The Providence news. (Providence [R.I.]) 1891-1906, 1894-08-23
THE INCOME TAX.

Sec. "a. That from and after Jan. I. 1895, and
until Jan. l, 1900, there shall be assessed, lev
led. collected and paid annually upon the
gains, profits and income received In the pre-
ceding calendar year by every citizen OF the
United States. whether residing at home or
abroad, and every person residing therein,
whether said gains, profits or income be de-
rived from any kind Of property, rents, inter-
est, dividends or salaries, or from any profess
sion, trade, employment vocation carried
on in the United States or elsewhere, or from
any other source whatever. a tax of per cent
on the amount so derived, over and above
$4,000, and like tax shall be levied, collected
and paid annually upon the gains, profits and
income from all property owned, and OF every
business. trade or profession carried on In the
United States by persons residing without the
United States. And the tax herein provided
for shall be assessed by the commissioner of
internal revenue and collected and paid upon
the gains and profits and income for the year
ending Dec. 81 next preceding tie time for
levying, collecting and paying said tax.
Sec. 81. That in estimating the income of
any person there shall be included all income
derived from interest upon notes, bonds and
other securities, except such bonds of tho Unit
ed States, the principal and interest of which
are by The law of their issuance exempt from
all federal taxation; profits realized within
the year from sales of real estate purchased
within two years previous To the close OF the
received or accrued upon ell notes, bonds.
mortgages or other forms of Indebtedness
bearing interest, whether paid or not, IL good
and collectible, less the interest which has be-
come due from said person which has been
paid by him during the year; the amount
Of all premium on bonds, notes or
coupons: the amount of sales of live
stock, sugar, cotton, wool, butter, cheese,
pork, beef. mutton or other meats. hay.
tons. being the growth or produce OF the es-
tate of such person, less the amount expended
In The purchase or RIn RroIGgSnon OF sad stock & or
consumed directly by the family; money and
the value OF all personal properly acquired by
gift or Inheritance: all other gains. profits and
income derived from any source whatever ex-
cept that portion of the salary, compensation
or pay received for services In the civil, mill.
tary. naval or other service OF the United
States, including senators, representatives and
delegates in congress, frOm which the tax has
been deducted. and except that portion OF any
salary upon which The employer Is required
by law TO withhold, and does. withhold the tax
and pays the same TO he officer authorized Ia
receive II. In computing incomes the necessa-
~ expenses actually incurred In carrying
ON any business. occupation or profession
shall be ded ducted and also all interest due
or paid wi,hisNne , year 9y inch person s,. on
county, school and municipal taxes. not in
cluding those assessed against local benefits,
paad within the year, ,ncoa sS usareyeo n iTIm rom
has actually paid the same, whether such per.
son be owner, tenant or mortgagor. Also loss
actually sustained during the year. Incurred
in trade or arising from fires. storms or ship
wreck. and not compensated for by insurance
or otherwise, and debts ascertained 60 bc
worthless, but excluding all estimated depreci-
alton OF vsluo and losses within the year on
real estate purchased within two years pre-
yious 10 the year for which income is esti-
mated.
Provided. That no deduction shall be made
for any amount paid out for new buildings
permanent improvements or hetterments. made
TO increase the value Of any property or estate.
OF s40O shall be made from the aggregate i'm
come OF all the members of any family. COM
pcsed Of one or both parents, and one OF more
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