The Abingdon Virginian. [volume] (Abingdon [Va.]) 1849-1883, 1863-08-21
synopsis of Decisions
MaaeJy Tie Secretary Of the 7aeasmy, unde,
the lag Loacs.

Ny AAVDSAS U4 DVCxS1OZAS
Made6y Tie Secretary Of the TSeasmy, undl
the gdg LaUs.
AUcTIoNEERs are not liable to pay upon sale
, made for dealer who is registered and take
and at the place of business of such dealer
Auctieneers are required, with this exception
3 to pay a tax of d per cent on all sales made
AcooUSTs-Open book accounts are to be ia,
ed according to their true value on LIST Jul,
: that value to be ascertained by the Assessor
the best manner practicable, under the circun
stances of each case, by the oath of the tax pa1
, er and any other available evidence.
ASSESSORS may be recommended, but cannt
be appointed by District Collectors, as the pow
er to appoint such is confined to State Coliet
tors.
ARTICLES taxed by Section lst-If any of til
articles taxed by Section LIST of the Tax Act ar
sold by any person or firm whose business is re
i quired to. be registered by Sec. 9Th, the pro
| ceeds of such sales will be subject to the sam
tax as that imposed upon the sales of other or
ticles by the same establishment That is, tn
payment of the ed calorem tax of per cent
] upon such articles, does not exempt the pro
| eeeds Of their sale afterwards from the tax O
/ u per cent. under Sec.' s.
! BANKERs.-An insurance company, in receiv
ing and paying out the revenues of y State Uni.
versity, Is regarded merely as a disbursine
agent, and not as banker, and is, therefore
| not subject to the tax on bankers.
BoNDs.-The interest on Confederate bond.
Is taxable as income under Sec. 8, Act 24t,
April, 1863.-(See credits
BROKERS are taxed by Sec. s upon their COM
missions as incomes.
CATTLE--B. Sec. u, the value of ell neat
cattle, horses, mules and asses, not used in Gull
tlvatlon, is taxed per cent, to be returned on
lst November, and tax paid on LIST of January
next.
7. CoTTON.--No value is 6sed on cotton by the
Department It is the duty of the person hold
ing the cotton, when he makes return, to return
1t at Its true value, according to quality and the
locality in which it may be situated If too
low valuation should thus be placed upon it,
IN the estimation of the Assessor, it. will be the
duty OF that officer in each particular tax dis
trict, to place such value upon it, as the same
quality OF cotton would demand in thsst market,
under ordinary circumstances of sale. That is,
under circumstances Of voluntary and enforced
sale. The same rule viii apply to the articles
OF wool and tobacco, as well as to every other
taxable article. Cotton of the growth of any
year prior to 1863, in the hands of manufac-
turers on 1st July, is liable to pay a tax of 8
e
RIGS by the piece and other articles, arc subject
to be taxed as wholesale dealers Also, to paw
tax on their income-and joint stock companies
and corporations to pay certain portion of annu-
al earnings set apart as dividend and reserve
fund, according to the per centum yielded on
the capital stock.
Cotton in Confederate States, hypothecated
for goods in Europe, is liable to tax under Sec.
LIST. The goods so obtained, that is, their gross
sales, are also liable to q per cent. tax when
sold in the Confederate States. If first sold by
auctioneer wholesale dealer or commission mer-
chant, the proceeds will be chargeable with 81
per cent. tax, and an additional 2 10 per cent.
will be paid by the next person selling, and SO
on, until they reach the consumer. The net
profits made by each business, person, or firm
selling them, will also be taxed as income un-
der Sec. 8, if the income of the seller, from all
taxable sources, exceeds $500. Cotton factors
are commission merchants in contemplation of
he law.
COMMISSION MERCHANTS and others taxable |
lnder Sec. 5, Act Oath April, 1863. The speci- |
ic tax is for the year ending 3lst Dec, 1868;
Ind the liability to pay the per centum in gross I
ales or profits attaches from and includes the
.4th April, 1868, the date Of the act.
CREDITs.-sec. LIST, taxing credits, is I'd be
., ln.fI
comes. The scheme of the law is to lay an al
ornate tax of one per cent on capital, or 5, 10 I
II Is per cent. on incomes. It is not designed I
o tax capital and again the interest; and this is
he idea conveyed by the laws when speaking of
redts ''upon which the interest has not been
'aid." Aninterest received during the year
1868 is subject to income tax and no capital
ak is, therefore, designed to be laid upon the
redits producing that interest. The rule thus
it follows that the one per cent. tax
5 not laid on credits upon which the interest
as been paid and due up to to LIST July: but
then the interest has not been paid, the tax
alls upon the capital
..sValue of credits is construed to mean the
rincspal and interest," if not paid, of all solvent
redits, and the estimated value Of credits that
he holder will swear are not worth the princi- =
al and interest. ssCredits employed in q bust I
ess the income Of which is taxed under the
Act' are exempt from the capital tax Of per
emit. To be entitled to exemption, the credits }
must form part of and be exclusively used in J,
arrying on the business, andth money deriy. J
from them must also be SO exclusively used G
1hen collected. In case of Confederate and 7
tate bonds and stocks, where the interest is
ayable at stated periods, and had been Maid p
to the last stated period when it fell due. 9
nd the LIST OF July lntervenes, before the next
lated period arrives. the credit is not taxed as
apital, but the Whole interest during the wear T
lust be returned as income on 1st January nert o
redits include all unliquidated demands. such v
$ open accounts due and unpaid, which are to v
e taxed according to their true value, on july p
st, 1868. p
CURRENcY.--The words .sother currency as is
SEQ IN Sec. lst are construed to mean all indi-
dual or corporation notes issued for circula- d
on and generally received and used as curren: N
or medium Of trade in any community in a
le Cnnfedarata Cfafos ---,-,N-J =.