Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-07-13
OF THE ANNUAL INGoAE EAl
-EWNUH. INCOME TAX.

HAVING been requested 70 prepare an aostr1c'
ofvhat Is REQUIRED bylaw In reference 70 tne IN
iSSSne TAT snd Of the dncldons ~ tns, DePsMlI.
msnt Al Washington upon various questions 9at
haye arisen, We present the whole subject unue'
lis several distinct heads:
srArrNEsT MOULD BIZ hApE-wHERE' WHEN
AND BY WHOM.
, III. ,aw ,souIres eyery person Of lawful age,
rtsidipE In tho United States. 70 renaef ,to tne
Ls.I.irnt Assessor OF the sub-distr.ct In when ne
or .hs NAV, be- .residIng on the LIST day 81 Nay
rrrt5tirn rtatctdcut, according to q prescrioeu
form, Of, tho amount Of bis Or ner incoms, sa an.
and p5Sf, = during SasssS sss Sis.' So h' ySs'; InciasIss.
A nrInted blauE containing this form can DO %.
famed from the Assistant Assessor. A pelson
hnyinr no Rxed -residencs, should mako y Sta's'
ment wherever he or she may happen 70 %; anu,
In case Of removal to another district, snouIu taho
q certified copy Of such statement to snow any
other Assistant 'Asaessor, VINO o'nef"iso "ieA'
make q second assessment
Q Tho Abatement must be rendered on OF oe'
fore The lst day Of May or wiinip zen Gays Mter
q Written or printed notice requiring H. nus oesn
len 81 the place Of residence Or OF business or d.
posited 10 tho rearest Post once.
&. Ths annual income tax ,is.a personal tax.
and Il cannot be assessed against any corporation
company, or partnership. as such Every indi
yIdual member must make o statement OF MS or
her share Of or interest In the gains and profits OF
such company, etc, whether such gains ana
profits Irer divided or not,apt muht also state
separately bis or her income ron all other
sources. ..,...-.
EVILS OF NEGLECT TO MAXI OUT OR VERIFY
,y.r sTATEAEETs.r Ai..
II any person nrgiects'o or refuses TO render a
written statement. the Assistant Assessor Is re
Quested to dill out a blank with such persons
name, and taxable Income estimated according 70
Ii. best information that can be obtained, ana
upon this estimated income TO assess the tux, and
then TO add 25 per cent, 10 such tax az q penaity
for neglect or refusal. ,,
6. An Assistant Assessor may be mlsled In
making this estimate. BY. being nilslnfornrd as 10
money received, or not informed as 10 monsy
paid. He must assess, however, according to the
best information within his reach. The only per
son capable Of giving absolutely correct iniorinh'
ton Is frequently the one who refuses or neylrcis
To- make a statement. II such person will not
take the trouble to inform the Assistant Assessor,
there Is q bar to all complaint, should the asses"
mept prove incorrect, and O heavier tax be levied
than would otherwise be charged. Moreover,
after an assessmepth has once BEEN made, II erro
psous. Il Il always troublesome 10 the party in-
terested to have Il corrected. AL persons, there
fore, but especially such a. hdrs no taxable income,
should not fail to render the required statement,
upon the proper blank, 20 40 70 AVOID unaue TAX.
alton and trouble.
I. Every statement must be verified by oath or
affirmation. When this Ia not done, the Assistant
Assessor Is required 10 estimate the income and
to add 25 per cent. TO to the tax
EVILS OF MAKING a FALSE STATEMENT.
0. An Assistant Assessor has power TO increase
the amount In any statement, after giving due
information to the party interested. de Is re
Qulred, also. to add 100 per cent. to tha tax when
a false statement has been rendered and the
party making the false statement becomes liable,
not only for this additional tax; but likewise 20
two distinct prosecutions before the United States
Courts-onef for making u false statement with in
tant to dsfraud the Government. and the other
for perjury. .
MANNER OF AAKISo UP STATEMENT OF INCOME.
By the llsth section OF the law, the COMMITS
sloner Of Internal Revenue Is empowered to pre-
scribe the form and manner IN which the state.
ment Of Income must DO made up. This he has
done In a printed blank used by the Assistant Ar.
SCISSOR, and In various circulars and rulings. The
following Is u summary OF what has been pre-
scribed; .-
suits Of life and the Investments OF capital have
been divided must be returned sspdrdtely- losses
In ono not being allowed to offset gains In another.
