Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1868-01-25
ToPFIcIAL.
LAWS OF THE UNITED STATES,
,,,., a., tne second Session or the Thirty
Ninth Congress.
OFFICIAI.| |

An Act 10 amend existing Laws relating
to Internal Revenue, and for other
pur, oscs. (Concluded.)
That scctiou one hundred and seventeen
be amended by striking out all after the
enactins clause and inserting in lieu there
Of the following: That, in estimating tho
gains, profits aud income of any person.
,her. shall bc included all income derived
from interest upon notes. bonds, and other
securities OF the United States; profits re-
allied within the year from sai's OF real
estate purchased within :he year or within
two years previous to the year tor which
income mas G-) estimated; interest re-
ccivcd or accrued UPON o'd (aiD notes,
bonds, and mortgages, or other forms of
indebtedness bearing interest whether
paid or not, il good and collcciablc. less
che interest 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, chaese, pork, beef, mutton. or other
m.,ts, hny and grain, or other vegetable
or other productions. being the growth or
produce of tho estate OF such person, not
including any p,rt thereof consu'ntd ci-
rsctlv by til. family; nll other gaius,
nrofits. and income derived from any source
whatever. except the rental value of any
homestead used or occupi 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 COM
panirs. whether iaco p,rated or partnership
who woull BE- entitled to the same, if di-
vided. whether divided or otherwise, except
the amount of income received from insti
tutions or corporations whose officers. as
required by law, withhold per centu Of
lhe dividends made by sucl, institutions.
and pay the same to the officer authorized
to receive the sane; and except that por-
tion of the salary or pay received for ser
vices in the civil. military, naval, Or other
service of the United States, including
senators, representatives, and delegates in
Congress, from which the taxes has been
deducted. And in addition to one thous-
and dollars exempt from income tax. ns
hcreinbefore provided, al! national, States
county. and municipal taxes p,id within
the ysar shall be deducted from the gains.
profits. OF Income Of the person who has
actually paid The same. whether such pr
soa be owner. tenant. OF mer,yayos los .
sesaally sustained during the yc.r arisirg
iron Tres. shirvr~ck. OF lu-urr-d in trss-.
and delas sserrt aiaed to be worthless, baf
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