478 THIRTY-NINTH CONGRESS. Sess..II. Ch. 169. 1867. Section 116. out all after the enacting clause and inserting, in lieu thereof; as follows V°l- in- P· 281- That there shall be levied, collected, and paid annually upon the gains, profits, and income of every person residing in the United States, or of any citizen of the United States residing abroad, whether derived from any kind of property, rents, interest, dividends, or salaries, or from any
ut gx_ profession, trade, employment, or vocation, carried on in the United States,
mph or elsewhere, or frpm any other sourcip xvhatgvgrha tax og Iivpkpepacenpnia on tie amount so erive over one thousand dollars, an a re x s a be levied, collected, and paid annually upon the gains, profits, and income of every business, trade, or profession cgrried on ian the United States by ersons residing without the United tates, an not citizens thereof Taxtobe for gud the tax hefein provided for shall be assessed, collected, and paid f,:;;$‘b‘gf‘§, upon the gains, profits, and income for the year ending the thirty-first day ' of December next preceding the time for levying, collecting, and paying said tax. Section 117. That section one hundred and seventeen be amended by striking out all VI‘£‘;Q;;n¥;t§r after the enacting clause and inserting, in lieu thereof, the following: That, income, what is in estimating the gains, profits, and income of any person, there shall be l>¤i¤¤l¤d¢d; included all income derived from interest upon notes. bonds, and other securities of the United States; profits realized within the year from sales of real estate purchased within the year or within two years previous to the year for which income was [is] estimated; interest received or accrued upon old [all] notes, bonds, and mortgages, or other forms of indebtedness bearing interest, whether paid or not, if good and collectable, less the interest which has become due from said erson during the ear; the amount of all premium on gold and coupods; the amount ofysales of live stock, sugar, wool, butter, che[e]se, pork, beef; mutton, or other meats, hay and grain, or other vegetable or other productions, being the growth or produce of the estate of such person, not including any part thereof consumed directly by the family; all other gains, profits, and income derived from any source whatever, except the rental value of any homestead used or occupied by any person or by his family in his own right or in the right of his wife; and the share of any person of the gains and profits of all companies, whether incorporated or partnership, who would be entitled to the same, if divided, whether divided or otherwise, except the amount of income received from institutions or corporations whose officers, as required b law, withhold a er centum of the dividends made by such institutioris, and pay the sfmc to the officer authorized to receive the same; and except that portion of the salary or pay received for services in the civil, military, naval, or other service of the United States, including senators, representatives, and delegates in what to be de- Congress, from which the tax has been deducted. And in addition to ‘l““°d’ one thousand dollars exempt from income tax, as hereinbefore provided, all national, State, county, and municipal taxes 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; losses actually sustained during the year arising from fires, shipwreck, or incurred in trade, and debts ascertained to be worthless, but excluding all estimated depreciation of values and losses within the year on sales of real estate purchased two years previous to the year for which income is estimated; the amount actually paid for labor or interest by any person who rents lands or hires labor to cultivate land, or who conducts any other business from which income is actually derived; the amount actually paid by any person for the rent of the house or premises occupied as a residence for himself or his family; the amount paid out Prcviso. for usual or ordinary repairs: Provided, That no deduction shall be made for any amount paid out for new buildings, permanent improvements or betterments, made to increase the value of any property or estate: And `_i£i“’ih°¥‘l**°· provided, further, That only one deduction of one thousand dollars shall
