New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-06-24
!, Associs.ed Press. ID
WASHINGTON. Thursday. June % 1884
TREATY WITH INDIANS. lI

|
An important treaty has been negotiated By
Samuel Hallett for the Union Pacific Railroad Com
pany with the Delaware Indians and 1t has been con
rIaed BY the Government Ii secures the construction
OF railroad from Leayenworth to Kansas City sns
effect the removal of those Indians from Kansas.
HOMgsTRADs ON FORFEITED LANDS
Representative Julian's bill, which has al
ready passed the House. extending the homestead prn
cipe 10 the forfeited conscated lands OF Southern
Rebels. has been reported from the Senate Commits
on Public Lands without amendment.
| RETURN OF THE PRESIDENT.
President Lincoln returned to-day from biz
visit to the headquarters Of the Army Of the Potomac
QUESTION OF INCOMES UNDER THR INTER
NAL REVENUE LAW.
The following correspondence explains itself
INQUIRY OF THE ASSESSOR
DEAR SIR: nave q case Of this kind in my district
and several other cases involving the same princpe
among our intelligent and responsible citizens
person some twenty years ago purchased piece
land at cost Of 81, 600 and sold about one.hfth Of
Chat Of the least valne) last year for $4,000. lie ~
others claim this their capital and that the ~
never contemplated taxing as income operations OF hf
kind or transfers ofcapita from form OF invest
ment to another. That, II this property had been ey
changed for other real estate for railroad or othe
stocks No income would have been assessed or CO..
lected and that the fact of its having sold FOR money
and that money renvested in other unprodactiye reg
estate buildings stocks. any other kind OF property
amounts simply 10 change VI investment OF capital
and does not render any part of it liable to DO trea
| as income. -
| lie contends that in any event all that could
claimed by the Government would be the appreciati0
of the property after the law went into effect TO III
time OF sale. He says it will be impossible for him
make a correct statement Of what he has paid ouf ~
taxes and other expenses since he pvchased to ths
time.
As these cases are OF considerable magnitude
and likely TO be contested II proceeded against wou1
like full and complete Instructions in regard to them
Yours very truly. PEIER PAGE,
Assessor LIST District Illinois
Hon. JosfPH j. LEWIS Commissioner. &C.. Washing
ton, ID. &. r.
THE REPLY OF THE COMMISSIONED y
TREASURY DEPT, OFFICE INTERNAL REvESrE(
WASHINGTON. June g. 1864. !
SIR In reply TO yours Of the Goth ut have TO ~
that where real estate has risen In valne since It's p
chase the increase must be considered income 70 "
owner The only question is, shall this appreciation
taxed as income each year Of Its accruement or shd
the Assessor wait until the property be sold. and IN
absolute profit realized. before he considers it ncoue
To assess the nominal appreciation OF property year
year would be to assess an amount vague and uncor
tain, and frequently vaueless 10 the owner. Such
course would be fruitful Of pickering and dissasfe
ton. TO say nothing more
II is found more equitable by this office to assess ~
appreciation OF property only when realized by go
when the at once becomes tangible, and theebN
reasonably assessible.
1t is immateral for purposes of taxation whether nc
consideration for property sold as sbove consist
money or stocks other representatives of vaiue
the same is Of nature that admits Of the profits Of ~
sale being even approximately estimated
In view Of the above, you viii the pronb ~
allied by the party whom you mention. according
rules by this Office heretofore provided.
Very respectfully. l.. A. ROLLINS, Dep. Cont
PETER PAGE. esq. Assessor lst Dist. Chicago Ill