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The Income Tax

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The Seventh-day Adventist Publishing Association · Battle Creek, Mich. · Mar 26, 1867

FromReview and Herald, Vol. 29, No. 16.

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The Income Tax.

The following is the form of making income returns for 1867, under the new law. The reader will see at a glance the character of the articles to be returned upon, and the deductions to be made. It will be well to preserve it for reference.

RETURNS.

1. From the profits in any trade, business or vocation from which income is actually derived, or any interest therein wherever carried on.
2. From the payment of debts in a former year considered lost, and which have not paid a previous income tax.
3. From rents.
4. From farming operations—Amount of live stock sold; amount of agricultural products sold.
5. From profits realized by sales of real estate purchased since December 31, 1863.
6. From interest on any bonds or other evidences of indebtedness of any railroad, canal, turnpike, canal navigation, or slackwater company; or interest or dividends on stock, capital or deposits in any bank, trust company, savings institution, insurance, railroad, canal, turnpike, canal navigation or slackwater company.
7. From dividends of any incorporate company other than those above mentioned.
8. From gains and profits of any incorporated company not divided.
9. From interest on notes, bonds or other securities of the United States.
10. From interest on notes, bonds, mortgages, or securities other than those enumerated above.
11. From any salary other than as an officer or employe of the United States.
12. From any salary or pay as an officer or employe of the United States.
13. From profits on sales of gold or stocks, whenever purchased.
14. From all sources not above enumerated.
15. Gross income.

DEDUCTIONS.

1. Exempt by law, $1,000.
2. National, State, county and municipal taxes paid within the year.
3. Losses actually sustained during the year from fire, shipwreck, or incurred in trade, and not already deducted in ascertaining profits.
4. Losses on sales of real estate purchased since December 31, 1863.
5. Amount paid for hired labor to cultivate land from which income is derived.
6. Amount paid for the live stock which was sold within the year.
7. Amount actually paid for rent of homestead.
8. Amount paid for usual or ordinary repairs, excluding payment for new buildings, permanent improvements or betterments.
9. Interest paid out or falling due within the year.
10. Salary or pay as an officer or employe of the United States, from which a tax has been withheld.
11. Interest or dividends from corporations enumerated above in paragraph 6.
Taxable income.
Amount of tax at 5 per cent.

CARRIAGES, GOLD WATCHES, BILLIARD TABLES, GOLD AND SILVER PLATE.

(Schedule A—Section 100. Act June 30, 1864, as Amended July 13, 1866.)

TAXABLE PROPERTY.

Carriage, phaeton, carryall, rockaway, or other like carriages, and any coach, hackney coach, omnibus or four-wheeled carriage, the body of which rests on springs of any description, which is kept for use, for hire or for passengers, and which is not used exclusively in husbandry or in the transportation of merchandise, valued at exceeding $300, and not exceeding 500, including harness used therewith................................$6.00
Carriages of like description valued at above $500................................10.00
Gold watches composed wholly or in part of gold or gilt, kept for use, valued at $100 or less................................1.00
Gold watches composed wholly or in part of gold or gilt, kept for use, valued at above $100................................2.00
Billiard tables kept for use, and not subject to special tax................................10.00
Ounce plate of gold, kept for use, per ounce Troy.................................50
Ounce plate of silver, kept for use, per ounce Troy, exceeding forty ounces, used by one family.................................05