Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-07-12
IPsTRAcT or THB ANNUAL INCOME TAX
TAX.

ELmL
Having been requested to prepare an abstract
Of what Is required by law in reference TO tnein
oom6JTar ,aldS6f tho aecisiors1 9 tfe peplLrs
IBeot At WsAhdnston upon -quesuons -
nave arisen, We present tho whole subject unuef
III several dIstirfct heads:
STATEMENT SHOULD Be - whh
=, rhs Law reouires every person oflawful age,
r..idinr In The United States, 90 render 70 tno
"a s.tanf sHesscr 8 the sub.dfstr:ct In which ne
80. NAV he residing on the lt day OF Nay d
~5tS.nI Itatsmcnt, according to D. prescribed
form. Of the amount Of bis or her income, smnS
lid prohts during the previous 4 y Sav. InclusIye,
4 n,intsd blanT containing this form can be Oh.
taIned from the Assistant Assessor. A person
having NO Axed residence. should make q state
mont Wherever he or she may happen 70 90 ana,
In case of removal TO another district, snoula TAKE
a certified copy Of such statement to show any
other Assistant Assessor, VINO ouner"bo misn'
make o second assessment
2 Tho statement must DO rendered on OF pc
fore the LIST day Of May, or within ten days atIer
ih.Svritten or printed notice requiring ~, mas oeen
iieff at the place Of residence or OF business, or oe'
nosited In tho pcarcst Post Once. iEt.t'.
q The annual income tax Is q personal tax,
and Il be assessed against auy corporation,
company, or partnership, as such. Every indi'
yIdual member must fnakeiA statement OF his or
her share of or interest In the gains and profits OF
such company. etc, Whelner sucn gains ~
pronts arc 9.Yiqsai OF no., = ssH.s%sno o,hsr
sepaately nis-oF-ner -incoHe
sources.
EVILS OF HEoLEcT TO MAKE W OR VERIFY
STATEMENTS.
S II any person negiects or'refuses to render Q
written staIement, tne hssistant hsses'oi 20 -
quested 70 MI gut ,oIank WIZ suo pS rsoo
name, and taxaole income esIlmx'ou s.Sotu1sn6, "
the pest tnat can % o. - .eu ~
upon tnis estimaiea income - ~ . - 1870
tnen 70 aua ~ per cent " u'H -
g An Assistant assessor may 90 st mrsteo "a 10
MAKING tnIs es.nuato,ny ~ Aas 20 money
money Teseivsu, y = o..n,dine N H.
paid hc must ussss, loMo'eI, mn !" "a e
best Information Hltnin ME- roIen' y - Pc
son capable OF giving absolutely correct inioima-
ton ID frequently the one VINO refuses or negiec's
10 make q statement. II such person VIII NOT
take the trouble to inform the Assistant Assessor,
mont prove incorrect. and a heavier tax be levied
than would otherwise be charged. Moreover,
After an asscssmentIhas once been made, " GRO
ne6us Il bsyaikRys g. troublesome to the party In
terested to have Il corrected. All persons. there.
fore, but especially snck as hare no taxable income,
should not fail TO render the required statement,
mon me PROPER blank; 10 as TO avoid undue tax.
stJon M froubl. %L' 2
= Evsrv ,tatement must be verified by oath or
,Grna,ioy when ,bis IA not done. the Assistant
E.sa.snr h. rennireJ IN estimats the income and
"a sSS az w. can't % IN ths ,ay n
10 aau - 2 en- sr,rrxpyr "a
q nnIIsJ.,an, Asssssnr mas mower 10 increase
80. ,n -ann .,a,.m.n, af,sr giving dns
= - \. 1910 ln,a,sstad VI n a.
nnfHI W. ~, ~ IA IN ~ can't N the tar when
qu xaSsa s y has bs.n rendered and tho
aee S., ~. sais. s,a,arsnt hacnm.s lIabIr
party making .le ~ .on nc. iirar"Jss 10
not only LOT tnis Hadlllohai san, oIt S,a,S
TWO dhtinct prosecuuons1 e,oFe .ue ~. -I.h -
Courts-one 10, MAKING aiase $500.
tent 10 derraud the government w 'T'aH
ior pegury:. .,, ri sr,rvxrsr nv INCOME
MASNER OF NAMING VI $1,000 W 1911
Blythe lieth section Oh tne laW, tue Somlnin'
sloner Of Internal Revenue Ia empowered 10 pre-
scribe the Jora and mannSr IN wnicn Ie s'n's.
ment OF income must oe msae ". At
done In q printed oi.ns nssE oy and rrIimas TSc
sonsor, anu IN a,iou ~ .hat bss hesn nre.
