The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1867-04-05
Assessment of the Annual Tax.

The annual taxes, formerly assessed in
Nay, under the new internal revenue law
are assessed in March, and the assessors have
been busily engaged in dispatehing theft in
come and special tax notices. and gathering
in their returns, all Of which must be made
as soon as April % at least The present
Licenses, now styled especial tsxes.," DO not
expire till May /, but all those liable must
make their applications and be Assessed at
once. Many are disposed to O-negiect this,
alleging that they now have licenses unexpir-
ed, and it will be tine enough to apply for
a new license when the old one runs ont.
This, however, will subject Them all ON Ike
first of May to have their places of business
closed, or be made subject 10 penalty for
doing business without authority and the
srfer and proper way is to make their appli-
cation TO the assistant assessor st once, fill
ing the blank applications which win be
sent them, as twill be manifestly impossible
tor the officers of the law to make out the
special tax receipts. between the setting Of
the sun on the sOth day OfApril apd, the
following morning. sb an .sf.s83 r. gtrI
The income blsnks are also being. distrib7
uted, and the blank sets forth fully the gains
and profits from the varied sources, the prop
er deductIons, and such other information as
viii enable any person, iafler an examination
of the law and former instructions, to fill up
an Ineligible and proper return. The
changes in this tax are important. All in
comes are now taxed uniform rate of 5per
cent, $1,000 is deducted instead Of $500, |
and all profits and losses realized or sustain-
ed in real estate transactions since December |
!, 1868, are taken into the account. For /
merly no transaction of this character was |
regarded unless it occurred in the year for
which income was estimated; and the change |
will add in many instances large amount
to the revenue from this source. But a fall
ing of in theincomes generally is, OF course,
to be anticipated; the change of,rate, and
the enhanced deduction Of 500. rendering |.
this inevitable. =,
1t is believed that in MANY instances in
the assessment of INCOMES for former years,
persons holding United States securities
have not included the accruing interest in the
return of income. Assistant. as ,essors are
instructed 10 inquire especially into this sub
ect, and II the omission has been made the
deficiency should be assessed, but without
penalty, when it appears TO have. been. done
lnder misspprehension Of the law. The
attention Of assistant ssss ssors is also par
ieularly called to the terms Of the actin
orce, which require to be included in re-
urns of income the share Of the gains and
'rofts of all companies, whether incorpera-
ed, or in partnership, who would be entitled
o the same if divided, whether divided or
otherwise. Some manufacturers last year
etlrned no income at all, alleging that they
ad large unsold stocks Of goods, ard they j
nade nothing in their manfacture for the
ear. In most cases had these stocks of
oods been sold, the result would have shown {
large profit upon the aggregate business of
he year, even although these goods were all
lsde at loss. The losses were all taken
1to the account, and credited to the income
erived from the goods sold during the year.
q all such cases assistant assessors are in Y
ruced TO estimate the value Of goods on !
and, and add such values to lie income Of
ne year, after making proper allowance for I
i losses on their manufacture, To illus
ate: "A" is manufacture Of paper. In
$50 he manufactured $IOOeGU worth, but
I'D S45,0OO worth only, and making 70
count of the s550OO worth on hand his {
ss was $2OOOO. But estimating his I'M old |
aper at say $4,000, his gain in roaputac- .
ring during the yea would be $4,000.
. ether words he had at the end of the year
} investment in paper on hand Of thc'g1in
I'd profits of the year $ business, which at
fair appriscd valiie showed a year of profit:
DE business. n d, carriages are now taxed
nless resting on springs and valued at -ex-
,cding $500. They are taxed Sc, and hose =
or,h over 500 are subject to a tex of $T03
old or gilt watches are taxed as formerly; :
with billiard tables and gold and silver :
ate; while yachts and pianos, musical IN
ruments, &c, are entirely exempt. -.
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