The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1871-04-08
The Income Tax
Ho,o and iron, Whom it is 10 be CoHeets

Hoao and from Whom 1t IS to be Collected
The United States Internal Revenue Tax
Assessor is now busily engaged in the dis
tribution of revenue blanks to be filled cut
and made oath to by persons having a gross
income of over two thousand dollars per an
mum The blanks are handed only to citi-
zens whose income are supposed to be above
that amount.
Heretofore 1t has been the practice for
the Assessor to leave at the residence or
place of business of the citizen blank
form, to be r5turhed with the items Of in
come inserted and sworn to. There is no
law compelling the Assessor to take upon
himself the distribution Of these forms. 1t
is the duty Of every one whc is subject to
pay an income tax to go to the Assessor and
make his return. Il is true that no penalty
can attach to citizen for neglect or error in
making his statement until he has had full
opportunity to be heard That being the
case, the Assessor has found it to be better
to distribute his blank forms as extensively
as possible, as it saves time and labor But
if no sach blank forms are circulated, the
tax payer must seek the Assessor.
Every citizen whose income exceeds 81
600, is required by the law to render re-
turn of his income on or before the first day
of March, and to pay the income tax on or
before the 30th day of April. The duty of
making these returns has been very gener-
ally neglected, under the expectation that
Congress would abolish the tax, but it is
now improbable that anything will be done
at the present session, and in order to avoid
the penalty, citizens cannot be too prompt
in handing in their returns.
Each persons taxable income is deter
mined by adding together the following
items:
l. The gain or profits of business for the
year 1870.
,. The wages or salary received for ser.
vices, except where the United States Gov
ernment has withheld the same.
3. Rents received from houses or lands
A Interest on notes, bonds, mortgages,
or on money lent.
! 5 Profits of speculations in stocks, bonds
or gold.
6. Profits on the sale of houses or lands
purchased within two years presiding.
Z Dividends upon stocks or shares, except
where the company or corporation itself
withholds the same from the shareholder
and pays the government
The above items added together make the
aggregate income, from which can be de-
Quoted:
l. Two thousand dollars.
,. National, State, county and municipal
taxes paid for the year 1870
3. Losses in business without taking into
account estimated losses by depreciation oi
values.
4 The amount of interest paid during the
year.
5. The rent of land, business or dwelling
houses used or occupied by the person max
ing the return.
6. The amount paid for ordinary repairs
but not expended for permanent improve
: ments.
: The remainder of the gross income, after
deducting the gross amount of the abov,
items, is liable to a tax of two and half PEE
1 cent
S We believe there is no longer tax OF
2 silver ware, watches, pianos or carriages.
S The return of income made this year arr
not to lie published; and the officers ad
D ministering the law are required to keel
; them secret.