Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-05-21
OF THE ANNUAL INCOME TAX
ANNUAL INCOME TAX.

Having been requested 10 prepare an abstract
Of what 10 required BY law IN reference to the In
nent At Warrington upon various questions that
nave arisen, we present the whole subject, under
Is several distinct heads:
SHOULD BIZ MADE--wBERf, WHEN,
AND By WHOM.
1. Tho law requires every person OF age.
? siding In the United States, 10 renoer 10 the
Assistant Assessor Of the sub-diItrict In Which no
written statement, according 10 q prescribed
Of the amount Of his or her income, gains
and profits during the previous year, from JAN
nary lst to December 3lst, DO b days inclusiye.
A printed blank containing this form can DO 3D.
tanned from the Assistant Assessor. A person
having no fixed residence. should make o state
ment wherever he or she may happen TO be; and,
In case OF removal to another dlsiri.t, should take
q certified copy Of such statement 10 show any
other Assistant Assessor, who otherwise might
make O second assessment.
2. The statement must be rendered on or be.
fore the LIST day Of May, or within ten days after
q written or printed notice requiring it, has been
left at the place OF residence or Of business, or do.
posted 10 the pearest Post Office.
3. The annual Income tax Is o personal tax,
and IL cannot be assessed against any corporation,
company, or partnership, as such Every Indi.
vidual member must make q statement Of bis or
her share Of or Interest In the gains and prodty Of
such company, etc., whether such gains and
profits are divided or NOT, and NUT also state
separately bis or her income from all other
sources.
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS.
5 II any person nrglccts or refuses to render
written statement, the Assistant Assessor Is TO.
Quested to dill out u blank with such persons
name. and taxable Income estimated according 10
the best Information that can be obtained. and
upon this Estimated income 70 ASSESS the tux, and
then to add 25 Der cent, 10 such tax as a penalty
for neglect or ,.tnsaI
G. Au Assistant Assessor NAV be mI.led in
making this estimate. by being mlsipformed ns 10
money received, or not informed as TO money
paid. He mus, assess, however, according to the
BE- NJ information within his reach. The only per.
son capable Of giving absolutely correct IDforma.
lion Is frequently the one who refuses or ueylects
TO make u staten, Mt. II such person will not
take the trouble to inform the Axsi.tant Assessor.
there ia a bar 10 ali complnInt ,bouid he s..s,..
n-nt prove incorrect, and a heavier taT b. levied
than would otherwise DO charged. Moreover.
after an assessment has once been made, II GIRO
n-ous, It Is always troublesome 10 the party In.
rerested 10 have Il corrected All p-rsnnr. there.
fore, but espeetdUy sneA a. hare no TAXABLE income,
should not fIli 10 render the required statement,
upon the proper blank, 70 u 10 avoid undue tax.
alton and trouble,
z. Every statement must be verified by oath or
affirmation. When this Is not done. the Assistant
Assessor Is required TO estimate the income and
10 a0u % Der CfOt. 10 10 t1t lax
EVILS OF MAKING A FALSE STATEMENT.
8. An Assistant Assessor has power 10 ~ireredss
he amount In any statement, after giving duo
information to the party interested. He Is 70.
quired, also. to add 100 per cent. to the tar when
d false statement has been rendered and tho
party making the false statement becomes liable,
not only for this additional tax, but likewise TO
two distinct prosecutions before the United Sts,es
FOR making a false ,ta,emrnt with IN.
tent TO defraud the Government, and the other
for perjury, .T
MiSsIR az NIKIyo ZIP srArexgyr or INCOME.
By the llstb section of ths law. the CommIs.
,ionrr OF internal Revenue IA empowrrrd 10 pro.
,crIbe the form and md1nsy In which IN, s,a,e.
,nent of ipcom. must b. mad. nm. Thl, he has
don. in n printed blank u.ed nv N. Aa,I.tant As.
.ds,or. and in yarou. eirenlar, and ruIInes. Tho
follovIno 4, n summarv on What has been nre.
.cyibed.
I Each Of IN. grant cla,,., into which IN, ppr,
.uIt, on life and IN, inye,tm.nts Of canI,al hny,
Mem divided must bc returned ,,no,oi,iv- lo.,..
