The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-05-04

the same not being assessed Tatcauiy, aS
not considered as taxes dcductible from
income.
%. Marriage fees, gifts from members OF
n congregation to their pastor, &c, are tax
able as income when the gifts or donations
are in the nature of compensation for SER
vices rendered, whether in accordance
with an understanding to that effect at the
time of settlement, or with an annual Gus
tom.
nature Of payment for services rendered,
or other valuable consideration, are not
liable to taxation as income. Amounts re-
ccivcd on life insurance policies, ana IA
IMAGES recovered in actions of tort, are eX-
cmpt from income tax.
"a. Lawyers and physicians may return
either the actual fees received during the
year, without regard to the time when they
accrued, or the amounts due to the bust
moss of the wear. But when the Taxpayer
has heretofore adopted one method, he
cannot now be allowed to make use OF the
other.
25. If the manufacturer or dealer has
been in the practice of estimating his an
nual profits by taking inventories OF stock,
he should take the cost value OF such
stock. unless he has taken the market
value in making previous returns. winch
ever method has been adopted by the
,ax-paycr should be adhered to uniformly.
26. If interest accrued during the year
ON notes, bonds, SC, is good and collecti-
bic at the end of the year, 1t should be
returned as income whether actually col
lcctcd or not.
q. The fact that income is devoted to
the pavment of debts does not release the
same from liability to income tax.
20. Wherever the salary or pay received
by any person in Government employ does
not exceed six hundred dollars per annum,
or is made up of fees, or is uncertain or
irregular in the amount of time, and has
not therefore been subject to salary tax, 1t
should be returned as income.
80. Incomes of persons who died after
December 81 are taxable, and should be
returned bv executors or administrators,
and also all income which accrued in 1868
to persons who died within that year. In
come which accrued from the estates OF
such persons in 1868, after the date OF de-
cease, should be returned by the hers or
other persons who received the Dement'S OIL
the same. -,
81. Residents should make return in the
district where they reside at the time OF
making the return. The residence re-
qurcd under section ll6, for the purpose
of taxing income, is held to be residence
during the year for which income is de-
rived" If any person subject to income
tax resides abroad, his return should be
made in the district where he last resided.
4 guardian should return the income
of his ward in the district where the ward
resides.
50. Citizens of the United States residing
abroad are subject to tax upon their en-
tire incomes from all sources whatever; ;
and the same is true of foreigners residing
in this country.
33. The term "rcal estate" includes all
lands, tenements, and Entertainments, cor
poreal and incorporcal. Profits on sales of
real estate purchased in a previous year
need not be returned as income; nor can
losses on such sales be deducted theretrom.
81. A lease for years or for life ispersonal
estate, and any profits on the sale OF such
a lease are taxable as income for the year
Of sale.
So. Where any portion Of legacy has
been transferred by the executor to the
legatee, so that the executor in his capacl-
~ ofguardian or trustee has 10 longer any
control of the profits arising from such
legacy, the return of such profits as income
must he required of the legatce.
SO. The payment of legacy or succession
tax on the bequeSt Of an annuity does not
IL. t..,, Enl,i tn n
come tax on this annuity.
81. Where an income exceeds $4,000,
5000 will be exempt, $4,000 subject to tax
at five per cent, and the remainder at ten
per cent.
IS. All expenses for insurance upon pro-
perry and all actual losses in business may
be deducted from the gross income Of the
year. But losses sustained after Decem-
Der 81, 1865, cannot reduce the income Tor
the year. Losses incurred in the prOsccu-
ton of one kind of business may be de-
Quoted from gains i'll another, 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
deduction of amounts claimed to have
they should be regarded as investments
or expenditures, as when merchants cx-
pend money in farming or gardening for
recreation or adornment rather than pc
cuniary profit.
80. Dividends from which the tax of
five per cent. has been withheld should
be returned as income, exclusive of the
tax withheld, and after the total tax has
been assessed, the amount of tax with
held may be deducted therefrom.
40. Coupons on railroad bonds should be
returned as income for the year in which
they mature, if they are good and collecti-
BILE.
al. Scrip dividends of companies named
i'll sections 100 and l22 are taxable as in
come at their nominal value; scrip divi-
dends of other companies should be re-
turned ut their market value at the time
when received.
SCHEDULE A.
/. Gold and silver plate is subject to tax
if kept for use, whether actually used or
not, except as provided in Schedule A. But
if plate is permanently kept in bank or
elsewhere for safety, and with no intention
to use the same, such plate is exempt.
2. Pianos, organs, &C., used in churches
or public edifices are not taxable under
section 100. The term "public edifices ="
is held to include town halls, public Ii
braries, public halls, and the like also, free
schools and academies which are maintained
at public expense, or are thrown open to
the public free of charge. Private schools
or academies, whether incorporated or not,
supported wholly or in part by charging a