The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1863-06-18
DeeIsIon Relative 10 lhe ASSIGNMENT Of
the Income Tax.

ers. Cut them out and paste them in
a convenient place
The income tax must be assessed |
and paid in the district in which the
person resides. The place where the
person votes, or is entitled to vote, is
deemed his residence. When not
voter, the place where tax on personal !
property is paid is held to be the
place ofresidence.
In cases Of limited partnerships,
formed with the condition that no
dividend or division of profits shall be
made until the expiration Of the part
nership, each member Of such firm will
be required to return his share of pro-
fits arising from such business for the
year 1862, as had they so desired, a
division Of the profits could have been
made.
Grains or profits realized from the
sale of property during the year 1862,
which property was purchased before
the Excise Law wentinto effect, should
be returned as income for the year
1862
The executors or administrators Of
: the estates of persons, who died in the
. year 1862, should make return of the
income thereof for the year 1862.
A merchants return of income
should cover the business for the year
1862, excluding previous years I'm
collected accounts must be estimated.
Physicians and lawyers should in
clude actual receipts for services rem
= dered in 1862, together with an esti-
mate of unrealized or contingent in
! come due to that year.
5 Dividends and interest payable in
q 1862 should be returned as income for
that year, no matter when declared.
Dividends derived from gas stock
are taxable as income.
A Income derived from coal mines
must be returned, although tax has
r been previously paid on the coal pro
duced. No deduction can be made
= because of the, diminished value, ac-
t tual or supposed, of the coal vein or
d bed, by the process of mining. Rent
r derived from coal mines is income
n Premiums paid for life insurance shall
not be allowed as deduction in state
y ment of income. .
d Pensions received from the United
s States Government must be returned
n with other incomes subject to taxa
q ton. .....
-" " Old debts, formerly considered
10 s hopelessly lost, but paid within the
/ time covered by the return of income
g should be included in this statement
10 Debts considered hopelessly lost OF
10 the 3lst ofDecember, 1862, and due t.
the business of the year 1862, may b.
deducted from the profits of business
D if subsequently paid, they must be in
&C cluded in the return for the year il
lr which paid
O. In order to give full effect to the pro
~ viso to the 9lst section of the act Jul.
~ y 1st, 1862, respecting the tax on tina
b. portion of income derived from Uni
n ted States securities, it is directed tina
ho when income is derived partly fror
he these and partly from other sources
u the 5000 and other allowances mad
-N by law and other sources, as far a
re possible from that portion of incom
OF derived from other sources, and sui
iect to three per cent. tax.
Ist No deduction can be allowed trol
rv the taxable income Of a merchant ft
rr compensation paid for the services
q minor son.
ns' A farmer, when making return
1ts the total amount fhis farm produce
shall be allowed to deduct therefor
Nh the subsistence of horses, mules oxo
~ and cattle used exclusively in IL
'N' carrying on of said farm. The ter
as farm produce" is construed to incluC
all productions of a farm, Of what nj
ny ture or kind soever.
ro- The account of stock sold by ia
1st mer since December 3lst, 1862, shou
icb not be included in the present asses
or. ment, but the profit realized theret
u" must be accounted for in his ne
OF years return. Where he has include
af- in his return produce raised by hi
n q and fed in whole or part to stock su
sequently sold, he must account +
:, the grain realized by the feeding al
ruo selling of said stock, Where he h
,tra not included the produce SO fed,
lel- must return, as profits, the differen
roe between the value of said stock on t
,io. 31st of December, 1861, and the amou
~ ~ realized for them.
rus Fertilizers purchased by farmt
Jim to maintain their land in prese
ac- productive condition, will be consi
lity erod as repairs in estimating
,oo come. ......
,e % Interest should be considered as
. VI come only when paid, unless it is u
lag- collectable and remains unpaid by t
the consent or agreement of the credit
by Losses incurred in the prosecute
nri of business are fair offset to gains
r rived from business but not FRI
soo those portions of income derived frc
yer, fixed Investments, such as bonds, mo
d is cages, rents, and the like.
the Property used in business, and +
! ot nishing profits, when destroyed by Fl
' - may be restored at the expense
'Ver 'er those profits, to the condition wh
one destroyed; if insured, the differe1
between insurance received a
nich amount expended in restoration v
,dad be allowed. .
~. 80 The increased value given a n
llnS hu;ld;nor h1r raarnn an emf i'm nroYame O