Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-10-19
OF rHR ANNUAL ncoNE TAX
ANNUAL INCOME TAx-

haua nrtaan sahh
Its several distinct beads: a'''e'' under
s-,rvvryr suor,,
AND BY WHOM hSh' WHEN
/ The law reopIrss av.,v
resIdir, In ,ha fTri,ad o. ~ lawful age
x%s.Istsnt Asss,,or If ths snh" ~ lsnaer 70 the
or IN NAV hs rssjdine an tba -. 80 TnIch no
wrt,sn .,a.r,sn. ~ ny oIhay, y
form of ths srnnnrt ~ hi. &c ~" w = p.eseIi9cu
md nroAts auyIno m. nrsYiors 80 sVslo, snlns
uary ist 20 naosnhsr H., 'bo,h Ia, i,vM Jan
n,ntsd b,snI conts,uinr III. enys ano, unn
h.v,na no a,sd r.sidanoa uhonTd - person
80. $780, ba 80 H. go $50" '.A's
nns" 10y Heppeu v 70 auu,
auos.et uistiet, snVulo taks
: Ier.iIeu ,suon slatement 70 NOV my
olner AsanIan Assessol, VINO o'ner"ise misn'
e no se0oau sssnens
:. om must " .ehueloa on y oe.
iore .ao isI aay .. Isy. or mitnIp Yen oays SiteI
i.m y, ,ha H. oSes.tSana. ieq W. ", mas oeen
80 pnN. IN ue'
Po s T ~ = p9Hes ~ omse.
:, ns aan 70 = PeIsonA ia.'
- saanv' s:ssnssI ssa.ns. any SSIPoIatom
,Tdnpp II,y,ot M sun nse,y ,in
ner share OF OF interest IN tne gains and Pronts oi
suea company, &C, "notner sucn gains ana
prons arc diVioeo or nor ana must aso state
separately mS'or ner income from All otner
h vi ~ annL WI oH 'hhisi
D II any person negleetS or refuses to render a
written statement, the Assistant Assessor Is re-
quested 70 MI out 4 olank WIN such persons
nanle' ana laxaoie ineome estimated according 10
the oest information tnat can De obtained, ana
upon TINS estimated income to assess the tax and
then TO add 70 per cent, TO such tax ~ q penalty
ior ne8iect or reiusai. a.l.
D; An Assistant Assessor may be mlsled In
nanus nls estma.e, " Getns lsollnea as y
paId. He must asssss. however. according 10 n,
BEST nformatIon within bis reach. The only per.
dom capable OF giving ab,olutelv coryac, Informa.
ton is frequently the one who refuses or neSlects
IN make a statement II .ncb nsrson viii not
take tbe tronhle 10 inform tbs AxIIstsnt ASSESSOR
there ia a bar 10 all complalnt. mould The a,srs,.
mani n-ovs incorrsct and ! bsaxier ,aS ho isv,sd
tban Sronld o,hsrwi,s hs eharasd M"rsovsr
of,ar an a,s.s,mont no, oneo hasn mad. n .,ro
nsnrs /, "a aivsvs tronhIosomn % ,bs na,,v IN.
,srassss 70 bavs II corrsc,aS Ali nsrsons ,Ssrs.
sors bn, s,nrefnuy ,u.S n, Iar. M toya5, I,co,.
.honId moi faIl 10 rsnder IN, reouIred stat.mrnt'
unon the propsr blank. no IA 10 avoid INDUS tar.
a,ton ana trorhI.
As9 = oa.."I
.asns %San ri. !. NJ, donni ~. ..I.t.U,
t"."ss"S n.rI.aS 80 a.,Iune IO $500 az
% 81 OK .oI~ go h.,an "o IL
L'iLs VI aAniH' fALSh sfAihALsf'
y. An Assistant Assessor has power to tHerease
the amount In any statement, after giving duo
information 10 the party interested. Ho Is re.
quired, also, 10 add loO per cent. TO the tax when
= false statement has been rendered and the
party making the false statement becomes liable,
not only for this additional tax, but likewise to
two distinct prosecutions before the United States
Courts-one for making u false statement with In.
tent to defraud the Government, and the other
for perjury.
MANNER OF MAKING up ~sTArEsysr OF INCOME
NJ ,h. ,,o,h s.,,,o, H. A.. go.
~ = ...s pnr.S T. nv, u Som mnnn
sc,Ih. IN. To- and mannrr In Ihich ~. " P W..
mant ~ Incom. mnst he made mn TbI. bs hs.
-. T., n nsIn,.a 49, So -. *. ...S H A
uSssor :" i. .ornn. nt.sn ~ - xnIinns m.
soiIs.In1 IL . snmma-v ~ wba, he. ~ ny
.crib"d. "'A p'''
i. Each Of the great classe, into which IN. pur.
units Of m. and H. JnyeStmsnts ~ cani,sI baxo
hasn dIviasd must he rs,nrnad .,n,.S npi ,os..s
= 49, ~
Thn' a uasrchant osSo snSsn.S IN tarmtrs NV H.
sn,cnIations mot bclonoIn9 10 nj, IsOItImat, husi.
meas cannot ofset gains In the ope nv losses In
the other.
. The expenses incident TO each business are
deductIble from the receipts Of that business.
3. Speculations k1faaatcy belonging 10 any
business, and these alone, may be carried into its
profit and loss account. Thus a broker NAV spec.
ulate In stocks, a dry goods merchant In cotton, a
hardware man In iron, etc, and such speculation
may affect tho Hdin and loss Of sreA legitimate
business. A merchant also may make or lose by
exchange or the kind Of money paid for his mer.
ohsndiss, and this gain or loss belongs TO bis mer.
chandisc account. But II he buys gold, uncurrent
money, United States Treasury notes, or any
other thing not ono Of the articles Of trade belong.
ing 30 his regular business, for tho purpose OF
speculation, the profit or loss from such specula.
tion will not be allowed to Affect the profit or loss
from his regular business. A business firm
placed $4,000 In the hands Of . New York bro.
ker, lnstructing him to use II In the purchase and
sale Of gold, on their account; and having lost
e27,5o0 In this venture, they claimed that Il
should be deducted nom their profits In business.
Commissioner Lewis dlsallowed the claim, and
said the tngorm ruling mad been that when q
loss Is made In any particular business, against
which there are no gains 10 offset, It Is consid.
cred = dead toss q eapnd! tnvested IN that bust.
ness" Again, loss OF capital cannot be de-
Quoted rom income Return OF income must
DO mado on the 8a'n'
4. How far different kinds OF business must be
returned separately Ia shown by the following
rulings Of Commissioner Rollins
.(l-."Loss Incurred In The prosecution Of one
kind OF business cannot DO deducted from gain In
business Of an entirely df1enteharaeter, nor from
salary, rents, dividends. ETC.
(6)-"Losses Incurred In tho 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 indispensably
Q loss OF capital"
()-"Losses in merchandise can be deducted
only from gains In merchandise but, In this case,
particular branches Of merchandise need not be
separated. So In speculation, the loss or gain
from stocks may Offset loss or gain from produce
apeculated I'M"
(6-.Merchants must make return Of their