Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-09-28
ABSTRACT OF THB ANNUAL INCOME TAX
ANNUAL cor tax,

ANNUAL TAX.
-
nhn, peen requested to prepare an abstract
coma 1'as eI aiS1 py law In reference to the In
mani N ~, !. Il aecisions by the Depart.
hann 49, snuston upon various questions that
i,s sssaraI a. III p.1sens INC whole uubJect, under
siAihnLNi ohouLD BE hADE-wHERE, WHEN,
AND BY WHOM.
l. Lne a"IeqaIes every person Of lawful age,
Iesluin6 IN tne United states, to render to the
Ass,s'Ant assessor OF the sub.dlstr.ct In which he
or sue may Ds renoing on the LIST day Of May, a
1891, sSaomn, aSeppLuns u = prescribed
ioin, ", = ou An or ner income, gains
nar Ia, =, na.dr,hss h., So year, from jan
nsn,.d h,anE son,s,Uinn III M eaysi inclusive.
taipad nom tba Gs.istsnt s..s.sn. a 20 %.
Sar,nr NJ a. rssisanoa shnmId Person
nnas,.Ln $500 h. ersh 80 hauunn To- a s.ats'
men 49, MapRe. " vi anu,
~ oaa.soa nonv =, Srch s,s,sm"nt 20 Shnn. 'aAs
- sS.Sopy sassar - a,hss,-aa ~
." 'He ..non%a.saasmsn ~'bH'
Q Ths statement mnst h, rendered on or he.
g.: ,ha ~, Az ~ Man or Within tsn davs af,sr
- ~ 10 ytUtod no;,cs ronnirine n bas hesn
- aS.oLS.ns - hrstnas, -
as Nv 10 : = d., ngca
P3 MI 1891 Inoona ,ox Ia n nsrsora, IN,
.n.oHS a~nn.ian
y eanhot w 49, 49, III
9mPany, OF PAl.nssu,P, u ~ 81. -,
viuuh mehioet mos' maAe d 'oue "
ner snare OF OF interest IN tne gains anu Pron'so .,
sucn eonpany etc', mne.ner suen Bans anu
pionas ~ u'iu u VI y u Hom nj nj o,pas
sePara.eiy mS Ut ner inco"o HUH oil o'H
souiees. ,,,vv
EVILS VI HE"LhSi ~ mAhI Jul VI 'hNi'i
s~lAiShLNIa
. any person nsBieets oI lciuses ' ienuel =
"rltten statement, tne hsslh'ant hssesooi u 70
quested 70 MI OUT a olank WIZ sueh PsLsoh :
name ana .akaoIe lheohe es.ima'ea heeolu' "
N UtnL lnIOTIUHIlUu Iud Cuu Ut lulUC III
upon thls ollnh.e neom - s'se e" u "a, ~ !.
sneh W = - pc. e1n'' y 'u'n TIA q" pe""''
io[ ueBiect VI ieiuSa.' l..
o. An Assistant Assessor may oe misied IN
making this estimate oy Deing misinlormed az 70
money received, or not INFORMED as 10 monsy
paid. He must assess, however. according TO the
best information within bis reach. The only per
son capable OF giving absolutely correct informa'
tion Ii frequently the one who refuses or neglects
to make a statement. IL such person will not
take the trouble to inform the Assistant Assessor,
there Is a bar TO all complaint, should the assess.
ment prove Incorrect, and q heavier tax be levied
than would otherwise be charged. Moreover,
utter an assessment has once been made. II erro
neous, II IL always troublesome TO the party IN
tcrested TO have II corrected. All persons. there
fore. but especially Ich a. hdre no tahdoIe income
should not fail to render the required statement,
| upon the proper blank, 30 as to avoid undue tax
alton and troubled
z. Every statement must be verified by DATA or
Affirmation. When this IL not done, the Assistant
Assessor Is required to estimate the income ana
TO add 25 per cent. to to the tax.
EVILS OF MAKING FALSE STATEMENT.
8. An Assistant Assessor has power to increase
the amount In any statement, after giving due
information to the party Interested: He IL re-
quired, also, to add 100 per cent to the tax when
q false statement has been rendered ana tine
party making the false statement becomes liable,
not only for this additional tax, but likewise 10
two distinct prosecutions before the United States
Courts-One for making q false statement with In.
tent to defraud the Government, and the other
Tor perjury.
MANNER OF MAKING UP STATEMENT OF INCOME.
ny tue llotn secuon Oh Tue INV, inc Sonnnis'
sioner OF Internal revenue IL empowered 10 pre-
scrioe the Jorm ana manner In winch inc state
ment OF income must DO maze up rms No mas
done in a printed blank used oy the assistant As
SCISSOR, ana IN VARIOUS circulars ana ruhhgs, Inc
IoISm,ns " Sun"f "n"' In" o'on p'e'
scIioee'
1 Eaen OF tne gIeat ciasses INTO wnlcn tIc pui'
SUITS OF NE anu tne investments oi eapi'ai nave
been divided must DC returned sepdraety- losses
IN one not oeing aIo"ed 70 onset gains ~ Anotnel.
Thus 4 merchant who engages In farming or IN
speculatlons not belonging 70 MS legitimate Dusl'
ness cannot onset gains IN tue one by losses III
the other.
: The expenses incident 10 each business are
dedusuDle rom inc receipts Of tnat business
h.t.La, 81 ,b.ua oIona ,nSv Ia ,orr;aJ inc ~.
ousa, ~ Ih n.. aeoo,n, Thu: hroIar MAJ snscs
p,on' I" ~ !. Sr, u,naahan, 4, ay r. ,
S !. - q IN iryon etc and ,nrS .nscnis,ion
aiu"S.o I'M ~ ~ Ia. - Ioo;,ima,.
may anec' u go" sn aIsa 80 1 "% ~ Ism hS
business. a nso may nsNe VI =
exchange OF tne kinuo OF money pau lor nv meI'
chandise. ana TINS gam OF loss belongs 70 MS mel.
chandiSe account; but II ne buys gola, uncurrent
money; United states treasury notes, or any
otnet lntns no. y u .ne aae fs =, .aue ue,o
ins ~ ns iusu.aa nHna" ~ y up
speculation, the Pront or loss rom sucn specuIa'
ton Will not be allowed 70 anect the proht or Joss
from his regular business. A business nrm
placed s4o,VOo IN tne nands OF a New YORK pro,
ker' ins'rue,ins MN 10 use IL III tue purchase anu
sale OF gold, on their account and having lost
1850 In this venture, they claimed that II
should be deducted nom Their prot.s In business;
Commissioner disallowed the claim: and
said the UNIFORM ruling nad been tha' Vhen a
loss Is made In any particular business, against
which there are no gains to offset, 1t ~ eonsid'
cred a dead toss q odpttdi tnpested tn mdi DUST
ness" Again. loss OF eaplai CANNOT DC ae.
Quoted from income. Return OF income must
be made on the Hdins.
4. How far different KINDS OF business must DO
returned separately Is shown oy the following
rulings OF Conmisslonet hotlhs: