The Shasta courier., 1867-05-04
Income Tax.

The following is the section of the Amend.
atory Internal Revenue Act, passed by the
last Congress, in relation to the tax upon
incomes. The time of making out returns to
the Federal Assessor has been changed from
the 1st of May to the 1st of March:
"That section one hundred and seventeen
be amended by striking out all after the enact
ing clause and enacting in lieu thereof, the
following 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 is estimated j:
interest received or accrued upon old ALL
notes, bonds, and mortgages, or forms
of Indebtedness bearing interest. whether
paid OF not if good and collectable, 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,
cheese, pork, beef mutton, or other meats,
hay and grain, or other vegetable or other
productions, being the growth or produce of
the estate of such person, not including any
part thereof consumed directly by the family ;
all other gains, profits, and income derived
from any source whatever, except the rental
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 partner
ship. who would be entitled to the same, if
divided, whether divided or otherwise, except
the amount of income received from lnstItu-
tions or corporations, whose officers as re-
quired by law, withhold a percentum of the
dividends made by such institutions, and
pay the same to the officer authorized to re-
ceiye 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, Repre-
sentatives, and Delegates in Congress, from
which the tax has been deducted And IN
addition to one thousand dollars exempt from
income tax, as hereinbefore provided, all
National, State, county, and municipal taxes
paid within the year shall be deducted from
the gains, profits, or income Of the person
who has actually paid the same, whether
such person be the owner, tenant, or mort
gager; losses actually sustained during the
year arising from fires, shipwreck, or
incurred in trade. and debts ascertalned 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 labor to cultivate land. or who
conducts any other business from which in
come is actually derived !; the amount actual
ly paid to any person for the rent OF the
house or premises occupied as residence for
himself or his family the amount paid out
for usual or ordinary repairs prorided,
that no deduction shall be made for any
amount paid out for new buildings, perma-
nent Improvements, or betterments, made to
increase the value of any property or estate /;
and proUided, further, that only one deduc-
ton of one thousand dollars shall be made
from the aggregate income of all the mem
bers of any family, composed of one or both
parents and one or more minor children, or
husband and wife; that guardians shall be
allowed 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
fayor ana pf0Utded, fufHeT, that IN cases
where the salary or other compensation paid
to 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 in
the amount or in the time during which the
same shall have accrued or been earned, such
salary or other compensation shall be includ-
ed in estimating the annual gains, profits or
income of the person to whom the same shall
have been paid"