The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1872-04-19
The Income Tax. ,a1
Returns to be IEeresfter Made i'm De
tail


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The Assessors of Internal Revenue
are now sending out blanks upon which
the returns of income tax for 1871 are
to be made. Heretofore persons liable
to taxation have made out their returns
in general terms, thunder aSdeckiHh
of Commissioners Pleasanton ztkek As
SCISSORS now require every person to
make return of income and expenses
in detail. We annex the form of return
which is now to be made and filed, for
the convenience of those who are fortu-
nate enough to fall under the tax-gath-
erer's notice. It is thought that under
the new rule the amount of revenues
collected will be greatly augmented:
1. Gross profits of any trade, bust
ness, Or vocation, from which income is
actually derived, or any interest there
in, wherever carried on.
2. From the paymentof debts in a
former year considered lost, and which
have not paid aprevious income tax. e: 2
3. From rents. f'.siis -i ',''.I - :
4. From farming operations; sale
price of live stock sold; sale price OF
agricultural products sold. r,b - n9s n
5. From profits realized by sales of
real estate purchased since December
81, 1868. - ~. ~, ~
6. from interest or coupons paid on
any bonds or other evidences of indebt-
edness of and bank, trust company,
savings institution, insurance company,
railroad, canal, turnpike, canal Iaviga-
ton, or slack-water company.
Z. From undivided profits of compa-
uies above mentioned.
s. From dividends of any incorpora-
ted company other than those mention
ed in paragraph g.. Is
8. From undivided gains and profits
oSany partnership or Incorporated com
pany other than those mentioned in
paragraph 8. IA - II ffvu an
10. From interest ON notes, bonds,
or other securities of the United States.
IL. From interest on notes, bends;
mortgages, or securitiesother than those
enumerated above, whether paid or not,
if good and collectable. -, e-s--t.it n
~. From salary pay or wages.
Ii. From profits on sales of gold OF
stocks, whenever purchased.
Il. From military or naval pensions.
Is. Wages of minor children re-
ceived.
l6. From all sources not above emu
merated; gross income.
= DEDUCTIONS. - E,'I
1. Exempt by law, $1,000.
2. National, State, county and mu.
nicipal taxes paid within the year.
3. Losses actually sustained during
the year from fires, floods, shipwreck,
or incurred in trade, and not already
deducted in ascertaining profits. 7r
4. Losses on sales of real estate pur-
chased since December 81, 1868! - LIS
5. Amount paid for rent OF, hired
labor to cultivate land, or to conduct
any other business from which income
is derived. --rs-s -
6. Amount actually paid as the pur.
chase price of live stock sold within the
year. -E- - r'H-'
I. Amount actually paid during the
year for rent of homestead. iJi- ~
8. Amount paid for usual or ordinary
repairs, excluding pavements for new
} buildings, permanent improvements OF
betterments. -, 9.rs.- lrcssa
J- lHtSlCoe aSoudiy pdii "iShih oho
year not deducted in any previous in:
come return. w. 49, EEL
10. Interest or dividends from corpo.
rations enumerated above in paragraph
6, or undivided profits from said com
panies from which tax has been with
held. .t .-..'' wa
IL. From military and naval pensions.
II. Debts ascertained within thu
year ascertained to be worthless, and
not elsewhere deducted in this or any
previous return, and excluding all esti-
mated depreciation of value. ll p ,s
Taxable income.
Amount of tax at 2! per cent.
Those whose incomes do not exceed
50, 900 year, would do well to bear in
mind that that the consciousness of that
fact does not exempt them from certi-
flying to their incomes for the past year.
They are by law compelled to testify te
the fact for the guidance of the Asses
sors in thorough performance of the
duties of their trust, filL's - = = = /.