Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-05-18
ABSTRACT OF THE ANNUAL INCOME TAX
ANNUAL INCOME TAX.

Having been requested TO prepare an abstract
of what Is required by law In reference to the In.
come Tag. and Of tho decisions by tho Depart.
ment at Washington upon various questions that
have arisen, we present the whole subject, under
Its several distinct heads:
STATEMENT sHoUL BE MADE-wHERH,w WHEN,
AND BY WHOM.
]. The law requires every person OF age,
residing In the United States, to render to the
Assistant Assessor Of the sub.district In which he
or she may be residing on the LIST day OF Nay, a
written statement, according TO o prescribed
form, Of the amount Of his or her Income, gains
and profits during the previous year, from jan
uary LIST to December 3lst, Boz b days inclusive
A printed blank containing this form can DO OBJ
tained from the Assistant Assessor. A person
having no dxed residence, should make q state'
ment wherever he or she may happen 10 b; and,
a certified copy Of such statement to show any
other Assistant Assessor, who otherwise might
make q second assessment
2. The statement must DO rendered on or be.
fore the 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 tho pearest Post Office.
3. The annual income tax Is @ personal tax,
and It CANNOT DO assessed against any corporation,
company, or partnership, a. such. Every indi.
yiduRl member must mako q statement Of his 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 state
separately his or her income from all other
sources.
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS.
I. II any person neglects or refuses to render 0
written statement, the Assistant Assessor Is re-
Quested 10 ill out q blank with such persons
name, and taxable income estimated according 10
the best information that can be obtained, and
upon this estimated income TO assess the tax and
then to add IS per cent, 10 such tax as 4 penalty
for neglect or refusal. at..
6. An Assistant Assessor may DO misled In
making this estimate, by being misinformed a. 70
money received, or not informed as 70 money
paid. He must assess, however, according 10 tho
best information within bis reach. The only per.
son capable Of giving absolutely correct informa.
tlon ID frequently tho one who refuses or neglects
to make q statement. II such person will not
take the trouble TO inform the Assistant Assessor,
there Is a bar TO all complaint, should the assess.
ment provo incorrect, and O heavier tax be levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II erro
neous, It Is always troublesome TO the party In.
tercstcd TO have It corrected. AL persons, there.
fore, but especially suek az haps no taxable ineo&<,
should not fall to render tho required statement,
upon the proper blank, 80 az to avoid undue tax.
aton and trouble.
Z. 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 10 to the tar boa
EVILS OF MAKING A FALSE STATEMENT.
Q. An Assistant Asscssor has power TO ineyedss
the amount In any statement, after giving dus
Information to the party interested. He Is 70.
quired, also, TO add 100 per cent. TO the tax when
O false statement has been rendered and the
party making the false statement becomes liable.
NOT only for this additional tax, but likewise 10
two distinct prosecutIons before The United States
for making a false statement with In.
tent 10 defraud the Government, and the other
for perjury, . Tod.
MANNER or MAKING up STATEMENT or INCOME,
nv m. lletb section Of n, law The Commits.
,ioner OF Internal Revenue h. empowered 10 pre-.
scrIbo the forI and mo1n,y IN wkich the state.
mani NJ IncomN INNS, h. mada mn This h, has
H.. In a nrIn,sd Mani rs.d hx *. A,.Jstant Az.
sSsSor and IN yor,o,, c,rcrIars ana rrlIno, TIL,
SoiIo,v,ne 4. n smmm.rv ~ wha, hs. he.n nrr.
scribsd
= Each ~ IN, gran, cIa,... into vrb,cb An. ppr.
.ri,. 81 IN. and III. JnSss,m.n,s ~ c.ni,oI have
III. S,,,d.d ,nu., h. rs,nrn.d ,sn,sai,i.- ,o.,s.
oeen us ~ 80
ill.,. . r".rcbnn, rSbn onosros ~ Ta,rina ~ In
anusS nsna. ~ SnsaseS i,aa r
sunnnn, w.. noinS Is ~ ~ hn Ios,s. IN
.Is 49,. " e"A' I" "Ao y '
&c q Ths ,,,tdo,, % ..,h h,.i,.,,, -.
M 80 1870 ~. 1870. "N
aeaus.IoIe ~ 4 ieseiP'sE .nSs
D. sPeeuIa,ions HSHIMotNy peionglns - ~
ouslness, una lnese uLoneIm uy peesiIiea
PROM anu ioss aeeounI' u Ilokef may spe..
ulate IN stocks' oIy Boous merenAnt IN ee',oI,a
nafawTe nun IN IRON, ese;, anu sEsH sPeeuiasnvn
may aneet .no 6atH anu 'o'so .4eN lesi'lnH N'
business. a merenant also may MAKE OF lose oy
exchange or the KIND OF money PAID Tor MS mer'
chandise' ana TINS gain OF loss belongs 70 MS mer.
ehandise account. But II 20 ouys golo, uncnrrent
money, Oni.ea s.a.es trsIsnry no.es, SI my
other thing not one OF the articles OF trade belong.
Ing TO his regular business, for the purpose Of
speculation, the Pront or loss rom sucn speepIa.
ton VIII not De aIlowec 10 auect the pront or loss
from ms regular business. n business nrm
placed S4o'No IN the hands OF New YORK oro:
ker, instructing him TO use II IN the purchase and
s2I.Soo III TINS venture, they claimed that u
should DC deducted rom ineir pronts In business;
Commissioner Lewis disallowed the lain. ana
said tho uniform ruling had been INIT hen q
los: Is made IN any particular business, asans'
when tnere arc no gains 10 onset, IL Is eonhp'
erea q atoa los Y eapsas anTe.feS s. ~ Ma ho Js'
ness.' Again. loss OF capital cannot DC de'
Quoted from income Return OF income must
DC made on inc Raia. -
4. HOW lar dlneTent KINDS OF business must oc
returned sepaIateIy u Known ny 'ne ioho"ins
ruLlnss 81 So%Im nnnrrad e. ,hn nto..cr,,or ., mn.
10 Loss inenrreu ~ 'se paoseIS. aoa oa on ns
kind OF essiness ea1no, &c deducted rom gam IN
t"srr ssna dintJsnds o,.S run
90 osses Incurred IN The nro.scp,Iop NJ nm.
h W1 of bnsIns.s cannot bc dsdnc,eJ ron cain
In another, since an absolute loss incurred in the
prosecution OF a single business is indispenssbly
a loss Of capital"
0)-"Losses In merchandise can be deducted
only from gains in merchandise; but, in this case,
particular branches Of merchandise need not be
separated. So In speculation, the loss or gain
sn.crioteb In ~