The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-04-02
The Income Tax.

| The Income Tax.
The following is the form of MAX
ing income returns for 1886, under
the new law. The reader will see at
a glance the character of the articles
to be returned upon, and the deduc-
tions to be made:
RETURNS.
1. From the profits in any trade,
business or vocation from which
income is actually derived, or any in
terest therein, wherever carried on.
2. From the payment of debts in
n former year considered lost, and
which hnve not paid previous in
come tax
3. From rents. = , -,
4. From farming operations
amount of live stock sold, amount Of
agricultural products sold.
5. From profits realized by sales of.
real estate. purchased since December
81, 1868. : Z
6. From interest on any bonds or
other evidences of indebtedness of
any railroad, canal, turnpike, canal
navigation or slack water company,
or interest or dividends ON stock,
capital or deposits in any bank, trust
company, savings institution, insur-
ance, railroad, canal, turnpike, canal
navigation or slack water company.
7. From dividends of any 'incorpo-
rated company other than those above
mentioned.
8. From gains and profits of any
incorporated company not divided.
8. From interest on notes, bonds
or other securities of the United
States.
10. From interest on notes, bonds,
mortgages or securities other than
those enumerated above.
IL. From any salary other than as
IN officer or employee of the United
States
II. From any salary or pay rs an
officer or employee of the United
States. =!
ID. From profits on sales of gold or
stocks, whenever purchased. =:
IA. From all sources not above
enumerated
Gross income
DEDUCTIONS.
l. Exempt by law, $1,000.
2. National. State, County and mu-
nicipal taxes paid within the year.
3. Losses actually sustained during
the year from fire, shipwreck or in
CURED in trade, and not already de-
Quoted in ascertaining profits.
4. Losses on sales of real estate
purchased since December 81, 1868.
5. Amount paid for hired labor to
cultivate land from which income is
derived.
6. Amount paid for the live stock
which was sold within the year.
Z. Amount actually paid for rent
of homestead.
8. Amount paid for usual or ordi-
nary repairs. excluding payments for
new buildings, permanent improve
ments or betterments. l
8. Interest paid out or falling due
within the year.
To- Salary or pay as an officer or
employee of the United States, from
which tax has been withheld. -;
IL. Interest or dividends from cor
porations enumerated above in para
graph six.
Taxable income.
Amount of tax at five per cent.
CARRIAGES, GOLD WATCHES, billiard
TABLES AND SILVER PLATE
(Schefiule A.-.Section 100, AQ June
80, 1864, as amended July 13, 1856.
Carriage, phmton, carryall, rock
away or other like carriage, and any
coach, hackney coach, omnibus or
four-wheeled carriage, the body of
which rests upon springs Of any de-
scription. which is kept for use, for
hire or for passengers, and which is
not used exclusively in husbandry or
in the transportation OF merchandise,
valued at exceeding $500 and not
exceeding $500, including harness
used therewith-$G.
Carriages of like description valued
above S500-$i0. -
Gold watches, composed wholly or
in part of gold or gilt, kept for use,
valued Mt 500 Or lcss-$1. p,
Gold watches, composed wholly or
in part OF gold or gilt, kept for use,
valued ut above S100-$2.
Billiard tables kept for use, and not
subject to special tax-$1O.
Ounce plate of silver, kept for use,
per ounce troy-50 cents.
Ounce plate of silver, kept for use,