Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-10-05
ABSTRACT OF THE ANNUAL INCOME TAX
ANNUAL INCOME TAX.


OF what Is required by law In reference TO the In
come Tag, and Of the decisions by the Depart
ment at Washington upon VARIOUS questions that
have arisen, we present the whole subject, under
It's several distinct heads:
srIrrnvsr suomi n mr. MANI r
SSn nv ,yunx "hh''
/. The law reouIr,s avery nsr.or NJ Isvt,, se.
reading in The Un,,ad S,a,ss 81 -.
As,IstRnt Assessor M the ami. d,strie, IN ahtoh bo
or she NAV be- residing on the lst dRv Of Nav a
written statement, according 10 a nre,crib.d
form. Of the amount Of hIs or her income gain.
End nroats during tbs nrsviors v.ar rrorn s Tan'
uary lst TO December 5lst. borh dav, incIusIye.
A nrin,ed hlank con,o,njrs ,bJs torr an ha Oh.
,atnad cro,, ,ha a,sis,an, - aN.sa
SanSarno a.. ~ .n.unn"n ns.es'oi. n pvisou
mani sbsrsvsrh a on ~ 49, hauran ,o h = "a
In ras. ~ romnvs % ano,hay dI.,rts. sborlI 49,
"aa.,tans W aho'.e. s'i,s
up :. suen s'aIenen, ' y ~
.u w nss nsa Assessoi. "ho o'ne'"''' "b"'
q q seeonu assesSmen.
:. tne sta,emen' must 90 .enuelea on VI ~
poIe ~ is' Jay VI nsy,oF WITHIN top '
a written OF printed notice requiring ~ mas oeen
ietI az !ne p!aco OF residence OF OF ouAness' VI uo'
posited III the peafest fost omce'
.; inc annual income tax u persona Ia1
hnu IL cannot oe assessed against any corPorauom'
company. or partnership, az such. Every inui.
vidua member must make q statement OF ms OF
her share OF or Interest In the gains and Pronts OF
nroe,s 80 Siyiaad - -, o,d ms, oi.o state
pronts are ulViueu OF NOT anu must uiso s,Aso
separately DIS OF ner income trom MI 'ue'
sources. -
h'iLS VI HhoLLIi ~ mAnA WI '" ~
u,a...
written s;.tsment. the Assistant Assessor IL re.
opas,ad m am On, n bIank with such persons
name and ,aYabIs income Estimated according to
Nh, hest Information that can he obtained. and
~ ~ nt.nan.nS ,a nn 90 q a..o,U ,ha nv and
,bbsn N oJd oS nar can, ~ such taY ma n penalty
co. nso,ac, ~ rp,,saI
q o. SSsi.,nn, - W. n. ni.l.d in
" nn ns'HS.nns S' 80 r.u,OtormsJ n. N
,n"nan s . . ar ;uSosnsd ~ N monsy
nayd Ia M, asaa.s bov.syar oceordInp N The
-, 4, tor,na,Ion s.,,hin HI r.acb rb. ooIy nsr.
nom ranabIe NJ Giving ahsoIutelv correc, informa.
ZION ia frsausntiv ibs one Who Iefn.es or pevlscts
to make a abatement. II such person will not
| lake The trouble 10 inform the Assistant Assessor,
| there IL n bar TO all complaint, should the assess.
ment prove incorrect, and q heavier tax be levied
| than would otherwise be charged. Moreover,
after an assessment has once been made, II erro
| neous. Il IN ALWAYS troublesome to the purity In.
,.restea 10 have Il corrected All persons, there.
| fore. but especially sucA as haus no tdrable income,
should not faIl 10 render the required statement
mon IN. nronor blank. 40 a, 10 avoid updu. tax.
| alton and troubled
7. Every statement must be verified by oath or
| Affirmation. When this IL not done, tho Assistant
Il "A HhtEFDT lh TtuuTtu u thllLDHtC u luCOIlt hUu
10 add IS per cent, 10 TO the tax.
EVILS OF MAKING A FALSE STATEMENT.
9. An Assistant Assessor has power to ~ineredse
| the amount In any statement, after giving due
Information 10 the marty interested. He /, re.
ouired also, 10 add loo p.r cent. 10 the tax when
. false abatement has been rendered and the
marty making Tho false statement becomes liable.
| NOT only for this additional tax, but likewise to
two dI.tinct prosecutions before the United States
ConrtsMonef or making a false statement with In.
| tent 10 defraud the Government, and the other
| for perjury.
MANNER or MAKING uP STATEMENT OF INCOME.
By the llsth section Of the law, the Commits.
| sioner OF Internal Revenue is empowered to pre-.
scribe tho form and manner in which the state.
| ment of income must be made up. This lie has
| done In n printed blank used by the Assistant As
SCISSOR, and In vanous circulars and rulings. The
following is a summary Of what has been pre-
scribed:
l. Each OF the great classes into which the pur
suits OF life and the investments OF capital nav
been divided must be returned stpdrdtely- losse,
In one not being allowed to Offset gains In another
Thus q merchant who engages In farming or II
speculations not belonging TO bis legitimate bust
ness cannot Offset gains In tho one by losses IL
the other. ,u.
= inc expenses ineiIent 70 caen ousnes' ut
3. Speculations t~eSanmdtely belonging to any
business, and those alone, may be carried into III
profit and loss account. Thus u broker may spec
ulate in stocks, a dry goods merchant In cotton. 9
hardware man In iron, etc. and 'ueh speculation
may affect the gain and loss Of sueh Legitimate
| business. A merchant also may make or lose by
exchange or the kind OF money paid for his mer
chandise. and this gain or loss belongs TO his mer'
chandise account But II he buys gold. uncurren'
money, United states Treasury notes. or any
other thing not one OF the articles OF trade belong.
ing 10 his regular business tor the purpose Of