Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1863-05-05
The Income Tar.

the tax law for the assessment OF the tax on In
comes, the present assessment being for the yeal
ending December 81, 1869. Every person
whether In business or not, including those act
ing In fduciary character as guardians, Trustees
and administrators, must return to the assistant
assessors statement of oil the receipts OF their
business or property Of every kind and descrip-
tion, and the assessors will decide what deduo-
tIons are to be made. This tax 10 annual, and
the assessments will be submitted TO examlna-
tlon, and appeals may be taken. II persons re-
fuse to make statement OF their income, or the
statement Ia not deemed to be true, list will
be made on the best formation tho assessors can
obtain, subject to the oath or Affirmation Of the
persons assessed, as prescribed by the law. In
taxing trust funds the exemption Of $500 will
not be made, unless oath 10 made that the mi
nor or beneficiary has no other income from
which the $500 exemption can bo made. The
following suoclnct abstract OF the law relating
to this annual tax will be found useful 10 guild
ing persons in making out statement of their
incomes, and also gives the deductions to be
made by the assessors: .
Mechanics, merchants, and manufacturers
will return the whole amount OF the svais or
revenue Of their business, and statement Of
the expense Of the same, for labor, material,
etc. Copartners will return their share or in
terest in the copsrtnership income. Corpoiators
the amount of profits, whether In the form Of
dividends or otherwise. Evidences Of debt, for
adjusted accounts, will be valued az If the per-
son was making an inventory Of the same on
settlement Of an estate.
Farmers will return the value Of the produce
of the farm. If portion of the same has been
"fed out" to stock for sale, the value Of the
stock fattsned, ETC., will be returned; also all
sales of such stock. (This will avoid the pay
ment of double tax, viz: both for tho product
of the farm-grain, hay, ETC., and the income
from the stock fattened from the same) No
deduction will be made for the labor or serv ices
of himself or family. Expenses of hired help
will be deducted; also all payment for rent,
insurance, ordinary repairs, interest on mort.
cages, etc. No deduction will be made TOR any
portion of the products Of the farm consumed
In the family. Produce on hand December 81,
1862, muet be valued at the then market price.
Salaried men will return the full amount Of
the salaries they receive, whether fixed by stat
utes or agreement, or derived from fees, eto.
Previous to September /, 1862, no deduction Of
three per ceut. was made from salaries of per.
sons in the employ Of the United States. II
follows that the gross amount received between
January l, 1862, and Agust 81, 1862, Inclusive,
must be returned. ,u
A return must be made of the income or
dividends derived from stock 10 any bank, In.
surance company, savings Institution, trust
company, railroad, railroad bonds, steamboat,
ferryboat, or bridge, between January /, 1862,
and August 81, 1862, inclusive. a
The net gains or profits of manufacturers are
to be taxed under section ninety Of the law,
without regard to the fact that they have al
ready paid tax. The exemption contained in
the original statute was removed by the amend
ment Of "Maroh 3, 1862" '"'
ALI income received from bonds, mortgages, !,
notes, stock in gas companies or manufacturing
companies, during the whole of the year 1862,
is to be returned and taxed
Ali income received from telegraph or eS.
press companies, or profits made by express
men, are 10 be taxed, II received between the
g ct of January, 1862, and September 80, 1852,
inclusive.
Persons whose income does not exceed Sl0,-
600 and who reside in the United States, are
liable to tax Of three per cent. upon all such
part thereof as is non-exempt Exceeding
$40 900 five per cent. Provided, however, that
income derived from United States securities
shall be subject TO duty OF one and half per
cent. only. Citizens of the United States reeid-
ing abroad, and not in the employment OF the
United States, ore subject to duty of FIVE per
cent. upon their property, stock, or securities
owned in the United States, except government
securities. and upon those one and half 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,
January /, 1862 to December 81.
Salaries of United States officials from which
has been already deducted by disbursing officers
the three per cent tax Of the statute.
Interest, dividends, ETC., OF stock in banks
and other moneyed corporations from which
the statute tax of three per cent. has already
been deducted or retained Il. e.) since August
81, 1862.
Receipts derived from "advertisementsp on
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 as
aforesaid. .
The rent actually paid for rent of dwelling
house or estate, the residence Of person assess
ed. lThe value of rent of house, occupied by
owner, is not deducted). lSr.a
The amount of hired labor, and value of the
board Of such labor. ttA'
Persons receiving rent are eniiled to deduct
the cost OF repairs, insurance, and interest on
upon rented property. The cost
Of Extraordinary repairs, new structures, etc.,
Will III no case be deducted.