The herald., 1894-09-02
THE INCOME TAX.
Zaner.

Sec. 81. That from and after Jan. l. 1896, and
until Jan. /, 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 homo 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, OF 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
$1,000, 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 lnceme for the year
ending Dec. 81 next preceding the time for
lcvying, collecting and paying said tax.
Sec. 30. That in estimating the income of
any person there shall be included all income
derived from interest upon notes, bonds and
pther securities, except such bonds Of the Unit
I'd 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
year for which income is estimated; interest
received or accrued upon all notes. bonds,
mortgages or other forms Of Indebtedness
bearing interest, whether paid or not, il good
and coilectible, less the interest which has be-
come due from said person or which has been
paid by him during the year; the amount
Of all premium on bonds, notes or
coupons; the amount of gales of live
pork. beef, mutton OF other meats. hay,
and grain or other vegetable or other .produc-
tons, being the growth or produce of the es:-
tate Of such person. less the amount expended
In the purchase or production of said stock or
produce, and not including any part thereof
consumed directly by the family; money and
THO value OF al psrsonal property acquired by
gift or inhefitancc; all other gains, profits and
income derived from any source whatever ex-
Des that p99S Of the sa9ry eopensat0n
tary. naval or other service Of the United
States. including arnatcrs Representatives and
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 saIno to the officer authorized to
receive &c, It. In esmpEtinE incomes the necessa-
op any business, occpration or profession
shall be deducted and aIso all interest due
OF RS1a wtRs tss year " sush on
county, .school and municipal taxes. not in
Guiding thosa assessed asefnst local benefits,
psid Within tae year, sasi 6s deducted from
has actually paid the same, whether such per.
son be owner, tenant OF nortgagor Also loss
e aay or srna sonns r.s the sr S
or S otherwse. and debts ascsrtslnsdf to oA Be
sies IL value s s sss yssr
real estate pcrohuxrd within Swo years pre-
viops. TO the year for which income is esti-
Provided. That no deHuctien shall be made
for any amount paid out for now buildings,