Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1866-05-17

delivery, either actual or construct.
i've, is essential. The criterion by
which to judge whether a sale is
complete or not is to determine
whether the tender still retains in
that character a right over the
property; if the property were
lost or destroyed, upon which of
the parties, in the absence of any
other relation between them than
that of vendor and vendee, would
the loss fall.
II. Tax payers frequently claim
deductions for losses in deprecia-
ton in the value of stock, or 9TH
er property Of a like nature. Nc
deduction can in any case be al
lowed for depreciation of value in
such property, until it is actually
disposed of and a loss realized.
II. Costs of suits and other
legal proceedings arising from Or
dinary business are to be treated
as other expenses of such business,
and may be deducted from the
gross profits thereof.
IA. Where physicians are OBJ
liged to keep a horse for the trans
action of business, they may de-
duct so much OF the expenses SO
incurred as is fairly referrable to
the business done.
Is. Expenses for medical atten-
dance, store bills, etc, are not
proper subjects for deduction
Expenses of repairs of instru-
ments, tools, ETC., used in business
may be deducted.
l6. Only one deduction of 5000
is allowed from the aggregate in
comes of all the members of any
family composed Of parents and
minor children, even though one
parent only may be living. 1t is not
essential that the children live
without the parents. Husband
and wife are regarded as members
of the same family, though living
separately, unless separated by
divorce, or other operation of law,
such as to break up the family re-
lations.
II. If the members of a family
have separate incomes, the re-
turns may be made separately by
the proper parties, and q ratable
proportion Of the 5000 deducted
from the income of each. The
parent, as the natural guardian of
the minor child, is required to
make return for him. But where
any other guardian or trustee has
been appointed, the. return should
be made by the latter. If the
minor has no guardian or trustee;
he should make the return him.
self. If he refuse or neglect, an
independent assessment must be
made as in other cases, omitting
penalty.
!. 20. Rent of o homestead actu-
ally paid may be deducted, but the
rental value of property owned
by the taxpayer is not a subject
of deduction. Any person claim
ing a deduction on account of ex-
pense for room rent, must satisfy
the Assessor that the room or rooms
occupied by him constitute his
home, and that he has no residence
elsewhere; and this being shown,
he may be allowed to deduct what
he actually pays for rent Of such
rooms. When rent is included
and deducted as an expense OF
business, it must not again be de.
Quoted as rent, nor should per.
son hiring house and sub-letting
a portion Of it be allowed to de
duct more than the excess OF his
payments over his receipts.
81. Among the national, State
county and municipal taxes de
ductable from income, are com
prised such internal revenue taxes
as have not been included in expen
ses of business, and such munieipa
taxes are assessed ratably upon al
| the persons liable to such assess
ment. But assessments made BY
municipal authorities upon the in
habitants of a particular locality Of
! a town or acity, on account OF spe
cial improvements in OF upon tn
streets adjoining the premises Of
such inhabitants, the same. not be
ing assessed ratably, are not con
sidered as taxes deductable from
] income.
%. Marriage fees, gifts fron
members Of q congregation to thel