The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1863-04-16
BY TELEGRAPH.
ToTHE
Portland Daily Press.
FROM WASHINGTON.
Regulations for the Assessment of the
Income Tax.
The Five per Cent. Loan.
WASHINGTON. April *.

IHe commissioner OF Internal Revenue has
just issued the following regulations for the
assessment OF income tax: Assessors and As
sistant Assessors of each collection district
VIII assess the income tax on the LIST day of
May next, upon every person residing within
the district liable thereto Each person will
be required to return his total income. so far
specifying the sources from which it is derived
as to enable the Assistant Assessors to decide
what deductions shall be made therefrom.-
Persons whose income does not exceed $1,000,
and who reside in the IT, S., will be subject to
duty OF 3per cent. on such portion thereof
as is Fable to taxation, provided, however,
that upon the income levied from interest
upon notes, bonds or other securities of the u.
| s., a duty OF 1-2 per cent. will be levied
Persons whose incomes exceed $1,000 will be
subject to a duty of per cent. ON the portion
thereof subject TO taxation, provided however,
that upon the income derived from interest
upon notes, bonds or other securities of the
U. 5. a duty of 1-2 per cent will be levied.
Citizens Of the U. 5. residing abroad, and
not in the employ OF the U. S., will be subject
TO duty OF per cent. on the income of any
property, securities or stocks owned in the u
s., and not exempted from the income tax
provided, however, that upon the income de-
rived from interest upon notes, bonds or other
securities of the U. S., a duty Of 1-2 per cent.
| will be levied.
Every farmer or planter will be required to
| make returns of the value of produce of his
farm or plantation, without deduction for labor
or services of himself and his family, or for
any portions of such produce consumed by
himself and family.
The following deductions will be made from
the aggregate income of each person. and a
tax assessed upon the remainder, viz State
local taxes assessed in the calendar year pre-
ceding his assessments, TO wit, from Jan. /,
1862, to Dec. 81, 1862, inclusive; salaries of
! ofhcers or payments to persons in the service
| oil the United States, from which deduction
| of five per cent. has been made by the dis
| bursting officer of the Government; interest or
dividends of stock, capital or deposits i'm any
bank, trust or savings institution, Insurance,
bridges, express, steamboat, ferryboat, railroad
company or corporation, from which interest
or dividends a duty of three per cent shall
have been deducted by officers of such COM
panies, corporations or associations; interest
from any bonds or other evidences of indebt-
edness OF any railroad company or other cor
poration, from which duty of three per cent.
shall have been deducted by the officers of
such company or corporation; and receipts
derived from advertisements, on which the
duty shall have been assessed and paid also
the sum of 5000, except in those cases where
the whole or any part of the said 5000
shall have been deducted from tlfe salaries of
officers or persons in the service or employ
ment of the United States; the amount actu-
ally paid for the rent of every dwelling house
or estate which is the residence of the person
assessed; and the amount paid by any farmer
or planter for hired labor and necessary re-
pairs on bis farm or plantation, including sub
sistence of laborers.
Whenever the total income of any person
exceeds $4,000, and deductions are made
thercfrom upon the ground that portion of
such income has been subject to three per
cent. duty upon dividends or interest paid by
companies, corporations or associations, rs
before enumerated, such person will be SUBJ
ject to tax of two per cent. additional upon
so much OF his income as may have been pre-
viously subjected to a duty of three per cent.
by the officers of the companies corporations
or associations before named.
Guardians or trustees, whether such trus-
tees are so by virtue of their office as execu-
tors, administrators or other judiciary capaci-
ty, are required TO make return of the in
come belonging to minors or other persons,
which may be held in trust as aforesaid, an
income tax will be assessed upon the amount
returned, after deducting such sums as are ex-
empted from income tax as aforesaid provided
that the exemption of six hundred dollars I'M
der Section 90 of the Excise Law shall not be
allowed on account of any minor, or other
beneficiary of a trust, except upon the state
ment of a guardian or trustee, made under
oath, that said minor or beneficiary has no
other income from which said amount of 5000
MAY be exempted or deducted.
Whenever persons liable TO assessment OF in
come tax shall neglect or refuse TO make the
lists required by law, or when lists made and
rendered by suuh persons shall not be accept
ed by the assessors or assistant assessors as
just and proper, it shall be the duty of such
assessors or assistant assessors to make lists
for such persons according to the best infor-
nation he can obtain. Persons so assessed
may take oath or affirmation as to the amount
OF income and deduction therefrom, agreeably
to Section 81. Persons receiving the same
may deduct therefrom the amount paid for
necessary repairs, insurance, and interest on
membranes upon such rented property
The cost of new structures or improvements
TO buildings shall be deducted from the income.
Tax must be levied upon all dividends de-
clared prior TO Sept. /, 1862, and upon 5000 of
all salaries of officers or payments to persons
IN civil, military, naval or other service of the
U. s., for services rendered prior to said date,
as such dividends and proportions of salaries
were not subject to deduction or assessment.
Interest received from or due by trust com
panes, savings institutions, insurance, bridge,
express, steamboat, ferryboat and railroad
companies, corporations or associations, prior
TO the same date, must also be taxed
Interest paid by him, or membranes upon
the dwelling house or estate in which the as
sessed person resides, NAV be deducted from
the income; also his payments for necessary
repairs. Farm produce which the producer
had on hand on the 3lst day OF Dec, 1862
must be appraised at its marketable value on
that day. Income tax shall be included in the
annual list, and appeals and other proceedings
held as provided by law.
The Commissioner has decided that sails,
tents. shade awnings and bags, when manu-
featured by persons who own the MATERIAL are
subject 10 duty of three per cent. advalo-
rem. Whenever the cloth or materials used in