Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-10-10
ABSTRACT OF THE ANNUAL INCOME TAX
ANNUAL INCOME tax.

ls sofefai s.A neaos'
STATEMENT SHOULD BE MADE--wHERE, WHEN.
N BY WHOM.
I Tho law reouires eyery person NJ ,avv m, au.
resIdIng In the United! States, to render IN ,Sa
As.istant Assessor of the sub.dIstr:ct In which bs
or abs NAV be reading on the LIST day of Nav. a
written statement, according to Il prescribed
form. of the amount Of his or her income, gains
"a nroAts during the prsyious year. from Jan.
nssis, % Dacrmhsr Ala boIb davs inehnsive
ttpp.d 60 tba Gssistant A,sessor nrr.on
su a. rsJJnnr. .horId maks n stata.
J. orana. he ~ bs NAV banpen 10 bc. and
meus Ho,sarni a. anotha, dIstrict sbnpld az
IN caso W NV weu O.ah s,e.srn.n, 70 show anv
n certined copy Vi sucn W IT," r =
otner Assistans asssst
nahe q soeonu ra,dor.d NJ, nj h,.
= Inc stasemens = .hiu y, Sn,s af,or
lore tno ist uay :. n-y,oa ranri.;nni 4, has hesn
q wli'.en VI passuan"a or of hrs,nsss or ia.
lelI al tno Piaee y "a.
posted In tho peaiestf omse. . a.
:; ine annual lneoanv - a. pcornor.tIon'
anu sanno' 10 r.Sir "s srcb Every indi.
company, %. PAIthefsuip, 10 ~ II III. ~
siuua onio NO !. -. 80 nroet. ~
ner snare Oh OF iuteIes.Lu ~ JAM -" IT, ond
sucn company, ete', "ne.noI usn So" han 80
pronts are uitloeu y = - o.' III o,hs.
separateIy LIE Ut nu heo"o ~" M '"
sourees.
EVILS oF L TO MAKE OUT OK 'EhifI
!. III any person neBiecls or refuses 20 IenaeIh
written statement, the hssistant Assessor u Ie.
quested to Nil out u DiahK WIN sucn person.
name, and taxable income estimated secordins 70
the best tnat can Dc oDthineu' anu
upon this estimated income to assess the tax, ana
then to add e5 per cent, TO such tax an q penalty
for neglect or refusal. "
6. An Assistant Assessor may be misled In
making this estimate, by being misinformed IA 10
money received or not informed as 70 money
paid. lie must ASSESS. however, ACCORDING 10 'hc
best information witnin MS reacn. Ine only per
son capable OF giving aosoluIoly eorfect inIoInla.
tion IN frequently tue one VINO teluscs OF heSieets
20 MIKE . stIto , IL = su'n Pe,so. W.
take the trouble 10 INFORM tue hsslstaht AsSeSSoi'
there Is a bar to all complaint, should the ASSESS,
ment prove incorrect anu u heavier TAX DC ieVieu
than would otherwise DC charged. moreover
after an assessment mas once Deen made, IL erro
heous, IL anyways t'ouuieSome W INC party i'
tereSiea 10 nave ~ correcteq. an porsphs; mere
to'e, u esPI'e''y sHSN az NHoe Hv 'N1dO.e 'neo"t'
shouia NOT Iah oIenIei 'hc iequIeu s'a.emen',
upon tue proper olank' 10 us 10 AVOID undue lax
auon anu IouDie.f
:. Every st1Isinent must oe verlned oy odth or
?nrmat.on. nnen Lnis u not aons, me Assls'an,
Assesso . y fequNsu " usuna'o INC income anu
~ wi ~ y,uIrn , r,Isv sr,rvvrvr
n A. 49,.
:. an Nes.ssoi nas Pv"ef
iormauo 10 'ne party interested; no ~ re-
qulred, also, 10 add lOO per cent 70 tne TAX wnen
u false statement has been rendered and the
party making the false statement becomes liable,
not only Tor THIS additional tax. out likewise 10
two distinct prosecutions before the United States
CourtS-onefor making false statement" with In
tent to defraud the Government, and the other
ior perjury.
