Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-08-06

ing the total value of his crop harvested
and the profit realized upon 9 sale of stock.
The ll7th section of the act Of June 30,
1864, requires such income 70 be estimated
by including the increased value of live
stock, whether sold or on hand, aud the
amount ofsugAr, wool, butter, cheese, pork,
beef, mutton or other meats, hay and grain,
or other vegetable or other productions OF
the estate of the farmer sold during the
year, for which return Is made, not inelud-
ing any part thereof unsold or on hand at
the close Of the year.
To ascertain the income resulting from
q farm under this provision, it will be
necessary to estimate 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 At the close
Of the year. The sum thus obtained will
be deducted from the amount obtained by
adding the estimated value of the live
stock held at the close of the year to the
amount received for animals sold during
the year, the amount received for meats
and vegetables, the productions Of the
farm sold during the year, or consumed by
the farmer or his family, or consumed by
suimals kept for purposes of pleasure
The difference thus obtained will be charg-
ed as income, and will be subject to the
proper deductions for the cost of carrying
on the farm. No deduction can, however,
be allowed for the cost of hay or grain |
produced upeu the farm and consumed by |
cattle employed upon the farm. In other |
respects, the same rules will be observed |
in estimating tie income of q farmer Is |
that Of other persons.
Income from SdICs Of Real Estats The
rule heretofore adopted by this ofiee |
iS modified by the provision in the 18th
section, that net profits realized by
sales of real estate purchased within the
year shall be chaIgeable as income, and
that losses on saleL of real estate Purchas-
ed within the year shall be deducted.
Non. Resident CitiIsHS.-Oitizens Of the
United States residing Ebroad were taxa
Bile, under the former law, at higher rate
than residents, but only upon the annual
gains, profits or income, rents, aud diVi-
dendS accruing upon any property, securi-
ties, and stocks owned in the Unitsd
States. The act of July 80, 1864, makes
no distinction in this respect, aud taxes
On-reSident citizens upon their total in
come in excess Of $500, from whatever
source derived.
Income from AdUertiscmeats.-Under the
act of June 30, 1854, no deduction is al
lowed on account of income from adVer-l
tisements on which q tax has been paid
LHeOms from U. S. SeelETitieS.--Iucoms
derived from interest upon United States
securities is to be treated, in all respects,
like other income.
Exemption of S6OO.-The new law pro.
Vides that only one deduction of $500, shall
be made from the aggregate incomes Of all
the members of any family composed Of
parents and minor children, or husband
and wife, except In cases where such sepa-
rate income shall be derived from the sep
arate and individual estate, gains, or labor
of the wife or child.
The Separate individual estate'' here in
tended is such as belongs to the wife in her
own right, and is not subject 20 the con
troll Of the husband. II be can recover it
by law, and apply it, when recovered, to |
his own use, or If he can sell or assign it So
as to pass title to the purchaser, il is not |
covered by the privilege. The wages or
earnings of Q minor child belong, in general, |
20 the father, aud constitute part Of his |
income. Where the child is thoroughly |
emaneipated from the dominion of his faith |
er, the gains of his labor are not subject TO
HE fathers control bat this can rarely be
the case when he eomPOses a part of his
father household.
RspGiTs.-The deduction to be allowed
for repairs is limited by the new law to the |
average paid out for such purpose for the |
preceding five years.
Public Character of the LiSts.-The at
tention of assessors is particularly called
to that portion of the regulations issued by |
the Secretary of the Treasury which relates |
70 the publicity to be given 70 all assess
ment lists.