Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1863-06-06

"A
total amount of bis farm produce" shall
be allowed 10 deduct therefrom the sab
sis,ence Of horses, mules, oxen, and cattle
used exclusively in the carrying on OF said
farm. The term fam produce" is con.
stsued to include sll productions OF q
farm, Of what nature or kind soever.
The account Of stock sold by farmer
since December Slst, 1852, should not oe
included in The present assessment, hut 'ne
profit realized thereby must be accounted
for in his next years return.' Whete ne
has included IN his return produce raised
by him. aud fed IN wto'e or part to stock
subsequently sold hr must account for the
uain realised by the feeding and selling
of said stock. Where he has not included
the produce so fed, be most return, as prof
| its, the difference between the value OF said
stock on the 3lst Of December, 1881. and
he amount realized for them.
Fertil GERS purchased by farmers. to
maintain their land in present productive
condition, will be considered as "repairS"
10 estimating income.
Interests should be considered as in.
come only when paid, unless It ia collectably
and remains unpaid by the consent Or
agreement Of the creditor.
Losses incurred in tho prosecution Of
business ore fair Offset TO gains derived
from business, but not from those portions
of income derived from fixed investments,
such as bonds, mortgages, rents, and the
like
Property used ia business, and furnishing
profits, when destroyed by fre may be re
stored, at the expense of those profits, 10
the condition when destroyed; ii insured
the difference between insurance received
and amount expended in restoration will b'
allowed.
, The increased value given new building
by permanent improvements will be charged
10 capital-not income.
The contingent fund OF manufacturing
corporations, made up during the year
1862, aud not distribu' ed, should not be
returned as par, of the income Of the stock
holders.
The undistributed earnings Of corpo.
ration, made previous to September lst,
1862, whether the corporation is required
to pay tax on dividends or not, should not
be considered as the Income Of the stock.
holders, nor should the corporation be re.
uuired to make return OF said reserved ear
nings as trustees, upder section S3 Of the
Excise Law.
The income Of literary, scientific. or 9th.
er charitable institutions, in the hands oi
trustees or others, is not subject to income
tax.
When person boards, and rents room
or rooms, the rent thereof, in lieu Of rent
of house, shonld he deducted from the
amount of income suljrct TO taxation.
Losses sustained IN business since De
cember 3lst, 1862, will not enter into the
inc, me assessment for 1862.
Interests Oh borrowed capital used in
business may be deducted from income.
Ii a planter returns all bis farm products
be will be allowed 10 deduct from the nc.
,ual expense OF subsistug and clothing his
slaves,
Lega,ees are not required to return their
llegacies as income. There is special tax
on legacies Of personal property in sec
,ion III.
The income tax il assessed upon tb,
actual income of indirMnais. Firms, o.
such, will no; make returns.
The profits of manufacturer from bis
business are not exempt from income tax
in consequence of his having paid the ex
else tax imposed by lawupon articles manu-
factured bv him.
AS bridges, express. telegraph. steam
and ferry boat companies or corporations
are not authorized by law 10 withhold and
pay to the Government any tax upon in
ierest paid or dividend declared by them
all income of individuals derived from thest
sources is liable to income tax.
All persons neglecting or refusing t.
make return Of income, except in case o
J sickness, are brought within tbe penaltie
! prescribed by the lllh section Of the act
Joly lst, 1852, viz: an addition OF 81
, per cent. 10 the amount asco taned by tht
; Assistant Assessor. upon such information
} as he can obtain. and penalty of 500
10 be recovered for the United States, will
costs of suit