Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1863-06-11
N.cisisus of the Commissioners OF
Internal Revenue.

tant decisions, covering the ground of the
income tax: .,
The income tax must be assessed and
Maid in the district in which the assessed
person resides, The place where a person
votes, or is entitled TO vote is deemed his
residence. When not voter, the place
where the tax on personal property Is PAID
is held to be the place of residence.
In case of limited partnerships. formed
with the condition that no dividend or d.
vision of profits shall be made until the
expiration of the partnership, each mem
Der of the firm will be required to return
his share of profits arising from such bus
mess for the year 1862, as, had they so
desired, division of the profits could
have been made.
Gains or profits realized from the sale
of property during the year 1862, which
property was purchased before the Excise
law went into effect, should be returned as
income for the year 1862.
Executors or administrators OF the es-
tates of persons who died IN the year
1862, should make a return of the income
thereof.
A merchants return of income should
cover the business Of the year 1867, eX-
GLIDING the previous years. uncollected
accounts must be estimated.
Physicians and lawyers should include
the actual receipts for services rendered
in 1862, together with an estimate OF the
unreahzed or contingent income due to
that year
Dividends and interests payable in
1862, should be returned as income for
that year, no matter when declared.
| Dividens derived from gas stock are
taxable as income.
Income derived from coal mines must
be returned, although the tax has been
: previously paid on coal produced, No
reduction can be made because of dimin-
ished value, actual or supposed, of a coal
t vein or bed, by process of mining. The
rent derived from coal mines is income.
i Premiums paid for life insurance are
o not allowed as deduction in the state
O ment of income.
Pensions received from the United
v States Government must be returned with
/ other income subject to taxation.
O Old debts, formerly considered hope
, lessly lost, but paid within the time GOV
v cred by the return of income, should b.
included in this statement. Debts consld
cred lost or the 3lst of December, 1862
and due to the business of the year 1862
IS may be deducted from the profits of bust
ID ness. If subsequently paid, they must b
l. included in the return for the year IL
d which they are paid.
" To give full effect to the proviso to tn
Of ninety-frs section of the act of July
TT 1862, respecting the tax on that PORTO
of income der lived from United States Sc
m curities, it is directed that when income
S, derived partly from these and partly iron
10 other sources, the $500 and other allow
as ances made by law shall be deducted, a
d. far as possible from that portion Of incom
n derived from other surces, and suolect
ed the three per cent tax.
No deduction can be allowed from Il
D. taxable income If merchant for compel
IS sation paid for the services of a min'
CHI son.
a A farmer, when making returns Of Il
Sl | LULdl dllOutlb VI tllh ldi III piouuSSt otio
he be allowed to deduct therefrom the subsl
ds tence of horses. mules, oxen and catt
nd use, exclusively in carrying on said farr
m The term Ct farm produce" is constru,
90 to include all productions of a farm,
en- what nature or kini soever. The accou
of stock sold b. farmer since l'ecemb
81, 1862, should not be included IN Il
| hut no ,,rnEr y
- thereby must be accounted for in his ne
OF years return. Where he has included
TO his return the produce raised by him a
KY fed in whole or part to stock subsequent
- sold, he must account tor the gain reallz
=, by feeding and selling said stock. Whe
az he has not included in his return the pr
ap duce so fed, he must return, as profits, t
Fce difference between the value of said sto
ell on the 3lst December and the amount |
10 allied for them. Fertilizers purchased
"a farmers to maintain their land IN its prs
on ent productive condition will be eonsl
cred as "repairs " in estimating neon
Interest should be considered as incol
II only when paid, unless it is oollectab
Ter and remains unpaid by the consent
ay agreement OF the cretiitor.
sly Losses incurred in the prosecution
les business are fair offset to gains derry
zen from business, but not from those porto
I'D of income derived from fixed investmen
no such as bonds. mortgages, rents, &c.
ac Property used in business and furnis
,un ing profits, when destroyed by fire, M
nd be restored at the expense of those prof
ors to the condition when destroyed. If
ut. sured, the difference between the insuran
of receiv d and the amount expended IN ri
dy toration will be allowed.
he The increased value given to a NJ
building by permanent improvements "
be charged TO capital, rot income.
IN Contingent funds of manufacturing c.
lis, porations made up during the year lSt
rs and not distributed, should not be return
md as part Of the income of stockholde
en- Undistrlbuted earnings of a corporate
,et, made previous TO September |, l8t
ow whether the corporation is required TO p
i've tax on dividends or not, is not consid
md ed as the income of the stockho ders,
is the corporation required to make rett