The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1865-01-19

tor each year and also al income o.
gaine derived from the purchase snd
sale Of stocks or other property real OF
personal, and the increased vaIne Of
live stock, whether soid or on hand,
land the amount 81 sngar, wool. butter
cheese, pork, beef, mutton, or oshgsr
meats, hay and grain or other vegetable
or other production Of the estate Of
such person sold. not inclnding any
part thereof unsold or on hand during
the year next preceding the thirty first
Of December, shall he included and
assessed As part Of the income Of such
person for each year and the gains and
profita Of all companies, whether incer
porated or partnership, other than the
companies specified in this section, shall
he included in estimating the annual
gains, profits, or income Of any person
entitled to the sane, whether divided
lor otherwise. In estimating deduction
from income, as aforesaid, when any
person rents buildings, lands, or otner
property, or hires labor TO carry on
land, or to conduct any other business
from which such income is actually de
rived, or pays interest upon any aetna!
incumbrance thereon, the amount actu
ally paid for snch rent, labor, or inter
est, shall be deducted, and also the
amount paid out for u.nal or ordinary
repairs, not exceeding the average paid
out for such purposes for the preceding
five years, shall be deducted, but no
deduction shall be made for any amount
paid on. for new buildings, permanent
Improvements, or t.t'ermenta, made
to increase the valnc Of any property
or estate: PIoridsd, That in cases
where the salary or other compensation
paid to any person in the employment
or service Of the United States, shall
not exceed the rate Of -ix hu"dred dol
lars per annum, or shatl be by fees, or
uncertain or irregular in the amount or
in the time during which the same shall
accrued or been earned, such salary
or otter compensation shall be inclu /.
ed in estimating the annual gains,
profits, or income Of the person 10 Thom
the "a ne shall have been paid, in such
manner ~ The Commissioner Of r..
ternal Revenue, under the direction Of
The Secretary Of tie Treasury, may
prescribe.
SEC. Ils. Aud Be It further enacted,
That it saall be the duty OF all persons
Of lawful age, and all guardians and
trustees, whether such trustees are 30
by virtue Of their Office 40 executors,
administrators, or in other 6.luciary ca
paei!y, to make list or return under
oath or affirmation, in such form and
manner as ma" be prescribed by the
Commissioner Of Internal Revenue, to
The assistant assessor Of the district in
which he resides, Of the amount Of his
or her income, or the income Of anch
minors or persons as may be held in
trns, a. aforesaid, according to the re
qniremenys kereinbefore mentioned,
stating the sources from which said TO-
come is derived, whether from any kind
Of property or the purchase and sale Of
property, rents, interests, dividends,
salaries, or from any profession, trade
employment, or vocation or otherwise.
And in case Of neglect or refusal to
make such return the Assessor or a.
! sis.ant assessor shall assess the amount
Of his or her income, and the duty
thereon, in the same manner 40 is pro
vided for in other cases Of neglect and
! refusal to furnish lists or returns in the
provisions Of this act, where not other
wise incompatih hle !; ani the ase,stant
assessor may increase the amount Of the
list or return, or of any party making
eu,h return, II he shah be satisfied tha,
the essae is nndersta,ed: Provided,
That any party, in his or her own Be-
halt, or ~ qua, dian or trustee, 40 afore.
said shall be permitted I" declare, IN.
der oath or affirmation, the 9foru and
manner Of which shaM be perscrih. d By
the Commissioner Of Internal Revenue,
that he or she was not possessed Of an
income Of six hundred dollara liable 70
be assessed according 10 tho provisions
Of this aos, or may deciare that he or
she has been assessed elsewhere in the
same year for, and has an income duty,
under authority Of the United States,
and shali ,hereapon he exempt from
income duty In said distric, or, Hths
hist ev return Of any party shall have
been increased By the assistant assessor
in manner as Aforesaid, such party may
'Ie permitted to declare, nndsr oatl o.