Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-05-25
ABSTRACT OF THE ANNUAL INCOME ia.
ANNUAL INCOME TAX.

ANNUAL IAAs
Having been requested to prepare an abstract
of what Is required by law In reference to the In
come Tax, and of the decisions by tho Depart.
ment at Washington upon various quesuons mat
have arisen, we present the whole subject, under
Its several distinct heads:
STATEMENT SHOULD BE MEDE-wHERE,w HES,
AND BY WHOM Ba .a
/. The law REQUIRES every person oflawfnl age.
residing In the United States, to render TO tho
Assistant Assessor Of the sub.district In which Ito
y sne may be residing on the LIST day OF Maya
s%n,rsu'eh statement, according to o prescribed
NJ MN ~ inc amount Of his or her income, gains
uary LIST to December ist. bo,h davs inclusive.
aPrintea blank containing this form can be OBJ.
tainsd from the Assistant Assessor, A person
rmsn, no nxed residence, should make q state.
IN sass ~ remnv ns or she may happen to be-; and.
O certified copy Of such statement 10 NOV any
other Assistant Assessor, who o,hcrrI.. MICH,
make q second assessment, "eA'
:. Inc statement must DO rendered on or be.
,olo ING tss any OF Hay, or within ten days after
Q written or printed notice requiring II. has beep
len at tho place of residence or Of bu,In.ss nsSa'
posted In the pearest Post Office.
3. Tho annual income tax Is q per,ono, ,.~
and II cannot DO assessed against any corpora,Ion
company, or partnership, as such. Every indi.
yidual member must make O statement Of his or
her share Of or Interest In the gains and profits OF
such company, ETC., whether such gaIns and
profits arc divided or not, and must also state
separately his or her income from all other
sources. .fT ... ..
EVILS OF NEGLECT TO lake OUT OR VERIFY
STATEMENTS.
5. II any person neglects or refuses TO render q
written statement, the Assistant Assessor Ia re-.
quested to fill out q blank with such persons
name, and taxable income estimate according TO
the best Information that can be obtained, and
unnn fhta aaffupo al tprnNna 90 oauaa tho fuU md
then to add 25 per cent, to such tax as a penalty
for neglect or refusal. I.....
6. An Assistant Assessor may be misled In
making this estimate. by being mislnformed a. to
money received, or not informed ~ to money
paid. 10 must assess, however, according 10 the
son capable Of giving absolutely correct informa.
tlon 10 frequently the one who refuses or neglects
TO mako u II such person will not
take the trouble to inform tho Assistant Assessor.
there is a bar to all complaint, should the assess.
ment prove incorrect. and o 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.
tercsted TO have It corrected. All persons, there.
fore, but especially such as haze no taxable Income,
should not fail to render the required statement,
upon the proper blank, so as TO avoid undue tax
alton and trouble.
2. Every statement must DO verified by oath or
affirmation. When this Is not done, tho Assistant
Assessor Is required TO estimate tho income and
to add 25 per cent to to the tax
EVILS OF MAKING A FALSE STATEMENT.
Q. An Assistant Assessor has power to f1ertass
the amount In any statement, after giving due
information to tho pnrty Interested. he IL 70.
quired, also, to add 100 per cent to the tax when
q false statement has been rendered and tho
party making tho false statement becomes liable.
not only for this additional tax. but likewise to
two 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 or MAKISo UP STATEMENT OF INCOME.
By the 18th section Of the law, tho Commits.
sioner Of Internal Revenue 10 empowered TO pre-
scribe the form and manner In which the state.
ment Of income must BIZ made up. This he has
done In o printed blank used by the Assistant As.
SCISSOR, and In various circulars and rulings. Tho
following Is q summary Of what has been pro.
scrlbed:
i. Each of the great classes into which the pur.
suits OF life and the investments Of capital have
| been divided must DO returned sspdrately- losses
in one not being allowed 10 Offset gains In another.
Thus u merchant who engages In farming or 10
speculations not belonging to bis legitimate bust.
ness cannot Offset gains In the ono by losses In
tho other. .r...r ..-.r ..
o The expenses incident TO each business re
deductIbIe from the receipts Of that business.
