The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1866-05-10

ratably upon all the persons liable to
such assessment. But assessments
made by municipal. authorities upon
| the inhabitants ola particular locality
of town or city on account of special
improvements in Nor upon the streets
adjoining the premises of such inhabi-
tants, the same not being assessed rata
bly,, are not considered as taxes deducti-
BILE from income .sf5-.,
% Marriage fees, gifts from mem-
bers of a congregation to their pastor,
&c, are taxable as income when the
gifts or donations are in the nature Of
compensation for services rendered,
whether in accordance with an under
standing to that effect at the time of
settlement or with an annual custom.
%. Gifts of money, when clearly not
In the nature of payment for services
rendered, or other valuable considera,
tion, are not liable to taxation as income.
Amounts received on life insurance poll
cies, and damages recovered in actions
Of tort, are exempt from income tax.
"a Lawyers and physicians may re.
turn either the actual fees received
during the year, without regard to the
time when they accrued, or the amounts
due the business of the year 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
annual profits by taking inventories of
stock, he should take the cost value of
such stock, unless he has taken the mar
ket value in making previous returns
Whichever method has been adopted by
the x-payer should be adhered to uni
formly
&c. If the interest accrued daring the
year on notes, bonds, &c, is good and
collectible at the end of the year, it
should be returned as income. whether
actually collected or not.
g. The fact that income is devoted to
the payment of debts does not release
the same from liability toincome tax.
25 If an inventor sells his invention
at once for gross sum, he should return
as income the whole amount, less the
expenses actually Incurred in perfecting
the invention or in procuring patent
right But no allowance can be made
for the labor or personal expenses of the
inventor If he sell only portion of
his right during the year, he may deduct
a proportionate amount OF such ex-
pense.
90. Wherever the salary or pay receiv
ed by any person in Government employ |
does not exceed 5000 per annum, or is
made up Of fees, or is uncertain OF ir-
regular in the amount or time, and has
not therefore been subjected to SALARY
tax, it should be 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 in 4
1865 to persons who died within that 4
year Income which accrued from the
estates of such persons in 1865, after the
date of decease, should be returned by
the heirs OF other persons who received
the benefit OF the same.
81. Residents should make return in
the district where they reside at the
time of making return. The residence
required under section | l6 for the pur.
pose of taxing income is held to be a
residence during the year for which in
come is derived" If any person sub
iect to income tax resides abroad, his
return should be made in the district
where he last resided.
A guardian should return the income
of his ward in the district where his
ward resides:
30. Citizens of the United States resid
ing abroad, are subject to tax upon their
entire income from all sources whatever
and the same is true of foreigners resid. |
ing in this country
AZ The term real estate" includes |
all lands, tenements and hereditaments, |
corporeal aud incOrpOreal Profits Oh |
sales of real estate purchased in pre-
yious year need not be returned as in
come, nor can losses on such sales DO de.
ducted thereirom.
"a A lease for years or for life is per
sonal estate, and any profits on the sale |
of such a lease are taxable as income Tor |
the year of sale
50. 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 control Of the profits aris
ing from such legacy, the return OF snch |
profits as income must he required of the |
legatee,
Sc. The payment of legacy or success.
sion tax on the beqnest of an annuity
does not relieve the annuitant from liza
bility to income tax on his annuity.
~. Where an income exceeds S5,OOO,
5000 will be exempt, S4400 subject to
tax at five per cent, and the remainder
at ten per cent
3S All expenses for insurance upon
property and all actual losses in bust
ness may be deducted from the gross in.
come ofthe year But losses sustained
after December 81, 1865, cannot reduce
the income for the year Losses incur.
red in the prosecution Of one kind OF
business may be deducted from gains in
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
Iaimed to have been lost in business,
.shen in reality they should be regarded
as investments or expenditures, as when
merchants expend. money in farming OF
gardening for recreation or adOrDment
rather than pecuniary profit.
80. Dividends from which the tax OF
f Ie per cent has been withheld should
be returned as income, inclusive of the
tax withheld, and after the fetal tax
has been assessed, the amount OF tax
withheld mag be deducted therefrom.
40. Coupons on railroad bonds should
he returned as income for the year in