St. Mary's gazette., 1863-10-15
TIE INCOME TAX.


lmpostant Decistea Ay The Csnois-
stsass - lateraaI Revsass.
The Commissioners At Inserua! Revenue
he's just made the following highly im-
pestass dsciaion, covering the whole
ground Of the income tax.
The income tax must Be assessed and
paid in the district in whish the assessed
person resides Tho place where person
woaes. o. is.easiilcA 70 vess. % deceased his
residence. When not . voter. the place
where the tax en- personal property ID paid
is held 70 b. the place Of residence.
In cases 1T limited partnerships, formed
with the condition that no dividend or
division Of profits shall be made until the
expiration Of the partnership. each mem
Der Of such 6rm will be required TO return
his share of profits airing from such busi-
ness for the year 1862. rs. had they 20
desired, division of the pr"fis could
have been made
Gains or Profits realized from the sale
Of property during the year 1862. which
properly was purchased before the excise
law went into effect, should be returned as
income for the year 1862.
Executors or administrators Of estates Of
persons who died in the year 1862 should
make return Of the income thereof.
a merchants return Of income should
cover the business Of the year 1862. ex-
GLIDING the previous years. Cncollected
accounts must be estimated.
phy.icians aud lawyers should include
the actual receipts f"r services rendered in
1862. together with an estimate Of the
unrcalized on contingent income due to
that year.
Dividends. and interests payable in
1862, should be rctur ned as income for
that year. no matter when declared.
Dividends derived FROM gas stock are
taxable as income.
Income derived from coal mines must
he returned. although the tax has been
previously paid on c"al produced. No
deduction eau DC made because Ut dimin-
ished value. actual or supposed. Of coal
vein or bed. by process Of mining. The
rent derived from coal mines is income.
Premiums paid for life Insurance arc
not allowed AS deduction iu the state
mrnt Of incomc.
! Pensions received from the United
States Governm. nj mus, he returned with
"''"r i'e"me subject to ,.xation.
Old debts, iorm-.., considered hope
l,s'y lost. bat paii within The time GOV
cred BY the return Of income. should be
included in this statement Debts con-
sidrrcd lost Oh the 3lst December, 1862,
and due to the business Of the year 1862,
may be deducted from the profits Of bust.
ness. II subsequently paid. they must
be included in the return for the year in
which they are pail.
To give full effect to the proviso 10 the
ninety section Of the act Of July !.
1862. respecting the tax on thst por,iou
Of income derived from United States Sc
curi,ics. it is directed that when income
is derived partly from these aud partly
from other sources. the $500 and other
allowances made BY law shall be dedac-
ted. as far Is possible. from that portion
Of income derived from other sources,
ani subject 10 the three per. cent tax.
No deduction can DC allowed from the
tax 4ble income Of q merchant for compen-
sation paid for the services Of minor son.
4 farmer. when making return. Of the
total amount OF his farm produce" shall
be allowed TO deduct thercfrom the sub
sistcnee Of horses. uulcss. oxen and cat.
tie used exclusively in carrying on said
farm. The term farm produce" is con-
strucd to Include all productions Of = farm,
Of whatever nature or kind soevcr. The
account Of stock sold by farmer since
December 3lst. 1862, .houId not be in
eiudeI in the present assessment, but the
profit realised thereby must be accounted
for in his next years return. Where he
has included iu his return the produce
raised BY him and fed in ~hole or part to
stock subsequently sold, he must account
for the gain realized by feeding and selling
said stock. Where he has not included
the produce 20 fed. he must return, rs
profits. the difference between the value
Of said stock on the 3lst December, 1861,
and the amolnt realised far them. Fer
tiliz.rs purchased by farmers to maintain
their land in its present productive coudi.
tion will be considered as ''rcPsirs'' in
estimating income.
Interest should be considered A. in.
come o"ly when paid. unless it is COL
lectaLle aud resaains unraid by the con.
sent or agreement Of the creditor.
Losses incurred in the prosecution Of
business arc fair off--tt TO gains derived
from business. bat from those por'i,ns OF
income derived from fixed Investments.
such - BINDS, mortgages. rents. &c.
Property used in bu-incss. and far.
ni'hing pr''a,s. when destroyed by fire..
may be restored at the expense Of thnso
pr"ats. to the conditions when destroyed.
IL insured. the difIervnec between Tie
insurance received aud tho Amount ef
pended in the restoration SiIl be allowed.
Tho increased value gi-eii 10 iie~
building By permanent Improvements will
hS ia. Wn.,f "A H.t.H.t A.s ;ooo-.n