Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1866-05-12


OF the end of the year, IL should be return-
ed as income whether actually collected OF
not.
The fact that income Is devoted to the
payment Of debts does not release the
same from liability to income tex.
If an inventor sell bis invention at once
for gross sum, he shonld return as income
the whole amount, less the expenses actual
y incurred in perfec,ing the invention, of
in procuring patent right. But no al
lovhnco can be made for the labor or per-
sonal expenses Of the inventor. II he sell
only portion of his right during the year,
be may deducta proportonate amount OF
such expense
Wherever the salary or pay received by
any person 10 goveremeut employ does not
exceed 5000 per annum, or is made up o'
fees, or is uncertain or irregular 10 the
amount or time, and ha7 not theref re
been subjected to salary tax, it houd be
returned as income.
Incomes of persons who died after
December 81 are taxable, and should be
returned by executors or adm iuistrators,
ond also all income which accrued in 1865
to persons who died within that year
Income which accrued from the estates OF
Such persons in 1865 sfter the date OF
deccase should be returned by the heirs or
other persons who received the benefit of
tbs same.
Residents should make return IN the dis
trict where they reside at the time of max
ing return. The residence required under
section ll6 for the purpose Of taxing in
COMETS held TO be a residence during the
year for which income is derived. II any
person su iect to income tax resides
abroad bis return should be made in the
dis irict where he last resided.
A guardian should return the income OF
bis ward in .he district where the ward re-
sides
The term real estate includes oil lands,
tenemonts, and heredtsmen,s, corporeal
and incorporeal. Profits on sales Of real
estate purchased in a p.evicus year need
not be returned as income, nor can losses
on snch sales be deducted therefrom
A lease for years or for life is personal
estate, and any profits on the sale of such
lease are taxable as income for the year
Of sale.
Where any portion of a 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 con-
troll of the profits arising from such legacy.
the return of such prof S as income must be
required of the legatee.
The payment of legacy or succession tax
on the bequast Of an annuity does not re-
lieve the annuitant from liability TO income
tex on bis annuity.
All expenses for insurance upon proper
ty and all actual losses in business may be
deducted from the gross income of the
year. But losses sustained after Oecen =
Der 81, 1865, cannot reduce the income
for the year. Losses incurred 10 The prose
cutiOn Of one Kind of business mag be de-
Quoted from gains 10 another, but not
from those portions Of income derived from
fixed investments, such as bonds, mortga.
ges, rents, and the like.
Dividends from which the tax Of FIVE
per cent. has been Withheld should be re
turred as income, exclusive OF the tax
withheld, and at;tr the total tax has been
assessed, the amount OF tax withheld may
be deducted lherclrom.
Coupons on railroad bonds should be re-
turned as income for the year in which
they mature, if they are good and colleeti-
BILE