Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-08-23
ABSTRACT OF THE ANNUAL INCOME TAX
-ANNUAL INCOME TAX.

o.. T|
Having been requested to prepare an aostracl
of what is required by law In rsierenco 70 -.
comc Tar. and Of the decisions by the depart.
80, a. WashIngton upon various questions mat
nave arisen, wo present the whole subject undeF
lis several distinct heads:
sr,rrnysr SHOULD BE MADE--wHERE, WHEN
AND BY WHOM.
/ The law requires every person OF iawtul NY,
residing In the United States, 10 render - y, Nv ~
or sho may be residing on tho LIST dny OF hay,n
written statement, according TO a prescri1eu
form Of tho amount Of his or her income, gains
and profits during the previous year. rom JIM
nary lat TO December 3lst, both days inciusNe'
A printed blank containing this form can
taIned from the Assistant Assessor. a person
having no fixed residence, should make u sIn's'
ment wherever he or she may happen to De; anu,
In case Of removal TO another district, snould 'aAo
n certified copy Of such statement 70 sno" ny
other Assistant Assessor, who otherwise m's"'
make q second assessment a
D The statement must be rendered on or De
fore the LIST day of May, or within ten days after
a written or printed notice requiring It, has been
Ian at the place of resldence or of business, or ue'
posted In the pearest Post Office.
3. The annual income tax Ia a personal tax
and II cannot be assessed against any corporation'
company, or partnership, az such. Every indi'
yldual member must make a statement OF nus or
her share of or interest In the gains and pronts OF
such company, etc, whether such gains una
profits are divided or not, and must also state
separately his or hor income from all otner
sources.
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS.
s. If any person neglscts or refuses to render
written statement, the Assistant Assessor " re-
ouested to fill out a blank with such persons
name, and taxable income estimated according 10
the best information that can DO ootaineu' hn9
-- .hI. N IN naaaHH inc tAX. Hnu
then to add 25 per cent, to such tax az a penalty
for neglect or refusal. :,
a An Assistant Assessor may be misled In
making this estimate, by being mlsinformed as TO
money received, or not informed "a TO money
paid. lie must assess, however. according TO the
best information within his reach. The only per-
son capable of giving absolutely correct informa-
tion Is frequently the one who refuses or neglects
10 make "A statement. II such person Will not
take the trouble to inform the Assistant Assessor,
there Is q bar to all complaint, should the assess,
ment prove incorrect, and q heavier tax DO levied
than would otherwise be charged. moreover
after an assessment has once been made, II erro
neous. II is always troublesome 10 the party in
trrested 10 have Il corrected. All persons. there.
fore, but especially such as hare no fdrd6h income,
should not fall to render the required statement,
upon the proper blank, 10 as to avoid undue tax
alton and trouble.
7. Every statement must be verified by oath or
affirmation. When this IN not done, the Assistant
Assessor Is required to estimate the income and
TO add 25 per cent. to to the tax.
EVILS OF MAKING A FALSE STATEMENT.
:. AN As,S.s"s n,ana~1 af,sr Giving due
Wv Aihoun' "a u so intaras,sJ n IN re.
n n,In i'm y, y sdd In ncr cent 20 the tax when
ILL., 49, 40 bas been rendered and the
party making the false statement becomes iihole'
not only for this additional tax. but likewise 10
two distinct prosecutions before the United States
60 o.. ~ making a fnlse statement with In.
-, 80 Sac-and ar. Government and the other
s ~ nr;rru
S.Ssrp ~ NIvIyo ZIP STATEMENT OF INCOME.
~ IN. IIe,h ssctIon Of the law. the Commits.
.,on,r NJ interpaI Revenue Ia empowered TO pre-.
sn az ,ha To- and ,nannrr In which the state.
nm, ~ ,ncoma must he made nm. This he has
J"nN T., n nrin,.d hi"nt u.ad hy N. AssI.tant A.
sJssor and in yanous circulars and rulings. The
SoiIoving i, n summary of what has been pre-,
..riho5.
