Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-05-28
ABSTRACT or THE ANNUAL INCOME Ia,
ANNUAL o TAX.

ABSTRACT OF THE ANNUAL INCOME TAI.
ANNUAL INCOmR TAX.
Having been requested to prepare an abstract
of what Is required BY law In ~reference to tho In.
come Tar, and Of the decisions BY tho Depart.
ment at Washington upon various questions that
hays arisen, we present tho whole subject, under
Its several distinct heads:
SHOULD BIZ hApE-wHERr, wHEH,
AND By WHOM. lyr--
/. Ths law REQUIRES every person oflawful ago,
residing In the United States, 70 render TO the
Assistant Asycsuor Of the sub. district In which he
or she may be residing on the lst day OF Aay,e
written statement, according TO n prescf1oed
form, Of the amount Of his or her income, gains
nary lst TO December 5lst, DO b days inclusive.
printed blank containing this form can DO OBJ.
talneo from the AlAistant AsSessor.l A pe1on
nay.ng no nxed residence, should mako Q stste.
men. Wherever be or she may happen 10 BE-; and,
~ osr,ss Femoval TO another district, should take
a% ~ copy OF such statement. TO show any :
otner Assistant Assessor, who otherwise might
make Q second assessment T'T
Z. Inc statement must DO rendered on or be-
iore ine lst gay OF May, or within ten days after
IA !. ,bs Oi.s pn ~ nS'iee requiring #, has been
posted In the pearest Post Once.
3. The annual income taS IA n nsr,onei ,o~
and II cannot DO assessed against any cornoration'
company, or partnership, as such Every indl.
yidual member must make q statement Of bis or
her share Of or interest In the gains and profits OF
such company, ETC., whether such gains and
profits are divided or not, and must also stato
separately bis or her income from all other
sources. .tt r.... #
EVILS OF OLE TO MAKE OUT OR VERIFY
. STATEMENTS.
II any person neglects or refuses to render a
written statement, the Assistant Assessor Is re.
quested to fl out Q blank With such persons
name, and taxable income tlmated according TO
the best information that can be obtained, and
upon this estimated income 70 assess the tax. and
then TO add 25 per cent, 10 such tax a. q penalty
for neglect or refusal.
6. An Assistant Assessor may be misled In
making this estimate, by being mlSinformed a. 10
money received, or not informed o. to money
paid. He must assess, however, according 10 the
best Information within his reach. The only per.
SON capable Of giving absolutely correct lnforma.
tlon IL frequently the one who refuses or neglects
TO make u statement. II such person will not
take the trouble to inform tho Assistant Assessor,
there Is q bar to all complaint, should the asses.
ment prove incorrect, and o heavier tax DO levied
thnn would otherwise be charged. Moreover,
after an assessment has once been made, * GRO
neous, II Is always troublesome to the party In.
terested 10 have IL corrected. All persons, there.
fore, but especially such az hdos no taxable income,
should not fail to render the required statement,
upon the proper blank, so az to avoid undue tax.
alton and trouble.
2. Every statement must 10 verified by oath or
affirmation. When this Is not done, tho Assistant
Assessor 10 required to estimate the income and
to add Is per cent to to the tax 5000 ......
Evils OF MAKING A FALSE STATEMENT.
0. An Assistant Assessor has power to iNererSe
the amount In any statement, after giving duo
information to the party interested. He Is 70.
quired, also, to add 100 per cent. to the tax when
q 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 o false statement with In.
tent to defraud the Government, and the other
for perjury. h
MANSER OF MAKING UP STATEMENT OF INCOME.
By tho 18th section Of the law, the Commis.
sioner Of Internal Revenue Is empowered TO pro.
scribe the form. and MANNER In which the state.
ment Of income must be made up. This he has
done In q printed blank used by tho Assistant As.
SCISSOR, and In yanous circulars and rulings. The
following Is q summary Of what has been pro.
scribed: .... H. .I .. a..''H'
l. Each Of the great classes into which the pur.
suits OF life and the Investments Of capital have
been divided must DO returned ssparately- losses
In one not being allowed to Offset gains In another.
Thus q merchant who engages In farming or In
speculations not belonging to bis legitimate bust.
ness cannot Offset gains In the one by losses In
the other. .s"f Y. .'1 - .a..''
Q The expenses incident to each buslness 4re
deductble from the receipts Of that business.
3. Speculations leSftimately belonging 10 any
business, and these alone. may DO carried into It's
profit and loss account. Thus o broker may spec.
ulate In stocks, a dry goods merchant In cotton, n
hardware man In iron, etc, and such speculation
may affect the gain and loss Of sucA 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 bis mer.
chandise account. But II he buys gold, uncurrent
money, United States Treasury notes. or any