Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-08-16
THE NEW INTERNAL REVENUE LAW.

From the Baltimore Sun.
Important Provisions and Changes-Instructtons
the Internal Revenue OBSERVATION-DISCLOSURES
Taxes.
| The changes made i'll the Internal Revenue Law
during the late sessio on of Congress have been no
ticed in The SIN from time to time. Now, how
ever, official interpretations OF the act, together
with instructions to the various assessors, are OF
interest, and serve to explain more clearly the
rights and duties of taxpayers
There has been no change in the income tax. SO
that five per cent. will still have to be paid on
sums 5000, and not exceeding $5, 900, and
over the latter amount ten per cent. Bank divi-
dends and additions to surplus funds, per cent.
bank profits, not divided or added to surplus, 5
per cent; canal companies dividends, interest on
bonds and additions to surplus funds, per cent.
insurance companies dividends and additions to
surplus funds, 5 per cent; railroad companies
dividends, interest on bonds and additions to sur
plus funds 5 per cent, salaries of United States
officers exceeding $500 and not exceeding S., 900,
on excess over $500, per cent salaries of United
States officers exceeding $5, 900, on excess over
| $5, 900, 10 per cent; turnpike companies dlvl-
dends, interest on bonds and addition to surplus
| funds, per cent
AN EXPLANATION THE LAW.
One of the assessors under the law publishes
! the following
It will be that all the provisions OF the law
do not take effect at the time, and taxpayers
will govern themselves accordingly. The free list
|
and forty important and distinct articles of man
ufacture.
The free list of articles entirely exempted from
tax took effect and after the 18th of July, the
date of the passage Of the act.
The provisions reducing the tax on manufac-
lures went into operation the 1st of August, 1866
and applies to all goods In the factory, ship OF
warehouse, and actually sold by the manufacturer
on or after that date.
| The tax on raw cotton is three cents per pound
va &oh Il 1NTy+ OfiIJ10T
owner, or holder Manufacturers must keep
books of account of the quantity used and the
goods produced and pay the tax on the raw cot
ton where not previously paid 1t may be re-
moved under bond from the district of produc-
ton, but in all such cases must pay tax within
ninety days thereafter. After the 1st of Septem-
ber next all common carriers and others ARE pro
hibted from transporting, under severe penalties,
any cotton on which the tax has not been paid
and is not properly marked.
Returns due from banks, after July 81, 1866,
for taxes under sections no. 120 and 122 of the
old law, must be made to assistant assessors and
the tax paid to the collectors, and not to the COM
missioner at Washington. Duplicate returns
should not hereafter be forwarded to that office.
The tax should be paid other taxes, to the col
| lector.
| Returns of tax of ten per centum on State cur
rency paid out by national and other banks after
| August 1st 1866 must be made monthly to assls-
| tant assessors, before the 10th of each month,
and paid to the collector before the 30th of the
same month"; beginning with September 10th, 1866.
The market value of cigars Is to be determined
| by the sales price, which must include the tax
If, for instance, it be desired by the manufactu-
rer to net twenty-five dollars per thousand for ci-
gars, he can ascertain the fact by adding thereto
the specific tax of four dollars and ona-fOurth Of
the aggregate, twenty-nine dollars to wit seven
dollars and quarter The market value in such
cases would be thirty-six dollars and quarter,
q nd the tax, dd c0Lorem and specific, eleven dol
la and quarter This rule applies to all cigars
Iiab lie to the double tax.
Tb g new provision relating to distilled spirits
and fe rmented liquors does not take effect until
Sentem Der 1st, 1866. The tax fermented Ii
ouors wi thereafter be paid by stamps affixed to
the spigot hole tap, of which there shall be
but one eac h in every barrel, such stamps to be
procured frc Nm collectors The rate OF tax IS I'M
The system Of licenses is abolished, and that of
a special tax is substituted but the licenses IN
force are good fol' the period for which granted,
unless in the case of dealers making greater sales
than their licenses authorize. In such event re
tnrns on the sales must be made, and the tax of
one dollar Der thousand paid monthly
Brokers' banks and bankers must pay tax on
all sales of gold coin stocks, bonds or other Sc
curities made subsequently to August 1st, 1866,
for themselves on their own account or Tor others,
hy means of stamps, which must be affixed to the
memorandum of sale required to be given at the
rate of one cent for every hundred dollars OF trac-
tional part thereof
SPECIAL TAXES.
The Commissioner of Internal Revenue has Is
sued the following instructions to assessors:
Office of Internal Reoenue Washington, July 81,
1966.-Attention is hereby called to the changes
made in the internal revenue laws relating to IL
censes by the act of July 49, 1866, which act goes
into effect, far special taxes provided for IN
said act concerned, on the 1st OF August, 1866
Licenses are abolished, and especial tax Is
substituted therefor.
By the provisions of section eighty, it becomes
the duty of to reassess any person, firm,
or company, holding license, for any excess of
the special tax substituted therefor the license
tax which has been paid, from the 1st day of Au-
gust 1866, ratably, up to the lst day of May 1867
Under these provisions, persons having license
as wholesale dealers in liquors, brewers, distil-
lers and proprietors Of gift enterprises, will be
liable to re-assessment from tie lst day of Au-
gust, 1866 Every wholesale dealer in liquors, for
instance, who has paid but $50 dollars tor his lis
cense, will be Immediately liable to re-assessnent
for the nine months ending May 1st 1867, the
amount of re-assessment being S37 5O.
A special tax is to be assessed from the same
date against distillers of burning fluid and cam
nhene. grinders of coffee and spices, and pedlers
of LIQUORS. Pedlers travelling by public convey
ances are classed as pedlers of the fourth class
Persons whose business it is to manufacture cigars
snuff or tobacco in any form, should be in1medl-
ately assessed special tax as tobaconists, with
out reference to the amount OF their products ;i