New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-11-04

! SEC. 9. And be it further enacted, That
in addition to the exemptions provided in
the preceding section. there shall be de-
Quoted from the gains, profits and income
of any person all national State, county
and municipal taxes paid by him within the
year, whether such person be owner. tenant
or mortgager; all his losses actually sus
tanned during the year arising from fires,
floods, shipwreck, or incurred in trade, and
debts ascertained to be worthless, hut eX-
GLIDING all estimated depreciation of values;
the amount of interest paid during the year,
cultivate land, or to conduct any other bust
ness from which income is derived; the
amount paid for the rent of the house or
premises occupied as a residence TOT hfmsel1
or his family. and the amount paid out Tor
usual and ordinary repairs. No deduction
shall be made for any amount PAID out Tor
new buildings, permanent improvements,
or betterments made to increase the value
of any property or estate.
SEC. 10. And be it further enacted.
That the tax hercinbeforo provided
| shall be assessed upon the gains,
profits. and income for the year end
Ing on the tiirty-tirst day of December ne Xt
| preceding the time for levying and collect
| ing said tax, and shall be levied on the first
day of March eighteen hundred and seven
ty-one and eighteen hundred and seventy
| two, and be due and payable or or before
the thirtieth day of April in each of said
| years And in addition to any sum an
| nually due and unpaid after the thirtieth
day Of April and for ten days after notice
and demand thereof by the collector, there
shall be levied and collected. as penalty,
the SUM of five per centum On the amount
unpaid. and interest on said amount AT the
| rate of one per centum per month from the
time the same became due, except from the
| estates of deceased insane, or insoivent
| persons.
| SEC H. And be il further enacted, That
! 1t shall be the duty of every person OF law
| f!ll age. whose gross income during the pre-
| ceding year exceeded two thousand dol
| lars, to make and render a return on or be
| fore the day designated by law. to the
| assistant assessor of the district in which he
| resides, Of the gross amount Of his income,
gains. and profits as aforesaid: but not in
Guiding the amount received from any
corporation whose officers, ~ authorized
by law. withhold and paT as taxes a
per centum of the dividends made and of
tho interest or coupons paid by such cOrpO-
ration. nor that portion of the salary or pay
received for services in the civil, military.
naval, or other service of the United States,
or as senator. representative or delegate i'll
Congress, from which ia * has been deducted,
nor the wages of minor children not re-
eeived; and every guardian and trustee. ex
ecutor or administrator, and any person
acting III any other tiduciary capacity, or as
resident agent for, or copartner of, any non
resident alien. deriving income, gains and
profits from any business. trade or profess
sion carried-Qn in the United States. or from
rents of rearestate situated therein. shall
make and render return as aforesaid to the
assistant assessor of the district IN which he
resides of the amount of income. gains and
profits of any minor or person for whom he
acts. The assistant assessor shall require
every such return to be verified by the oath
Of the party rendering it, and ma increase
the amount of any return. after notice to
such party. if he has reason to believe that
the same is understated. In case any per
son havin. gross income IA above. of two.
Thousand dollars or more, shall neglect or
refuse to make and render such return. or
shall render false or fraudulent return,
the assessor or assistant assessorkhall make
such return, according to the best informal
ton he can obtain by the examination OF said
person. or of bis books or accounts. Orby any
other evidence, and shall add, as a penalty.
to the amount of the tax due thereon. fifty
per cent,Im in all cases of wilifuE neglect or
refusal to make and reuder return. and
one hundred Der Centum In all cases OF a
false or fraudulent return having been rem
dered. The tax and the addition thereto as
penalty shall be assessed and collected in
the manner provided for in cases of willful
neglect or refusal to render a rel urn, or of
rendering Il false or fraudulent return. But
no penalty shall be assessed updn any per-
son for-such neg ect or refusal pr for max
ing or rendern. q false or fraudulent re-
turn, except after reasonable notice of the
time and place of hearing, to be regulated
BY the Commissioner of lnternal Revenue.
so as to give the person charged an oppOr
tuIlitv to he heard; provided that no col
lector, deputy collector. assessor. or assist
ant assessor shall permit to he published i'll
any manner such income returns. or any
part thereof except such general statistics,
not specifying the names Of individuals or
firms. as he may make public. under such
rules and regulations as the Commissioner
of Internal Revenue shall prescribe.
SEC. L.. And be it further enacted. That
when the return of any person is increased
by the assistant assessor. such person may
exhibit his books and accounts. and be per-
mitted to prove and declare, ulider oath,
the amount OF income liable to bf assessed;
but such oath and evidence shall not be con-
elusive of the facts, and no deductions
claimed in such eases shall be allowed until
approved by the assistant asses sor. Any
person may appeal from the decision of the
assistant assessor. in such CASKS, to the
assessor of the district, and his decision
thereon unless reversed by the CGinmission-
er of Internal Revenue. shall be final The
FORM time, and manner of proceedings shall
he subject to regulations to be prescribed
by the Commissioner of Internal Revenue.
SEC. l3. And be it further enacted, That
any person, in his own behalf, Or as such
tiduciary or agent. shall be permitted to
declare. under oath, that he. or his ward
beneficiary, or principal. was not possessed
of an income OF two thousand dollars, liable |
to be assessed according to the provisions of
this act; or may declare that an income |
tax has been assessed and paid elsewhere |
III the same year. under authority |
of the United States, upon hi. income. |
gains. and profits. or those of his ward |
beneficiary, or principal, as required by law;
and if the assistant assessor shal be salts
fed of the truth of the declaration. such per
son shall thercupOn be exempt from income
tax in the said district.
SEC. H. And be it further enacted That
cOnsuls OF foreign governments who are not
citizens OF the United States shall be exempt
from any income tax imposed by this act
which may be derived from their official
cmOllunenta, or from property in foreign
countries: Provided, That the governments
which such consuis may represent shall ex
tend similar exemption to consqls OF the
United States.
SEC. Is. And be it further enacted That
there shall he levied and collected for and
during the year eighteen hundred and sev-
enty-One a tax of two and One-half per
eentuM on the amount of all interest or
coupons paid on bonds or other evidences of
debt issued and payable in one or more
years after date, by any of the corporations
i'll thi, section hereinafter enumerated. and
Oh the amount of all dividends of earnings,
income. Or gains hereafter declared, by any
bauk. trust company. savings institution.
insurance company. railroad company. canal
company, turnpike company, canal nav
iyatiOn company. and slack-water