Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-06-09
ABSTRACT oP THE ANNUAL INCOME TAX.
ANNUAL INCOME TAX

come Tax, and Of the decisions by the Depart.
mont at Washington upon various questions that
have arisen, We present the whole subject, under
It's several distinct heads:
SHOULD BE MADE--wHERE, WHEN,
a. AND ~ WHOM.
!. The law requires every person oflaufdl age,
residing In the United States, TO render to the
Assistant Assessor Of the sub.dIstrict In which ho
or she may be residing on the LIST day ofAay, o
written statement, according to q prescribed
form, of the amount Of his or her income, gains
and profits during the previous year, from Jan.
uary LIST to December 3lst, both days inclusive.
A printed blank containing this form can BIO OBJ
tanned from the Assistant Assessor. A person
having no hxed residence, should make O state.
ment wherever he or she may happen to be; and,
In case Of removal to another district, should take
q certified COPY Of such statement. to show any
other Assistant Assessor, who otherwise might
make n second assessment
9. The statement must be rendered on or be-
fore the LIST day Of May, or within ten days after
q written or printed notice requiring Il, has been
LEFT at the place Of residence or Of business, or de-
posted In the pearest Post Office.
3. The annual income tax Is q personal tax,
and Il cannot be assessed against any corporation,
company, or partnership, as such. Every indi.
vidual member must make q abatement of his or
her share Of or interest In the gains and profits OF
such company, ETC., whether such gnlns and
profits are divided or not, md must also state
separately his or her income from NIL other
sources-
EVILS OF NEGLECT TO MAX OUT OR VERIFY
STATEMENTS.
8 II any person neglects or refuses to render n
written statement, the Assistant Assessor IL ro'
quested to fll out q blank with such persons
name, and taxable income estimated according 10
the best Information that can DO obtained, and
upon this estimated Income to assess the tax, and
then to add 25 per cent, TO such tax as a penalty
for neglect or refusal.
6. An Assistant Assessor may be mlsled In
making this estimate, by being miSinformed IA to
money received, or not informed as TO money
paid. lie must assess, however, according to the
best information within his reach. The only per.
son capable Of giving absolutely correct informn.
ton Is frequently the one who refuses or ncglccts
to make q statement. II such person will not
take the trouble to inform tho Assistant Assessor,
there IL u bar to all complaint, should the assess.
ment prove incorrect, and n heavier tax be levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II errO
neOus, It Is always troublesome TO the party in.
tercsted 10 have II corrected. All persons. there.
fore, but especially sneh as hare no taxable income,
should not fall to render the required statement,
upon the proper blank, so as TO avoid undue tax.
alton and trouble.
7. Every statement must be verified by oaih or
dDSrmatioR. When this Is not done. the Assistant
Assessor Is required to estimate the income and
to add 25 per cent TO to the tax.
EVILS OF MAKING A FALSE STATEMENT.
o. An Assistant Assessor has power TO increase
the amount In any statement, after giving duo
information 10 the party Interested. Ito Is re.
quired, also. TO add 100 per cent. to the tax when
n false statement has been rendered and the
marty making tho false statement becomes liable,
nor only for this additional tax. lint likewise 10
two distinct prosecutions before the United States
Courts-one for making a false statement with In.
tent to defraud the Government, and tho other
MiSSfn az N.vtya TIP sr,rYyryr nv INCOME
Rv Tho Ils,b section Of the law. The Commits.
,,onsr of Internal Revenue ia emnoy,red 10 prc.
scrIb, Tho form and manner In which tho state.
mani ~ Income mn.t he made nm. This he has
done In n printed blank used by The Assistant As.
,dssor and In yanouE circulars and rulings. The
SoIIoyr,ng IA n summarv M what has hem pre.
sor,had.
/ Each of the great classes into which tho pur.
lis. - mn. snd do Jnvss,msn,s ~ conI,aI have
Nm S,vIdsd must be returned ,rnarai,iv- Losses
" ons not heIng allowed 10 off.,t caIns In anotbcr,
oot r,no aroaros ~ rar,nIna or in
y no, 49, s,n > 20 bts ,os;,I,nas. hrsi.
psonnnntn T.,t soins n The onr hv Ios.cs In
I'VE NE e.sar " S""' -" ' u" ~ "
'n e EThSee.,.s ,rotao,, % ana, hr.,ro.s ,ro
,Is,s a. ~. ronsIn,. 81 ,ho, hns,noss
S Snoc,ia,ions L.eit;pos,iv h.IoroInn 10 INV
amS ,h.sa SIon" NAV bo nsr,aS into II,
e.a. -. asoo-n, Thr. $780, war snsc.
