Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-10-09

come Tax. and Of the decision, by TIA sDsnnr,.
ment at washington upon various auestiops that
nase arisen, We present the whole subIsct. under
STATEMENT SHOULD BIZ MapE-.wYynv wuv
IN AND BY WHOM.
l: ine law requires every person Of lawful age
residing In the United States, to render 70 r.
Assistant Assessor Of the sub.distr.ct in y,birl, he
or she may DO residing on the LIST day Of Nav a
written statement, according to a prescribed
form, of the amount Of his or her income. ruIn.
knd profits during the previous year, from Jan.
nary LIST TO December 3lst, both days inclusive.
A printed blank containing this form can be oh.
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 to another district, should take
a certified copy Of such statement to show any
other Assistant Assessor, who otherwise might
make asecond assessment .
o The statement must be rendered on or be.
fore the LIST day Of May, or within ten days after
n written or printed notice requiring II, has been
left Of the place ofresidence or Of business, or de.
posted In the pearest Post Office. aa..t "
3. Tho annual income tax IL u personal tax,
and 1t cannot be- assessed against any corporation,
company, or partnership, IN such. Every indi.
yIdual member must make q 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 not, and must als0 state
separately his or her income from all other
sources. .r.,,.rrH sTIF
Evils OF NEGLECT TO MAKE OUT or VERIFY
.Mr ~
S. II any person neglscts or refuses to render a
written statement, the Assistant Assessor Ia re.
quested 10 Ill out p blank with such persons
name, and taxable Income estimated according 10
the best information that can be obtained, and
upon this estimated income to Assess the tax, and
then to add 25 per cent, 70 such tax IN u penalty
for neglect or refusal.
G. An Assistant Assessor may be mislcd in
making this estimate, by being misInformed Us TO
money received, or not informed as TO money
paid. He must assess, however, according TO the
best information within his reach. The only per-
son capable of giving absolutely correct Informs.
ton ~ frequently the one who refuses or neglects
to make u statement. II such person will not
take the trouble to inform the Assistant Assessor,
there IL a bar TO all complaint, should the assess.
ment prove incorrect, and . heavier tax be levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II erro
neOus, Il Is always troublesome TO the party In.
terested to have il corrected. All persons, there.
fore, but especially such as hare no tdIdble income,
should not fail TO render the required statement,
upon the proper blank, 80 Us to avoid undue tax.
alton and troubled .-i.H"t. h..
I. Every statement must be verified by oath or
affirmation. When this Is not done, the Assistant
Assessor IL required to estimate the income and
to add 25 per cent to to the tax. '' "
EVILS OF MAKING A FALSE STATEMENT.
9. An Assistant AssessOr has power to increase
the amount in any statement, after giving due
information TO the party Interested. Ho is re-.
quired, also, TO add 100 per cent. to the tax when
q 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
Courts-one for making u false statement with in.
tat 40 JarrapI tl. a,l sha ANhar
for perjury.
MASNER OF MAKIHG UP STATEMENT OF INCoNE.
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 IL printed blank used by the Assistant As.
SCISSOR, and In various circulars and rulings. The
following Ia a summary Of what has been pre-.
scribed: ..F .Ha ..f
!. Each Of the great classes into which the pur.
suits of life and the investments of capital have
been divided must be returned sspdrdteiy- losses
In one NOT being allowed TO Offset gains In another.
Thus q merchant who engages in farming or In
speculations not belonging TO his legitimate bust.
ness cannot Offset gains in the one by losses in
the other. '.'.
=. The expenses incident TO each business IRE
deductible from the receipts of that business.
3. Speculations kgitimdtely belonging to any
business, and these alone. may be carried Into its
profit and loss account. Thus a broker may spec.
ulaio in stocks. a dry goods merchant in cotton, a
hardware man In iron, ETC.. and sueh 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.
chandise, and this gain or loss belongs TO bis mer.
chandisc account. But II he buys gold, uncurrent
money. United States Treasury notes. or any
other thing not ono Of the articles Of trade belong.
ing TO his regular business, for the purpose Of
speculation, 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 10000 in the hands Of q New York bro
| ker, instructing him to use II in the purchase and
| sale OF gold. on their account and having lost
SCI 800 in this venture, they claimed that II
should be deducted from their profits in business
Commissioner Lewis disallowed the claim. anC
said the uniform ruling had been that ~ hen
loss IL made In any particular business, agains
which there are no gains to Offset, II II consid
cred a dead loss Of capital inrested in that bust
ness" Again, Toss of capital canno, be de
| Quoted from income" Return of income mus
be made on the RaiHs."
4. How far different kinds Of business must b.
returned separately Is shown by the followSI
| rulings OF Commissioner Rollins:
(d)-"Loss incurred In the prosecution Of on,
kind Of business cannot be deducted from gain II
business Of an entirely dUereHtcharaeler. nor from
salary, rents, dividends, etc"
O)-"Losses incurred in the prosecution Of on,
l OT0UCN Ol Uufluth CsiLlIOt w ucuutltu run khii
In another, since an absolute loss incurred in III,
prosecution Of O single business IN indispensably
| q loss of capital"
(e)-"Losses In merchandise can be deducted
| only from gains In merchandise; but. In this case
particular branches Of merchandise need not b,
separated. so In speculation, the loss or gair
from stocks may offset loss or gain from produce
speculated in" . s..
(dl-"Merchants must make return of thel
profits from merchandise without regard to thei
losses in speculation, or gains from interest. dlvi
dends, rents, or any other source"
g. Losses in speculation cannot be deducte'
from salaries, nor from gains in merchandise
| When losses are sustained In one speculation AM
gains made IN another speculation, such loose
may be deducted from such gains Losses In ont
branch Of merchandise may be deducted from
gains in any other branch OF merchandise"
O-"where stocks, etc. are bought as'a per
lnanent investment, and sold again merely u
change the investment, a loss sustained in tn,
sale may be deducted from the dividends iron
such stock. But where the purchase IL made 70
the purpose Of selling again on speculation, th,
loss sustained by the sale cannot be deducte'
from dividends, but may be deducted from gain
derived from the pnrehdss and sale Of stock, etc.
In the same year. "'''
81 INCOME fRoM RENTS or BUILDINGS
From the total amount of such rents received
within the year for which income Ia estimated. o.
due and collectable on the 3lst day OF Deccmbe
Of said year, should be deducted: 20 n ~
LIST. The amount paid or due, by the owner, FOL
repairs made within the year. not exceeding TN
yearly average paid out for such purposes for III,
preceding Ave years, and not including any
amounts paid or due for new structures, or fol
new and permanent improvements.
Cd. Insurance for the year paid by the ownel
upon the buildings rented or offered for rent, moi
including insurance paid upon any other prop
erty, real or personal. .Hm- ."
3D., Interest which accrued for the year on in
cumbrances upon the buildings rented or Offered
for rent, or upon the lands on which they stand
whether such interest has been paid or remains
due.
All buildings offered for GENT will be regarded
together, no segregation being required. Repairs
Insurance and interest paid on account Of any
and all such buildings, whether occupied or not
will be deducted from the total amount Of rents
Taxes will not be deducted from rents. bu
from gross income from all sources. E..
By the law Of June 30, 1864, in estimating In
come IRON rents, no account Is taken OF the renta
value OF a homestead occupied by the owner
Payments for repairs, insurance and interest, OF
account OF q homestead, will be considered here
after, when treating Of general deductions from
gross income. . ..