The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1863-05-14
A Matter that Con Germs almost
Everybody.

A Matter That Con Germs almost
Every-hody.
The first of May is the time designated
by the Naticnaal tax law for the assessment
of the tax on incomes, the present assess
ment being for the year ending December
S1st, 1862. Every person, whether in
business or not, including those acting in
a fiduciary character as guardians, trustees
and administrators, must return 10 the as
sistant assessors statement of all the re-
ceipts of their business or property Of every
kind Of description, and the assessors will
decide what deductions are to be made
This tax is annual, and the assessment will
be submitted to examination and appeals
may be taken. If persons refuse to make
statement ofthcir income. or the state.
ment is not deemed to be true, list will be
made on the best information the assessors
can obtain, subject to the oath of affirmation
of the persons assessed, as prescribed by
law. In taxing trust funds, the exemption
of 5000 will not be made, unless oath il
made that the minor or beneficiary has no
other income from which the 5000 exemp-
ton can be made. The following succinct
abstract of the law relating to this annual
lax will be found useful in guiding persons
n making out statement of their incomes,
and also gives the deductions to be made by
the assessors -
Mechanics, merchants and manufac
turers will return the whole amount of the
avais or rspenue of their business, and a
statement of the expense of the same, for
labor, material, &c. Co partners will re-
turn their share of finterest in the CO. partner
ship income. Corporators the amount of
profits, whether in the forms of dividends
or otherwise. Evidences of debt, for adjus-
ted accounts, will be oalued as the person
was making an inventory of the same on
settlement of an estate.
Farmers will return the value Of the pro-
duce Of the farm. IF portion Of the same
has been "ied out" to stock for sale, the
value of the stock hattened, &C., will be re.
turned !: also, all sales of stock (Thls will
avoid the payment ola double tax. viz both
for the product Of the farm--grain, hay. &C.,
and the income from the stock fattenei
from the same.) No deduction will he made
for the labor or services of himself or fami-
ly. Expenses of hired labor will be dedu Of
ed also, all the payment for rent, insur-
ance, ordinary repairs, interest on mortgages,
&c. No deduction will be made for any por-
ton Of the products Of the farm consumed
in the family. Produce on hand December
81, 1862, must be valued at the then mar
ketp price.
Salaried men will return the frll amount
Of the salaries they receive, whether ixed
by statutes or agreement, or derived from
fees, &c. Previous to September lst 1862,
no deduction of three per cent. was made
from salaries Of persons in the employment
of the United States. 1t follows that the
gross amount received between January l.,
1862, and August 81, 1862, inclusive, must
| be returned
a return must be made of the income or
dividends, derived from stock in any hank,
insurance company. savings institution,
trust company, railroad, bonds, steamboat,
fery-boat or bridge, between January /,
1861, and August 81, 1862, inclu-
sive.
The net gains or profits Of manufacturers
are to be taxed under section 80 of the law,
without regard to the fact that they have
already paid tax. The exemption contain
ed in the original Statute was removed BY
the am4.sadments Of " March Sd, ls-
62,"
An income received from bonds, morga-
ges, notes, stock in gas companies, or man
utactsring companies, during the whole Of
the year 1881, is tc be returned and tax
ed.
! All income received from telegraph or ex-
press companies, or profits made by ex-
pressmen, are to be taxed, if freceived between
the first Of January, 1869, ard September
80, 1862, exclusively.
Persons whose income does not exceed
$4,000, and who reside in the United
States, are liable to q tax Of 3 per cent upon
al such part thereof as Is non-exempt Ex-
ceeding $4,000, per cent. Provided,
however, that income derived from United
States securities shall be subject to duty
Of II per cent only. Citizens of the Uni