St. Mary's gazette., 1863-10-15

p@stions. made up during the year 1854.
sna not distribused, shsald see Be resuEs-
ed rs part Of the income Of stock holders.
Uudistributed essaings II esspesstiea.
made prcvious 10 September l. 1852.
whetker the corporations Is required 70 pay
tsx On dividends OF sss. 10 not eoasid-
cred n the income 81 the stockholders.
NOT Is the eospaeaiiea required to make
| returu Of the scserved earnings @ trustees,
unler section % Of the excise law.
The incomes IL Ressssy. scienti6c. Or
other charitable institutions, IN the hsnIs
at trustees or othe,s, are not subject to
income tax.
When q person boards. or rents . room
or rooms. the rent thereof. in lien Of tho
rent Of . house. 10 deducted from the
amaunt Of income subject to taxation.
Leases sustained in business since Dec.
81, 1862. will not enter into tho Income
assessment for 1862.
Interest on borrowed capital used in
business may be deducted from income.
liza planter returns al his farm pro-
ducts. he will be allowed to deduct tho
actual expense u sabsisting and clothing
his slaves
Lrgatces are not required 10 return their
lcgacies as ineeme. The income tan ID
assessed upon the actual income Of isdivid.
uals.
Firms. as such. win not make returns.
The profits u manufactures frsss k;s
bu.incss are not exempt from the income
tax in consequence Of his having paid the
excise tax imposed by Law upon articles
manufactured BY him.
Az bridge. express. telegraph. stesm
aud fcrry-boat companies OF corporations
are mot authorized by Law to withhold and
pay to the government any tai upon in-
tcrest paid or dividends declared By them,
all income Of individual. derived frem
these sources is liable to the iLeome tax.
All persons ncglccting or refusing to
make return OF income. except ID cases Of
! sickness. arc brought within the pcnalties
prescribed by the eleventh section Of the
act Of July /. 1862. viz: al addition Of 50
per cent to the amount asccrtnincd BY the
assistant assessor. upon such information
A. he can obtain. and the penalty Of 9lOO,
TO BE- recovered for the United States With
costs Of suit.
By the following it will be seen that
Taxpayers arc not required to give the g.
sessors Of internal revenue . detailed state
mcnt oftbcir investments. They are Elm.
ply required to make up the totals" aud
return them. The circular 10 % iollows:
Treasury Dtparta.ent. Office Internal ser,
Washington. May ls.
Assessors and assistant as.c..or. wifi
take notice that the specific statement 1t
the several subjects Of tax. on the second
and third pages Of Form No -, arc ID.
tended merely for the convenience Of the
Taxpayer. with view to facilitate the A.
certainment by him Of the tax which he il
liable to pay. 1t is not regarded a. part
Of the return to be made By him. nor mus.
it be exhibited to the inspection of auy
one. The iucome and rate of tax Leipe
aseertained BY the ax-paye.. in the uode
indicated. or any other proposed by him,
and equally likely TO result, In true state.
ncnt ut ine0me subject 10 tax. the return
may BE- made in gross. IS indicated on
page four.
This Office does not propose 10 inqnire
into the kind Or number Of any mans in-
vestmcnts
10 distributing Form No. "a for use
this explans.iea should accompany the
distribution.
JosErn J. Lkwis, Commissioner.