Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-08-03
lnsrR.m OF aHRANNuAtiN 0oaR FAX
,ANNUALlINo0MEtTANL

wbati z REQUIRED by lawin reference to the IN
,ome Tax, and Of the decisions by the DepSi..
ment at Washington upon yar,oSs GI 1saact Sndsr
have arisen, We present the wno!e BuDJecr u~nNs
M ssysrh dltlrethesds,S
Z. TTyyST SHOULD BE MADE-wHERE, WHEN,
AND BIZ WHOM.
1 The law requires every person oplaWiuI ~,
r.sidinr In the United States, 70 render 70 tne
.%s.Istsnt Assessor Of the su6.distrlct In when ne
or she may be residing on inc iss aay r,sscrib.S
sorm ~ the amount OF, his or her Income, gains
nrosts during the previous year. from jan
nary lat 10 December 3lst, both days inclusive.
A printed blank containing this form can 90 o..
tained. from the Assistant ASSESSOR. n pelson
heyinr no hxed residence, should make q state'
m.nt wherever he or she may happen TO DO; and,
In cass OF remoyal to another district, should AXE
a certified copy Of such statement 10 snow any
other Assistant Assessor, who otherWise might
make o second assessment
2, The statement must % renuerca On oEoe'
fora the III day Of May, or within ten days after
a written or printed notice requiring II, has been
isft nj the place Of residence OF Of business, or do.
nosited In tho pearest Post Of1ee.
a Tits annual income tax Is q personal tax,
and Il annot be assessed against any corporation,
company..or partnership, as such. Every indi'
yidual member must make q statement Of bis or
her share Of or lnterestin tho gains and profits OF
such company, etc, whether such gains and
profits ARE divided. or not, and must also state
separately his or her Income from all other
sources. "F
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
aaJtN# STATEMENTS.
s. II any, person neglects. or refuses to render .
written statement, the Assistant Assessor IL re-
uuested to fill out q blank with such persons
name, and taxable income estimated according to
the best information that can DO obtained and
upon this estimated income to assess the tax, and
then to add IS per cent, TO such tax rs O penalty
for neglect or refusal.
making this estimate. by being misinformed as to
money received, or not Informed as TO money
paid. He must nssess, however, according to the
best information within his reach The only per.
son capable Of giving absolutely correct informa'
ton Is frequently the one who refuses or negiects
to make q statement II such person will not
take the trouble to inform the Assistant Assessor,
there Is a bar to oil complaint, should the assess
ment prove incorrect, and a heavier tax DO levied
than would otherwise be charged. Moreover,
after IN assessment has once been made, II GRO
neous, Il Is always troublesome TO the party In.
torested 10 have Ii corrected. All persons, there.
fore, but especially sHeh as hare no tdIdbls income,
should not fail to renler the required Staternent,
upon the proper blank, 80 as 10 avoid undue tax.
alton and trouble.
I. Every statement must be verified by oath or
aGrmatioR- When this Is not done, the Assistant
Assessor is required to estimate the income and
to add 25 per cent to 10 the tax
EVILS OF MAKING A FALSE STATEMENT.
o, An Assistant Assessor has power to increase
the amount In any statement, after giving due
information to the party Interested. He IN re-
quired, also, to add 100 per cent to the tax when
q false statement has been rendered and tue
party making the false statement becomes liable,
not only for this additional tax. but likewise to
two distinct prosecutions before the United States
Courts-ons for making a false statement with In
tent TO defraud the Government, and the other
for perjury.
MANNER or MAKISa UP STATEMENT OF INCOME.
BY the 18th section Of the law, the Commits.
sloner OF Internal Revenue Is empowered TO pre-.
scribe the form and fldnHer In which the state
ment OF income must be made up. This he has
done In a printed blank used by the Assistant Az.
SCISSOR, and In various 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 have
been divided must be returned sspdrdte!y- losses
In one not being allowed to Offset gains In another.
Thus q merchant who engages in farming or In
| specplations not belonging to his legitimate busi'
ness cannot Offset gains In the one by losses In
the other.
Q The expenses incident to each business re
deduetlble from the receipts Of that business
| ] Speculations Ls9itimately belonging TO any
business, and these alone. may be carried Into Its
| profit and loss account, Thus q broker may spec.
ulaie In stocks, a dry goods merchant in cotton, a
hardware man In Iron, etc, and such speculation
| NAV affect the gain and loss Of such legitimate
| business A merchant ALSO may mako or lose by
| exchange or the kind Of money paid for his mer.
| chandise, and this gain or loss belongs TO bis mer.
| chandlse account. But II he buys gold, uncurrent
| money, United States Treasury notes. or any
other thing not one Of the articles Of trade belong.
ing to his regular. business, for the purpose Of
| speculation, the profit OF lpss.from such specula.
| ton will not be allowed to affect the profit or loss
| from his regular business "A business firm
| placed $4,000. In the hands OF q Now York bro.
ker, lnstructing him to useit In the purchase and
sale OF gold, on their account and having lost
s27, 500 in this venture, they claimed that II
| should be deducted from their profits In business
Commissioner Lewis disalloTed the claim, and
said the uniform ruling had been that when a
loss Is made In any particular business, against
which there are no gains to Offset, II - consid'
cred q dead loss Of capital INFESTED tn thar bust.
aess." Again, loss Of capital cannot, be de.
| Quoted from Income " Return Of income mus,
be made on the 8dins."
A. How far Different kinds Of business must be
returned separately Is shown by the following
rulings Of Commissioner Rollins:
,(a)-"Losa incurred In the prosecution OF one
lind Of business cannot be deducted from gain In
business Of an entirely difrentehnracter, nor from
salary, rents, dividends, etc
lE(N-"Losses incurred In the 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 Is indispensably
q loss Of capital"
0-"Losses In merchandise can DO deducted
only from gains In merchandise; but, In this case
particular branches Of merchandise need not bt
separated. So In speculation. the loss or gair
from stocks may offset loss or gain from produce
speculated In" rl.rH sIHf ..-
n-"Merchants must make return of theil
profits from merchandise without regard 10 theil
losses In speculation, or gains from Interest. diVi
dends, rents, or any other source"
G)-"Losses In speculation cannot be deducteC
from salaries, nor from gains In merchandise
When losses are sustained In one speculation ant
gains made In another speculation, such lossei
may be deducted from such gains Losses in on,
branch Of merchandise may be deducted from
gainSin any other branch of merchandise" ~"
(0-"where stocks, etc, are bought as a per
manent Investment, and sold again merely u
change tho investment o loss sustained In thu
sale may DO, deducted from the dividends from
sueA stock. But where tho purchase is made fo
the purpose Of selling again on speculation, th,
loss sustained by the sale cannot be deductet
nom dividends, but may BIO. deducted from gain
derived from the purchase and sale Of stock, etc.
In tho Same year."- .
From the total amount Of such rents received
within the year for which income Is estimated. o.
due and collectable on tho 3lst day of DecembeI
ofsaid year, should be deducted
LIST. The amount paid or due, by the owner FOL
repairs made within the year, not exceeding tn
yearly average paid out for such purposes for IN,
preceding ayo years, and not including amy
amounts paid or due for new structures, or fol
now and permanent Improvement
Cd Insurance for the year paid by the owner
unop the building rented or offered for rent, mol
including insurance paid npon any other prop
IA Interest which accrued for tho year on In.
cpmbrances upon the buildings rented or offered
Tor rent, or upon the lands on which they stand