Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1863-06-10

( statement e q /.
/ Debts considered hopelessly lost on the 9 Isl
| Of Decentfr, 1862 and due to the business d
the year 1862 may be deducted from he prot
its of business; it subsequently, paId they
/ must be included in lhs return for th,, year il
/ watch paid
In order 70 give full effect to the proviso tc
| the 9lst section of the act Of July lst 1862
respecting the tax on that portion Of income
derived from United States securities, it i,
/ directed that when Income is derived part ;
| from these and partly from other sources. the
5000 and other allowances made by law shall
| be deducted. as far as possible. from that por-
/ tion OF income derived from other sources, and
| suljeci "a. three per cent. tax.
| No deduction can be allowed from the tx
able iocpne of merchant for compensation
! paid tor the services of minor son.
A farmer, when making return of the total
amount of his ''farm produce shall be allow
! ed to deduct tirrefrom the subsistence OF bor-
! ses, les, oxen, and cattle used exclusively
| in the carrying on of said farm. The term
| s:farm produce' Is construed to include all
| productions of a farm, OF what nature or kind
| socver.
The account of stock sold by a;farmer since
December 3Ist. 1862 should not be included
in the present assessment. bnt the profit real
ized thereby must be accounted for ia his
next-year's return. Wn,re he has included
in his return produce raised by him, and fed
in whole part TO stock subsequent, sold,
he must account for the gain realized by the
feeding anG selling OF said stock. Where he
has not included the produce so fed, he mnst
return, profits, the difference between the
value of said stock on the 3lst of December,
| 1861, and the amount reaiz ID tor them.
Fertilizers purchased by farmers to MAIN
! tain their iano in present productive condition,
| will be considered s:repairs'' in estimating
income
Interest should be considered as income on
iy when paid unless it is collectable aud re-
mains unpaid by the consent or agreement of
the creditor.
Losses incurred in the prosecution. of bu>i
ness are fair offset to gains derived from bn-
sness. bat not from those portions OF income
derived from fixed investments, such as bonds,
mortgages, rents, and The like.
Property used in business, and furnish
ing profits, when destroyed by fire, may be
restored, st the expense of those profits, to
the condition when destroy ed ; if insured
the difference between insurance received
and amount expended in restoration will be
allowed
The increased value given a new building by
permanent improvements will be charged to
The contingent fund of manufacturing cor
porations, made up during the year 1862. and
not distributed, shouId not be returned as part
OF the income of the stock holders.
The undistributed earnings OF corporation.
made previous To September 1st 1862, wheth-
er the corporation is required to pay tax
dividends or not, shohld not be considered as
the income of the stockho ders, nor should
the corporation be required TO make return of
said reserved earnings as trustees, under sec
tion 90 of the Excise Law
The income of literary, scientific, or other
charitable institutions in the hands of trustees
or others, is not suhject to income tax
When a person boards, and rents oon or
rooms, the rent thereof, in eu of rent of
house, should be deducted from the amount
of income subject to taxation.
Losses sustained in business since Decem-
Der 3lst. 1862 viii not enter into the income
assess ment for 1862.
Interest on borrowed capital used in busi-
ness may be deducted from income.
Legatees not required to return their
legscies as income. There is special tax on
legacies OF personal property in section III
The income tax is assessed upon the actual
ineome|ei i,idtriduais. Firms, such, VIII
not make returns.
The profits of manufacturer from his bust
ness not exempt from income tax, in con
sequence of his having paid the excise tax
imposed by law, upon articles manufactured
by him.
AS bridge. express telegraph, steam and fer
ry boat companies or corporations are not au-
ihorizcd by law to withhold and pay to Coy
ernment any tax upon interest paid, or divi
dend declared by them. all income of individ
uais derived from these sources is liable to
income tax.
All persons neglecting or refusing TO make
return OF income. except in case OF sickness,
are brought within the penalties prescribed
by the 2d section of the act OF July lst, 1862,
viz: an addition of 30 per cent. to the amount
ascertained by the Assistant Assessor, upon
such information as he obtain, and pen
atty of Sl00, to be recovered for the United
States, with costs Of suit.
DANIEL LIVINGSTON,
June 5, 1868. Assessor, 18th Dist, Penn'a.