Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-10-04
OF THE ANNUAL INCOME TAX
ANNUAL INCOME TAX.

A8Nuh Il1eu, WI pEobcub TUG whole auOIRrt nDdpr |
Its several distinct heads:
STATEMENT SHOULD BIZ MADE--wHERE, WHEN,
AND BY WHOM.
]. The law requires every person OF Lawful age.
residing 10 the United States, to render 10 the
Assistant Assessor Of the sub.dlstr.ct In which he
or she may be residing on the lst day of May, u
written statement, according to a prescribed
form, Of the amount Of his or her income, gains
md profits during the previous year, from Jan.
uary LIST TO December 3lst, bolh days inclusive.
A printed blank containing this form can be OBJ
tained from tho Assistant Assessor. A person
having no hxed residence. should make a state
ment wherever he or she may happen 70 DO; and,
In case Of remova TO another district, should take
. certified copy Of such statement. to show any
other Assistant Assessor, who otherwise might
make o second assessment.
2. The statement must be rendered on or be.
fore the LIST day Of May, or within ten days after
q written or printed notice requiring II, has been
LEFT at the place o freAdenoe or Of business, or de-
posted In the pesrest Post Office.
3. The annual Income tax Is Q personal tax,
and It cannot be assessed against any corporation,
company, or partnership, a. such. Every ind.
vidusl member must make q statement OF bis or
her share Of or interest In the gains und profits OF
such company, etc, whether such gains and
profits are divided or not, and must also state
separately bis or her income from all other
sources.
EVILS OF kE0LECT 10 hAkL OUT ON fkhIfI
STATEMENTS.
S. II any person neglects or refuses to render q
written statement, the Assistant Assessor IL re.
quested to fill out u blank with such persons
name, and taxable income estimate according to
the best information that can be obtained, and
upon this estimated income to assess the tn, and
then to add Is per cent, 10 such tax ~ a penalty
for neglect or refusal.
{. An Assistant Assessor may be misled In
making this estimate, by being misinformed A. to
money received, or not informed a. TO money
paid. He must assess, however. according 10 the
best Information within HIS reach. The only per
son capable Of giving absolutely correct informa.
tion Is frequently the one who refuses or neglecss
to make u 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 be levied
than would otherwise be charged. Moreover,
after an assessment has once been made. II erro
noUus, Il is always troublesome TO the party In.
tsrested TO have IL corrected. AL persons. there.
fore. but especially sueA a. hdue no taxable income,
should not fall to render the required statement,
upon the proper blank. 40 ~ 10 avoid undue tax.
alton and troublef
7. Every statement must DO verified by oath or
Affirmation. When this Is 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 Assistant Assessor has power TO irertase
the amount In any statement, after giving due
information to the party Interested. Ho IL re.
CURED aiso, 70 aod Nv per cent 20 INC lux Tnsn
' Iaise s,auomsn' nns uoeu 'onusieu , aru y
not only for this additional tax, but likewise to
two distinct prosecutions before the United States
Courts-One for making a false statement with In.
tent 10 doiraud ths government, anu Inc o'nef
LOT perjury.
AaSNEK OF mAklNa ur srAIEhEhI " 1SeonL'
ny tne iie.n SECTION . 'he ia" tne Quinn
honer OF Internal revenue empowered 10 pre-
scrioe the Jorm ana manner IN winch the STATE
ment OF income must DO made up. TINS he nas
done In Il printed blank used by the Assistant A.
SCISSOR, and IN ranous circulars and ruiinsn Inc
following Is d summary OF wnat mas oeen pre-
scribed:
!. Each OF the great classes INTO winch the pur'
suits OF life and the Investments OF capital have
been divided must be returned sspdrdtsiy- losser
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 ousi'
ness cannot Offset gains IN the one by losses In
the other.
:. The expenses incident 70 each business are
deductible from the receipts OF tnht business
). Speculations tSSttin1fay belonging 10 any
business, and these alone, may DO carried Into III
profit and loss account. Thus a broker may spec
ulate In stocks, q dry goods merchant In cotton, O
hardware man In Iron, etc. and 'ucA speculation
may AFFECT the Sa4n ana Soss OF sHeH leBlilmaIe
business. A merchant also may make or lose py
exchange or the KIND OF money Paid ior MS mer
chandise' ana TINS gam OF loss oeiongs 10 us mer.
chshdlse aecoun'. put nc puys soia' uncurron'
mSney; wn I've, on H.a ~ ~. t ar,1sia: nuss S b.
o'He. LII LIZ ia hn.tna.. 20 ~. nn,rns. .,
ing 70 nus tsguIAi ouslness' . 'ne purpose %
specnInIion, tne prom .! Ioa rom sucu .peeuIa'
non w . 20 '"I pa u ar ~,
rom - 20 ~ TO- ~ hnuSs W. Wa.L h,o'
PIheeu Slo,yHo ~ y nn - . Nv" io.n ~
kel' ms'LIuoHn IN w :" y IioL ~,
~ 90 n ~ ri. ran,rra ,S.v ciai,rn% ,hs, I,
1870 I" - - ~, ID. in h,aa..
snouIu % .uuI'eu -. noI Ii.a Isn ~. ~, ~ Otu, onS
Ia AZ n.c.. "nI,nn IA 49, .S., %~hsn y
salu u aSyW ~ va" I"u - hnstn... a.aina !
UpS ,hae. = ny ny ra;ns ~ oT.., i, |. oonsid'
~ . S..J Los, oT .1ni,oJ jnr,.ird In H., 49,
-" An.in ..Ioss ~ .csnI,.i 'c.nnn, hs do
.n,.a ,rn% tn.om. .Rs,r,n ~ inco,,s mus,
hs made on the 1ain,"
4 How FAR different kinds Of business mus, b,
r.,rrned .cnara,.lr IL shown nv the following
r,,isrss ~ Cammis,ionsr RoliIr..
mS"Ioss Incurred In the pro,ecution of on,
k;wwJ ~ bn.,nsss canno, he dsductcd from gain m
hna ol ousn ISM. A ~ J; = uerJeseu " Satn =
".n 80. dt,,aarJs u"
'aTrSy, al 10. ,nn,r.ad ~ y. nro..cr,o, ~ nm,
Lo.ses nSuiisa . ".,.a S,n, u OH "n'
IN ann,S.r .ince an absoInt. los. incnrrsd In m,
nros.c,,ion ~ n sinols hnsInes, /. indI.nrnsabIy
: loss Of ~capital-,'
4, merchandise. can be d.dpc,ed
orSy from cain, In mercbapdIse. INT In this cass
nar,,s,,iar Srancba. ~ m.rcbanaIus read M, =,
ssnara,eJ ~ In 'snecnla,Ion. ths los, or saIr
DOW s,oct, nav ossnt los. ar Gain from nroSuc,
n".nI.,sS IN -
n" "N.rch.,,s NINA, nah. ra,prn NJ ,bs,,
,rcs,. n.ou mcrchandI.. vi,bopt reoard "a ,bsi,
Sou...I snaonie,Son w. no,r. S,om tn,.rss, .di.i
49, rnn,s or INV otbsr sourcs -
nLSH "Ins.s. in !nscnia,Ion esnno, bs d.duc,.i