PIN ~ ~ S,aoSs . ~ coods m,rchon, In cc,,nn a
nNSnar" unn T., IN ,.ob ctc md .,,sS .nscnia,ion
mnn e., ~. 1oi. ari L,s. ~ .ucb feei,,ma,c
may nueet .no 60 anu ~ saSN ietnin
BUSINESS : m"y nnAe y ~ y!
exensnse OF u u " noney PaIu y III mo.
enanuise' anu = y s o. ~ oeionfs nnn,
enanai'e ncSoun'; s,a nas u Uurs sU, O,.a gu 0nu
monoy, onisou s'a.sa lis1s'y no.es, Sta.y
other thing not one OF the articles OF trade belong,
ing 70 ms IssuIar ousIess' . 'ne PuIposeo VI
sPeeu nnI = nv toI.S.o 81, ~ "sna, :. To-
non vii . . n.sIn.ss '"9 i T arm
~ S.n nm IN the hand, ~ = S"w Vork hro.
PsN Ta.,rHntIr, him ~ nss /, In ,hs nr,cboss and
ny., raiS % ,ho,r acco,n, and hovIns lot
W. ro N 800 ~ III. 'an.,ra ,h.r oIoS,.S ,ho, I,
S<'.yyv ~ IM T.on ,n rJiry ,roN,. ~ hns'ra.s
snou u - Ieri. disaIIowed The claim and
CITWhisson.t r,i,na haJ haan ,Sot 49, hsn n
salu ~ mnyyr" IN sIcrior et hr '; I'm aroIns,
Ios 49, : ~ roins 10 oeS.s, IL =, consId,
wn,n ne nv 1917 $500 - a., ~;
erea !" "Iaa D'' ..yoss ~ oani,si conro, hc ia
ne". n nS noms" " ncinrn NJ incoms mns,
aueIeu y y aa- " o "
DC msao " sLTSs..~ L,,d, ,,,,n... ur., II.
a.iiow norn,aIu :. sho1D hs ,hc 5oiio~inc
rciE :, Sammissionsr Roiiin. '
FunnnHs ~. tnnnr.J ir ,ha nro..c,,,or NJ m.
H,-"Loss ncurIeai 'so PIosecS.on y on ~
ktna OF ouslnets sanno, 9c ueuus'eu .Iom gun ~
business OF IN 1h.nny Voente"d'de'' U u
sai9ry' ,Sn's, a'r.uenus; y 49, ,ro.o,r,,or -, on.
Oh Losses lncuIreu IN tne P,oseeu'ton u OnS
branch OF business cannot be deducted from gam
In another, since an absolute loss incurred IN tne
prosecution OF asihRie ouslness IN inuisPens"oiS
q loss OF capital
(0-"L Losses IN merehanaise can DC Geuucleu
only from gains In merehandise; out, IN TINS case
particular branches OF merehanaiSe nced NOT 3e
separated. so IN speeuIa.ion, Ine loss or gum
rom STOCKS may 0nSo' 'osS UT Eain HUN P''u"e'
sPeSuiusea ~ urs, u.to ro,rrp NJ ,b.,,
,merenan.s n LIZ n,,hor, rasard % ,hei,
piohts iom ,Gan y no'ns e., 49,, S;YI
iosses IN sPeeuIa.on, ~ saAns vi"
denaS' rents, OF any o'ns, noMro, h d.5ro,.d
VI- nvesesN T.. ss".sL"sStss
from salaries, nor rom gains IN merchandlse
When losses arc sustaiuea IN one speeuIai'on u
gains made In another specniauon, sueh losse'
may DO deducted from sneh gains Losses IN one
branch Of merchandise may De deducted IRON
gains In any other orancn Oh nlercnanaise.
O-"Whcre stocks, etc, arc oought az q per
manent investment. ana sold again merely &c
change the investnent; = Ioss sus.aLneu IN .ns
sai9 may DC SeauI.eu mom .nS uiStaenus Saa
~" ~. ~ sa,iIDn ,ra,p az .n.,n,a,Ion a.
me puiPOse = seiu = aSain Oh spesuin,lIn, .uS
n S diSiS.nSs Sut NAV he d"dnct.d from vSin,
dsrjyed from The puyeIa,s and ,al, m s,ock' ctc