Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-09-19
OF THE ANNUAL INCOME TAX
ANNUAL INCOME tax.

Having been requested 10 prenar. an .h.,r..,
OF what is required by law In reference 10 tha In
come Tax. and q the decisions by The Dsn.r,.
ment AZ washington upon various Question. that
It's several distinct heads: "U
STATEMENT SHOULD BIZ MApE-wuypv vyvv
AND By WHOM.
l. Tho law requires every person a ful eve
residing In the United States, to render 10 H.
Assistant Assessor Of the sub.distr.ct In which he
or she may be residing on the LIST day Of May, a
written statement. according TO q prescribed
form, of the amount Of bis or her income, gains
Lnd profits during the previous year, from Jan.
uary LIST 10 December 3lst, borh days inclusive.
A printed blank containing this form can be OBJ.
tanned from the Assistant Assessor. A person
having no fixed residence, should make a state.
nent 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 otnerWlso might
make a second assessment.
2. The statement must be rendered on or De-
fore the LIST day Of May, or within ten days AFTER
@ written or printed notice requiring 1t, has been
left at the place Of residence or f business or de-
posted In the pearest Post Once.
3, The annual income tax Is Q personal tax,
and II cannot be assessed against any corporation,
company, or partnership, as such. Every indi'
vIdual member must make q statement OF MS or
her share of or interest In the gains and profits OF
such company, etc, whether such gains ana
profits are divided or not, and must also state
separately his or her income from all other
sources.
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS. ..
s. II any person neglects or refuses to render q
written statement, the Assistant Assessor IL re.
quesied TO ill out a blank with such persons
name, and taxable income estimated according to
the best Information that can be obtained. and
Il unOn thia aatimatad inrnnna In aaEnEa the taY and
then to add 25 per cent, 70 such tax rs u penalty
for neglect or refusal.
6. An Assistant Assessor may be misled In
making this estimate, by being misinformed as to
money received. or not informed ~ to money
paid. He must ASSESS, however, according TO the
best information within his reach. The only per.
son capable Of giving absolutely correct lnforma.
ton IL frequently the one who refuses or neglects
10 make IL statement. II such person will not
take the trouble TO inform the Assistant Assessor.
there Ia N bar to all complaint, should the assess:
ment prove incorrect, and O heavier tax be levied
than would otherwise be charged. Moreover,
utter an assessment has once been made. II erro
neOus, II Is always troublesome TO the party In.
terested TO have II corrected. All persons, there.
fore, but especially such as hape no taxable tneoms,
should not fail 10 render the required statement,
upon the proper blank, no as TO avoid undue tax
alton and troublef
7. Every statement must be verified by oath or
affirmation. When this Is not done, the Assistant
Assessor Is required TO estimate the income and
TO add IS per cent. to to the tax.
q A. ssSy,an, 1890, ho. nn,~sr ~ i,r,,o,,
the amount In any statement, after giving duo
information to the party Interested. He In re-
quired, also, TO add 100 per cent. TO the tax when
a false statement has been rendered and the
party making the false statement becomes liable.
,wo Jis;Inc, nro..cu,ions before The limited States
Courts-on. for making a false statement with in.
tent IN d.frand IN. Government. and the other
Tor neriurv
aISSER 81 MAKING Up STATEMENT op INCOME.
By the ilsth section of the law, the Commits.
,Ioner OF Internal Revenue Ia 10 pre-.
| scribe the form and manner In which the state.
men, of income must be made up. This he has
done In a printed blank used BY the Assistant As.
sdssor and in various circulars and rulings 'rh.
following is a summary Of what has been pre-.
.cribed:
i Each of IN. great classes into which the pur.
.pI,s OF life and The Investments Of capital have
been divided must be returned apayatsly- losses
In one not being allowed to Offset gains In another.
Thin, a merchant who engages in farming or in
snecnIotions no, belonging 10 hs Legitimate busI.
p.., cannot ofrse, gains in the ons nv losses In
IN other
:" . Tb. .,,srse, irc,d.n, N sacb bp.,ncs, re
d.d,c,ibIe from m. rrceInts of that business
a SnccpIa,Ions koitfnaf,Iv belonging 10 any
business, and these alone, may be- carried into It's
probt and los, account, Thus a broker NAV spec.
pioU,u.' !" s,oOIs = H., "oods n,arohsn, IN oc,,np a
uan'r ~ s'oenn' - :: 30 nuS .an "nao,io,,,"
hhru"Gie mMl III run, III, WY !" PgeeS,inn,n
mhy anee' .ne 5Itn u saIM I.sn"'nnnhv,
BUSINESS no,euan' Mso may niaAe VI Iose w
e1chanBe or !ne kinoo VI money pau LOT ~ heI
cbandIse account. but II he buys gold. uncurrent
money, onitea state. lreasury noles, OF sny
o'her thinB NOT = VI ~ aiue.es VI 'Iaue oeions,
Ing 10 his regular business ior the purpose OF
speculation, the pront or loss from sucn specuia'
ton VIII NOT De aIowed 10 anect 'ne pIont or loss
from hs regular ouslness. a ousiness nIm
Pl"eeu s1oivoV ~ u y oto
ker, instruetng MIN 10 use II IN the purchase ana
ssle OF gold, on their account; and having lost
$4,000 In this venture, they claimed that II
should be deducted from their profits In business:
Commissioner Lewis disallowod the claim. and
said the UNIFORM ruling mad been that ~ hen q
loss IL made In any particular business against
which mere are no gains 70 offset, u Is conso'
cred Q dead 1858 q edpitdl inrestsd IN mdt ohsi'
ness AGAIN loss OF eapital cannot DC de-
Quoted from income. " Return OF income must
be made on the SdiHs.
4. How far different kinds OF business must be
i FRinFnRH AnnArHtelN is HnOTn IN the tOlONHlnR