Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-05-03
VALUATION OF REAL ESTATE.

! VALUATION OF REAL ESTATE.
A. dies in 1860, leaving tract of land to
3. G. and D., valued at $1,000. B. sells
| his tract for mining purposes for So, O00.-
| How must the list-taker manage
AnSwer.-Under Section %, Act for col
Letting Revenue, he must estimate what
would have been the value of BIS tract in
| 1860, suppOsing no nine had been dis
covered Under Section 80, he will then
estimate what additional value has been
| impaired to it by finding the mine. The
value thus asceltained is that to be returned.
| In the above case Is does not list any
part Of this increase OF value as 'income. -
VALUATION OF Personal PROPERTY.
Personal property liable to taxation ad
uoloreDa must be valued at the market price
at the time of listing, at the place where
the property is located See Rev. Act,
page ).
POLLS-WHO ARE LABOREES.
Landowner employs hands liable to poll
tax, giving as wages part of crop; he must
list them.
Landowner let's his land to negroes, un-
der contract to receive part of the crop as
rent; he is not bound to list them. It would
| be the same if the owner furnishes team,
&C., provided he parts with the control of
the land, and cannot direct the labor of the
hands.
The question is, who has control of the
land ? If the owner, he must list the work
men. II the hands have control until crop
time, they ale tenants, not Iob0rerS.
The Sheriff, when the owner of the land
is not bound for poll tax Of the cropper,
should enforce the payment of the tax by
distraint of the growing crop He has no
right to return IS insolvent one who has an
interest in the growing crop.
II the renter of land employs laborers, he
is bound for their poll tax.
A planter is not bound to list his mana
ger or overseer. Nor is merchant bound
to list his clerks.
Employers must list those in their SER
vice LIST April as day la60rerS. This con-
struction is thought hard, but the words
are too plain for doubt, and, indeed, the
revenue bill as originally presented was
amended in the Senate by the addition of
the latter clause of the section under con-
sideration, mainly to secure tax from this
itinerant elias OF laborers.
HOUSEHOLD FURNITURE
worth 1925. Only $25 is to be listed
Books worth 5000. Only 800 to be listed
COTTON AND TOBACCO, &c,
on hand 1st of April, 1867, produced in
1865, must be.listed. The owner may re-
tain family supplies for one year.
SHARES OF STOCK
in Railroad Companies Except Raleigh &
CASTOR and Wilmington & Weldon r. r.
Stocks, which are exempt, the former until
dividends exceed 10 per cent. per annum,
the latter absolutely, must be listed at their
market value, siong the line of the roads.
MONEY
500 can be deducted from cash on hand
LIST April. If a man has net income over
$500, and has the income in the shape of
money on hand LIST April, it must be taxed
as " money" as well as 'income."
NATIONAL BANKS
Should list the shares of stock owned there
in by residents and non-residents, at the
place where the Bank is located, under Sec.
II, Glass l, Seized. A.
CLASS 2, SEIZED. a.
Watch es, Gold and Silver and plated
wave . also pleasure carriages and harness,
ara tayohln whe cher used or not. 1t is diff
ferent with jewel4TV ana muslcal lnstru'
ments.
Carriage and horses uset1 by Physicians,
exclusively in practice, are exempt
A clerk in a store, receiving COM 'ensa-
ton of $50 per month, must pay the salal.S
tax if he receives from April j. 1866, to
April l, 1867 over $500. The sum of $500
cannot be deducted from the total.
CLASS 3-sCHEDULE A.
Net income under $500 not taxable
If over $500, that amount cannot be de-
Quoted.
The expense of keeping carriages and
horses, used exclusively by physicians IN
their practice, can be deducted from gross
income.
Also the necessary expenses OF lawyers IL
attending Courts.
All ''food," &C., bought by farmer for
his hands or stock, but if the farmer pro-
duces his subsistence, his income from this
product and his expenses in feeding 1t ex-
actly balance, and nothing is to be deduc-
ted.
If Il farmer give food as part wages to his
laborers, he may deduct the value, but on
most plantations that value is tritiing, as it
is to the interest Of the owner to have the
land cleared for cultivation. House rent
given as wages, should not be deducted.
School teachers, who receive tuition
money for the pupils taught by them, are
not taxed as having salary, but are taxed
on their net income, under this section.
Gain on purchase and resale of lands,
stock, &c, within the year preceding LIST
April 1867, must be estimated as Income. ="
LIQUOR PURCHASES.
If A buys liquor in New York and sells
to B for resale, A is liable to the ten per
cent. tax, but is not.
SO if A buys of the maker in this State
and sells to B for resale, A is liable for the
five per cent. tax, and B is not.
But in both cases, if B claims exemption,
lie must prove as prescribed in End clause
of Sec. 3, Glass 3, Schedule A, that A
listed the liquors in this State.
If has liquor consigned to him by O
New York House for sale on commission,
and he sells to B for resale, by the express
language of Sec. 2, B is liable for the ten
per cent. tax, while A is only liable for one
fifth of ono per cent on his sales, under
Sec. 5.
If A, in the above case, retails the liquors,
selling them to persons buying for their
own use, not for sale, he is liable to pay
the Sheriff ten per cent. on his sales, under
Sec. %, Schedule B.