Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-06-25
ABsrRAcT OF THE ANNUAL INCOME TAX
ANNUAL INCOMR TAX.

Of vha. Is required BY law IN reference to the In
como Tax, and OF the deciSions by the Depart
nave arisou. We present the whole subject, under
IN several distinct heads: =
.T.rrnysr SHOULD BE MIpE-wHERr, wHIN,
-" - AND BY WHoN rs :
/. The law requires every person oflswful age,
reading In tho United States, to render to the
Assistant Assessor Of the sub.distfict In which he
or she may be residing on the lIt day Of May, q
written statement, according to . prescribed
form, Of the smount Of his or he income, gains
and proAu during The previous year, from Jan.
uary LIST 10 December 3lst, both days inclusive.
A printed blank containing this form can DO OBJ
tained from the Assistant Assessor. A person
having no hxed residence. should mako . state.
ment wherever he or she may happen to be and,
.In case Of remova to another district, should take
sccrtiied copy Of such statement TO show any
other Assistant Assessor, who otherwise might
mako 0 second assessment
Q. The statement must DO rendered on or b.
fore the LIST Gay OF NAY, or WITHIN ten Gays siter
q written or printed notice requiring H. mas been
let at the place OF residence or OF business, or de.
posted In the pearest Post once.
3. Tho annual income tax 10 Q personal tax,
and Il cannot DO assessed against any corporation,
company, or partnership. a. such. Every indi.
yiduLl member must make q statement Of bis or
her sharo. Of or interests the gains and profits OF
such company, etc, whether such gains and
PROFITS are divided or not' ana must also stale
separately bis or her income rom all other
sources
STATEMENTS.
II any person neRlccts or refuses TO render o
written statement, the Assistant Assessor 10 70
oue.t.d 10 AN ont A blank with such persons
name, and taxable income timatcd according 70
the oost tnat can DO ootaineo' ana
upon this estimated income to assess the tax, and
sor ,.,,sc, ~ ,strsaI -
q ~ As.,.,ont I,,a,,or NAV h. mI,l.d IN
nsiins ,hIs ss,Ima,s Nv beIng mixinformsd AZ TO
Nancy rsss,,ss, or moi informad NJ 70 money
Ia VI ~. sss ho-swsr secordjnc n ~
PAU ,ns az .t,hin hi. p,scb Th. on,x nsr'
.on n.nshI. ~ s,v,ne ahsointslv corr.ct Informa.
ILL III I .pnoov ~ ~ rho y.S,.ss nv n.oisct.
80 ~. : .,.,an.n, n inch nsrson Iii mot
~. r. ,rorhis - ,nTorm the Is!istsnt Asa..aor
her, n = bar 10 ali COMPLAINT. sbould the ssses,.
. Ssr = ~ ar% ! h,s.I.r ,ss ~. i.vIsd
ment Plove ineSiIesS ~ = Iea.ioi VA ~ y.
tIAn "ouu " susaseu. ~
after an assessment has once been made, II erro
nsou,, ID 49, y roo,aS All " pa" ,tyra !.
.ele',eu a. prsu. 80.
tSie, Su. styy . 4 ~" !, "S rsn III S,e,.H.n,
sn noa n'r .an h"rI AZ : t. ~ snoTd rndr. ,ar,
.,P'on sn S trorhi.
~ r-NM hv o,,b or
. Every sta,ement mus. % ,eiinTu Y oGIa ),
91umuton. un9n ouT ~ ~
Assessor u lequreo 70 ssuna'' 'ne ineo"e ANU
Evils OF aAkiSo IALsE sIAIhaksI.
9. An Asistant Assessor has power to inereass
the amount 10 any statement, AFTER siving que
10 'ne parry interested; no u 70
CURED Also, 10 sac NV per cent 70 INC YAK "nsn
: iase .,I.emSn' ~ Uecn ,enesse a,. aI II.his
party MAKING tna iaise statement oeeouies Iaoio,
not only for this additional tax, put ikewise 70
TWO distinct prosecutions before the unned states
Courts-one for making afalse statement WIN IN.
tent to defrsud the Government, and the other
II ~ naFturv
MANNER OF MAKING Up STATEMENT OF INCOME
By the 18th section OF the law, the Commits
| sioner Of Internal Revenue Is empowered TO pre-
scribe tho Jer1 and manner In which tho state
ment Of income must be made up. This he has
done In Q printed blank used BY the Assistant As.
SCISSOR, and In varoul circulars and rulings The
following Is Q summary Of what has been pro
scribed:
!. Each Of the great classes into which the pur.
uuits Of life and the Investments Of capital have
| been divided must be returned separately losses
In ono not being allowed 10 ohsst gains In another.
Thus = merchant who engageI In farming or In
spsculatIous no, belonging TO bis legitimate bust.
meas cannot Offset gains In the one by losses In
he other.
2 The expenses incident to each business re
d,due,Ible from The receipts Of that business.
4. Specuiations lsSiaaately belonging TO any
business, and these alone. may be carried into II,
nroat and loss account, Thu. q broker may spec.
| ulsto IN stocks, a dry goods merchant 10 cotton, q
hArdware man In Iron, etc, and sreA speculation
nav Affect tho Eaia and loss Of sneh legitimate
business. A merchant also may make or lose BY
exchange or the kind Of money paid for his mer
chsndiSo, and this gain or loss belongs to bis mer.
ehandise account. But II he buys gold, uncurren'
money, United States Treasury notes, or any
other thing not one OF the articles OF traoe oeiong,
ing 10 his regular business, for the purpose Of
speculation. the profit or loss from such specula'
\ ton will not DO allowed TO Affect the profit or los,
from his regular b%u.ine.L A businosI nrn
placed $4,000 In the hands o. q New YORK oro,
ker, lnstruc,lng him to use Il In the purchase and
sale Of gold. on their account; and having lost
t27.5oo In this venture, they claimed that II
should DO deducted from their profits In business;
Commissioner Levin diSallowed the claim, and
said the snVor~ ruling had been that rhen =
loss II made In any particular business. against
which there are no gains TO onset; II = eonsid'
cred . dead loss q capital t1restsd IN haf oust'
ntss.I Aghn, .Ioan o. eapnal Slnnos % ae
Quoted from Income Return OF income mus
DO made on the 4atHa
I. How far dlhersnt Kinds OF ou,Lne', must os
returned tepAlateIy inoWn 1-'no '''''"'"S