The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-03-11
THE INCOME TAX LAW.
IMPORTANT CHANGES.

aud. paid ANNUALLY, upon the gains,
pfbfits, and insoh3o Of every persDn re-
siding In tho United States, OF OF ery
citizen Of the United States residing
abroad, whether derived from any kind
of property, rents, interest, dlvldends,
or salaries, or from any profession, trade,
employment, or vocation, carried on In
the United States or elsewhere, pr from
any, other source Whatever, 4 tax Of five
per cent. on the amount so derived over
81 900, and o Like, tax, shall bo, levied,
collected, and paid annually upon the
gains. profits and income of every busi-
ness, trade or profession carried on IN
the United States by persens residing
without the United States, and not citi-
zens thereof, And the tax, herein pro,
vided for shall be assessed, collected
and paid upon the gains, profits and IN.
come for the yea. ending the 31st day gf
December n6xt preceding sthe tima for
lsyying eollscting snd paying said san = tA5'
HOW TO ESTIMATE TAXABLE GAINs--DE-
DUCTIONs TO BE MADE ON INCOMES.
That section one hundred and seven
teen be amended by striking out all
after the enacting clause, and inserting
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 pur-
chased within the year or within two
years previous ,to-the year for'which an
come Is estimated; interest received Or
accrued upon all notes, bonds or mort
cages, or other forms of indebtedness
and bearing interest, whether paid or
not, if good and collectable, less the in
terest which has become due from said
person during the year; the amount OF
all premium Oh 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 production, 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 de-
rived from any source whatever; except
the rental valuo of any homestead used
or occupied by any person or his family
in his own right or 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, If divided,
whether divided or otherwise. except
the amount of income received from IN
stitutions or corporations whose officers,
us required by law, withhold per
centum of the dividends made by such
institutions, and pay the same to the
officer authorized to receive the same;
and except that portion of the salary or
pay received for services i'll the civil,
linilitary, naval or other service of the
United States, including Senators, Rep
resentatives and delegates in Congress,
from which the tax has been deducted.
And in addition to one thousand dol
lars exempt from income tax, as herein
before provided, all national, State,
county and municipal taxes paid
within the year shall be deduct
ed from the gains, profits or in
come of the person who has actually
paid the same, whether such person be
owner, tenant or mortgagor; losses act
ually sustained during the year arising
from fires, shipwreck, or incurred i'll
trade, and debts ascestained to be worth
less, but excluding all estimated depre-
citation of values and losses within the
wear 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 la
Dor to cultivate land, or who conducts
any other business from which income
is actually derived; the amount actually
paid by any person for the rent OF the
house or premises occupied as resi-
dence 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, permanent improve
ments, or betterments, made to increase
the value of any property or estate:
Ind prorided, further, That only one de-
duction of one Thousand dollars
shall be made from the aggre-
gate income of all tho members OF any
family, composed of one or both parents
and one or moro minor children, or hus-
band and wife; that guardians shall be
allowed to make such deduction in IA
vor 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 he made in their favor; 4nd pro-
rided further, That in cases where the
salary or other compensation paid to
any person in the employment or ser
vice of the United States shall not s1-
ceed the rate of $1,000 per annum, or
shall be by fees, or uncertain or lrregu-
lar in the amount. or in the time during
which the same shall have accrued or
been earned, such salary or other COM
pensation shall be included in estimat-
ing the annual gains, profits or income
of the person to whom the same shall
have been paid.
HOW THE PEOPLE ARE TO MAKE RETURNS.
That section 1l8 be amended by strik-
ing out all after the enacting clause and
inserting, in lieu thereof, the following:
That it shall be the duty of all persons
of lawful age to make and render list
or return, on or before the day pre-
scribed by law, in such form and man
ner rs may be prescribed by the Com
missioner of Internal Revenue, to the
Assistant Assessor of the district in
which they may reside, Of the amount
of their incomes, gains and profits, rs
aforesaid; and all gurdians and trus-
tees, executors and administrators, or
any person acting in any other fiducia-
ry capacity, shall make and render q
list or return, as aforesaid, to the Assist
ant Assessor of the district in which
such person in fiduciary capacity re-
sides, of the amount of income, gains
and profits of any minor or person for
whom they act; and the Assistant As
SCISSOR shall require every list 6ri return
to be verified by the oath or affirmation
of the party rendering it, and may in
crease the amount of any list or
return, if he has reason to belive that
the same is undcrstatcd, and in case any
| such person shall neglect or refuse to
make and render such list or return, or
shall render a false or fraudulent list or
return, it shall be the duty of the AS
SCISSOR or the Assistant Assessor, to make
such list, according to the best informa-
tion he can obtain by the examination
of such person, or his books or accounts,
or opy ntbar ayidence and to add fifty