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

Or If any person who being duly sum.
moned to appear to tetify or to appear
and produce such books as aforesaid,
shah neglect to appear or TO produce
said books. he shall upon conviction
thereof befose any circuit or distric,
court Of the United States. be fined in
any sum not exceeding one thousand
dollars, or be impris oned for not ex.
ceed,ng one year, or both at the discre
ton Of the court with cost Of prosecu
ton.
SIC. ll6. And be It further enacted
That there shall be levied, collected,
and paid annually upon the annual gains
profits, or income Of every person re
siding in the United States, or of any
citizens Of the United States residing
abroad, whether derived from any kind
Of property, rents, interests, dividends,
salaries, Of from any profession, trade,
employment, or vocation, carried on
in the United States or elsewhere, or
from any other source whatever, except
az hereinafter mentioned, If auch annual
gains, profits, or income, exceed 'he
sum of six hnndsed dollars, duty OF
FIVE per centum on the excess over six
hundred dollars and not exceeding Eve
thousand dollars and duty Of seven
and one halt Of one per cestan per an.
mum on the excess over i've thousand
dollars. and not exceeding ten thous-
and dollars and duty Of ten per cent
urn m the excess over ten thousand
dollars. And the duty herein provided
FIR shall be assessed, collected, and
paid npon the gains, profits, or income
for the year ending the thirty first day
Of December next, preceding the time
for lesying, collecting, and paying said
duty: ProriIed. That income derived
FROM interests upon notes. bonds, ard
other aecyYi,aes Of the United Safes
tall be included in estimating inc ,mes
under this section Prorided. That
only one deduction Of six hundred dol
l,rs It all be made from the aggregate
incomes Of AL the members Of any fam.
,ly composed Of parents and minor
children, or husband and wife, except
in cases where such separate income
.h al be derived from the separate and
individual ea,a,e, gains, Or labor Of the
wife or child !: .4nd provided further,
That net profits realized by sales Of real
estate purchased within the year for
which income is estimated, shall be
ohargeable as income; and losses on
sales Of real estate purchased within
the ye u for which income is estimated,
shall be deducted from the income cf
each year.
Src Ill. Anl Be Il further enacted
That in estimating the annual gains,
profits. or income Of any, person, al na-
tional. State aud manincipal Il taxes, 9TH
or than the national income tax, law
fully assessed within the year upon the
property or sources Of income Of any
person, "a aforesaid, from which said
annual gains, profits or income is or
should be derived, shall be .ducte,l,
in addition to ak hundred dollars, from
the gains, profits, or income Of the per.
son who has actually paid the same,
whether owner, tenant. or mortgagor
also the salary or pay received for ser
vices in the civil. military, naval or 9th.
er service Of the United States. includ
ing senators, represent atives, and dele
gates in Congress, above the rate OF
ak hundred dollars per annum and
there shall also be deducted the income
derived from dividends on shares in
the capital stock Of any bank, trus,
company, savings institution, insurance
railroad, canal, turnpike, canal naviga
lion, or slackwater company, and the
interest on any bonds or other evidence
OF Indebtedness Of any such corporation
or company, which shall have been
assessed d the tax paid. "a hereinafter
provided also the amount paid by any
person fov the rent Of the homestead
used or occupied by himself or family