The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1863-06-06

the Present assessment, but the profit realized
thereby must be accounted for in his next year $
| return. Where he has included in his return
| produce raised by him, and fed in whole or in
part to stock subsequently sold, he must account
for the gain realized by the feeding and selling
of said stock. Where he has not included the
produce SO fed, he must return, as profits the
difference between the value of said stock on the
3lst of December, 1861, and the amount realized
for them.
Fertilizers purchased by farmers, to maintain
their land in present productive condition, will
be considered rs repairs ~ in estimating income
Interest should be considered as income only
when paid, unless it is collected and remains
unpaid by the consent OF agreement of the
| creditor
Losses incurred in the prosecution of business
are fair offset to gains derived from business,
but not from those portions of income derived
from fixed investments, such as bonds, mort
Cages rents, and the like.
Property used in business, and furnishing
profits, when destroyed by fire, may be restored
at the expense of those profits, to the condition
when destroyed: it insured, the difference be-
tween insurance received and amount expended
in restoration will be allowed.
The increased value given a new building by
permanent improvements will be charged to
| capital-not income.
The contingent fund of manufacturing cor
poratons, made up during the year 1862, and
not distributed, should not be returned as part
of the income of the stockholders
The undistributed earnings of corporation.
made previous to September LIST, 1862, whether
the corporation is required to pay tax on divi-
dends or not, should not be considered as the
income of the stockholders, nor should the cor
poration be required to make return of said
reserved earnings as trustees under. section 90
of the Excise Law
The Income of literary scientific, or other
charitable institutions, in the hands of trustees
or others, is not subject to income tax
When a person boards, and rents a room, or
rooms, the rent thereof, in lieu of rent of house.
should be deducted from the amount of income
subject to taxation.
Losses sustained in business since December
3lst, 1862 will not enter into the income ASSESS
ment for 1862
Interest on borrowed capital used in business
may be deducted from income
Ii n planter returns all his farm products he
will be allowed to deduct the actual expense of
subsistng and clothing his slaves.
Legatees are not required to return their lcga-
ces as income. There is a special tax on lega-
ces OF personal property in section III.
The income tax is assessed upon the actual
income of Individuals. Firms, as such, will
not make returns.
The profits of a manufacturer, from his bust
ness, are not exempt from income tax, in consc-
quence OF his having paid the excise tax impo-
sed by law upon articles manufactured by him.
AS bridge, express, telegraph, steam and fer
ry-boat companies or corporations are not
authorized by law to withhold and pay to Gov
eminent any tax upon interest paid or dividend
declared by them, all income of individuals
derived from these sources is liable to income
fax.
All persons neglecting or refusing 10 make
return of income, except in case of sickness,
are brought within the penalties prescribed by
the lh section Of the act of July LIST, 1862, viz:
an addition of so per cent to the amount ascer-
tanned by the Assistant Assessor, upon such
information as he can obtain, and penalty of
500, to be recovered for the United States,
with costs of suit