Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1866-02-09
TEE ~

There is much diversity of opinion, and
no little confusion in regard to the in
come tax. By reference to the Act enti-
tied An Actto provide internal revenue
to support the Government, etc, APP
proved June thirtieth, eighteen hundred
and sixty-four," il will be found that the
following sources Of income are taxable:
l. From profits in any trade, business
or vocation, from which income is actu-
ally derived, or any interest therein,
wherever carried IN property deduc-
tons; rent of store, shop, mandatory,
etc. insurance upon same; fuel, freight
and expressagei wages of employees and
other expenses.
,. From rents Of lands proper deduc-
tiOns: repairs of fences, not exceeding
the average paid for such purposes for
the preceding five years, and not inClud-
ing amounts paid for permanent i'm
provements; interest ON membranes
upon the land.
3. For rents Of buildings property de-
auctions repairs, insurance and interest
on membranes thereon.
+. From profits realized from sales of
real estate.
5. From farming operations, including
the value of live stock sold proper de-
auctions: hired labor, including snbsist-
ence OF iaborers, repairs upon farm or
plantation, insurance upon buildings and
interest upon lands or buildings.
9. From interest on notes, bonds,
mortgages, or other personal securities.
:. From interest on any bonds, or
other evidences Of Indebtedness of any
railroad, steamboat, etc.
u. From the payment of debts in a
fnpnTar UnQw annaaAargH Loot unI --Ls,L
have not paid a previous income tax.
l3. From salary other than as an officer
or employee Of the United States.
Il. From salary as an officer or m
plOyee of the United States.
Is. From profits from sales of stocks,
whenever purchased.
Is. From all sources not above enume-
rated supplementary deductions author
lied to be made; losses on sales OF real
estate interest paid out or falling due
within the year; amount actually paid
for rent Of homestead national, State
and local taxes paid within the year /;
salaries Of officers or payments tOpersons
in the civil, military, naval or other ser
vice of the United States, above the rate
Of six hundred dollars per anUum.
The law eXempts six hundred dollars
Of income from taxation and imposes a
tax Of five per cent upon the amount in
excess Of six hundred dollars and not ex-
ceeding five thousand dollars, and a tax
Of ten per cent upon amounts over five
thousand dollars.
1t is made the duty Of any person made
liable to annual tax, on or before the
first Monday of May in each year, to
make a return to the Assistant Assessor
1t is made the duty of the tax payer TO
90 to the Assessor, and not for the Asses
sor to go to him. EVERY person falling
to make such return by the day specified
viii be liable to be assessed by the AS
sistant Assessor according to the best in
formation he a obtain; and in such
case the Assistant Assessor will add
twenty-five per cent. to the amount of
taxi In ease a false or fraudulent state
ment is made to the Assessor he will add
n hundred per cent. to such duty, and
there can be no appeal from his valua-
ton or enumeration. The tax on this
assessment viii be paid on or before the
THIRTEEN Of June, and any sum remain
ing unpaid after that time will be subject
to an additional tax Of ten per cent.
Guardians and trustees are required TO
make returns Of the income Belonging to
minors, or to persons for whom thew act
as guardians or trustees. Farmers are re-
CURED TO return not only the agricultu-
RI products sold during the year, but
n amount consumed by their families
and themselves, The term agricultural
products includes anything and every
thing produced upon a plantation that
can be mentioned, not excepting eggs,
etc.