.oISminH u sun ~
= Ta.h ~ IN. gran, classes into which the pur.
- ~ = - ~ ~. 'n.as,men,s ~ canI,aI bay.
su.s ~ "a LIZ, n. .a,rrnsd .,norai,iy- Iosses
" = nnt SsInS allowed 10 offsst gaIns in another.
~ one !. oetns ny ~, ~ go 81 Sarmira ar IN
lnus : Meienant VIZ Jns1 to bis Issi,imass bpsi.
pannnnt nT..t soirs 10 The ons Inv losses In
~
= Ths ,ncIdsnt N eacb busInes, re
d.due,ible from the receipts Of that business.
SHSnsruiations koftiratslv belonging 10 any
Sop and ,hssa alone NAV he carried into III
ouas, sDd Ios. accornt Tbn:a broker NAV spec.
rp ,. e.. stocSs In Srv goods merchant In cotton, Il
bardvar man in iron. etc. and such speculation
NAV afect The pain and loss of such legitimate
hn:in..s. A msyehapt also NAV make or lose by
sYcsanoe or the Kind Of money paid for his mcr
shssdIss and ann gain or loss belongs 10 his mer.
ssasSiss s..oun, Rnt n he bpys cold. uucurrent
monsv' Halted States Treasury notes, or any
othsr thing moi one of the articles Of trade belong.
snn ~ hi LIZ resnisr 'bnsine,s' for the purpose Of
.nscnIatIon. the profit or loss from such specula.
,icn An moi be 70 affect the proat or loss
from M. regular busIuesa A business firm
IT, IT, an IN In tbs hands ~ a Nav York bro.
P.0Is.,,nr,Inp him to nse a IN Tho purchase and
- IN ooId an thoir account and having lost
| Soy s0o In mia venture, they claimed that II
.ha,Id he dedueted from their profits In business.
| Commissionsr Lewis 'disallowed the claim, and
ala ths uniform ruling had been that "vhen a
| 10. 4. nnds In INV particular business, against
NossSS,h ,h.rs Az. no rains To- Offset. n IA consId.
va J 49, Io,, Of. eanital iurestsd In tAat 6usi.
.u'..S Igsin .iIoss Of canItal cannot be de.
Snctsd from Income" Return OF Income must
ssmoda On The 1ains" -.EE-E :
q How far dIfsren, kinds Of business must be
,.,nrnsd sspsratsiy Ia shown BY the following
ruHssT cfCommissioner Rollins: :
"a. Incurred In the prosecution of one
Ltsgs3n n hn.,nssSi sannot be deducted rom gain in
nnstnss, Of An ~srtiIsly e1araeier, nor from
salary, rents, dividends, etc.
ME"Losses incurred in the prosecution Of one
branch Of business cannot be deducted from gain
in another, since an absolute loss incurred In the
| prosecution Of n single business Ii indispensably
q LOSS Of eapltal." 81 - . i'TT.1 '.i."
~(o)-"Lotscs In merchandise can be deducted
| only from gains In merchandise; but. In this case,
particular branches OF merchandise need not ot
separated So In speculation, the loss or gar
nom stocks may Offset loss or gain from produce
speculated In 80 v.s-
(d)-.M Merchants must make return OF theli
| profits from merchandise without regard TO their
| iosses In speculation, or gains from interest, dlvi
dends, rents, or any other source yr- -
U)2"Losses In speculation cannot be deducted
from salaries, nor from gains IN me,cnanuse
/ rains msdc in another speculation, such losse,
nav be deducted from such gains Losses in one
branch of merchandise may be deducted from
| eaIns In any other branch OF merchandise"
sm-"Where stocks, etc, are bought as a per
| nSnrnt investment, and sold again merely &c
| change the Investment, a.loss sustained In the
| sale may be- deducted from the dividends from
sneA stock. But where tho purchase Ia made for
| the purpose Of selling again on speculation, the
loss sustained by the sale cannot be deducted
from dividends, but may be deducted from gains
IscoSS FRO RENTS OF BUILDINGS.
smonnt Of anon rrntsr received
-i,ty. ~. 49, ~ whjch Income 4, est,matsd or
WITHIN tuo {oat ~ !, ~ ~. Is.s n.ssmho,