Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-05-12
ABsERACT OF 1HR ANNUAL NcoNR TAX,
ANNUAL INCOmE nay

-NOOm ."
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Having been requested to
OF what Is required by law In rcsar.upau Sosu1ct
come tag, and OF the decisions by tSs D.n.rt.
have arisen, we present the whole STesuons tnat
Its several distinct heads: unaef
STATEMENT SHOULD BE MADE-wHEur ,y,,
n BY WHOM. ~
!. The law requires avery person Of M.
residing In the United States. to render to ~.
Assistant Assessor ofthe sub-dlstrict In which he
or she may be residing on the LIST day Of May, a
written statement, according to q prescribed
form, Of the amount Of his or her income, gains
and profits during the previous year, from Jan.
uary 1st 10 December 3lst, both days inclusive.
A printed blank containing this form can DO OBJ.
tanned nom the Assistant Assessor. A person
having no fixed residence, should make o state.
mont wherever no 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. g-ulE .
9. The statement must DO rendered on or be-
fore tho LIST day Of May, or within ten days after
o written or printed notice requiring II, has been
left OF the place Of residence or Of business, or de-
posted In the pearest Post Office.
3. Tho annual income tax IL o personal tar,
and II cannot be assessed against any corporation,
company, or partnership, as such. Every indi.
viduA member must make O statement Of bis 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 ytato
separately his or her income from all other
sourceI.
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
l STATEMENTS.
s. II any person neglects or refuses TO render O
written statement, the Assistant Assessor Is 70.
quested to fill out O blank with such persons
name, and taxable income estimated according to
the best information that can DO obtained, and
upon this estimated income TO asseSs the tax, and
then TO add IS per cent, TO such tax as O penalty
for neglect or refusal. =
6. An Assistant Assessor may be mlsled In
making this estimate, by being misinformed a. to
money received, or not informed as to money
paid. He must assess, however, according TO the
best information within his reach. The only per.
son capable Of giving absolutely correct luforma.
tlon Is frequently the one who refuses or neglects
10 make o statement. II such person will not
take the trouble to inform the Assistant Assessor,
there Is q bar to all complaint, should tho assess.
ment prove incorrect, and o heavier tax be levied
than would otherwise 10 charged. Moreover,
after an assessment has once been made, II GIRO
neOus, II Is always troublesome to the party In.
terested 10 have it corrected. All persons, there.
fore, but especially sueh a. hdre no tarabk income.
should not fail to render the required statement,
upon tho proper blank, so as to ayoid undue tax.
alton and trouble. s
z. Every statement must DO verified by oath or
affirmation. When this Ia not done, the Assistant
Assessor Is required to estimate the income and
TO add IS por cent to to tho tax. ,
EVILS OF MAKING A FALSE STATEMENT. :
8. An Assistant Assessor has power to inersas.
the amount In any statement, after giving due
information to the perty interested. He Is re-
qulred, also, to add 100 per cent. TO the tax when
a false statement has been rendered and the
party making the false statement becomes liable
not only for this additional tax. but likewise &c
/ k-,a AlatI-aN -1auaas.Nf0na hafnHa NhA al. GtaNa.
Courts-onef for making q false statement with in
tent to defraud the Government, and the othel
for perjury.
MANNER OF MAKING UP STATEMENT OF INCOME
By tho lleth section Of the law, the Commits
lioner Of Internal Revenue 10 empowered to pre-
scribe tho form and manner In which the state
ment Of income must he made up. This he hal
done In q printed blank used by tho Assistant As
SCISSOR, and In VARIOUS circulars and rulings. I'll,
following Is q summary Of what has been pre-
scribed:
suits Of life and the investments Of capital hRv
been divided must DO returned ssparatsly- losse
In one not being allowed to Offset gains In another
Thus q merchant who engages In farming or Il
speculatlons not belonging TO his legitimate busi
ness cannot Offset gains In the ono by losses 4
the other.
Q The expenses Incident to each business ar
deductIble from the receipts Of that business.
3. Speculations lsgitimately belonging to an.
business, and these alone. may DO carried Into IL
proht and loss account. Thus o broker may spec
ulate In stocks, q dry goods merchant in cotton.
hardware man In iron, etc, and snch speculation
may affect the gain and loss Of such Legitimate
business. A merchant also may mako or4ose b!
exchange or the kind Of money paid for his ner
chnndise, and this gain or loss belongs TO his mer
chandIse account. But II ho buys gold, u%ncurren
money, United States Treasury notes, or an,
other thing not one Of the articles Of trade belong
tna a. hta ro0ular huatnass- for thu prrno.a N
speculation, the profit or loss from such specula
ton will not be allowed TO affect the profit or los
from his regular business. A business firm
placed $4,000 In the hands Of New York bro
ker, instructlng him to use II In the purchase an
sale Of gold, on their account; and having 10.
$4,000 In this venture, they claimed that
should be deducted from their profits In buKlnes,
Commissioner Lewis disallowed the claim, an
said the uniform ruling had been that when
loss Is made In any particular bualness, AGAIN.
cred a dead loss Of capital iHuested IN that bus
ness." Again, "loss Of capital cannot DO d
Quoted from income" Return Of income mui
be made on tho gains"
4. How far different kinds OF business must.h
returned separately IL shown by the followin
rulings OF Commissioner Rollins:
(a)-"Loss incurred In the prosecution Of on
kind Of business cannot DO deducted from gain !
business Of IN entirely dDventekaraeteT, nor fror
salary, rents, dividends, etc"
B)-"Losses incurred In the prosecution OF on
branch Of business cannot be deducted from gal
In another, since an absolute loss incurred In III
prosecution OF O single business Is indispensabL
q loss Of cnpital.'
(e)-"Losses In merchandise can be deducte
only from gains In merchandise; but, In this cas'
particular branches OF merchandise need not b
separated. 30 In speculation, the loss or gai
from stocks may offset loss or gain from produc
speculated In" .H 81 ssh
(O-"Merchants must make return Of theI
profits from merchandise without regard to theI
losses In speculation, or gains from Interest. div
dcnds, rents. or any other source"
O-"Losses In speculation cannot DO deduete
from salaries, nor from gains IN merchandis
When losses arc sustained In ono speculation IN
gains made In another speculation. such loss'
may be deducted from such gains Losses In on
branch Of merchandise may be deducted froi
gainsin any other branch OF merchandise"
l O-"Whcre stocks, etc, are bought a. q pei
manent investment, and sold again merely I
change tho Investment, q loss sustained In Ii
sale may be deducted from the dividends fror
such stock. But where the purchase Is made 70
the purpose Of selling ngain on speculation. th
loss sustained by the sale cannot DO deducts
from dividends, but may BIO deducted from gain
derived from tne PnreH0se ana sd1f OF stock' ere
Income TRoM RENTS or U1LpISo rr.
From the total amount Of such rent. receive
within the year TOT wnien income 10 estimated: Q
due and collectablo on the 3lst day OF Deeembe
Il .,faatH vaaF- Rhnuld hA deducted. - .. .