Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1865-05-06
THE TRADE PROCL AVIATION SUPPLIES FOR
RICHMOND.
The following is from the Washington correspondent
of the New York Times


The following is from the Washington correspondent
of the New York Times
good deal of annoyance is occasioned by misap.
prehension the Presidents proclamation OF the 18th
ultimO ordering that all restrictions upon ial
intercourse be discontinued in such parts Of certain
States as shall be embraced within the lines Of the
tOna military occupation IL will be observed that the
Presidents order only removes the military restrictions
and expressly excerpts such restrictions as are imposed
by the acts of Congress- and regulations IN pursuance
thereof prescribed by the Secretary of the Treasury
The President has not declared that the instruction in
the States named has ceased been suppressed and
erca intercourse with those districts cannot be carried
on except by permit from the Secretary Of the Trea
sury.
mr. Risley Special Agent of the Treasury Department
is now in Richmond for the purpose Of getting such
facts as will enable him to determine what amount of
goods and supplies required per month 10 furnish
the citizens Of that place and the country Immediately
around it Having obainedthis information, the agent
will fla limit 20 commercial intercourse in that region
and grant permits accordingly, under the act Of Con-
gress and the Treasury regulations made in pursuance
thereof In granting these permits, wounded soldiers
IA we precedenee when applications made by them
next those who have honoraby served in the amy
years and next all loyal applicants.
TAN ON PROFITS OF SALES OF BANK STOCKS.
The following important decision has been recently
announced by Commissioner Lewis
TRKAs'Y DEPART. OFFIcE OF IETKR'L REv.1
Washington, April 81
Sr-Your letters Of April 18th and 2lst in regard TO
prots on sales of bank stock and the rates of income
tax, are received. | reply that all profits on the
sales of personal property are taxable as in
come for the year Of sale without reference TO the date
of purchase. 1t is true that it frequently happens under
this construction of the law that person is called upon
10 return as income the profit resulting from transac
tion which extends over number of years but the al
ernsty. would be to estimate the increase in the value
of property remaining unsod. To require the payment
OF tax merely because stocks have advanced in the
market would be clearly nequitable and cannot be sup
posed TO have been the Intention Of the law 1t has BEEN
therefore uniformly held by this Office that such
uots were TO be considered taxable until they have
been realiz9 by sale and nat they TO be treated
as income for the year of sale.
and now sell them for $4,000, with addition sufi-
cent 10 cover all expenses it is clear that have made
profit of $4,000. If the stock has been uniformly
advancing in value it may be said that my profit has
been 900 each year. bu so long as the stock uns0d
the profit is merely speculative and not sufficiently tan
gble for proper basis of taxation. When profit is
realized by sale il becomes fixed, and there is no
hardship In subjecting it TO the tax.
Second The tax is not correctly computed in the
enclosed blank. In all where the amount exceeds
coo the amount of S4OO is to tax at the rate
of five per cent? and the excess above $1,000 taxable
at ten per cent
The tax in the case given should be-
$4,000 500
600 o4O
Total $500
Very respectfully,
JOSEPH ]. LEWIS, Commissioner.