Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1864-08-23
Agricultural.
Income Decisions.

The following instructions concerning the
special tax duty under the joint resolution OF
July 4, 1864, have just been issued by the Com
missioner OF Internal Revenue
la Cases where il becomes necessary, under the
regulations prescribed by the Secretary OF the
Treasury, TO r'quire new return OF the income
OF the year 1868, tue attention OF assessors ana
assistant asst seors 10 especially directed 10 those
points IN which the ioimer rulings OF this oihcc
are modified by the provIslone OF the act OF June
80, 1864.
Income of farmers The rule adopted by this
Office has heretofore required the income vi Il
farmer 10 be estimated by including the total
value of his crop harvested, and the profit real
ICED upon a sale OF stock. Tue 18th section OF
the act OF June 80, 1854, requires such income
70 DO estimated by including the increased value
OF live stock, whether sold or on hand, and the
amount OF sugar, wool, butter, cheese, pork
beef, mutton or olher meats hay and gram, or
other vegetable productions oi the estate OF
farmer, sold during the year, for which return
is made, not ncluding any part thereof unSUld
or On hand at the ciUse Vi the year.
To use rtain the income resulting from farm
under tins provision, 1t will ve necessary to estl
mate the value OF tho live stock on hand at the
beginning oil the year, ana 10 add thereto the
amount paid Tor animals which are held alive
at the close OF the year. The sum thus obtained
will be deducted IRON the amount obtained By
add ny the estimated value vi the live stock he'd
at the close vi the year TO the amount received
for animals sold dun < the year. the amount
received Tor meats aud vegetables, the prOduc'
tiohs OF the farm sold during the year, or cOn'
- In ,as n,..d
by animals kept Tor purposes vi pleasure. The
differences thus OBTAINED will DO charged as IN
come, and will be subject TO tue proper deduc
tons for the cost OF carrying on the farm. No
deduction can, however, BIO allowed for the Gust
Of hay or grain produced upon the larm In
other respects, the same rules will DO observed
IN estimating the income OF farmer as that Of
other persons.
Income from Sales Of Real Estate. The rule
heretofore adopted by this office is modified BY
the provision IN the 2l6th section, that net pro
fits realized by sales oil real estate purchased
within the year shall DO chargeab.e US income
and that losses on sales OF real estate purchased
within the year shall be deducted.
Noa.rss,dent Ctiizsns Citizens Of the Uuitet
States residing abroad we're taxable, under tn
former law, al higher rate than residents, bu
only upon the annual gains, profits or income
rents and dividends acauing upon any property
securities, and stocks owned by the Unite'
States. The act Of June Both, 1864 makes n
distinction IN this respect, and taxes non.resl
dent citizens upon their total income IN exces
Of 5000, from whatever source derived.
Income from United STATES Ssfuriiies. In
come derived from interest upon United State
securities IL 10 be treated in all respects like 9th
or income.
Exemption Of Sir Hundred Dollars. The ne'
law provides that only Que deduction Of 500
shall be made from the aggregate income OF al
the members OF any family composed OF parent
and minor children, or husband and wife, ca
cept in cases where such separate income shall b
derived from the separate and individual estaI
gain. or gains, Of the wife or child.
The separate individual estate " here ntend
ed is such rs belongs to the WHO in Der own RICH
and is not subject 10 the control Of the HUSBAND
Ii he can recover il BY Law, and apply 1t, whe
recovered, TO his own use, OF II he can sell or at
sign 1t 30 as To pass n.le To the purchaser,
lis not covered by the privilege. The wages Q
earnings Of minorehlld belong, in general, {
the father, and constitute part oil his incOIn,
Where the child is thoroue bly, eInancpated iron
the dominion OF his iather, the gains Of his la
Dor are not subject to his fathers control bu
this can rarely be the case when he composes
part Of bis fathers household.
Repairs. The deduction 10 be allowed 10
repairs rs limited by the new law to the aversg
paid out for sucb purposes for the precedin
i've years.
Il New Tar. The new tax law requires I'll
payment Of u license lee oil ten dollars by ever
person engaged in any business, trade OF pr
iesslon for which no other license Is qulreC
whose gross annual receipts exceCd one thOcsau
dollars. Under this ruling, clerks, book.keel
els, teachers, farmers, srtlsts, and many oth'
persons who have not hitherto been rquirc1
take out licenses, are included in the catalogue
and the ise OF ten dollars is distinct from the IA
income taxes already imposed, Ofiee-holder
whether under Federal or State government
are exempt-tbe Commissioner ruling that ii
holding Of public office "is not either bus
nets, trade or profession"