The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1867-05-04

as subsequently amended, be further amended as
follows namely:
INCOME.
That section one hundred and sixteen be amen
ded by striking out all after the enaeting clause
and inserting, in lieu thereof, as follows: That
there shall be levied, collected and paid annually
upon the gains profits, and income of every per-
son residing in the United States, or of any citi-
zen of the United States residing abroad, whether
derived from any kind of property, rents interest
dividends, or salaries, or from any profession,
trade, employment, or VOCATION carried on in the
United States, or elsewhere, or from any other
source whatever, tax OF five per centum Oh the
amount so derived over one thousand dollars and
like tax shall be levied, collected, and paid an
nually upon the gains, prout>, and income of
every business, trade or profession carried on in
the United States by persons residing without the
United States, and not citizens thereof And the
tax herein proviued for shall be assessed, collec-
ted and paid upon the gains, profits, and income
for the year ending the thirty first day of Decem
Der next preceding the time for levying, collec-
ting, and paying said tax.
That section one hundred and seventeen be
amended by striking out all after the enacting
clause, and inserting in lieu thereof, the follow
ing: That, in estimating the gains, profits, and
income of any person, there shall be included all
income derived from interest upon notes, bonds,
and other securities OF the United States profits
realized within the year from sales OF real estate
purchased within the year or within two years
previous to the year for which income ,caS Gis)
[all] notes, bonds and mortgages, or other forms
of Indebtedness BEARING interest, whether paid
or not, if good and collectabe, less the interest
which has become due from said person during
the year; the amount of all premium on gold
and coupons; the amount of sales of live stock,
sugar, wool, butter. che[e se, pork beef, NUT
ton, or other meats, hay and grain, or other veg
etahle or other productions, being the growth or
produce OF the estate OF such person, not inclu-
ding any part thereof consumed directly by the
ia do
rived from any source whatever, except the rem
tai value of any homestead used or occupied
by any person or by his family in his own right
or in the right of his wife; and the share OF any
person OF the gains and profits OF all companies,
whether incorporated or partnership, who would
be entitled to the same, il divided, whether di-
yded or otherwise, except the amount of income
received from institutions or corporations whose
officers, as required by law, withhold per cen
tum of the dividends made by such institutions,
and pay the same TO the officer authorized to
ceive the same; and except that portion of the
salary or pay received for services in the civil,
military, naval, or other service OF the United
States, including senators, representatives, and
delegates in Congress, from which the tax has
been deducted. And in addition to one thousand
dollars exempt from income tax, as hereinbcfore
provided, all national, State, county, and muni-
cipal taxes paid within the year shall be deduc-
ted from the gains pic otits, or income of the per-
son who has actually paid the same, whether
such person be owner, tenant, or mortgagcr;
losses actually sustained during the year arising
from fires shipwreck, or incurred in trade, and
debts ascertained to be worthless, but excluding
all estimated depreciation of values and losses
within the year on sales of real estate purchased
two years previous to the year for which income
is estimated; the amount actually paid for labor
or interest by any person who rents lands or hires
to cultivate land, or who conducts any other bus
mess from which income is actually derived the
amount actually paid by any person for the rent
of the house or premises occupied residence
for himself or his family; the amount paid out
for usual or ordinary repairs: Provided, That no
deduction shall be made tor any amount paid
out for new buildings, permanent Improvements,
or bettcrmcnts, made to increase the value of
any property or estate: And pr0vided, further,
That only one deduction of one thousand dollars
shall be made from the aggregate income of all
the members of any family, composed of one or
both parents, and one or more minor children, or
husband and wife: that guardians shall be allow
ed to make such deduction in favor of each and
every ward, except that in case where two or
more wards are comprised in one family, and
have joint property interest," only one deduction
shall be made in their favor: And prOrided tur
tier, That in cases where the salary or other COM
pensaton paid 10 any person in the employment
or service of the United States shall not exceed
the rate of one thousand dollars per annum, or
shall be by fees or uncertain or irregular i'll the
amount or in the time during which the same
shall have accrued or been earned, such salary or
other compensation shall be included in estima-
ting annual gains, profits, or income of the per
That section one hundred and eighteen be
amended by triking out all after the enacting
clause and inserting, in lieu thereof, the follow
ing: That it shall be the duty oil all persons of
lawful age to make and render list or return,
or before the day prescribed by law, in such
form and manner as may be prescribed by the
Commissioners of Internal Revenue, to the assis-
tant assessor OF the district in which they re-
side, of the amount of their income gains, and
profits, as aforesaid and all guardians and trus-
tees, executors and administrators any person
acting in any other tiduciary capacity, shall make
and render list or return, as aforesaid, to the
assistant assessor of the district in which such
person acting in fiducary capacity resides, of
the amount of income, gains, and profits OF any
minor person for whom they act; and the as
sistant assessor shall require every list or return
to be verified by the oath or affirmation OF the
party rendering it, and may increase the amount
of any list or return, if he has reason to believe
that the same is underStated; and in case any
person shall neglect or refuse to make and rem
der such list or return, or shall render false or
fraudulent list or return, it shall be the duty OF
the assessor or the assistant assessor TO make
such list, according TO the best Information he
can obtain, 10y the examination of such person,
or his books or accounts, or any other evidence,
and to add fifty per centum as penalty to the
amount of the tax due on such list in all cases OF
wiful neglect or refusal to make and render list
return, and, in all of false or frauduent
list or return being rendered, to add one nun
dred per centum, as penalty, to the amount OF
tax ascertained to be due, the tax and the adol-
tions thereto as penalty to be assessed and col
lected in the manner provided for in other cases
of willful neglect or refusal to render list or
return, of rendering a false and fraudulent
return Prorided That any party, in his or her
own behalf, or such fduciary, shall be permitted
to declare, under oath af1rma. ion, the form
and manner OF which shall be prescribed by the
Commissioner OF Internal Revenue that he or
she, or his or her ward beneficiary, was not
possessed of an income of one thousand dollars,
liable to be assessed according to the provisions
OF this act or may declare that he or she has
been assessed and paid income tax elsewhere
in the same year, under authority Of the United
States, upon his or her income, gains, and pro-
fits as prescribed by law; and if the assistant as
SCISSOR shall be satisfied of the truth of the de-
claration, shall thereupon be exempt from in
come tax in the said district if the list or re-
turn of any party shall have been increased by
the assistant assessor, such party may exhibit
his books and accounts, and be permitted TO
prove and declare, under oath or affirmation, the
oaths and evidence shall not be considered as con-
elusive of the facts, and deductions claimed
in such cases shall be allowed until approved by
the assistant assessor. Any person feeling ag-
grieved by the decision of the assistant assessor
in such cases may appeal to the assessor Of the
district, and his decision thereon unless reversed
by the Commissioner of Internal Revenue, shall
be final, and the form, time, and manner OF pro-
ceedings lall be subject to rules and regula-
tions to be prescribed by the Commissioner of
Internal Revenue: POvided, further, That no
penalty shall be assessed upon any person for
such neglect or REFUSAL or for making or render
ing false or fraudulent return, except after
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