Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-05-17
ABSTRACT OF THE ANNUAL INCOME TAX.
ANNUAL o TAX.

hatp aAAbcA w
It's several distinct heads:
STATEMENT SHOULD BE MADE--wHERE, WHEN
AMI by WHOM.
/. The law requires every person oflawfui age,
residing In the United States, to render 70 tue
Assistant Assessor Of the sub.distriet In which no
or she may DO residing on tho LIST day OF Mays
written statement. according TO q prescribed
form, Of the amount Of his or her income, gains
and profits during the previous year, from Jan.
uary LIST to December 3lst, DO b days inclusive.
A printed blank containing this form can DO OBJ.
tained from the Assistant Assessor. A person
having no fixed residence, should make q state
mani yvherever IN or aha NAV hammer 10 be-: and,
In coss IN renewal N nnother dIsiIict. should take
\ csr,Saea COW ~ srcb statcmcnt 10 chow any
cher Assi.tan, Assessor ,yhn o,hsrvIse might
male n sacond a.sesSm"nt
o The stotement nina, bo rendered nm or be.
fore the 1St dav of Nav or within ten days inter
a written or printed notIcs recurring II. has been
len M ,he nlara az resIdence or M busines. ar de.
nosIted In Tho nearest Post Oaice
a. Tho annual Income tax ia a personal tax,
and n cannot be assessed a0ainst any cornoration,
co,nn,ny ~ nortnarshIn M srch 49, mil
vIdTaI Hsmhsr mnst mats q s,n,eu.nt ~ Ma or
ber sbare of or interest In the gaIns and nrosts of
orch cornonv "otc yba,bas .rch oaino ord
pro1ts ara divided or moi, and mn,t aiso state
sepnratelv his or her Income from an other
sources.
EVILS OF NEGLECT TO MAKE oUr OR VERIFY
5lAlEnENlS
8. If any person neglects or refuses to render a
written statement, the Assistant Assessor Is re.
Quested to fill out o blank with such persons
name, and taxable income estimated according TO
the best Information that can be obtained, and
upou this estimated income 10 assess the tax. and
then 10 add 25 per cent, to such tax Ms n penalty
for neglect or refusal.
6. An Assistant Assessor may be misled in
making this estimate, by being mlsinformed rs to
money received, or not informed as to money
paid. lie must assess, however, according TO the
best information within his reach. The only per.
son capable Of giving absolutely correct informn.
ton Ii frequently the ono who refuses or neglects
70 make u statement II sueh person VIII not
take the trouble 10 INFORM inc Assistant ASSESSOR
there IL n bar to oil complaint, should the assess.
ment prove incorrect ana a heavier tax be levied
thun would otherwise DC charged. Moreover
inter an assessment mas once Deen made. II erro
neOus, u IL Always troublesome 10 the party IN
ierested 10 nave u corrected. All persons. there
lore, 1u' espeI'aIys A1H as ndpe no tdidoN income
shouia NOT lali 10 renGer the required statement
upon tue proper oiank' no M to avoid undue tax
auon siu trouble.
=. E.eiy S,n,Snent must % Eeriheu " gag OF
GD'rMat'on. ~ 70 !. aony. tne Assls'uh!
suS u - teIuf.u ~ .ss.na'c u ihcoihe anu
W = =, '.ar ~ y 'ns ,aA.
L'I'', Or hAh.H" a FALSE slAIhhhsl.
/" An Assistant Assessor nus power 10 increase
ihe amount III any sthpcinent' alter giving que
"" pN"'y AN p'N
CURED, also, TO add lOO per cent. TO the tax when
q false statement has been rendered and the
party making tho false statement becomes liable,
not only for this additional tax. but likewise TO
we distinct prosecutions before the United States
CourtS-one for making q false statement with In
tent to defraud the Government, and the other
for perjury.
MANNER OF MAKING VI STATEMENT OF INCOME.
BY the llsth section OF the law, the Commits
sioncr OF Internal Revenue Is empowered to pre-
scribe the J0rm and manner In which tho state
ment OF income must be made up. This he has
done in u printed blank used by the Assistant As
SCISSOR, and in various circulars and rulings. The
following Is q summary of what has been pre-
scribed: 49,.
l. Each Of the great classes into which the pur
suits of life and the Investments Of capital have
been divided must DO returned sepdrdtelg- losse.
In one not being allowed to Offset gains In another
Thus a merchant who engages In farming or II
NEGOTIATIONS not belonging 10 hs legitimate busI
ness cannot Offset gains In the one by losses II
the other.
. The expenses incident TO each busIne,. ar,
dsdpc,Ihlo from the recent. of tbnt husiness
a Sncculatjons L0ifi1,at,Iy bcIonoIno n mn,
hr.,rn.s ami ,bcss Ilono NAV ho caprisd into n;
nrot, and Io.. nccount Trim: hroIer NAV snec
ppiS,. IN stocks n drv goods merchant IN co,ton.
bordwnrc mar In iron, etc and ,ue6 ,nccuintioI
NAV affect the 1nin and loss Of ,urh iccdtInat
h hryna.s ms,ch"na nI.o NM waLo or iosa h,
exchange or tho Kind of money maid for bIs mer
chandIse. and this gain or loss belongs 10 hs mer
chandI,e account. But II he buys gold. uncurren
money, United States Treasury notes, or IN,
other thing not one of the articles Of trade belong
inc N bis regular business for the pnrno.. d
,psculation, the profit or loss from such speculr
ion will moi he allowed 10 affect tho proft or los
from nj. regular business. A business trr
nIoced sIo MO In the hands Of n Nav Work. brr
Ter InstrurtInc him 10 use /, in tho nnrchase an
All, Of cold. on their account and having 10,
sbnmIJh o dsdnc,cd from their proH,s In brsns.
1,ommsssioner LAWS 5isaIIoyrcJ IN. claim, an
IA ~. .n;f,rr, r,i,ng had bssr ,bot ".hsn
II" oss |. mad, In any ns,,icnIar hnsincs. nenIn,
which there are no gains TO Offset. il n consI,
cred n dead loss of capital inrested In that bus
mss" Again. "loss OF capital cannot be d
ducted from Income Return of income mul
he made on the coins" .
A How far different kind, Of business must h
rctnrned separately Is shown by The follouin
rulings Of Commissioner Rollins:
nIo"Los. incurred In the prosecution of or
M ~ hn.In.ss cannot he deducted from gain
hnsincs, Of nm e~ntjreIv different Character. nor frol
snIRry, rents, dividends, etc"
D)-"Losses incurred in the prosecution Of on
branch of business cannot be deducted from gal
in another, since IN absolute loss incurred in th
prosecution OF a single business il indispensabl
: a loss OF capital"
(c)-"Losses In merchandise can be dcducte
only from gains In merchandise; but. In this cas-
particular branches Of merchandise need not b
separated. so In speculation, the loss or guI
rom stocks may offset loss or gain from produc
speculated In" .. Er @
nroat. from mcrchandIse without regard 10 the
losses In spcculation, or gains from interest, div
dends, rents, or any other source"
(e)-"Losses In speculation cannot DO deductc
!, from salaries. nor from gains In merchandise
When losses arc sustained In one speculation an
-. -. L.. 9Th a.aoIaN - ...h Lac.