Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-11-08
The Tax Lnv-Wbnt !, Rco.ire..


The following summary of the Federal tax
lsw is givenin ThOmpson's Reporter:
Bankers (not coTpoTa.sd blnks) pay license
of SlOO
Bankers receive deposits discount, ami pay
checks and drafts.
Brokers pay a. license OF $50.
Brokers buy and sell specie, uBcurreni
money, stocks and exchange
Banks that DO any brokerage business IS de
fined above, must take cut q brokers' license,
$50
Land warrant dealers must pay a license oI
SIS
BOND AND MOBTGAGE.-Stamps are requiyed
for each instrument; one for tho bond and one
| FIR the mortgage.
The income tax is to be paid on the income Of
the yesr commencing JsnuNy f. 1862, so that
on the evening of the 3lst OF December every
body should have very clear record Of their
income gains or profits for the year. And as
ma. y sources Of income, such as dividends aud
railroad bonds and stock, insurance stock, saw
ings bank interest, etc, (they have slresdy paid
| the income tax, are not again s1ed, it there
fore becomes necessary TO have g clesr record OF
the sources OF income, that there may be no dis
pute with the assessor
The income tax for the year 1862 is payable
on the lst Of Hsy, 1863
A man in business must mEks up the net
profits of his business for the year, and pey the
tax on the amount, less $500
man may, outside Of his business, spend
all and even more thsn his profits in business
nevertheless be must pay tax on all net busi-
ness profits except the $500. Aud SO with q
salary al over 5000 must be taxed, though
peTsonaldr family expenses consume it all.
Checks, drafts and orders for money, whether
Ee1~ Of Gs.}N 1rT nader
are not required to be stamped.
Notes Of hand due bills, e,c., If for sums Of
$50 or under, are not required to be stamped
Cert icates Of deposit, iJr any amount re-
/ 9uiTe stsmpsi two cents for 500 and under
] i've cents for all over 500.
AL checks and sight-drsfts for sums Of over
/ $40. require only two cents for any amount.
Time ats and notes require stamps ia pro
portion to The amount; FIVE cents and upward
FoIeign drsf s. if single or solo, whether a.
| sight CT On time, are on the same scs'e as INLAND
/ time drafts aud notes Of hand; but if drawn in
sets, the first, second ami third must each bs
stamped according to the scale CT foreign bill:
in sets; three cents and up ward.
The payer is required to stamp bills made
abroad at The time of accepting, if on time anC
at the same time Of paying it at sight.
The party attaching OF first using the staml
is required to cancel it, by putting his initial
and date upon it. The penalty for not dolnl
so is fifty dollars but in case the maker Of To
instrument omits 10 cancel the stamps, the pad.
receiving it, or the payer may cancel it. This
bowever, will not relieve the maker trcm th
After naming a few certificates" such 9
shares of stock, deposits, etc, the law says
" certificates Of any other description than thos
specified, ten cents.
A great many papa in common use WIN
necessarily changed in form, from eeTnnes
20 an assertion of fact. Ia other words:
thousand aud one lodges TO avoid IT,
stamp tax will be adopted; bat as a geneT'
thing. good business men Will pay the tax o
their money transactions, rather than trust to
dodge that may or may not stand in law.