Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1866-07-21
INTELLIGENCE.
TIE NEW INrERsm REEENUE Law.

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hA"' excess over 5000, and a like duty shall
,sions be levied collected and paid annually
Id Law. on the gains; profits and income OF
every business, trade or profession
nue. bill, carried in the United States by per-
An act to sons residing without the United States
to pro- and a like duty shall be levied, collect
port the ed and paid annually upon the interest
on the or dividend accruing upon investments
ugh the within the United States, or of corpOr-
snce, land atoms or citizens thereof. And the
md been duty herein provided for shall be asses
pproval. d, collected and paid upon the gains
q chang profits and income for the year ending
e admin the 31st day of December next preced-
10 differ ing the time for levying, collecting and
new law. paying said duty. s-t-
remains That, in estimating the gains, profits
and income of any person, there shall be
v on dis included all income derived from inter
that the est upon notes, bonds and other'securi-
ne 49,, ties of the United States ;proits realized
wing are within the year from sales of real estate
purchased within two years previous
...s 10 TO the year for which income is estima-
- Oe10 ted; interest received or accrued upon
. 10 notes, bonds and mortgages, or other
hire and forms of Indebtedness bearing interest;
U 5 sTi whether paid or not if good and collect
able less the interest which has be-
eaF G the f amount sa0 P PHp 1ag
gold and coupons; the amount of sales
of live stock sugar, wool, butter, pork,
cheese, beef, mutton or other produc-
tions, being the growth or produce of
per cent the estate of such person, not including
any part thereof consumed directly by
PEI PEI c snt the family; all other gains profits or
81 income derived from any source what
ever; and the share of any person of
the gains and profits of all companies,
whether incorporated or partnership,
ann who would be entitled to the same. If
divided, whether divided or otherwise,
800 except the amount of income received
| frpu al whose
"a Of . ct officers, required by law, withhold
percentum of tine dividends made by
500 such institutions, and pay the same to
the commissioner of internal revenue
m, tax or other officer authorized to receive
per cent the same; and the salary and pay re-
eS9 ceived for services in civil, military,
40 naval or otEer service of the United
10 States, including senators, representa-
no tives; and delegates In congress, from
which the tax has been deducted. And in
OF z e.: estimating the profits, gains and income
of any person, all national, state, conn
ty, and municipal taxes paid within the
year shall be deducted from the gains,
10 of ct profits or income of the person who has
2eents actually paid the same, whether such
person be owner, tenant or mOrtgager;
losses on sales of real estate within the
year purchased within two years pre-
yiOus to the year for which income Is
estimated; the amount actually paid for
labor or interest by any person who
'' .is rents lands or hires labor to cultivate wat
ness from which income is actually de-
1910 ct rived; the amount paid out for usual OF
x oil = Ct ordinary repairs: Provided, That no
$40 deduction shall be made for any amount
. paid out for new buildings, permanent
improvements, or betterments, made to
increase the value of any property or
estate; And provided further, That
only one deduction of 81, 600 shall be
zr.r cant made from the aggregate income of all
the members of any family, composed
of one or both parents, and one or
more minor children, or husband aud
wife; that guardians shall be allowed to
. per cent make such deduction IN favor of each
and every ward, except that in case
where two or more wards are comprised
In one family only one deduction shall
be made in their favor; and that no de-
duction shall be allowed In favor of per-
sons described as trustees" under eX-
isting laws. Deductions-In estimating
z,o- con. the annual gains, profit and income of
any person, all national, state and mu-
- nicipal taxes paid within the year shall
aBsf oSs7s be deducted from the gains profit or
paid the % same me- whether owner ri tenant or
per cent mortgager; also the salary or pay re-
cents ceived for services in the civil, military,
or naval service OF the United States,
Including senators, representatives and
delegates IN congress, above the rate OF
by any person for the rent of the home
stead used or occupied by himself or
his family, and the rental value of any
homestead used or occupied by any
Sc person or by his family in his own right
or IN the right of his wife, shall not be
included and assessed as part of the ill.,
per cent come of such person. Ali duties on in
- cent comes to cease after the year 1870.
India-rubber, manufactures OF,
not otherwise specified 5per cent
Insurance agents, embracing every
person who shall act agent of
any fire, marine, life, mutual, or
SlOO other insurance company
not exceed $780, shall pay So
l cont Insurance agents of foreign COM
panies, license 800
Iron, manufactures of, not other
DS wise 3IP FSS5dsd PT ton 5psr cent &
per cent Do, advanced beyond slabs,
per cent blooms, or loops, and not ad-
-. vanced beyond bars, per ton So
Pc cents sGr Do, band, hoop and sheet not
thinner than 10 wire-gauge per
8 per cent ton So
8 per cent Do, plate, not less than one
eighth of an inch in thickness,
Do, band hoop or sheet thinner
stuO than No. Is wire-gauge. per ton So
sso Do, plate, less than One-eighth of
an inch in thickness per ton IS
10 Do, nSis, cut and spikes mot in
G per cent Guiding nails taCks, brads
finishing nails, usually put up
and sold in papers, whether in
papers otherwise, for horse
shoe nal wrought Dy nacnlu-
ery,) per ton IS
Do, steam engines, including To-
$40 connective and marine engines 5 per cent
Iron, tubes of wrought iron, per
per cent ton S.
Ivory, manufactures of, not other
per cent wise provided for 5per cent
. Jugglers, license $40
per cent Jute manufactures Of not other
. per cen wise provided for 5per cent
Lawyers, license $40
Der cent Lead, manufactures of, if not
otherwise specified 8 per cent
Leadppes 8 per cent
Leather, manufactures of when
s,tl,n II a