The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1866-08-31
THE DAILY CLARION.
Avs OF THE UNITED STATES,
pdssed at, the first session, of the
ThirfB-1linth Congress.
loFFIcIAL.
lPUBLIC-No. III
The TAX LAW.

The TAX LAW.
il ACT TO reduce internal taxation and {,
8# amend an act entitled An act to proyid,
ia 2iuternal revenue to support the Govern
8ment, to pay interest on the public debt
and for other purposes" approved june
~. 1864, and acts amendatory thereof
IL TCoNTINUED. !
VI LEGACIES.
Mhhat section one hundred and twentv-fon1
q amended by adding thereto the FOLLOWING
Hlditional proyiso Pr0rided further. Thai
n legacy or share of personal property
A&ssiug as aforesaid TO "A minor child of the
'asfgon Who died possessed as aforesaid shall
Nil exempt from taxation under tAis section
III sless such legacy or share shall exceed The
a Uf one thousand dollars ia which case
ia excess only above that sum shall he lia.
ia TO such taxation.
That section one hundred and TWENTY-FIVE
N amended by inserting after the words
4hat the tax or duty aforesaid" the follow
"a shall be due and payable whenever
iii party Interested In such legacy or distri-
#Hiye share or property or interest afore-
M shall become entitled to the possession
Il Enjoyment thereof, or 10 the beneficial in
- in the profits aCcrUing thercfrOfn and
ID same" and by inserting after the words
Emitted States" IN the first sentence of said
SttiDu, the words: "And every adminiStra-
nf, executor, or trustee, having in charge or
Tfst any legacy or distributiVe share, as
fbresaid, shall give notice thereof in writ
Hg TO the assessor or assistant assessor of
ia district where the deceased grantoT or
iargainer last resided, within thirty days
der he shall have taken charge of such
Enst;' and by inserting after the words
ball make out such lists and valuation as
Bother cases of neglect or refusal, and shall
Sc the duty thereon" the words "And
Nd case of wtltnl neglect, refusal, or false
Element 10y such executor. administrator
rtmstee, as aforesaid, he shall be liable to
penalty Ot not exceeding one Thousand
0llar5, to be recovered with costs of suit 3"
1y tax paid under the provisions of sec
I8ns one hundred and twenty four and one
nndred and twenty-five shall be deducted
o. the particular legacy or distributive
hAre on account of which the same is
Banged
That section one hundred and thirty y-seven
& amended by Inserting after the words
imposed by this act" the words: shall be
zsessed in the collection district where the
state is situate, and"
That section one hundred and thirty eight
u amended by adding thereto the words
And every such person having in charge or
.bst any disposition of real estate or inter
a therein, subject to tax under this act
aAll give notice thereof in writing to the
Eessor OF assistant assessor of the district
here the estate is situate within thirty
ags from the time when he shall have taken
barge of such trust, and prior TO any distri-
uhon Of said real estate, together with a
escrlptlon and value thereof, and the names
the persons interested therein; and for
iltul neglect or refusal so to do, shall be
able to penalty of not exceeding five
.indred dollars, to he recovered with costs
Fsut"
That section one hundred and forty-five be
nended by inserting after the word years"
ie words: from the time when such tax
1all have become due and payable"
That section one hundred and forty-seven
D amended by striking out all after the en-
ting clause and inserting in lieu thereof
le following: That any person liable to pay
fax in respect to any succession shall give
0tice To the assessor or assistant assessor of
IS liability to such tax within thirty days
p1n the time " hen he shall become entitled
possession to such succession or to the re-
Mi of the income and profits thereof, and
AL at the same time deliver to the assessor
assistant assessor full and true account
4 said succession for the tax whereon he
sal estate involved, and of the deductions
aimed by him, together with the names of
le successor and predecessor and their rela-
on to each other, and all such other parti-
Vars rs shall he necessary or proper for en-
0hng the assessor or assistant assessor fully
nd COrrectl ly to ascertain the taxes due; and
le assessor or assistant assessor, If satisfied
nh such account and estimate as originally
alivered, OF with any amendments that
Ay be made therein upon his requisitiOn
az assess the succession tax on the footing
NSuch account and estimate; but 1T shall
lawful for the assessor or assistant as
'ssor, if dissatisfied with such accounti or
nO account and estimate shall be delivered
) hun, TO assess the tax on the best intoTma-
on he can obtain, subject to appeal as here
after provided; and if the tax so assessed
lal exceed the tax aSseSsi a lble according
lthe return made to the assessor or assist
III assessor, and with which he shall have
1en dissatisfied, or If no account and esti-
lAte has been delivered, and if no appeal
lall be taken against such assessment, then
shall be in the discretion of the assessor,
Al ing regard to the merits of each ease, to
sSess the whole or any part of the expenses
leident to the taking of such assessment,
addition to such tax; and If there shall
van appeal against Such last-mentlOned as
.Smeut, then the payment of such expenses
lall be in the discretion of the Commls-
oner of Internal Revenue.
That section one hundred aud foTty-eight
samended by striking out all after the en-
9tng clause and inserting in lieu thereof
Il following: That that if any person re-
nred TO give any such notice or delivey
afh account, as aforesaid, shall wlltully
Rgect to do So within the time required by
~ he shall be liable to pay the United
tates sum equal to ten per centum upon
g amount of tax payable by him; and If
AZ person liable to pay any tax in respect
{ IBIS succession shall, after such tax shall
nc been finally ascertained, wlltully ne
lect to do so within ten days after heIn"
atiied he shall also be liable to pay to the
nited States sum equal to ten per centum
non the amount of tax so unpaid, at the
me time and in the same manner as the
n TO be collected.
That section one hundred and fifty be. and
Il same is hereby, repealed.
STAMP DUTIES.
That section one hundred and iifty-twO be
nended by striking out all after the enact
ii clause and inserting in lieu the following:
astG 1T olIall not he lawful to record any in
fument, document, or paper required ~
~ TO be stamped, unless stamp or stamps
the proper amount shall have been affixed,
IA cancelled in the manner required by
W. and the record of any such instrument,
BON which the proper stamp or stamps
oresaid shall not have been affixed and
sncelled as aforesaid, shall be utterly void,
al shall not be used in evidence
THAT section one hundred and titty-tour
amended by striking out all after the en-
ssinp clause and inserting IN lieu Thereon
II following: That all official Instruments,
bcuments, and papers issued by the ofheers
Il the United States government, or by the
hcers of any State, county, town, or othef
Snnicipal corporation, shall be, ana herepy
Ne, exempt from taxation: PF0rided, Ihat
Il lis the intent hereby to exempt from habl'
II to taxation such State, county, town, OF
Eher municipal corporation, IN the exercise
hlv of functions strictly belonging TO them
their ordinary governmental and NUM-
apal capacity.
Y That section one hundred and hfty-hve Dc
Nhended by striking out all after the enact
b. clause and inserting in lieu thereof the
Slowing: That if any person shall forge OF
Runterfeit. or cause or procure TO De 1ofgeo
counterfeited, any stamp, die, piate' o.
Nther instrument, OF any part OF any stamp
zle, plate, or other instrument, when shal
Rave bel [en] provided, or may hereafter y
fovided made, OF used in pursuance OF tni'
&et, OF shall forge, counterfeit, or resemble
"a cause to procure to be forged, counterfeit
or resembled, the impression, or any par