Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-09-21
ABSTRACT OF THE ANNUAL INCOME TAX
ANNUAL cor tax.

Of what Is required by law In reference TO do In.
come Tax, and OF the decisions by the Depart.
ment at washington upon various questions that
have arisen, we present the whole subject und"r
Its several distinct heads:
| STATEMENT SHOULD BE- ~N4Dr-wuppv yv,yv,
AND ny WHOM.
!. The law requires every person of aoa
residing In tho United States, to render to the
Assistant Assessor Of the sub-dlstr.ct In which ho
or she may bs residing on the LIST day Of May, a
written statement, according TO q prescribed
form, OF the amount OF his or her income, gain
And profits during the previous year, from Jan.
uary LIST to December 3lst, both days inclusive
A printed blank containing this form can be OBJ,
tanned from the Assistant Assessor. A person
having no fixed residence, should make a state
ment wherever he or she may happen to be; and
in case of removal 10 another district, should tax,
| a certified copy OF such statement 10 show ann
otbsr As,Istant Assessor WING otberxIse NIGH
make a second assessment
. The abatement mu,t be rendercd on or be
fore tbe lst dav of NAV mr. within tan DAYS afte,
a written or nrinted notice recurring IL. has been
Ian M the niaco NJ Residence ar Of husIres. or do,
nnv,,.d In tbo nearest post Of;cs
"a Tho animal income taY Ia n nersonal tar
and n cannot ha asss.sed against anv cornoratIon
oonnanr 81 nar,nar.bjn o. srch Eysry jndj
,jJrpI wsrnbor mr.t mats a statement ~ bIs n,
suuai ouIoe ' . "asI oa,s =,
g VI, 1910 ,ho a,.h at. ond
n.out. a-. at.,ldaI ~ .ot o,l $50, aIun stota
S..H ~. 49, -. Isaanas go, iii o,ha,
noPa-a.eiy Hh N' ' Nv" q" ~
~ ..o,vr- ,v or- IN yrp,vv
Va 1900 W.
r ,fory .r.on n.,i..,s a. rst,sos IN r.,d.r n
vsi,,ar 1870, ne Assi.,an, sssssvor is re-
oras,.d 80 an on, a bia~t with sucb nersonis
49, a.akIa traona as,i,,a,.J an.ording IN
,ha r., irfnr,not,on ,hs, eon be ohtainsd and
,nor nj, as,,ma,.S I,com. % asss,s tbs tay and
,bpsn ~ ala o. nsr cen, 70 sncb tax as a nsnalty
SaaS,ao, psoI
W G o. s.n, - n.v h. ui,od In
.; hn hsAs.ah' nssessoI may e Ia -
making inns esnnaIe, ny oetnB Hnsiolneua a. W
noIoy Iecelfeu, VI ~ nIoime 90 " noy
PAID nc must assess, however, aecU,uinB - .no
oest iniotnhIson ~ ~ ..Isn. .n ~ yp",
, ION Iapnor" u Sn H. = nnho s.S,..s or naoisc,.
80 ,rata ! s,a,nm.n, II .ucb nsrson viii NOT
toke tbs tronhie N inform the Lssistant Assessor.
here Ia a bar 10 ali Complaint, should the assess.
mani nrova incorrect and a heavier tar be leyied
,bap rvorId o,bervisa be charged Mor.oyer
,f,.r nm a.s.s.mant ba. once been made. n .rro
nanrs I, Ia sivyavs ,ronhlesome 70 the Marty In.
1901 20 boys 4; corrsc,ad All nsr.ons there.
fors I'm, s,n.c;,Uy ,uek N, lar. NO tarabk incor..
hand NOT faiI 40 ysnJsr IN, rrouired statement.
mon ,bs nronsr blank 40 as 10 avoid undue tax.
uPon ans p.uPS. ei"A"'
= Every statement must be verified by oath or
otsrna,ion When hin IL mot done, the Assistant
sssay.or d. ,sorirad 10 es,jm atr IN. inrome and
70 add OK mar can, ~ ,o Inc taY
Evils or NIKIsa A FALSE STATEMENT.
O An As.Istant Assessor has mower to fncy.ass
IN. amoun, In any statement after giving dus
,ano.aaa,tan 81 H. nar,y Inta.as,od uo n 70,
nmtn.d .TDn y, a y IN oen, ,o ,ho IN, Sbsn
- ~ y, ~ 80 $4,000. o,d IN.
