tendency of corporation taxes will be to drive the small corporations out of existence. This probably is fan overstatement and while many features of the accounting requ ments are unduly burdensome, against this it may be said that the accounting requirements of the' Bureau of Internal Revenue compel corporations to keep their accounts) to show whether their business is being done in black or red figures, and as the Bureau is more interest. ed in the results shown in black, their requirements are probably un duly minute on that side. Nevertheless, the corporations, by meeting these requirements, are' able to tell the parts of their' business are done in red figures. This seems to justify the statement that the corporations only are being required to keep their accounts to the extent of being able to tell whether they are doing business at a profit]
One of the points which should be given careful consideration, continued Mr. Rhea, in connexion with the federal taxation requirements for} American businesses resident in China is the possibility of keeping accounts to meet the requirements of the Bureau as applying to home corporations. The China Trade Act, even with the proposed amendment, effected, would not give the measure of relief from the exactions of accounting requirements which, it "is believed, could and should be done and will have to be done, if Ameri Mr. Cunningham on the Sacredness of the Law The Tsing Hua students who are shortly for the United can interests resident here are to their education be placed on the same footing ulti- i in various institutions, called upon mately with their competitors of Mr. Edwin 8. Cunningham, other nations, Mr. Rhes's stay in China is en- Moe"iee is morning, to pay their "on " Wednesday respects betirely dependent on the exigencies of the situation. He may return Oii "being asked to address them, the United States in three mantis Mr. Cunningham expressed regret and he may remain for some years. that on the passage of the new Immigration Law it ' became possible to grant a visa immediately Lfor those El students who
Text read from the printed page and cleaned; old type leaves the occasional error.