Thus q merchant who engages In farming or In
speculauons not belonging to bis legitimate busi'
ness cannot Offset gains In the one by losses III
the other.
Q The expenses Incident to each business re
deductIble from the receipts Of that business.
3. SpeculstIons k~giimateiy belonging to any
business, and these alone. may DO carried Into itS
DrO1t and loss account. linus " uEOhc icy rpVS
ulate In stocks, o dry goods merchant In cotton
hardware man In Iron, etc. and such speculation
may affect the gain and loss Of such legitimate
buiinesA- A merchant also may make or lose by
exchange or the kind Of money paid for bis mer
chsndlse, and this gain or loss belongs 10 his 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.
inr 20 his regular business, for the purpose OF
speculation, the profit or loss from such specnla'
ton Will not be allowedto AFFECT tho profit or loss
from, bis regular business. A business firm
Pipced $4,000 In the hands o. a New fork ORC;
ker, lnStructing him 10 use II in the purchase and
sale of gold, on their account; and having lost
s27 500 In tbh venture, they claimed that II
should DO deducted from their profits In business:
Comntssiontr Lewis dlsallowed the claim. and
said the natfora ruling bad been That " hen a
loss Is made 10 any particular buAlnesz. against
which there are NO gains 10 OBJECT II Is conHidl.
cred a dead loss Of capital fHvssted In thai oHsi'
nsss," Again, "loss Of capital cannot be de.
Quoted from income" Return Of income must
DO made on the Sdta.."
a. How far different kinds Of business must b.
returned separately Is shown by the following
rulings OF Commissioner Rollins;
n {a}~aL Loss incurred In the prosecution OF onr
Kind of business cannot be deducted from gain In
business Of an entirely dBtrenfeAdraefer' nor from
salary, rents, dividends, etc
NE"Losses1ncurred In the prosecution OF onr
branch Of business cannot be deducted from gain
IN another. since an absolute loss incurred IN the
prosecution Of q single business Ii ipdispensably
loss OF capital" r. ,
(S-"Losses In tnerchandlse 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
nom stocks may Offset loss or gain from produce
speculated In ,
fd-"Msrchants must make return Of their
profits from merchandise without regard to thelr
losses In speculation, OF gains from Interest divi
dsnds, rents, or any other source"
G3"Los,es In speculation cannot be deducted
from salaries, nor from gains 10 merchandise,
when losses arc sustained In one speculation and
gains made In another speculation. such losse'
may be deducted from such gains Losses In on,
branch Of merchandise may be Deducted from
rains IN any other branch OF merchandise"
m-"Where stocks etc, arc bought aS q per
msnent investment, and Eold again merely to
change the investment, a loss sustained In The
saIe NAV Do deducted from the dividends from
sucA stoch. But where the purchase IL made foT
the purpose Of selling again on speculation, tht
loss sustained by The sale cannot be- deducted
from dividends, but may be deducted from AIN
derived from the PIreha's and sale OF STOCK etc
In the same year
INCOME FROM RESTs OF BUILDINGS.
From, the total amount Of such rents received
within the year for which income IL estimated. OF
due and collectahle on the .3lst day Of December
uf Eniu year, EnOulu DC ucuuCpFus
lst. Tho amount puld or due. by the owner ior
repairs made within the year, not exceeding me
yearly average paid out for such purPosss LOT .n'
preceding ave years. and not including my
.amoupts paid or doe for new structures OF 'o'
nav and pormauent Improvement
Cd In.nrance for the year PAID oy INC o"nei
upon thv buildings rented or offered Tor REM, no'
i IpJ q Insurance. paid upon any other prop
rrtv. real or personal. aiaE
q Intsre,t which accrued fol. tho yrar on IN
cnmbrapces upon the buildings rented or oiisren
sor r.nt- or upon the lands on which they stand.
whe,ber such Interest has been paid or remains
duo. =, ran, v,n h. reonrded
,oSn,h.r. no segregation being required. Repair
m nrance and interest paid on account OF any
anS .such buildings, whether occupied or not
Iii IA deducted from the total amount OF rents.
TsIes will not DO deducted from rents, but
from rross income from all sources.
Nv the law OF jane 80, 1854, In estimating In.
oone from rents, no account y taken Of the rental
value Of o homestead occupied BY the owner.
M for repairs, Insurance and interest, on
account OF a Homestead, will be considered here
After, when treating Of general deductions from
gross Income.
9 6soId Hill TuuuelIIng Gold and
Silver Mining Company-Location, Gold Hill
Mining District, County Of Storey, state OF