Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1863-08-26

Synopsis of Decisions made by the
Secretary of the Treasury, under the
Tax Laws.
Auctioneers are not liable to- pay upon
sales made for dealer who is registered
and taxed and at the place of business of
such dealer. Auctioneers are required, with
this exception, to pay tax Of % per cent.
on all sales made. 49,.
Accounts-Opeu book accounts are to be
taxed according to their true value on lst
of July, that value to be ascertained by the
Assessor in the best manner practicable,
under the circumstances of each case, by
the oath of the taxpayer and any other a.
valuable evidence.
assessors may be recommended, but can
not be appointed by District Collectors, as
the power to appoint such is confined to
State Collectors. a.- ...-~
articles tared by Section 1st.-lf any OF
the articles taxed by Sec. lst of the Tax
Act are sold by any person or firm whose
business is required to be registered by Sec.
5th, the proceeds Of such sales will be sub.
iect to the same tax as that imposed upon
the sales of other articles by the, same es.
tablishment. That is, the payment of the
ad valorens tax of 8 per cent. upon such
articles does not exempt the proceeds Of
their sale afterwards from the tax of q per
cent under Sec. 5. e-. ..- ,.....
Bankcrs.-An Insurance company, in re.
ceiving and paying out the revenues of a
State university is regarded merely as dis.
bursting agent, and not as banker, and is,
therefore, not subject to the tax on bankers.
Bonds.-The interest on Confederate
bonds is taxable as income under Sec. s,
Act 9th April, 1868. (See credits)
Brokers are taxed by Sec. 8 upon their
commissions as income.
CatAe.-By section IL, the value of all
neat cattle, horses, mules and asses, not
used in cultivation, is taxed per cent, to
be returned on lst November, and tax paid
on first of January next.
CoHon.-No value is fixed on cotton by
the Department. 1t is the duty of the per-
son holding the cotton, when be makes re-
turn, to return it at its true value, accord.
ing to quality and the locality in which it
may be situated. If too low a valuation
should thus be placed upon it, in the eSti.
nation of the Assessor, it will be the duty
of that officer in each particular tax district
to place such value upon it, as the same
quality of cotton would demand in that
market, under ordinary circumstances of
sale. That is, under circumstances of VOL
untary aud enforced sale. The same rule
will apply to the articles of wool and tobac-
CO, as we'll as to every other taxable article.
Cotton of the growth of any year prior to
the year 1868, in the hands of manufactu-
rers on lst July, is liable to pay tax of s
per cent. Manufacturers selling their own
fabrics by the piece, and other articles, are
subject to be taxed as wholesale dealers -
Also, to pay tax on theirincome-andj joint
stock companies and corporations to pay Ger
tain portion of annual earnings set apart as
dividend and reserve fund, according to the
per centum yielded on the capital stock.
Cotton in Confederate States, hypotheca.
ted for goods in Europe, is liable to tax uu
der Sec. 1st The goods so obtained, that
is, their gross sales, are also liable to % per
cent. tax when sold iu the Confederate
States. If first sold by an auctioneer, whole
sale dealer, or commission merchant, the
proceeds will be chargeable with p per cent
tax, and an additional % per cent. will be
paid by the next person selling, and SO on,
until they reach the consumer. The net
profits made by each business, person or firm
selling them, will also be taxed as income
under Sec. s, if the income of the seller,
from all taxable sources, exceeds $780,
Cotton factors are commission merchants in
contemplation of the law.
Commission Merchants and others taxa.
bic under Sec. 5, 24th April, 1863. The
specific tax is for the year ending 3lst Dec.
1868; aud the liability to pay the per CEN
tum in gross sales or profits attaches from
and includes the 25th April, 1868, the date
of the act.
Crcdis.-Sec. 1st, taxing credits, is to
be construed in connection with sec S,
taxing incomes The scheme nf the law is
to lay an alternative tax of one per cent. on
capital, or 5, 10, or Is per cent. on incomes.
1t is not designed to tax capital and again
the interest; and this is the idea conveyed
by the law when speaking of credits ''upon
which the interest has not been paid. AH
interest received during the year 1868, is
subject to income tax, and no capital tax is,
therefore, designed to bo laid upon the
credits producing that interest. The rule
thus furnished, it follows that the one per
cent. tax is not laid on credits upon which
the interest has been paid and due up to
1st July; but when the interest has not
been paid, the tax falls upon the capital.
"Valuo of credits" is construed to mean
the principal and interest, if not raid, of all
solvent credits, and the estimated value Of
credits that the holder will swear are not
worth the principal and interest. 'Credits
employed in business the income of which
is taxed under the act" are exempt from
the capital tax of l per cent. To be enti-
tied to exemption, the credits must form