per cent. shall be paid; and on all incomes of or over ten thousand dollars, a tax of fifteen per cent. shall be paid. All joint stock companies and corporations shall reserve one-tenth of the annual earnings, set apart for dividend and reserve fund, to be paid to the collector of the Confederate tax, and the dividend then paid to the stockholder shall not be estimated as a part of his income for the purposes of this act. All persons shall give in an estimate of their income and profits derived from any other source whatever, and in doing so shall first state the gross amount of their receipts as individuals or members of a firm or partnership, and also state particularly each item for which a deduction is to be made, and the amount to be deducted for it: Provided, That the incomes and profits upon which the above tax is to be imposed shall not be deemed to include the products of land which are taxed in kind, as hereinafter described: Provided further, That in case the annual earnings of said joint stock companies and corporations set apart as aforesaid shall give a profit of more than ten and less than twenty per cent. upon their capital stock paid in, one-eighth of said sum so set apart shall be paid as a tax to the collector aforesaid, and in case said sum so set apart shall give a profit of more than twenty per cent. on their capital stock paid in, one-sixth thereof shall be reserved and paid as aforesaid. The tax levied in this section shall be paid on the first day of January next, and on the first day of January of each year thereafter.
SEC. 9. That if the assessor shall be dissatisfied with the statement or estimate of income and profits derived from any source whatever, other than products in kind, which the tax-payer is required to render, or with any deduction claimed by said tax-payer, he shall select one disinterested citizen of the vicinage, as a referee, and the tax-payer shall select another, and the two thus selected shall call in a third, who shall investigate and determine the facts in reference to said estimate and deductions, and fix the amount of income and profits on which the tax-payer shall be assessed, and a certificate signed by a majority of the referees shall be conclusive as to the amount of income and profits on which the tax-payer shall be assessed: Provided, That if any person shall fail or refuse to render the statement or estimate aforesaid, or shall fail or refuse to select a referee as aforesaid, the assessor shall select three referees, who shall fix the amount of income and profits on which the tax-payer shall be assessed, from the best evidence they can obtain, and a certificate signed by a majority of said referees shall be conclusive on the tax-payer: And provided further, That in any case submitted to referees, if they, or a majority of them, shall find and certify that the statement or estimate of income and profits rendered by the tax-payer does not contain more than four-fifths of the true and real amount of his taxable income and profits, then the tax-payer, in addition to the income tax on the true amount of his income and profits, ascertained and assessed by the referees, shall pay ten per centrum on the amount of said income tax, and the assessor shall be entitled to one-fifth of said additional ten per centrum over and above all other fees and allowances: And provided further, That the assessor may administer oaths to referees, the tax-payer, and any witness before the referees, in regard to said estimate, and any deduction claimed, or any fact in reference thereto, in such form as the Secretary of the Treasury may prescribe.
SEC. 10. On all profits made by any person, partnership or corporation, during the year eighteen hundred and sixty-two, by the purchase