Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-09-15
OF THB ANNUAL INCOME TAX
ANNUAL INCOME TAX.

ANNUAL INCOME TAX.
Having been requested to prepare an abstract
Of what Is required by law In reference to the In
come Tax. and Of tho decisions by the Depart
ment at Washington upon various questions that
have arisen, we present the whole subject, under
It's several distinct heads:
STATEMENT SHOULD BE MADE-wHERE, WHEN,
AND BY WHOM.
J.. Tho law requires every person Of a age.
residing In the United States, to render TO the
Assistant Assessor Of the sub.distr.ct In which he
or she may be residing on the LIST day of May, q
written statement, according to q prescribed
form, Of the amount Of his or her income, gains
and profits during the previous year, from Jan.
nary LIST to December 3lst, bo'h days inclusive.
A printed blank containing this form can be OBJ.
tanned from the Assistant Assessor. A person
having no fixed residence, should mako a state.
ment wherever he or she may happen to be; and,
In case Of removal to another district. should take
q certified copy Of such statement to show any
other Assistant Assessor, who otherwise might
make q second assessment.
2. The statement must DO rendered on or be-
fore the LIST day Of May, or within ten days after
a written or printed notice requiring II, has been
LEFT at the place Of residence or Of business, or dc.
posted In the rearest Post Office. "
3. Tho annual income tax Ia a personal tax,
and II cannot be assessed against any corporation,
company, or partnership, as such. Every indi.
vidual member must make a statement Of his or
her share of or interest in the gains and profits of
such company, etc, whether such gains and
profits are divided or not, and must also state
separately his or her income from all other
sources.
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS.
). II any person neglects or refuses to render a
written statement, the Assistant Assessor In re.
quested to fill out a blank with such persons
name, and taxable income estimated according to
| the hest Inflammation that can ha obtained. and
upon this estimated income to assess the tax, and
then TO add 25 per cent, to such tax Us a penalty
for neglect or refusal.
6. An Assistant Assessor may be misled In
making this estimate. by being misinformed as 10
money received, or not informed u to money
paid. He must assess, however, according 10 the
best information within his reach. The only per. |
son capable of giving absolutely correct informa.
ton Is frequently the one who refuses or neglects
to make Il statement. II such person will not
take the trouble to inform the Assistant Assessor,
there Is a bar to oil complaint, should the assess.
ment prove incorrect, and O heavier tax be levied
than would otherwise be charged. Moreover,
| after an assessment has once been made, II erro
neous, 1t Is always troublesome to the party In.
terested TO have IL corrected. All persons. there
fore, but especially such as hare no taxable income,
should not fail to render the required statement,
upon the proper blank, so a. TO avoid undue tax.
alton and troubled
I. Every statcmen must be verified by oath or
affirmation. When this IL not done, the Assistant
| Assessor |, required 10 estimate the income and
10 add IS per cent. TO TO the tax.
EVILS OF MAKING A FALSE STATEMENT.
9. An Assistant Assessor has power to increase
the amount In any statement, after giving due
| information to the party interested. Ho IL re.
ouir.d Also. 10 add loo per cent. TO the tax when
= false statement has been rendered and the
\ marty making the false statement becomes liable,
| not only for this additional tax. but likewise to
two distinct prosecutions before the United States
| Court,-one for making n false statement with in.
tent IN defrand the Government. and the other
for neriury'
M,ysrR az MAKING Up STATEMENT OF INCOME.
nv the Ilsth section Of the law, the Commits.
s,onsr ~ Internal Revenue ia empowered TO pre-.
9Th. The form and manner in which the state.
nan, ~ Ircoms mnst hr made nm This he ha.
| Jonc in n printed blank used by the Assistant Az.
sds,or. and in various circulars and rulings. The
soiIo,,ng Il n summarv Of what has been pre.
.cr;hcd.
81 Each of m. rrea, Glasses into which the pur.
vuj;s Of life and Tho investments Of capital have
hem divided must no returned separatsiv- losses
" 49, "on. No, ha,ns allow. NJ N otfs.,t gains in another.
Tsn' u.sohan, .,hn snsa1ss In farming or In
= a,,nn. nn, h",nn e,nS 10 hi IsUI,imn,. busi.
sPeeuia,Iou' ~ = '' roin ps ". y hu Ins.s. IN
nn' '"''' Sam" '"
=" o Th.:,., ,r,id.r, n sach hus,p.s, re
az e., ~. rsc.;n,s ~ Tint hn,Iness
s.rn. h"I",n;na 60 .,v
anS ,h.ss sIon" NAV he capried into ~
o.sa, "a e. los. aocorn, Trbm: n hrot. NAV snec.
ppiioO,.. ~ s,ooSs : drn Good. msrchan, In co,ton. n
s"S i, - a,o 80 ...b srac,Io,Ion
hardware man I'D ron c,c;. hnu sueH sPecuihtioh
may ance' .nr 6Isn ". 90 80 . = iosa hv
ous,nens. -. rinI - 80. IA Co. Nj msy.
o and ,bis unin or Ioss belongs 10 his mcr.
cSandise account, put II he buys gold, uncurrent
money. United States Treasury notes, or any
a,S.;t ,,na nv, ono Of m. nr,IcIes NJ ,rads belong.
Inc 20 his regular business. for the purpose Of
snecula,Iop. tho profit or loss from such specula.
/ ,ion will NOT be allowed TO affect the profit or loss
trom hin regular business A business firm
| placed 800 600 In the hands Of a New York bro.
10, ins,rurtInc hin IN nae II in the purchase and
al, Of cold on their account: and having lost
40, 500 In this venture, they claimed that II
sbould be deducted from their profits in business.
Commissioner Lewis disallowed the claim, and
said the uniform ruling had been that ''v hen q
loss IL made in any particular business, against
which there are no gains 10 Offset, II Is consid'
cred a dead loss Of capital fnpested In hdt bust
ness Again, loss OF capital cannot DO de.
ducted from income. return OF income must
DO made on the Rd'ns
Z. How Jar dllierent KINDS OF ousiheSs must DC
reiurn s sspn,"Ie,y Poiiin. - "' e
'unHsSo nnSnoaS - .hn n,,,,o, ~ an.
ayILoss ineusrea, ~ pay,seS1n saoa - ~ Ie
s'na ot ousInoss S"nu" Se
ous ls ;, d,nidsnSs ~"
S"lnS, y os,ss ,nuvrr"S IN N. n,os.c,,Ior NJ IN.
UT $500. 49,, hn dpdro,od rrnr, roir
E,aneno uhnas So ahSoi,,. L. ,nc,rrad i, ,hs
~ ann osu ~. ~ q stn,Ia hrsinos. "a inJisnsrsohIv
Proseeut,om ", "S"s'' '"'"'" :"
y =. Iapn" u.r,hondi.. n n. dodr.,sd
W LosSa - aAe.sh"aSiso ~ ~, a. ~. 80
only Ir1m sanns ~ ."nn. u ~ nn.
parucuIh, oranene' VI ~" nesu NJ. w.
separated, 9 ~ sPeeu'"I'on, ahc Y ~ VI sn"
rom STOCKS may onset 'oss OF g"h from produce
specuih'ea 'u
(dl-"Merchants must make return OF their
profits from merchandise without regard 10 tneir
losses In speculation, or gains from Interest. diVi'
dcnds, rents, or any other source"