| Description |
In 1928, Utah Construction Company completed its first project outside of the United States with the 110 mile railroad for Southern Pacific of Mexico. Over the next 30 years, UCC continued to work on projects in Mexico including dams, roads, mining, and canals. The collection contains several booklets and correspondence along with approximately 500 photographs. |
| OCR Text |
Show 21- both of the two preceding groups, provided that the total income in a calendar year, after certain deduc-tions, exceeds US$12,000. The taxpayer can elect to consider his income as subject to this third group if his annual income exceeds US$5,760. With this new tax the tax on accumulated income of the previous law is repealed. A. TAX ON INCOME FROM PERSONAL SERVICES 33. Individuals subject to tax: Individuals who receive income in cash or in kind (income credited to an individual is not taxable) for the services set forth below are subject to this tax: a) Services as employee, including remuneration of comisarios and members of boards of directors. b) Exercise of a profession, art, office or technical, sports, or cultural activity, and any other activity relating to personal service which is not included in the preceding group. Included in this group are individuals who engage in these activities as a professional association or as a civil association or society. i. Performance of employment- The taxable income of employed individuals includes salaries and wages, commissions and employee profit participation, travel allowances, entertainment expenses, bonuses, indemnities, etc. The previous law did not tax employee profit participation as compensa-tion for personal services. This treatment, in addition to reflecting the true nature of profit participation paid to employees and workers, is more equitable since such payments are now taxed at rates that are proportional to the income of the employee instead of at a rate ap- plicable to income from capital investments, as under the previous law. 34. Taxable income: The taxable income is the total income received in a calendar year, less an adjustment of 20% of such income; this adjustment cannot exceed US$2,400. 35. Exemptions: Exemptions similar to those of the previous law are granted, such as for minimum wages, properly supported entertainment expenses and travel allowances, welfare and fringe benefits, year-end bonuses of up to US$160 which do not exceed one month's salary, indemnities |
