The Clerk read as follows: That section 117 be amended by striking out all after the enactingclause and in sorting in lieu thereof the following: that in estimating the gain profits and income of any no son, thereshall boinc udodall income derived from iter est upon notes.bonds and otherse curitiesof the U.S.: profits realizedwithin the year from sales of real estate purchasedWithin 2 years previous to the year for which income is estimated: interest reccived or accrued upon all notes.bonds and mort gages or other formsof indebtedness bearing interest.whether paid or not, if goodand collectsblo. less the intercstwhich has becomedue from said person during the year; the amount of all remium on gold and coupons; the amount of sales O livestock. an ar, wool. butter. cheese. pork. beef. mutton or ot or meats. hay and grain or other verystable or other productions. Being the growth or prouceof the estate of such person not including any art thereof consumed directly by the family; allot or gains.profits and income derived from any sourcew atever; an the share of any personof the gains and profits of all companies, whether incorporuted or partnorship. who yoiruidldedbeoreontthitclerWd istoc. tehxecespatmteh.eifamine udneet do.fwinhceothmeer received from institutions or cororations whose officers.as required by law. withho d ii.%. of the dividends made by such institutions, and pay the same to the ComrIntRev or other officer authorized to receive the same; and excrpt the salary or pay received for services in the civil. military, naval or other service of the U.S. States.including Senators. Representatives and Del egatesin Congress fom which the tax has been deducted and in estimating the gains. profits and i income of any person in addition to $1.000 exempt from income tax. 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 beowner, tenant or mortgagor: losseson sales of real estate Within the year purchased Within 2 years previous to the year for which income is estimated; the amount actually paid for labor or interestby any person who rents lands or hires labor to cultivate land or who conducts uiiy other husincm from which income is actually derived; the amount paid out for usual or ordinary repairs: Provided lliat nodeductionshall bemade for any amount paid out for new buildings, permanent improvements or betterments.madeto increasethe value of any property or estate: Ami omdedfurther, That only one do uelion of$1000s all be made from the aggregate income of all the membersof any family. composed of one or both parents and one or more mine r children or husband and mic: that guardians shall be allowed to makesuch dednction in favor of each and over ward. except that in caseyhere 2 or more war s are comprised in one family. only one deduction shall be madein their favor; and that nodeduction shall be allowed in favor of persons described as " trustees" under ousting laws.