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

special improvements in or upon the streets
adjoining the premises of such inhabitants,
the same not being assessed ratcably, are
not considered as taxes dcductible from
income.
%. Marriage fees, gifts from members oi
congregation TO their pastor, &c, are iaN-
able as income when the gifts or donations
are in the nature of compensation Tor ser
vices rendered, whether in accordance
with an understanding TO that effect at the
time of settlement, or with an ann'ial Gus
tom.
%. Gifts of money, when clearly not IN the
nature of payment for services rendered,
ar other valuable consideration, are not
liable to taxation as income. Amounts re-
! ccivcd on life insurance policies, and da-
IMAGES recovered in actions of tort, are cX-
cmpt from income tax.
"a. Lawyers and physicians may return
either the actual fees received during the
wear, without regard tothe time when thcy
accrued, OF the amounts due to the DuSi-
ness 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 ms an
pual 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
tax-payer should be adhered to uniformly.
26. Ii interest accrued during the year
ON notes, bonds, &C., is good and collecu-
ble at the end of the year, 1t should be
returned as income whether actually col
lectcd or not.
; q. The fact that income is devoted to
the payment 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, it
should he returned as income.
80. Incomes of persons who died after
December 81 are taxable, and should be
returned By executors or administrators,
and also all income which accrued i'll 1863
to persons who died within that year. In
come which accrued from the estates OF
such persons in 1860, after the date OF de-
cease, should be returned hy the heirs or
other persons who received the benefits oi
the same.
81. Residents should make return in the
district where they reside at the time OF
making the return. The residence re-
quircd under section 1lG, for the purpose
of taxing income, is held to bc residence
during the wear 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.
80. 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 hcreditamcntS, cor
porcal and incorporcal. Profits on sales OF
real estate purchased in previous year
need not be returned as income; nor can
losses on such sales be deducted therctrom.
81. \ lease for years or for life is personal
estate, and any profits on the sale of such
a lease are taxable as income for the year
of sale.
35. Where any portion Of legacy has
been transferred by the executor to the
legatcc, so that the executor in his capaci-
" Of guardian or trustee has no longer any
control of the profits arising from such
legacy, the return Of such profits as income
must bc required of the legatce.
sc. The payment of legacy or succession
tax on the bcquest Of an annuity does not
relieve the annuitant from liability TO IN
come tax on this annuity.
| 81. Where an income exceeds $1,000,
! $500 will be exempt, 81 900 subject to tax
! at five per cent, and the remainder at ten
/ per cent.
IS. All expenses for insurance upon pro-
/ pcrty and all actual losses III business may
bc deducted from the gross income of the
wear. But losses sustained after Dcccm-
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
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 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'm sections l20 and l22 are taxable as in-
come at their nominal value; scrip divi-
dends of other companies should be re-
turned at 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 OF
elsewhere for safety, and with no intention
to use the same, such plate is exempt.
2. Pianos, organs, &C., used in churches
or public editices are not taxable under
section 100. The term "public edifices y
is held to include town halls, public Ii
brares, public halls, and the like also, free
schools and academies which are maintained