Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-07-11
.ABsrRAcr oYrHE ANNUAL INCOME rA1
T q MO0ME lTAx

T. fh" ANNUAL TAX.
Having been requested 10 prepare an abstract
Of what ID required by law In reference 10 the In
! come Tax, and Of the decisions by The Depart
| mental washington upon various quesdons that
haye'atiseh. We present the whole subject; under
It's several distinct heads
STATEMENT HouLD BIZ aADE--wHERE, WHEN,
II HJIE - .AND, BYI WHOM. .s@EgE
!. The law requires every person Of lawful age,
r, sldihk. Id fh6 United Statesy 70 render 10 the
Assistant Assessor Of the sub.dlStr:ct In which he
or she may be residing on the LIST day Of May, q
written statement, according to o prescribed
ilfofm,o or fhe hnounto OF his Or her income. gains
and profits during the previous year, from Jan.
uary1st TO, Decsmbet 3ist, DO b days inclusive.
A printed blank containing this form can DO OBJ.
tained from the Assistant Assessor. A person
having no axed residence, should mako a stateo
mont wherever he or she may happen to be- aud,
In esse ofrsmoysl to- another district should take
Rceffhkd COPY OF, such statement 10 chow any
other Assistant Assessor, who otherwise might
mako o second assessment .EfEIsi
2. The statement must be rendered on or be-
fore the LIST day of May, or within ten days amer
q written or printed notice requiring It, has been
left OF the place'of residence orpf business, or de.
posted In the nearest Post Office,
3. The annual Income tax Il a personal tax,
and 1t cannot DO asssssed against any corporation,
company, or partnership, as such. Every indi'
yIdual member must make q abatement Of bis or
| hCA MA Va Va WV
such company, etc whether. such gains and
prohts are divided or not, and must also state
separately his or her Income from all other
sources. Il
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
y~SrLTEMRHT8s ~ 10
II any person neglects or refuses to render q
written statement, tho Assistant Assessor Is re-
Quested to Ill ont q blank. with such persons
name, Rnd taxable income estimated according to
the, best Information that eau be- obtained. and
1 ~ al 4. LAtfsn :. tnoapna % aaaauu che Inv and
then TO add 25 per cent, 10 such tax as a penalty
for neglect or refusal
4s6. An Assistant Assessor may be misled In
making this estimate, by being misinformed asto
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 informa'-
ition "a frequently the one who refuses or neglects
to, make q statement. II such person Will not
take the troubleto Inform the Assistant Assessor,
there Is a bar to all complaint, should the assess
ment prove incorrect, and a heavier tax De levied
than would otherwise be charged Moreover.
after an assessment has once been made, II erro
neous.it 10 always troublesome TO the party In.
terested TO have Il corrected. All persons, there
fore, but sspeetaflysuch a. hars no taxable income,
should not fall to render the required statement
upon the proper blank, so as TO avoid undue tax.
alton and trouble "
.tiFT Every statement must be 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. 3
O An Assistant Assessor has power to increase
the amount ia any Abatement, after giving due
information TO the party Interested. He Is ~
uuIrcd, also, 70 odd 100 per cent. TO the tax when
: faIss s,at.m.nt I'M, bsen rendered and the
60 msIinc m. faI.s stat.mrnt b.roinr. liable.
No, univ for III additional tax. but likewise to
two distinct prosecutions before the United States
~, ~ SsTraud The Govsrnmrnt. and the other
~ ~ nsr,nry Hf =
'. ps3"5 = N.v,yo ZIP STATEMENT or INCOME
D.. ~. liar s.c,,on Of nh. law, IN, CoInmI,.
.Ionsr Of Internal Revenue Is empowered TO pre-.
sH"S lily s.Ans.. snd ,.1,n,r IN wh,sh ,hs s,s,..
~..oo ~ rsm" nm, N. mad. nn.sThi h. In,
me a - nsI So go h, *. AsaI.,.n, L..
sSs.or md IN ysnou, circninrs and rulines The
soiIor,ns a. !. snmmarv of what has been pfo.
scrheS. - $780, '' H''H- - 80 "
/ Each OF the great classes into which The pur
suI,, n lie and tbe Investments Of capital have
hern diylded must be returned sepdrdtely- losses
IN ans NOT b.Inr allowed 10 offs,t gaIns iu another.
Il Tsns msrchsnt who engages IN farming or in
n..ni.,tons not h.lon o;nS 10 nj. IegI,I,nat. bu,I.
pssannn, nT..t asins 10 m. ons hv Io..e. IN
~ o.har
3 Tss expenses incident to each business re
d.duStibie from the receipts OF that business.
a Snscplations L-eftimaieiv belonging TO any
business. and these alone. may be carried into II.
profit and loss account Thus broker may spec
ulate In stocks, u dry goods merchant 10 cotton, u
hardware man In iron, etc, and sIeA speculation
may affect the gain and loss Of such legitimate
business. A merchant also may make or lose by
exchanged or the Kind OF money paid for his mer
chsudIsc, and this gain or loss belongs 10 his mer.
chandise account But II he buys gold, uncurrrnt
money, United States Treasury notes, or any
Other thing not one Of the articles Of trade belong.
4 ing to his regular business, for the purpose OF
speculation, the profit OF, loss from such ~specula.
tion will not be Allowed to affect the profit or loss
? Itrom- his regular buiinesG A business firm
| placed $4,000 in the hands OF a New York bro.
tor. inrructing him TO use II In the purchase and
saie Of gold, on their account; and having Lost
ga, 500 In this venture, they claimed that IL
should be deducted from their profits In business.
Commissioner Lewis dlsallored the claim, and
said the uniform ruling bad been that ~ hen a
loss IL made In any particular business, against
which there are no gains 10 onset, IL u eonsig'
errd q dead toss q oopi|aI tHrs'ted IN that oIs
Rcss." Again. loss OF capital cannot be de-
Quoted from income" Return OF income must
be pads on the HaiHs.
LpiZ Howfar different kinds OF business must Or
returned separately !, ' sOnIn oy the following
rulings OF OommnsloneI f'onns:
(a!-"Lo.s Incurred In the prosecution OF onr
Kind OF business eanno, 9e aeuueteu rom Snln ~
business OF an sntirfty eaaEa@N'' nor iro"
saisfy, rents, diylhenus, ete:
o. Losses incurred tne PsosseI'.o y onr
oraHeA OF business cannoi ue Ieuu..eu = gan
10 another, slnee an aosoiu.o ioss ileglreu ~ shr
pfosseutu sn n. NY
o. ossesJ IN merehAnaise can 90 ueaucleu
only from gains IN mercnanaise out. IN tnls case
particular orsncnes Of m.rsnsnaise neeu not o.
separated; 80 IN speeuIauon, ne .o on :. gum
nom stocks may onso' gan no" p'ouuve
speSuiateG W .i ,A.h.
d-'Merchants must make return OF tneir
profits from merchandise without REGARD TO Their
lossds In speculation, Or gains from interest divi'
bends, rents or any other source. 49,,
Il-h I.0RaRa In Ejaculation CnnnOI De ueQuCIeu