Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-06-21
ABSTRACT OF THE ANNUAL INCOME TAX.
ANNUAL INCOME TAX.

~ - 49, ~ -
Having been requested to prepare an abstract
Of what Is required by law In reference to tho In
como Tar, and Of the decisions by the Depart.
ment at Washington upon various questions that
have arisen, We present the whole subject, under
It's several distinct heads:
STATEMENT SHOULD BE MADE--wHERE, WHEN,
AND By WHOM.
l. Tho law requires every person oflawMl age,
residing In the United States, to,render to the
Assistant ASsessor ofthe su6.dlltriet In which no
or she may be residing on the LIST day Of Nay, o
written statement, according TO o prescribed
form, Of the amount Of his or her income, gains
and profits during the previous year, from Jan.
uRry LIST to December 3lst, bolh days Inclusive
printed blank containing this form can DO OBJ
tanned from the Assistant Assessor. A person
having no fxed residence. should make O state
ment wherever he or she may happen to DO; and,
In case OF removal to another district, should take
. certified copy Of such statement TO chow any
other Assistant Assessor, who otherwise might
make O second assessment.
2. Tho statement must be 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 tho place Of residence or Of business, or de.
posted In the pearest Post Office.
3. Tho annual income tax Is q personal tax,
and II cannot DO assessed against any corporation,
company, or partnership, as such. Every indi.
vldual member must mako a statement Of his or
her share OF or lntereBtin the gains and profits Of
such company, ETC., whether such gains and
profits are divided or not, and must also state
separately bis or her income from all other
sources.
EVILS or L TO MAKE OUT OR VERIFY
STATEMENTS.
s II any person neglects or refuses to render a
written statement, the Assistant Assessor IL re-
quested to all out q blank with such persons
name, and taxable income estimated according TO
the best information that can DO obtained, and
t,po1 thta aastn,atad iprnma IN aRanRa THE tax. and
then to add a5 per cent, to such tax AZ a penalty
for neglect or refusal.
6. An Assistant Assessor may be mlslcd In
making this estimate, by being mislnformed rs TO
money received, or not informed OK 10 money
paid. He must assess, however, according to the
best information within his reach. The only per.
son capable Of giving absolutely correct informa-
tion Is frequently the one who refuses or neglects
10 make a statement. II such person will not
take'the trouble to inform tho Assistant Assessor,
there Is q bar to oil complaint, should the assess
ment prove incorrect, and q heavier tax be levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II GRO
neOus, II Ia always troublesome TO the party In.
terestcd 10 have II corrected. All persons. there
fore, but especially such as hare no taxable income,
should not fail to render the required statement,
upon the proper blank, 80 as to avoid undue tax.
alton and trouble.
Z. Every statement must be verified by oath or
affirmation. When this Is not done, the Assistant
Assessor Ia required to estimate the income and
to add IS per cent. to to the Tux.
EVILS OF MAKING a FALSE STATEMENT.
0. An Assistant Assessor has power TO increase
tho amount In any statement. after giving due
information to tho party Interested. lie Is 70.
uuired, 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 to
two distinct prosecutions before the United States
conrts-one for making a false statement with In.
,.nt ~ dsSrand Tho Government, and the other
..,ru
). po,yeiy. ro sr,rvxvvr or ,xcoNr
N1InH.n y1c.h ...,,on ~ ,ha ioSr ,ba commj..
- u .r, por.nro q. .mnown-od % nrs,
sio IS 49,. Ih,.h ,L. s,ate.
scrluo = yoIm anu " mi. ~ he,
mo N .SSn.ss hianL $50 n, *. as.'.,ant A..
aSno u ~ wsron. c,s.rIar: and rnIInos III,
som", : ~ snnmarn ~ ,Sha, bas bcsn nra.
.oIS"d. "
! Ta.b n m. grim, c,a,s., into which the pur
~ IS. - ~. Irrastn.nts ~ cani,oI Inv,
sul.s o. ny 4 u s,una s"pn, ,nsso.
a." 90 NJ, h.tnc oiIoweJ m offs.t gaIns In another
T'bns a mcrebant who engages in farming or 10
sn.cnleiions moi BELONGING 10 his legitimate busi.
speeuiaio.s y ee.ooinnsSu1Ss ,,a ~ hr Iosss" n
ohs s"A' ="
tne SIner. .h hr.-r
: Ing c1pens1s nNaL u : ,ho, ,v.Tnass
deauSuoIe iron 'nG .eSS.pss%G haInnoInn =" INV
y oPeeulayns 'fSIn"ny So'oonnsLs - -,
- - L.. Th,B h.aL.s r,n ~, ~
piOn' ~ nooSs : ~ Goods m,rchsnt IN CATION. a
SorSnar" man IN iron etc and ,ucS snecnintIon
naa e., ,ha cd, and Io,, ~ ,ur5 IeuitImate
may anee' u SIsn snI 80 49, "IIo.. nv
ou u ~ kInd 80 nons~ nniJ Tor bis mar.
cSssnnSMnso : ri LII ~ Io.s hs,anss 70 hi msr.
shsnSi.e account But n be buys eoId. upcurren,
u,onsv Halted s,a,ss Treasury notes. or any
n,S.s,h,ne moi on, of The articles Of trade belong.
Sna 80 hIs rcenlnr businesS. for the purpose Of
.ns,,io,,on the proit or loss from such specula.
tIon Will no, be allowed TO affect the profit or los,
from his regular business. A business firm
placed $4,000 In the hands Of n New York bro
kor, instructing him to use II In the purchase and
| sale of gold, on their account and having los,
| sg7. 500 In this venture, they claimed that Il
| should be deducted from their profits In business
| Commissioner Lewis disallowed the claim, and
| said tho uniform ruling had been that "vhcn q
loss Is made In any particular business, against
which there are no gains 10 Offset, It Is consid'
sred A dead loss of capital INFESTED In that bust
n.,,." Again, "loss Of capital cannot be de
| Quoted from INCOME Return OF income mus,
| he made on the 9dins."
4. How far different kinds Of business must be
returned separately Is shown by the following
rulings Of Commissioner Rollins;
(dl-"Loss Incurred In the prosecution OF one
kind Of business cannot be deducted from gain In
business OF an entirely dUerentehdraefer, nor from
salary, rents, DIVIDENDS. etc.
N)-"Losses Incurred In the prosecution OF one
branch OF business cannot DC deducted from gam
In another, since an absolute loss incurred m the
| prosecution Of o single business Ia indispensably
. loss Of capital" .
G)-"Losses In merchandise can be deducted
only from gains In merchandise but, In this case.
particular branches Of merchandise need not be
separated. 50 In speculation, the loss or gain
nom stocks may offset loss or gain from produce
Ipeculated n
N-"Merchants must make return OF tneir
profits from merchandise without regard to their