Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-08-06
,narp ,cr np rHRANausrl1NcoNk TAX
ANNVAI-INOOMR TAX.

10 hat q feouired BY law reference to the In
coms Tay and Of the decisions by the Depart.
ment At Warrington upon valIous quesuons tnAt
nave arison, we present the whole subject unaef
~ several distinct heads
STATEMENT SHOULD BE MApE-wHERE' WHEN
AND By. WHOM.
rba law REQUIRES every person OF lawfhl ago
r.,idinr In the United States, TO render TO the
As.Istant Assessor ofthe sub-distr.ct In which no
or sho may be residing on the lst dhy OF hay,s
written StatsIpent, according 70 q prescrlGeo
form, Of the arnount OF mis- OF MGR Lneome, Snne
nary ist 10 December 3lst, both days inclusive.
A nrinted blank containing this form can DO Cd,
tajnSd nom the Assistant Assessor. A person
having NO axed residence, should max q state
mont wherever he orshe may happen 70 DO; hna,
In case Of removal % anoths. aIsaiot y sI .nna sny
other, Assistant Assessor who Otherwise misn'
mako n second assessment
o The statement must be rendered on or DC.
fore the LIST day Of May, or within ten days after
q written, or printed notice requiring y, mas pesh
len az the place ofresldence or OF business OF ue'
posted In the peatest Post Ofdce. g.
"a. The annual tineome;ta3 iata personal tax,
and IL cannot be assessed against any corporation
company, or, partnership, as such. Livery inait
vidual member must make q statement Oh 'nis OF
her share Of or interest In the gains and pronIs OF
guch company, etc., whether such gains and
profits are divided or nottand must also state
separately his or her income from all other
Evils OF NEGLECT TO MAKE OUT OR VERIFY
..rs sTATEMENTA IEIf .I-...
IL any person neglects or refuses to render u
written statement, the Assistant Assessor Is re.
ouested to Gil out q blank with such persons
name, and taxable Income estimated according 10,
the best Information that cnn be obtained, and
upon this estimated income TO assess the tax, and
then to add 25 per cent, to such tax rs a penalty
for neglect or refusal.
6. An Assistant Assessor may be mlsled In
making this estimate, by being mldnformed as 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 informa'
ton Is frequently the one who refuses or neglects
10 make n statement. II such person will not
take the tronble to inform the Assistant Assessor,
there Is O bar TO Nil complaint, should the Gsseas.
ment provo Incorrect, and a 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 tho party In.
terested 10 have II corrected. AL persons, there
fore, but especially sueh as hare no taxable income,
should not fail TO render the required statement,
upon the proper blank, so ~ to avoid undue tax.
ation and trouble
7. Every statement must DO verified by oath or
Affirmation. When this IL not done, the Assistant
| Assessor 10 required to estimate the income and
to add IS per cent. TO to the tax
EVILS OF MAKING A FALSE STATEMENT.
" AN Assissan. nssssso, . Pnmar n;yine An
sIs a.nan - ~ : n".,v In,aras,sd He Z. re-.
mnigitSS WI = "a ~ ~. .sn, 20 the taY when
qurSu, n.sv, ' ~ ~ - rar5orsJ . and an,
| party making the false statement becomes liable,
| not only for this additional tax, but likewise TO
TWO instinct Ioseeatv iN' ~ 1.S,h ;n'
Courts-ono = msNirs htAIso -
senI 10 aeH"ua '" ~ ~
. pS.Jaiy. N sr,rrvvvr nv ,xcoNp
NJ ~. iiettb ssct,on Of The law. ,bs Commis.
~ u In,s.nsi Psvsnns IL smnnt,s,ed n nre.
.crIh. ,hs rorm and ,nann,y in which the state.
80, 80 InSom" ma, he mads mn This he has
49, IN . nrIntea Many nssd nv tbe Assistant As.
| sds.or. and In various circulars and rulings. The
| following 10 a ummAry Of what has been pre-.
scribed:
i. Each OF the great CLASSES into which the pur.
suits Of life and the Investments Of capital have
ham divided must be returned seporatslv- Losses
In one moi being allowed 10 offset gains In another
MON mone mo- oeehaSt ,Sho snoassS IN farming or In
.n.cnia,ions NOT belonrinS 10 his Legitimate busI
- cannot ofset oaIns in The one by losses IN
,hs other. :
8 ybe expenses incident TO each business r,
deductIble from the receipts Of that business.
a SneculatIons k~9itimdiely belonging 10 any
hns,nn.s and these alone. NAV be carried into Ii,
Ia, "a To-. aecornt Thus n broker NAV spec
pIo,. IN stocis a drv goods merchant In cotton, 4
SarSrars man IN iron etc and ,uch speculatior
nau"so ~. -. sra L.. ~ s1eS fesI,ima,,
may mtssh",s aiso NAV may. or lose Inv
exchange or the kind OF money paid TOT MS mer
chandise, and this gain or loss belongs to MS mer
chandise account. But II he buys gold, uncurren'
money, United states Treasury notes, or any
other thing not one OF tne Arucies OF uaae oeions
ing TO his regular business, Tor the purpose n
speculation, the prott or loss rom such specula
4 ton will not be allowed TO affect the profit or losi
from his regular business. A business firm
placed S4U,UUO IN the nanus OF Q fork oro'
nj. N coIS on their account !: and having lori
sn1 500 In This venture, they claimed. that II
shor,S he dsdnc,ed from their prosts in business
GnrsoissIonsr LAWS dIsalioved The claim. and
ala cs Hniforn rulInv had been TINT when d
iossiis mads In any psrtlcular business, against
which there are no gains to Offset, II Is consld
area 4 dlad LoI, of capital inreted IN tkat bust
49," AGAIN. "Ioss Of capital cannot be dc
ducted from Income" " Return Of income must
Ss maas on he 1ains.r
a Hov far different kinds Of business must b,
ratrrned separately In shown by the followine
rulings OF Commisaioner Rollins:
~ h..I,..s s.nnot he Abducted from oaIn ir