Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1864-08-16
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
In cases where il becomes necessary, under the
regulations prescribed by the Secretary OF the
Treasury, 70 r,QuiIe new return OF the income
Of the year 1865, tue attention OF assessors and
assistant assessors lie especially directed TO those
points IN which the ioImer rulings OF this oihce
are modified by the provisions OF the act OF June
30 1864.
Income of Farmers Tho rule adopted by this
Office has heretofore required the income OF
farmer 20 be estimated by including the total
value of his crop harvested, and the profit real
lied upon a sale Of stock. The 18th section oil
the act OF June 30, 1864, requires such income
to be 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 OF other meats hay and grain, or
other vegetable productions OF the estate OF a
farmer, sold during the year, for which return
is made, not including any part thereof nnsold
or on hand at the close OF the year.
To ascertain the income resulting from II farm
under this provision, it will Oe necessary to est
mate the value of the live stock on hand at the
beginning OF the year, and to add thereto the
amount paid for animals which are held alive
ct the close oil the year. The sum thus obtained
will be deducted from the amount obtained by
add ng the estimated value OF the live stock held
at the close OF the year 10 the amount received
for animals sold duri z the year, the amount
received Tor meats aud vegetables, the produc-
tions Of the farm sold during the year, or COO
L..t 10 A. HI. H.. ad
by animals kept Tor purposes OF pleasure. Inc
difference thus obtained will be charged as IN
cUme, and will be subject to tue proper deduc
tions for the cost OF carrying Oh the farm. No
deduction can, however, DO allowed Tor the Gust
Of hay OF grain produced upon the farm In
other respeocs, the same rules will be observed
in estimating the income OF farmer S that OF
other persons.
Income ON Sales Of Real Estate. The rule
heretofore adopted by this othcs Is modified BY
the provision IN the 2l6sh section, that net pro
fus realized by sales oil real estate purchased
within the year shall bc chargeab.e US income,
and that Losses on sales OF real estate purchased
within the year shall be deducted.
Non. resident Cuisens, Uitlzens OF the United
STATES residing abroad we're taxable, under the
former Law, ara higher rate than residents, bu'
only upon the annual gains, pro6s or income
rents and dividends ac,fulng upon any property
securities, and stocks owned by the UnitcC
States The act OF June 3Oth, 1854 makes nj
distinction IN this respect, and taxes non-resi
dent citizens upon their total income IN exces
OF 5000, from whatever source derived
Income from United States Se-urifies. ln
come derived from interest upon United State
securities is TO be treated all respects like 9th
or income
Exemption Of Sis Hundred Dollars. The new
law PROVIDES that oaiy one deduction OF SOU
shall DO made from the aggregate income o al
the members Of any family composed OF pareht
and minor children, or husband and wife, ex
cept in cases where such separate income shall b
derived from the So srate and individual esta1
gain, or gains. of the wife or child.
The "separate individual estate here intead
ed Is ,uch as belongs 20 the wits IN her own right
and is not subject 10 the control Of the husband
Ii he can recover il by las, and spply 1t, whe
recovered, TO his own USE or II he can sell or as
sign IL 10 as 10 pass a title TO the purchaser, |
rs not covered by the privilege. he wages o
earnings OF minor.cblld belong, in general, 9
the father, and constitute part oil his income
Where the child is thoroughly emsnclpsted 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 his fathers household.
Repairs The deduction 10 be allowed 70
repairs Is limited by the new law to the ayerag
paid out for such purposes for the precediD
five years
A New Tar. The new tax law requires til
payment OF license iee oil ten dollars by ever
person engaged in any busiDes, trade or pr'
tesson for which no other license is required
whose gross annual receipts exceed one thousan
dollars. Under this ruling, clerks, bOok'keel
ers, teachers, farmers, artists, and many othc
persons who have not hitherto been required /
take out licenses, are included in the catalogue
and the fee OF ten dollars Is distinct from the w
income taxes already imposed, Oaice-holdcr
whether under Federal or State government
are exempt-tbe Commissioner ruling tina, tn
holding oil public Office sis not either bus
ness, trade or profession