Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-09-22
ABSTRACT OF rHs ANNUAL INCOME TAX
ANNUAL NCOmR TAX.

Il HAVING been Fannastad q -
Of what Ia required by law in rsf s - ~ 1U
come Tax, and of the d,cI.Ion. n. ~. 49,.
ment at Washington upon vsr,o,s ~ Dopa..
have arisen, we present The vboIo IISesnVns 'Ins
Its several distinct heads: no'
| STATEMENT SHOULD HE
AND ny WHOM hLNE' WHEN,
l. The law requires every n,r.on o,-
residing In the United States. to rnrd., " N,
Assistant Assessor Of the sub-dIstr,et IN ri, Nv II
or she may be reading on tho lst day ~ No.
written statement, according TO a nrascr;h.S
form, Of the amount of his or her incams III.
And profits during the previous year, from Ian.
uary LIST to December 3lst, boil davis inelusiys
A printed blank containing this form can he OH.
tanned from the Assistant Assessor. A nerson
having no fixed residence, should make n ststs.
ment wherever he or she may happen to bo; and.
In case Of removal 10 another district, should taks
q 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
q written or printed notice requiring II, has been
left at the plaza of residence or Of business, or do.
posted In the pearest Post Office.
3. The annual Income tax Ia a personal tax,
and IL cannot be assessed against any corporation,
company. or partnership, az such. Every Indi.
yIdual member must make a 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 mot, and must also state
| sepnrately HIS or her income from all other
,ources
| EVILS OF NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS.
/, II any person neglects or refuses to render a
written statement, the Assistant Assessor IL re-.
quested TO fill out q blank with such persons
| name, and taxable income estimated according TO
| the best Information that can be obtained, and
| upon this estimated income to assess the tax, and
then to add 25 per cent, 10 such tax ~ q penalty
| for neglect or refusal.
q AZ Assis,ont As,sssor NAV bs mI.Isd IN
making tbis s,tina,e nv beIne misinformed az 70
monav rscsIvsd or moi informed "a TO money
naid III mrs, assass hovaver according N The
hest formatio within bis reach. The only per.
| son eanabIs of giving absolutely correct Informa.
| lion IL freonsntIv ths one who refuses or neplects
N mako n statemrnt II such person will mot
,oks ths ,ronhIs to inform tbe Assistant Assessor.
IAN, .sAe. q &c = S"r 80 III II onmn,aIn, shonid ,hs osss.s'
nv. - and : $3.50. e. u. $3.50
W. P to' N.Tns ~. $500 H".no,ar
tnan mouiu otnel"tho . suMss". Wo.e'
a 49, ~ =, g. si,.avs tronhIo.oyns N ,hs n"r,v in.
49, 90 hana I; corrsc,ad All nsrsops tSsra.
ts o.o hn, o,n.r,Siy .u.k a.. Lar, No ta1a6L ;,eon,
.horld mo, faII 10 renI.r The required statement
.n non an y nr r~ hianL 40 q i. ~ svo,d nndns "a,
Stion and tronblst
= Ena,v s,atsm.n, mnst bs vsr,sed nv oath or
-.,s Whar ,his 4. No, dons an. 4 s,Is,an,
1ns.n. I. .",riroS 90 s.,Ims, H. incoma and
so Ss -, 90 % ~. "a,
II . AIu 81 PNA tUh~ w W ~ hH~s
EVILS OF MAKING A FALSE STATEMENT.
9, An Assistant Assessor has power TO iRorease
the amount In any statement, after giving due
lnIoru,aIion : Wy pSlty in.c,ese.i no
quueu' Aso, " aaI " w cent " 'no ia pu
Y iMse s,alemen' "a ueen ionue'eu ~ ti ~
not only for this additional tax, but likewise to
two distinct prOSecutionsb before the United States
Courts-one for making a false statement with In.
tent to defraud the Government, and tho other
for periury.
MANsER OF MAKING UP STATEMENT OF INCOME.
By the 18th section Of the law, the Commits.
sioner Of Internal Revenue is empowered to pre-.
scribe the form and manner In which the state.
ment of income must be made up. This he has
done In a printed blank used by the Assistant As.
SCISSOR, and In various circulars and rulings. Tho
following Is a summary Of what has been pre-.
scribed:
l. Each Of the great classes into which the pur.
suits Of life and the Investments Of capital have
been divided must be returned stpdrdtely- losses
In one not being allowed to offset gains In another.
Thus q merchant who engages in farming or in
spoculatlons not belonging to his legitimate bust
ness cannot offset gains In the one by losses In
the other.
9. The expenses incident TO each business are
deductible from the receipts OF that business.
3. Speculations legitimdtely belonging to any
business, and these alone. may be carried into Its
profit and loss account. Thus q broker may spec.
| ulate In stocks, a dry goods merchant In cotton, a
hardware 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 the kind Of money paid for his mer.
chandisc. and this gain or loss belongs TO his mer.
i chandise account. But II he buys gold, uncurrent
money. United States Treasury notes, or any
other thing not one Of the articles Of trade belong.
inc 10 bIs regular busIness. for the purpose OF
snecuIation. tho profit or loss from such specula.
lion will NOT be allowed TO affect the profit or loss
from his regular business. A business firm
placed $4,000 In the hands Of a New York bro.
ker, instructing him 10 use It 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 disalloued the claim, and
said the uniform ruling had been that when n
loss IL made In any particular business, against
which there are no gains to Offset, II ~ consid.
cred q dead loss of capital INFESTED In that bust.
ness" Again, loss Of capital cannot be de.
Quoted from income Return Of income must
be made on the gains"
4. How far different kinds Of business must be