New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-11-19

SEC. 3. And be it further enacted. That
in addition to the exemptions provided IN
the preceding section, there shall oe de-
Quoted from the gains, profits and income
of any persen 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 nres,
foods, shipwIcck, or incurred in trade, anu
debts ascertained to be worthless, pit eA-
Guiding all estimated depreciation OF Values
the amount of interest paid during the year,
ard the amount paid for rent or labor to
cultivate land, or to conduct any other pusl-
ness from which income IS derived; the
amount paid for the rent OF the house or
premises occupied as a residence TOR himsei1
or his family. and the amount paid out Tor
| usual and ordinary repairs. NO 1ednction
! shall be made for any amount PAID out lor
new buildings, permanent improvements
| or betterments made 20 increase INC '"i''o
| Of any property or estate.
| SEC. 10. And be it further enacted,
| That the tax hereinbetore provided
shall be assessed upon the gainss,>
| profits, and income Tor the year end
| ing on the thirty first day of December next
preceding the time for ievylng ana collect
| inc said tax, and shall be levied on the flrst
| day OF March, eighteen hundred and seven
! ty-one and eighteen hundred and seventy
| two. and be due and payable on or before
| the ,hirtieth day Of April in each Of said
wears Ard in addition TO any sum an
! nually due and unpaid after the thirtieth
day Of April. and for ten days after n0tlce
| and demand thereof by the collector. there
! shall be levied and collected, as q penalty.
the sum Of five per centnm on the amount
! unpaid, and interest Gu said amount at the
| rate of one per centum per month from Inc
| time the same became due, except from the
| estates Of deceased, insane, or insoiVent
persons.
SEC. IL. And be II further enacted, That
it shall be the duty Of every person OF law
tul age, whose gross income during inc pre-
ceding wear exceeded TWO thousand dol
lars, to make and render n return on or be-
fore the day designated by law, 10 the
| assistant assessor OF the district in which he
| resides. of the gross amount 81 his ncohie'
gains, and profits rs aforesaid: but not III
Gliding the amount received from any
! corporation whose officers. as authorized
| by law. withhold and pay as taxes "a
Dcr centum OF the dividends made and Of
the interest or coupons paid 10y such colpo-
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 in
Congress- from which tax has been deducted.
nor the wages Of minor children not re-
ceiyel: and every guardian and trustee. eX
ecutor or administrator. and any person
acting in any other tiducary capacity, or as
resident agent for, or copartncr OF. any non
resident alien, deriving income. gains and
protits from any business. trade or profes-
sion carried on in tie United States, or from
rents of real estate situated therein. shall
make and render areturn as aforesaid 70 the
| assistant assessor OF the district III when he
resides Of the amount of income. gains aud
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 may increase
the amount of any return. after notice To
| such party. ii he has reason to believe that
| the same is understateG. In case any per
son having 4 gross income rs above. OF TWO
| thousand dollars or more, shall neglect or
| refuse to make and render Snch return. or
! shall render q false or fraudulent return,
! the assessor or assistant assessor shall! make
such return. according Ia the best iniornIa-
ton he can obtain by the examination OF said
! pcrson, or of his books or accounts. or by any
other evidence, and shall add, as penalty,
to the amount of the tax due thereon. fifty
! per cent,1m in all eases OF wilHul neglect OF
refusal to make ard render return, ami
one hundred per cenIum III all cases OF a
false or fraudulent return having been rem
dered The tax and the addition thereto a.
! | penalty shall be assessed and collected IN
the manner provided Tor II cases OF Wlltiul
neglect or refusal to render a return, OF OF
rendering a false or fraudulent return. But
no penalty shall he assessed upon any per
son for such neglect or refusal, or for max
ing or rendering q false or fraudulent re-
turn, except after reasonable notice of The
time and place Of hearing. to be regulated
, by the Commissioner Of Internal Revenue
so as TO give the person charged an oppor
tunity TO he heard: provided, that no col
lectOr, deputy collector. assessor, or assist
ant assessor shall hermit TO he published IL
! any manner such income returns, or any
/ part thereof, except such general statistics
not specifying the names OF individuals OF
:. firms, "a he may make public. under sucf
: rules and regulations as the Commissioner
OF Internal Revenue shall prescribe.
SEC. L. And be it further enacted, Thai
f | 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. under oath
, F, the amount OF income liable 70 be assessed
| bnt such oath and evidence shallno be con
elusive OF the facts. and 10 deductions
, claimed IN such cases shall be allowed unit
a | approved by the assistant assessor. An!
p person may appeal from the decision Of th'
! assistant assessor. in such eases. to the
! assessor OF the district. and his decision
thereon. unless reversed by the Commission
er of Internal Revenue, shall be final. The
+ form. time and manner OF proceedings slal
| be subject To regulations To be prescribed
] ! by the Commits sioner Of Internal Revenue
SEC. -. And be it further enacted. Tha
! | any person, in his own behalf. or sucl
: tiduciary or agent, shall he permitted t.
;. | declare, under oath, that he. or his ward
+ | beneficiary, CT principal, was not possessed
q of an income of two thousand dollars. liabl,
:. to be assess ed according to the provisions o
this act: or may declare that an income
), tax has been assessed and paid elsewhere
. ! in the same year. under authOr1t,
of the United States, upon his income
! gains. and profits, or those of his ward
4 | beneficiary. or principal, as required by law
:. | and if the assistant assessor shall he salts
: fed Of the truth OF the declaration. such per
f son shall thereupon be exempt from income
p tax in the said district.
e SEC. H. And be it further enacted, Tha
!, cOnsuls Of foreign governments who are no
T citizens OF the United States shall be eXemp
t from any income tax imposed by this &C
e which may be derived from their ofiicia
Il emollments, or from property in fOrei g
3 countries: Provided, That the government
y which such consuls may represent shall eA
II tend similar exemption to cOnsuls OF tn
d United States.
II Sec. -. And be it further enacted, Tha
If there shall be levied and collected for an
r, during the year eighteen hundred and Sc,
:, | cnty-One q tax of two and one-haH pc
II centum On the amount of all interest @
If coupons paid on bonds or other evidences {
g debt issued and payable in one or NOR
e years after date, by any of the corporation
l. in this section hereinafter enumerated an
1t on the amount of all dividends of earnings
e. income, or gains hereafter declared, by an
y bank, trust company, savings institution
insurance company, railroad company, can;
IT |