The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-05-09
Z WHEELING WEST VA WEDNESDAY. MORNING, MAY. g. 1866

I w
standing to that effect at the time OF
settlement, or with an annual custom.
%. Gifts of money, when clearly mol
| in the nature of payment for services
rendered, or other valuable constdera-
tion, are not liable to taxation as in
come. Amounts received on NE IN
surance policies, and damages recover
ed in actions of tort, are exempt from
| income tax.
"a. Lawyers and physicians may re-
turn either the actual fees receiYeddur-
| ing the year, without regard to the time
when they accrued, or the amounts due
the business of the year. But when
the tax payer has heretofore adopted
one method, he cannot now be allowed
to make use of the. other. .
25. If the manufacturer or dealer mas
been in the practice OF estimating MS
annual profits by, taking inventories oi
stock, he should take the cost value OF
such such stock, unless he has taken
the market value in making previous
returns. : Whichever method has been
adopted by the tack payer ould be ad-
hered to uniformly.
DC. IF the interest accrued during the
year on notes., bonds, DC, is good and
coIlectible at the end OF the yeart II
should be returned as income Whethef
actually collected or not. i.A.L
q. The fact that income is devoted 10
the payment of debts does not release
The same from liability to income tax.
%. If an inventor sells his invention
at once for a gross sum, he should re-
turn as income the whole amount, less
the ex penses actually incurred IN per-
feeling the invention, or in procuring
patent right. But no allowance can be
made for the labor or personal expenses
of the inventor. If heisen only por-
ton of his right during the year, he
may deduct a proportionate amount OF
such expense. 9,5 p a..7'='D21
%. Wherever the. salary or pay re
ceiyed by any person in Government
employ does otexceed $500 per annum,
or is made up of fees, oris uncertain or
irregular in the amount or time, ana
has not therefore been subjected to sal
ary tax, 1t should be returned as IN
come. aG. asusD lag ulH
so. Incomes of persons who died
after December 81 are taxable, ana
should be returned by executors or ad-
ministrators, and also all income wnicn
accrued In 1865 to persons who died
within that year. Income which ac-
icrued from. the estates of such perSonstn
1855, alter The date of decease, should be
returned by the heirs or other persons
who received the benefit of the same.
81. Residents should make return in
the district where they reside at the
time of making return, The residence
required under section 116 for the Pur-
pose of taxing income is held to be n
residence during the year for which in
come istHderiyed.D Ifiany-person SUD
ject to income tax resides abroad, his
return should be made in the distr1ct
where he last resided.
A guardian should return theincome
of his ward in the district where nus
SO. Citizens of the United States resi-
ding abroad, are subject to tax upon
their entire incomes from all sources
whatever; and the same is true OF for-
eigners residing in this country.
33. The term "real estate" includes
all lands, tenements, and heridita-
ments, corporealf and incorporeal.
Profits on sales of real estate purchas-
ed in aFprevious year need not be re-
turned as income, nor caII losses on
such sales be deducted therefrom.
81, Alease for years or for life 1s,per-
sonal estate, and any profits on the sale
of such a lease are,taxable us income
for the yearYof sale. IGH ann
S5. Where any portion of legacy
has been transferred by the executor to
the legatee, so that the executor in his
capacity of guardian or trustee has no
longer any control OF the profits aris-
ngfrom such legacy, the return of such
The legatee.
S6i The payment, of legacy or success
sion tax, on the bequest of an annuity
does not relieve the annuitant from lta-
bility to income tax on his annuity.
81. Where an income exceeds 5000,
5000 will be exempt, 81 400 subject to
tax at five per cent, and the remainder
at ten per cent. t,5 'etitz
3S. All ex penses for insurance upon
property and alliactual losses in busi-
ness may be deducted from the gross
income of the year. But losses sus-
tanned after December 81, 1865, cannot
reduce the income for the year. Losses
incurred, in the prosecution of one
kind of fbpsiuess may. be deducted from
gains in another,5 but not from those
portions of income derived from fixed
investments, such as bonds, mortgages,
rents, and the like. Assessors should
also be careful not to allow the deduc-
ton of amounts claimed to have been
! lost in business, when in reality they
should be regarded as investments or
expenditures, as when merchants ex-
| pend money in farming or gardening
for recreation or adotnment rather than
pecuniary profit. u,
SO. Dividends from which the tax OF
five per cent. has been withheld should
| be returned aslincome, inclusive of the
tax withheld, and after the total tax
has been assessed, the samonnt of tax
withheld may be deducted therefr0m.
40. Coupons on nrailroadbondS should
be returned as income for the year In
which they mature, II they are good
and collecttble. t,ss a. i..ra .f ~
Al. Scrip dividends ,iof companies
named in sectionsaf20 and 122 are tax
able us income at their nominal value ;
scrip dividends of other companies
should be returned at their market
value at the time when received.
Tomorrow we will publish the In
structions in relation to the assess
lsIFIw vnNn oil
| JIM relation toEateS of licenses
THEA4iAN WHO NEVER HAS ANY
fTH1NG OF HIsO NO course you have
encountered this pest. ai he Iborrows
yourtpenknife, your. razor, your writ
| ing utensils, your umbrella; and what
you lend him goes, US a rule 70 that
bourne from which no traveller returns.
Not that he is dishonest, but he constd-
ers himself sort of lpensioner on the
world ut large for minor conVentenceS,
and has no idea that their restoration
| is expected. AS he is usually good
natured. fellow, who would give you
| anything he had If he had anything 10
| give, you don't like to snub htmj ana SO
he passes' through life in his shiftless,
careless eway, unconscious OF his de-
| meritsAa tolerated nuisance. Willing
| ly would you raise a subscript ption, head
| ing the list of donors yourself, to fur
nish him with all he borrows. But II
would be useless. There is no tenacity
in his slipshod nature. Whatever you
might give him would slip through his
| fingers. Besides, your professional
Borrower of small chattels prefers 9
LoGn to 9lft. So far as your persona
! comfort is concerned, It is best to meet
l'hfs application for loans with an en-
phatic mo- BE is not pertinacious
4 a few rebufs will suffice. He knows
we'll enough that If you won't supply