New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-05-17
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profits. and income OF any business profession, trade
employment Office vocation. including any amcuns
military naval, or other service Of the United
States, Senator, Representative, or Dele.
the gains and profits whether dyidond or not, Of an
companies partnerships but not Including the amount
received from any corporation, whose officers, author
lied by law withhold and pay per centum OF
the dividends made and OF interest coupons paid by
such corporations, profits realized within tie year from
sales OF estate purchased within two years previous
TO the year for which the income IL estnae the amount
OF sales Of live stock sugar WOOL butter, cheese porA,
beef, mutton, or other meats, hay, and gram, NUT.
yessa6e or other brod@c@9 being the g9S St r
Guiding any part thereof consumed directly by tho
family and al other gains profits and qcome derived
OF the Homestead used or occupied by any person or by
any u nHS the ays s of the United sc and tho
sum Of 800 OF the gains profits and income OF any per-
SON. shall be exempt froln said income tax, oHy ono
OF all the members OF any family composed OF on"
or Of husband and Wife. But ' whe ai'o wife Ia.
by law a separate income, and II living separate
her income gains, and profits and guardians and tru-
tees shall be allowed to make deduction in favor Of each
ward and beneficiary except that in case Of two or n0
wards or benefciares comprised IN one family having
Joint property interest only one deduction shall be mao
from the income. Any religious social community
holding all their property and income thercfrom jointly
and In common, each ten OF the persons composing SUCH
society, and any remaining fractional number OF such
PERSONS not less thai than five over such Groups OF
and deduction Of $500 shall be allowed for each Of st
ANY taxes the
such societies. due and unpaid snail b. assessed ant
collected according to this provision. In addition ~ tho
exemption, there shall be deducted all national State,
municipal taxes, &c. The usual machinery for collecting
stated, aud fines imposed for violation Of the law, at
present There is proyso that Assistant Assessor
shall permit to be published in any manner such income
returns or any part thereof except under such rules
the Commissioner Of Internal Revenue shall prescribe.
There shall be levied and collected OF per-
centm OH the amount of all interest coupons paid
bonds or other evidences OF DEBT Issued and pdyabo
after more than two years from date and the amount
Of all dividends earnings incomes gains hereafter
declared by any Incorporated bank, trust company.
savings institution, insurance company, railroad COM
pany, steamboat or steamship company, turnpike
pany, canal navigation company, slackwater company,
curing company, mining company gas company,
and bridge company, whenever and wherever the Same
shall be able and TO whatever portion the may
be due including non-residents, whether citizens
Aliens and all undivided profits OF any such corpora
ton which have accrued and been earned and added
any surplus, contingent or other fund.
SECTIONS 70 To 81 inclusive, and 95 70 no. inclusive "
the act OF June 80, 1884, chapter 49, and much OF all
acts are amendatory OF any Of the said sections; aO
section Is OF the act Of March g. 1865, chapter 49, Also
sections and 49, of the act OF March lGj amended
by the act OF July 49, 1896, chapter 1884, are repealed