Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1863-05-08
4 RaSssf that Concerns alnnoss EVERY.
body.

00Ct1O09 are 20 DC maze. Ihl0 tax 10 annual,
and the assessments will be submitted to ex-
animation and appeals may be taken. RI
psrsons refuse to make statement Of their
ineoms, or the statement is not deemed to be
erus, list win Be made on the best informa.
ton the assessors can obtain, subject to the
cath q affirmation Of the persons assessed,
% prescribed BY the law. In taxing trust
funds, the exemption of 5000 will not be
made, unless oath is made that the minor or
beneficiary has no other income from which
the $500 exemption can be made. The fol.
lowing succinct abstract Of the law relating
= this annual tax will be found useful in
guiding persons in making out statement
of their incomes, and also gives the deduc.
tions 70 be made BY the assessors:
Mechanics, merchants and manufacturers
viii return the whole amount of the apails
O. rsssass Of their business, and q statement
Of the expense Of the same, for labor. mate.
rial, &c. Co.partners will return their share
OF interest in the co-partnership income. -
Corporators the amount Of profits, whether
in the form Of dividends or otherwise. Evil
dences Of debt, for adjusted accounts, will be
salued ~ II the person was making an in
vsnsory Of the same on settlement Of an es.
t.te. @ 81
Farmers will return the value Of the pro-
duce Of the farm. II portion Of the same
hes been !" fed out /" to stock for sale, the
value Of the stock fattened, &C., will be re.
turned; also, oil sales Of such stock. (This
will avoid the payment Of double tax, viz
both for the product Of the farm-grain, hay,
&C., and the income from the stock fattened
from the same). No deduction will be made
for the labor or services of himself or family.
Expenses Of hired help will be deducted
also, al payment for rent, insurance, ordina-
~ repairs, interest on mortgages, &c. No
deduction will be made for any portion of
the products of the farm consumed in the
family. Produce on hand December Slst,
1852, must be valued at the then market
price.
Salauied men will return the full amount
Of the salaries they receive, whether fixed
by statutes or agreement, or derived from
fees, &c. Previous to September LIST, 1862,
no deduction Of three per cent was made
from salaries Of persons in the employ of the
United States. It follows that the gross
amount received between January LIST, 1862,
and August 3lst, 1852, inclusive, must be
returned. .-
A return must be made Of the income or
dividends derived from stock in any bank,
insurance company, savings institution,
trust company, railroad, railroad bonds,
steamboat, ferryboat or bridge, between
January LIST, 1862, and August 3lst, 1862,
inclusive. . ... .-
The net gains or profits of manufactur-
ers are to be taxed under section 90 of the
law, without regard to tho fact that they
have already paid a tax. The exemption
contained in the original Statute was re.
moved by the amendment of March Sd,
1868" ......,- ."... .....
All income received from bonds. mortga-
ges, notes, stock in gas companies, or manu-
featuring companies, during the whole of the
year 1852, is to be returned and taxed.
All income received from telegraph or ex-
press companies, or profits made by expr ess-
men, are to be taxed, if received between the
first Of January, 1862, and September 3oth,
1852, inclusive. -.
Persons whose iEcome does not exceed
SIC, 900, and who reside in the United States,
are liable to tax of 3 per cent. upon all
such part thereof rs is non.exempt. Ex-
ceeding 10000, 5 per cent. Provided, how
ever, that income derived from United States
securities shall be subject to duty Of II per
cent only. Citizens of the United States
residing abroad, and not in the employment
of the United States, are subject to duty of
8 per cent. upon their property, stock, or Sc
curities owned in the United States, except
Government securities, and upon those II
per cent. ...
The following deductions will also be made
from the aggregate income of any person.
and the tax levied upon the remainder viz:
State and local taxes of the calendar year,
Jan,,Arv 1919 10 Dccemher 81
Salaries Of United States officials, from
which has been already deducted, ny dis
bursing officers, the per cent. tax Of the
statute.
Interest, dividends, &C., of stock in banks
and other moneycd corporations, from which
the statute tax of 8 per cent. has already
been deducted or retaine6-that is, since Au-
gust 81, 1862.
Receipts derived from advertisements -
"a which duty shall already have been
paid.
The sum Of $500, except in those cases in
which the $500 has already been deducted
from salaries or pay Of Government officers
- aforesaid.
The rent actually paid for rent of dwelling
house or estate, the residence of person as.
sessed. 1.-THE value of rent of house, occu.
pied by owner, is not deducted.
The amount of hired labor and value of
the board of.snch labor.
Persons receiving rent arc entitled to de-
duct the cost Of repairs, insurance and inter
est on incumbrance upon rented property
The cost OF extraordinary repairs, new struct-
ures. &C., will in no Gaze be deducted.
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