Sec. M. That from and after Jan. 1, 1&5, and
untllJan. 1, Xl there shall bo assessed,
collected and paid annually upon tht
gains, profits and income received in the preceding
calendar )ear 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 derived
from any kind of property, rents
dlvldendsor salaries, or from any profession,
trade, emphoment or vocation carried
on In the United States or eUew here, or from
any other source whatev cr, a tax of 2 per cent
on the amount so derived, over and above
Ji.fUO, and a like tax shall be lev led, collected
and paid annually upon the gains profits and
income from all property owned, and of every
business, trade or profession carried on la the
United States by persons residing w Ithout the
' United States. And tho tax herein provided
for shall be abs&sod by the commissioner of
Internal revenue and collected and paid upon
tho gains and profits and income forthevear
ending Dec. SI next preceding the time for
lev ) ing, collecting und pa ing said tax,
bee. AT. That In estimating the Income of
any person there shall be Included all Income
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 realized within
the ear from eales of real estate purchased
within two ears 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. 