MANNER oF NAMING UP STATEMENT OF INCOME.
ny the ilstn section OF tne law, inc Gomnlis'
sioner OF Internal revenue IL empowers 10 pre-.
scribe tue Jorrn and manner In which the state
ment OF income must be made up. This he has
done in a printed blank used by the Assistant A.
SCISSOR, and In various circulars and rulings. The
following Ia n summary OF what has been pre-
scribed:
J. Each Of the great classes into which the pur.
suits of life and the Investments Of capital have
been divided must DO returned separately losses
In one not being allowed to offset gains In another.
Thus q merchant who engages in farming or In
speculations not belonging to his legitimate bust.
ness cannot offset gains In tho one by losses in
the other.
. The expenses incident TO eAch business are
d.ductIble from ,he receipts of mat business
a Sna.,ia,ior. L1;,,r1,>L, h.Ior sbng 20 INV
:. anS ,h.ss s,ona nv ha casriaa into r.,
80, anJ ioss accorn, Thn. broL.r NAV snsc.
H. H. : ~ s,ocIs : H. GOOD. msrchon, n ca,,nr .
SarSrar. man IN iron ate ma ,yrS snscnia,ion
- ~, ,ha cd, ard t.. ~ - fss,,Ima,.
nny "ns'' - sSh",, L. 49, -. &c., hr
srchans. or the kind Of money Maid for bis mef.
chandIse and tbis gain or loss belongs 10 hin mer.
chandire account, But II he buys gold, uncurrent
money. United States Treasury notes, or any
other thing not one Of The articles of trade belong.
inc 20 his regular business. for the purpose OF
speculation, the profit or loss from such ~specula.
ton will not be allowed to affect the profit or loss
| from his regular business, A business firm
| placed $4,000 In the hands Of a New York bro.
ker, lnstructing him 10 use II In the purchase and
| ,ulr Of gold, on their account and having los,
sI7 500 in this venture. thew claimed Tint II
| should be- deducted from their profits in business.
Commissioner Lewis disallowed the claim, and
! said the uniform ruling had been that when Il
loss Is made In any particular business, against
which there are no gains TO offset, It 10 consid.
cred u dead loss Of capital infested in thar bust.
ness" Again, 'loss Of capital cannot be de.
be made on the Hafna
4. How far different kinds OF business must be
returned separately Is shown by the following
rulings Of Commissioner Rollins;
(dl-.Loss incurred In the prosecution OF one
kind of business cannot be deducted from gain In
business Of an entirely dgerentehdraetev. nor from
salary. rents, dividends. ETC.
(b)-"Losses Incurred In the prosecution OF one
branch OF business cannot be deducted from gain
In another, since an absolute loss incurred In the
prosecution OF a single business IN indispensably
q loss of capital
only from gains In merchandise but, In this case,
particular branches OF merchandise need not be
separated. 50 In speculation, the loss or gain
from stocks may offset loss or gain from produce
speculated In"
(d-"Merchants must make return OF their
profits from merchandise without regard to their
losses In speculation, or gains from interest. dlvi.
dends, rents, or any other source"
(e)-"Losses In speculation cannot be deducted
from salaries, nor from gains In merchandise.
When losses are sustained in one speculation and
gains made In another speculation, such losses
may be deducted from such gains Losses In one
branch OF merchandise may De deducted from
gains In any other oranch OF merchandise
ID" Where stocks, etc, are bought an a per-
manent investment, and sold again merely 10
change the investment. q Ions sustained In the
sale may Dc deducted rom the dividends from
s1ch STOCK. But wnere the purchase IL maze ior
the purpose OF selling again on speculation, the
loss sustained oy tho SAFE cannot DC deducted
nom dividends, out may Do dsdueted rom gains
derived from the purchdsfd ana sdh OF STOCK, ETC.,