Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-08-20


gains, pronts and income for the year end
ing the thirty-frst day OF December next
preceding the time for levylng, colectlng
and paying said tax.
A succeeding clause specif1es the metnoo
OF computing income, and PROVIDES that IN
estimating tine gains, profits and income OF
any person, there shall be included all IN
come derived from interest upon notes.
bonds and other securities except such
bonds of the United States the
principal and interest OF which are
by the law OF their issuance exempt
from all federal taxation, profits real.
lied 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, If good and collectlDle,
less the interest which has become due from
said person OF which has been paid Dy MIN
during the year; the amount OF al p.e-
MUM on bonds, notes or coupons; the
amount OF sales of live stock, sugar, cotton,
wool, butter, cheese, pork, beef, mutton or
other meats, hay and grain, or other vegeta-
BILE or other productions, being the growth
less the amount expended IN the purchase
or production OF said stock or produce, ana
not including any part Thereon consumed dl-
recty by the family money and the value
of all personal property acquired by gltt or
inheritance; all other gains, pronts' ana
income derived from any source Whatever
except that portion OF the salary, compen-
sation or pay received tor services IN the
| nj mill n 20
United States, including senators, repre-
sentatives, and delegates IN congress, from
which the tax has been deducted, ana e4-
cept that portion OF any salary upon wncn
the employer IS required by law TO Wlthhoid'
and does, withhold the tax ana pays the
same to the otlcer authorized TO receive IT..
ln computing incomes the necessary rx-
penses actually incurred III carrying on any
business, occupation or profession shall De
deducted ana also all interest que or PAID
within the year by such person on existing
Indebtedness. And all national, state, coun-
ty, school and municipal taxes, not lnclud-
ing those assessed against local Dement'S,
paid within the year shall be deducted from
the gains, profits, or income OF the person
who has actually PAID the same, whether
such person be owner, tenant or mortgagor;
also loss actually sustained during the year,
incurred IN trade or arising from nres,
storms or shlpwreck, and not compensated
for by insurance or otherwise, and debts
ascertalned to be worthless, but excluding
all estimated depreciation OF values and los
SEES within the year on sales of real estate
purchased within two years previous to the
year for which income is estimated:
Provided, That no deduction shall be
made for any amount pslt out for new
buildings, permanent improvements or bet
terments, made to increase the value of any
property or estate. Provided further,
That only one deduction of 1000 shall be
made from the aggregate income OF all the
members of any family composed of one or
both parents, and one or more minor child
rem, or husband and wife; that guardians
shall be allowed to make deduction in
favor of each and every ward, except that
in case where two or more wards are COM
prsed in one family, and have joint proper
ty interests, the aggregate deduction in
their favor shall not exceed $1,000. And
provided further, That in cases where
the salary or other compensation paid to
any person in the employment or service of
the United States shall not exceed the rate
of 81 900 per annum, or shall be by fees,
OF uncertain OF irregular III tne amount or
in the time during which the same shall
have accrued or been earned such salary or
other compensation shall be included in es-
timating the annual gains, profits, or in
come of the person to whom the same shall
have been paid, and shall include that
portion of any income or salary upon
which tax has not been paid by the en-
ployer, where the employer is required by
law to pay on excess over $1,000: Pro-
vided also, That, in computing the income
of any person, corporation, company or
association, there shall not be included the
amount received from my corporation,
company or association as dividends upon
the stock of snch corporation, company or
association, if the tax of per cent. has
been paid upon its net profits by said
corporation, company or association as re-
CURED by this act. ~>.:.
The method of paying the tax is set forth
that length by clause providing that it
shall be the duty of sll persons of la full
age having an income of more than So 800
for the taxable year, computed on the basis
herein prescribed, to make and render a list
or return, on or before the'day provided by
law, in such form and manner as may be
directed nv the commissioners of internal