Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-08-07
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Having been requested to prepare an abstract
Of what Is rsquired BY law In reference 70 The In
come Ta1, and-of tho -dectsionsS by tho depart.
ment at washington upon various questions that
have arisen, We present the whole subject. under
its several distinct heads:
STATEMENT SHOULD Be hADE-wHERE, WHEN,
- AND RfsWHoM. IA ~
L The law REQUIRES evet p oil lawful age,
raTidInS In tho United States, to render to the
As.Istant Assessor of the eub.district In which he
ar shs may be residing on tho lst day OF May .
written statement, according to q prescribed
90 ~ tbe amount Of his or her income, gains
M nrosts during The previous year, from Jan.
nary ist 10 December 3lst, both days inclusive.
A nr,nted blank containing this form can be OBJ
tanned from the Assistant Assessor. A person
having no fxed residence, should make n state.
ment wherever he or she may happen TO DO and,
IN case Of removal TO mother district, SHOULD take
! esrtjAea copy of such statement TO show any
o,har Assisthnf Assessor, who otherwise might
-. a gacopd asseEament
= o Tho stateInent must be rendered on or be.
-. .ha IL, dav on Nav, or within ten DAYS after
.oso = - nr,nted notice reouIrirg IL, has been
i.m a. ,ba nlaea OF resIdencs or of business, or de.
nosItsd In the pearcst Post Office. &.
a Tho annual income tax Ia q personal tax,
and II cannot be assessed against any corporation,
company, or partnership as such. Every indi.
yIdual member must make a statement Of his or
her share OF or Interest In tho gains ana prontB oil
inch comnany. Tetc. whether such gains and
nrosts ana divided or mot, and must also state
sepnrately .his or her income from, all other
sorr,ss
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS.
II any person neglects or refuses 70 render a
vss,,.n s;s,omsnt me IssI,tant Ass,ssor Ia re.
ora.,ad 10 AIN ont a blank with suoh persons
Iama 80 ,s,ahlo ineome estimated according 10
tho hast information that can DO obtained, and
upon this Estimated income 70 assess the tax, and
then to add 25 per cent, 10 such tax as q penalty
for neglect or refusal. q = 3d. Is q
6. An Assistant Assessor may be misled In
making this estimate, by being mlsinformed as to
monev receIved. or mot Informed a. TO money
Maid Us must assess. however, according to the
hast infor1nation within his reach. The only per.
son CAPABLE OF giving absolutely correct informa.
tion n freonent3y the one who refuses or neglects
N mako a abatement. II such person will not
lake the tronbie 70 inform tho Assistant Assessor,
there n a bar to all complaint, should the assess.
mani nroyo incorrect and a heavier tag be levied
than would otherwise be charged. Moreover,
after nm ess,ssment has once been made, II erro
ne0us, II Is always troublesome to the party In.
terested 10 have II corrected. All persons. there.
fore. but s~,peeidIly such az haps no taxable income,
shonld not fail TO render the required statement,
mon the proper blank, 10 as TO avoid undue tax.
alton and trouble.
7 IEvery statement must be verified by oath or
oSrmation When tbis ia not done, tho Assistant
Assessor ia required 10 estimate the income and
TO add IS per cent. to to the tax
EVILS OF MAKING A FALSE STATEMENT.
o. An Assistant Assessor has power to increase
the amount In any statement, after giving duo
informAtiou to the party interested. He Ia re-
ouired, also, 20 add 100 per cent to the tax when
q false statement has boon rendered and the
party making the false statement becomes liable
not only for this additional tax. but likewise to
two distinct prosecutions before the United States
Courts-one for making false statement with In.
tont to defraud tho Government, and the other
for perjury.
MANNER OF MAKING UP STATEMENT OF INCOME
By the llsth section Of the law, the Commits.
sioner Of Internal Revenue 10 empowered TO pre-
scribe the form and manner In which the state
ment Of income must DO made up. This ne mas
done in n printed blank used by the Assistant As.
SCISSOR, and In varous circulars and rulings The
following Is a summary OF what mas oeon pre-
scribed; E.lIuE ~.
l. Each OF the great classes INTO whlcn INC pur'
suits Of iifo and the investments OF capital nave
been divided must % returned sepdraety- LOSSES
IN one not oens anoMeu salns T..
Thns . mefcnanI wno, snsISeT III ~ ,asI ,ins y LII
specuia,o.s NO. = noin. Is he ona hw Iossss IN
neasenunoso hso' soH' '
the other.
Inc expenses inolaent 70 eacn ,DuslhesS re
j. speeula.ons eSa.nas.x Seions.hs W w. n.y. q
ousaness, = = N Th may SsoL.rman 49,
PROM ana ,oss Srn sood. m.rcSent in cc;top' a
uIate y = - "a ..eS snscria,Jonr
nara"slo psn n,ir 40 Ia. ~ .ScS gesitimats
may anec' INC S Stn aS.o n,av n,aIs or lose bY
business. merchant eiso may msNe VI w. ~
exchange or the KIND OF money pau LOT ~ mer'
chandlse, and tina gain Or loss belongs 70 nisiner:
chandisc account. But II be buys gold uncurrent
money, United states Treasury notes, or any
othcr thing not one OF the articles OF trade oeions,
| Ing TO his regular business, for the purpose Of
| speculation, the profit or loss from such speeulR
ton will not be allowed to affect the profit or loss
from his regular business. business trm
ker,, lnstructIng him 10 use II In the purchase and
sale OF gold, on their account; and having lost
s27,5O0 In this venture they claimed that II
should be deducted from their profits In business
| Commissioner Lewis disallowed the claim, and
/ snId the Eatforn ruling had been that when a
| loss ia made In any particular business, against
| which there are no gains to Offset, It Is consid.
cred a dead loss of capital invested In thar bust.
hsss." Again. loss Of capital cannot BE-. de-
| Quoted from income Return Of income must
bo made on the gains."
4, How far different kinds OF business must DO
returned, separately Is shown by the following
iii mn VIII