\ Each NJ III, preat clauses into which the pur
uIts of life and tho Investments Of capital hav,
ha.n divided must he returned ,epardiely- losse,
In ons not being allowed 10 offs.t gains In another
IN one noa uetn ) ~ anoaeaS In farming or II
n.ania,ions no, beIonoin1 10 hi, legitimate bust
P.nnan, ~, aotns In ,ha ons nv losses n
nesS Snn' '"''' h"""
'ne t,,td.r, N .acb busines. ar,
a.drs,h,e rom The receipts Of that business.
a SnecuiatIons kSianately belonging to any
anS thsse 9lonc NAV be carried into III
1 .na and lAaa anRnnnf ThnHA hTOkRT NAV kDtc
pia,s In stocks, a dry goods merchant In cotton. 4
hardwar, man in iron, etc, and such speculation
NAV affect the gain and loss Of such Legitimate
rass A merchant al,o NAV make or lose by
sYchano, or the kind of money paid for his mer
sbandjss and tbi. gain or loss belongs TO his mer
cbanJi.e account. hut II he buys gold, uncurren'
n,onev limited States Treasury notes, or any
other thing moi one of the articles Of trade belong
Dsno, III roa,iar hns,ra.S for The purpose o
49, tbe nro6t or loss from such specula
~ Iii moi he allowed 10 affect the profit or los
80 III r.srIar business A business firm
nom go NSo In ,bs bands Of a New Work bro
PIHeGu s.o,yHv h,n % nss I, In The nurcbase ON,
keI, Iutt 70 ,ha,r occonnt. and having ios
49, sNn r., ,hJs vantnre thew claimed ,hat 1
Ssso',,yITST ha dsdnc,sd from their proat, In business
Sommis";on.r Tsvis disalloyed The claim. an,
s"Jd ,ha ,nifor,n ruiInc had been that "vhen
los IN mnds in any particular business, agains
nhIcb thsre are no gains 10 Offset, II Is consid
.rod a dad Ios, of capital inpested in thu. bust
80" AcoIn Gloss of capital cannot be do
ducted from income" Return Of income mus
bc made ON the gains"
4. How far different kinds OF business must b.
returned separately Is shown by the following
rulings Of Commissioned Rollins:
(a)-"Loss incurred IN the prosecution OF on
Kind of business cannot be deducted from gain Ii
business Of an entirely diFerentchardeter. nor from
salary. rents, dividends, etc"
B)-"Losses incurred in the prosecution Of on
/ OTdnCn Oh Duflntrh CuDuOt W u VII n
In another, since an absolute loss incurred In tn,
prosecution Of a single business Ia indispensable,
a loss of capital"
nS-"Losse, In merchandise can bo deducte,
onIy from gains in merchandise; but, In this case
nart,cnIar branches of merchandise need not b
isnaratcd So in SPECULATION, the loss or gall
Seam S,ocLs NAV Offset loss or gain from produc
snncrIo,eS in -"
M-"Mercbants must make return of thei
70. az marchandIss Nithout regard 10 thsI
paonsS snnonis,Son or gains from interest. div
p n = "a or anv othsS source"
U ~ "Ios.cs IN snecuia,ion cannot be deducte
from salaries, nor from gains in merchandise
mhen Iosso IL, " ,no,Sar Snacniatian. such losse
gains msae rom srcS sains Iosse. IN On
may DC ueaue'eI SUI -" ,aJna,ad &C.,
orancn OF uieicnHhulse nm oe ouu ava
gains In any othet orancn OF me,cnanuise.
O-'Where stocks, etc, are oought US . PEI
manent investment, ana SOFA again mercy !
change the Investment, q loss sustalheu IN IN
sale may be deducted nom the dividends irS o.
such stock. But wnete tno purenase N msae ~
the purpose OF seilins agah On speSuin,IIn, w
loss sustained by me sale eannot DC aeducie
rom ais.uu. oa. NJ .nJ ,aI, ~ s,oct s,c
In the same year