The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1862-11-21
The Tax Law-what it Requires.

The following convenient summary OF
the Tax law is given in THoNPsoS's Re-
porter:
Bankers (not corporated banks) pay o
license of $lC0
Bankers receive deposits, disoonht and
pay checks and drafts. re y
Brokers pay license of $50,
Brokers buy and sell specie, uneurrent
money, stocks and exchange.
Banks that do any brokerage business
as defined above, must take out brokers'
license, $50.
Land warrant dealers must pay Ii
cense of S25.
Bond and Ao5tgage.-Stamps are re-
quired for each instrument; one for the
bond and one for the mortgage.
The income tax is to be paid on the
income of the year commencing January
l, 1862, 80 that on the evening of the 2lst
of December everybody should have q
very clear record of their income gains
or profits for the year And as many
sources of income, such as dividends and
railroad bonds and stock, insurance
stock, savings bank interest, &c, (they
having already paid the income tax are
not again taxed, it therefore becomes ne
eessary to have q clear record of the
sources of income, that there may be no
dispute with the assessor.
The income tax for the year 1862 is
payable on the LIST of May, 1868
A man in business must make up the
net profits Of his business for the year,
4 ~ 10, Vv,f
A man may, outside of his business,
spend all and even more than his profits
in business; nevertheless he must pay
tax on all his net business profits except
the $500. And so with salary; all over
5000 must be taxed, though personal or
family expenses consume it all.
Checks drafts, and orders for money,
whether at eight or on time, for sums Of
$40 or under, are not required to be
stamped.
Notes of hand, due bills, &c, If for
sums of 500 or under, are not required to
be stamped.
Certificates Of deposit, for any amount
require stamps; two cents for $500 and
under; five cents for all over 500.
All checks and sight drafts for sums
of over $40, require only two cents for
any amount.
Time drafts and notes require stamps
in proportion TO the amount; five cents
and upward
Foreign drafts, If single or solo, whether
at sight or on time, or are the same scale
as inland time drafts and notes of hand
bnt if drawn in sets, the first, second and
third must each be stamped according
to the scale of foreign bills in sets; three
cents and upward.
The payer is required TO stamp bills
made abroad at the time Of accepting, i
on time; and at the same time Of paying
it Mt sight.
The party attaching or frat using The
stamp is required t cancel it, by putting
his initials and the date upon it. TIL,
penalty for not doing so is fifty dollars
but in case the maker Of the instrumen
omits to cancel the stamps, the party re-
ceiving it, or the payer, may cancel ii
This, however, will not relieve tho max e
from the penalty.
After naming a few certificates,
such as shares OF stock, deposits, &c
the Law says certificates Of any Othe
description than those specified, lei
cents"
A great many papers in common as
will be necessarily changed in form, iron
a certificate to an assertion Of fact. Il
other words:
A thousand and one lodges 10 Rvoi
the stamp tax will be adopted but as
general thing, good business men wi
pay the tax on their money transaction
rather than trust to dodge that may c
may not stand in law