The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1865-03-08
Income Returns For 1854.

. IAe income returns i0r 1904 are made
ul-e. q different law from that Of 1858. and
are e.--Sel in many important particulars
As me TINE witlil which they must be
llAoe Is rapidly approaching, Il will be OF
interest - &c tie most important Of the
changes. Tie exemptions are CHANGED In
many particulars. FO. instance. where i
family consisting 0f husband wife and
cAl4rel Or ~ husband and wife onlv
receives separate incomes upon account Of
each member 0r q some Of them. six hum
cfec dollars only are 20 be deducted from
tie aggregate incomes OF al the members
ne deduction OF dividends upon the stock
VI corporations and interest upon their
bonds and debts are sill! % be allowed
Also The rent az the homes cad OF & family
and Where it IS not rented. bur occunied
- the owner. . iair rental value IS also 10
be deducted. AL national. State and local
taxes paid. except the income tax. are 10
be allowed. The amount paid for hired
-4oor IN caryingOn q business. rents OF MA
ces o. business. money paid for repairs not
exceeding the average OF the preceding
I'VE years. and money paid for interest on
-Acumbrances or real estate may be deduc-
led. But new buildings. permanent i'm
prOyements and betterments are not 10 ba
deducted. Advertisements are only ex-
enplel 10 TIE extent Cf six hundred doll
ars, and q newspaper not having q circu-
lai;ol ot Two thousand copies IS wholly ex-
empt
The objects 20 0e counted as income are
also eXtenCed. Income from interest upon
n0-es, bonds and other securities of the
United States IS 10 be returned Profits
upon sales " real estate purchased within
The year are 10 be counted As income. and
losses upon Tie same description OF proD-
eriy bought within the same PERIOD are 10
De deducted. Interest money due upon
nOtes bonds and mortgages, or other
iOrms Of lnde0tness, II good and c0llectable
IS 10 be included IS Z part Of the income.
Ga4us upen purchases and sales OF stocks
or other property real or personal. the III
creased value Of 1--we stock sold or on hand
ana the value OF agricultural and farmers
productions Of aD estate. unsold. but on
hand on the 3.st of December OF the year
% De accounted for, are 10 be estimated
ana paced ID the returns IS 50 much in
come Also the gains and profits Of CON
panles incorporated or not which have
not paid tax upon dividends shall he re-
turned, whether dividend or not A de-
ductiOI oI tx hundred dollars Is allowed
III all cases. The rate OF the duty IS in-
creased also. Between 5000 and $50
the tax Is i've per cent. between $500
and $4,000 seven and halt per cent
over SO, O,O00, 10 per cent. man. there
fore, who has an income OF $50, coo Will
pay on the i've per cent. rate S22O. on tie
seven and half per cent. rate 1875; on
the ten per cent. rate, 81 000-total, 81
595. The Old rates were three per cent.
on al amounts over 5000. and the special
war tax Of hve per cent advanced that tax
alton for 1863 upon an income Of $50 600
10 S3.952.O0. Our returns OF the income
for 1864. which must soon be made out.
will increase our burdens considerably, and
we may as well get ready 10 present them
when they are demanded BY the United
States officers. Detroit Tribune.