3. Speculations ieSitindtely belonging 10 any
business, and these alone, may DO carried into Its
| profit and loss account Thus o broker may spec.
ulato In stocks, o dry goods merchant In cotton. u
hardware man In iron, etc, and such speculation
may affect the gain and loss Of SUCH legitimate
business. A merchant alec may make or lose by
exchange or the kind Of money paid for his mer.
| chandlse, and this gain or loss belongs to bis mer.
| chandIse account. But II he buys gold, uncurrent
| money, United States Treasury notes, or any
other thing not one Of the articles Of trade belong.
ing 10 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 $4,000 In the hands Of n New York bro.
ker, instructing him to use It In the purchase and
sale Of gold, on their account and having lost
e27 500 In this venture, they claimed that Il
should be deducted from their profits In business.
Commissioner Lewis dlsallowed the claim, and
said tho uniform ruling had been that ~ hen q
loss Is made In any particular business, against
which there are no gains to Offset, II Is consld'
cred q dead loss Of capital iHrested In thar busi
ness" Again, "loss Of capital cannot be do
Quoted from income" Return Of income mus
be made on the gains"
4, How far different kinds o. business must b,
returned separately Is shown by the following
rulings Of Commissioner Rollins
(a)-"Loss Incurred In the prosecution Of on,
kind Of business cannot be deducted from gain "a
business of an entirely different character, nor from
salary, rents, dividends, etc"
1)-"Losses incurred in the prosecution Of on,
branch Of business cannot be deducted from gain
In another, since IN absolute loss incurred In the
prosecution Of q single business IL indlspensably
q 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 b.
separated. So In speculation, the loss or gain
from stocks may offset loss or gain from produce
specialized In"
profits from merchandise without regard to their
losses In speculation, or gains from interest, divi,
bends, rents, or any other, source"
e)-"Losses In speculation cannot DO deducted
from salaries, nor from gains In merchandise
When losses are sustained in one speculation and
gains made in another speculation. such losse,
may be deducted from such gains Losses In onC
branch Of merchandise may be deducted from
gains In any other branch. Of merchanaisc."
O-"Where stocks, etc., are bought US q per
manent investment, and sold again merely to
change tho Investment, q loss sustained In tho
sale may be deducted from the dividends from
sHeh stock. But where the purchase 10 made for
the purpose Of selling again on speculation, the
loss sustained by !he sale cannot be deducred
from dividends, but nay be deducted from gninI
derived from the PuTehdss and sale Of stock, ETC.,
In tho same year." --r. rr.r....
INCOME RON RENTS ~ BUILDINGS.
From the total amount Of such rents received
within the year for which income "a estimated. or
duo and collectable on the 3lst day Of December
ofsaid year, should DO deducted
LIST. The amount paid or due. by the owner, for
repairs made within the year, not exceeding the
yearly average paid out for such purposes for the
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 owner
upon the buildings rented or offered for rent, no,
including Insurance paid upon any other prop
rrty, real or personal.
Sd. 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 remain
due, ,
All buildings offered for rent 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, buI
from gross income from all sources. q .
By the law OF Juno 30, 1864, In estimating In,
come IRON rents, no account 10 taken Of the rental
value Of 0 homestead occupied by the owner
Payments for repairs, Insurance and Interest, on
eccounto OF q homestead, will be considered nere'
after, when treating Of general deductions ron
gross income. -
Coincidence silver Mining ComPa-
ny, Location, Gold Hill Mining Distriet, county
OF Storey, State Of Eevada-Notiee 10 he,euy
given, that NJ q meeting Of the Board od AL nns.
tees Of said Company, held on the ~ "a oSy
Of April, 1855, an assessment wv. - ~
Twenty-Five dollars (e2S per share mas ies.ea
upon The capital stock OF SAD e9mPany, Pay;
able on Friday, be 9Th day Of AprI. ieoo, y, soIa
coin Of the United States, to the SesIs,nay, u