: tMso tns y ~ 80. IIahia
pa,'y mn sn. 1T = aaSt,tonaI go bn, iiLarrIss ~
~, y a. !, y, nao n,innsha - H. I,oI,aJ S,a,..
cour,s"onss nr mstino a false Statement with in.
,a", W S JU I'm GonrnT,sn, anJ IN. o,bar
~. u uph"uu '"0 \"
~ ~. ~ n.v,ya rp sr.rpyvsr op INCOME
Nc ~. IIs,b ssc,ior oS The law ,be commis.
.,on,r ~ In,srraI Revsnnc IL smnoyrrcd 10 prr.
.crIh. ,ha - ana ror,,r In which the s,ate.
nan, ~ jncom. mrv, n. mad. nm Trhjs n, ha.
I J. w. " = n-in,sa 49, "a 10 *. .ssIs,ar, A..
I" .sm""s M.
sdSsor, anu IN various cneu,ars = luips" tn
IoliS"in u SUMMARY vi WIN haS oeen pro-
scrioea'
l. Eaeh OF the great classes INTO when me pur'
suits OF ne ana the Investments OF capi'al nave
been diVided mus. DC returned sepaTdIety- Iosses
in one not being hiloWed 10 ouset gains IN announcer
Thus q merchant who engages In farming or In
speculaiions not belonging TO MS legitimate ousi'
ness cannot onset gains IN INC one oy iosSeS IN
the other.
.. The expenses incident 10 each business are
deductible from the receipts OF that business
s. Speculations H8Htmdtefy oeIonBlnR 70 any
business, and these alone, may Do carried INTO i's
profit and loss account. Thus q broker may spec
ulate in stocks. a dry goods merchant In cotton, q
hardware man In ron etc., ana sHeh sPeeuiaIlon
may affect the gain and loss oil sucA legitimate
business. A merchant also may make or lose by
exchange or the kind OF money paid for his mer
chandise, and this gain or loss belongs TO bis mer'
chandise account. But II he buys gold, uneurren'
money: United states treasury notes, or any
other thlng not one OF lhe articles OF traue oeions,
Ing TO his regular business, for the purpose oil
speculation, the proht or loss from such specnia'
ton Will not be allowed 10 Anect tne pront or loss
from his regular business. A business nrm
placed $4,000 in the hands OF a New YORK bro.
ker, instructing him to use II In the purchase and
sale Of gold, on their account and having lost
S27, 500 In this venture, they claimed that II
should be deducted from their profits In business.
Commissioner Lewis disallowed the claim. and
said the uniform ruling bad been that when a
loss IL made In any particular business, against
which there are no gains TO Offset, II ~ consid.
cred a dead loss 81 capital fHrested in that busi.
ness" Again, loss OF capital cannot be de-
Quoted from income" Return OF income must
be made on the gdins'
4. How far different kinds OF business must be
returned separately Is shown by the following
rulings OF Commissioner Rollins;
(dl-"Loss incurred IN 'ne prosecution Vi one
kind OF business cannot be deducted from gain In
business Of an entirely diterentcAdrdeter, nor from
salary, rents, dividends. etc
W. uHn "a
branch of business cannot be deducted from gain
In another, since an absolute loss incurred In the
prosecution OF a single business Is indispensably
a loss Of capital
O." Losses In merchanase can De dedueted
only from gains IN mercnanalse; ou'. IN tnis case,
particular branches OF m~erenandise need NOT DC
separated, so In speculation, tne loss or gam
from stocks may onset ioss or gam from produce
Ipeculated IN
(dl-"Merchants must MAKE return OF tneir
profits from merchandise without regard 10 their
losses In speculation, or gains rom interest," diri'
donds, rents, or any other source.
J" Losses In speculation cannot oe nedus.ea
rom salaries, nor from gains IN morenAnnanise;
When losses are sustained IN one speeu.a,ion =
sains maas N sHosnes cui"s ~. ~ nns
may % ~ wsrshnndI,s NAV he deducted from
DIAM IN o ony o,hsr branch ofmerehHnaiss"
W"aWbsrs stocks etc. are bought "a a DER.
SEn.r, invss,m.nt and sold again merely 10
.%nnaa ,hn ,nvestmsnt n loss sustained In m.
ala NAV h, deducted from the dividends from
.,,sb s,ocl Rnt where the purchase Ia made for
thc nurpose of selling again on speculation, the
loss sustained by the sale cannot be deducted
nom dividends, but nay be deducted from gains