Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-11-20
ABSTRACT or THE ANNUAL INCOME TAX.
ryII, or NEGLECT TO MAKE OUT OR VERIFY


Evils or NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS.
- 10 anu par.on naolects or refuses TO render q
vr;,,.n s;otsmsnt the Assistant ASSESSOR Is re.
"ra.,.d N ain out a blank with such persons
name and taxable income estimated according to
IN, best uformatio that can be obtained, ana
upon this estimated income to assess the tax, and
then TO add o5 per cent, to such tax az u penalty
for neglect or refusal.
G. An Assistant Assessor may Oe misled IN
making this estimate. by being misiniormed an TO
money received, or not informed as 10 money
paid. He must assess, however, according 10 tile
best Information within his reRch. Inc only per
son capable of giving absolutely correct informa'
tion IA frequently the one who refuses or neglects
10 make n abatement. II such person VIII not
take the trouble 10 inform the Assistant Assessor,
there ia a bar to all complaint, should the assess.
mept prove incorrect, and a heavier tax be lowed
than would otherwise be charged. Moreover,
after an assessment has once been made. II GRO
Moons. II h always troublesome to the party In.
terested to have Il corrected. All persons. there.
fore, but especially sEeh as Aaus no fd1dos INCOME
should not fail to render the required statement
upon the proper blank, 30 rs to avoid undue tax
alton and troubled
Z. Every statement must be vcrined oy oash or
affirmation. When this Is not done, the Assistant
Assessor Is required TO estimate the income and
to add 25 Der cent 10 TO the tax.
EVILS oY MAKISa A FALSE STATEMENT.
9. An Assistant Assessor has power to fneredse
,hs amount in unv Abatement, after giving duo
ormat 10 the party Interested. 10 Is re-
ouIred. also. 10 add 100 per cent. 10 the tax when
a false statement has been rendered and the
party making the false statement becomes liable.
not only for this additional tax, but lkewise 10
two distinct prosecutions before the United States
Courts-one for making a false statement with In
tent to defraud the Government, and the other
for perjury.
MANNER OF MAKING UP STATEMENT OF INCOME.
By the llsth section Of che law, the Commits.
Hioner Of Internal Revenue In empowered TO pre-.
scribe tho form 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 Az.
sdssor, and in various circulars and rulings. The
following h a summary of what has been pre-.
scribed:
1, Each Of the great classes into which the pur.
suits Of life and the Investments Of capital have
been divided must DO returned separately losses
In one not being allowed TO Offset gains In another.
| Thus o merchant who engages In farming or In
| specula,ions not belonging to bis legitimate bust.
ness cannot Offset gains in the one by losses in
3 III. s.p.n.e, ipcIden, 10 each business re
deduc,Ible from the receipts Of that business.
z Speculations k0iti1afelv belonging to any
business, and these alone, may be carried into It's
| profit and loss account. Thus a broker may spec.
| ulate In stocks, a dry goods merchant In cotton. a
| bnrdware man In iron. etc, and such speculation
may affect the gain and loss Of such Legitimate
business. A merchant also may make or lose by
| exchange or III, kim of money paid for his mer.
| chandise, and this gain or loss belongs TO his mer.
| chandlse account. But II he buys gold, uncurrent
| money, United states Treasury notes, or any
| other thing not one Of the articles of trade belong.
ing to his regular business, for the purpose Of
| speculatlon, the profit or loss from such ~specula.
| ton will not be allowed to affect the profit or loss
| from his regular business. A business firm
| placed $4,000 In tho hands Of u New York bro.