In ors M, haino allov. A N AZ. a csjrs In srothsr
Thn. a m.Schan, ~ $500. ~ Das,.i.a = 4,
.n.cnlaiions moi brloneinS 10 nj. Ie1i,imaS, husi.
- aannn, 49,, .oins ~ ,ha - ~ 49,. 4.
A s1A' ~ "S 10"
- III ~
,ISIs 49, ~. .Nas'n,. . 80, huLn.ss
ueous'o.e " NV ieSsips.T suHs oIsiHess
y, 6".~Nsy Se'oneIIe " ~
= : may
pi.O,u' T. !. S.a ~ 1880, r. y
1890" mar e. i.on 49, anS .,,sk .nsrriH,inn
e., ~. 80. 80 III 80 80" gssuinna,.
nhy Anee' tne 5asn anu osso .sSN iesHlnS h
oustuess. ne,suan ei1o mHy uisAe rpse "
e1enspseo \ Huuoi Wouey H1iu y sn
ensnSise, y 'H's gan pr, ~ ~ ~ ~ hn Uio na an..Nn,
n,onsv iTnItsd States Trsssnry no,.s or anv
.sI NsS 49,.
oIne, 'n ~ n noanins tsasu e ts .Iuae uesons
Jug ~ it,, I've nroa, - Ios, r. sv. spp.erIs.
H., wiII No, bs aIIov.d 10 sfs., On. nroA, ~ Io,,
80 Nj. r.erIar bns,r... A hnsIn.ss Arm
n,.s.a AN nn IN ,hs hands a, n " VI hro.
t.r In,trnctinr him 10 use Il in the nurcha,- and
.aI. on gold. on their account and having Lost
so7 500 In his venture. thew claimed TIA, IL
mould be deducted from their pro6ts in business,
,:ommIs,Ionrr Levi, di,allowed n. claim, and
aid the uniform ruling had been thai ~ hen a
loss 4, maa9 In any particular business. against
which there are no gains 10 Offset, II n con.id.
rrrd a dead loss of capital inresttd In TIA, bu,i.
mss" Again, loss Of capital cannot be de.
ducted from Income" Return Of income must
be made on the 8ains."
4. How far different kinds Of business must be
returned separately Is shown by the following
rulings Of Commissioner Rollins:
Ia -"Los incurred IN the prosecution Of one
kind Of business cannot be deducted from gain In
business OF an entirely diTtrentehardetsr, nor from
saIary, rents, dividends, etc"
(b)-"Losses Incurred In the prosecution Of one
branch Of business cannot be deducted from gain
in another, since an absolute loss incurred In the
prosecution Of q single business Ia IndIspepsably
a loss OF capital . M
n)-"Losses in merchandise can be deducted
opiy from gains in merchandise but, in hi. case.
particular branches Of merchandise need no, be
separated. so In speculation, the loss or gain
from stocks may offset loss or gain from produce
speculated in"
d. Merchants must make return Of their
profits from merchandise without regard 10 their
losses In speculation. or gains from interest. divi.
dends, rents, or any other source"
0)-"Losses 10 speculation cannot be deducted
from salaries, nor from gains In merchandise.
When losses arc sustained in one specuis,ion and
gains made In another speculation, such lo,ses
NAV be deducted from ,ueh gains Lose, In one
hrancb m msrchandI,. NAV he d.drc,.d frnr,
o.In. i, onr o,hsr hr,nch oSn.r,hsrniss ""A
n'aWvb.r. .,ocrs &c srs ho".b, = +. mar.
49, m..,n"n, 80 IA 800 %
"hana. ,hs in=...,m.n, a ins. sns,s,r.d IN ,hs
suIa NAV 4. d.dnc,sd iron ;s. dIvIdsnd. from
M .,oSl Rnt wbsT. IN. nnrcbs,s /. maas Sr
,ss nnrno., of ,sIIIng again on spseuI.tIon. The
io.. .n,rsin.d by ,hs ssIe cannot bs deducted
from dividend. hut nav be deducted from gains
,J.rIved rom The puyeka,s and saL OF ,,oct' etc.
In the same year..
Fam he ,o,si snonns Of sueb rrnt. r.c.I,.d
,i,hin the ysar Tor which income /. e,,,matsd' ar
Jrs and colIsciabI. m thr 3I,t dsy ~ Ds.smh.,