Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-06-07
ABSTRACT OF THE ANNUAL INeoS :,
ANNUAL INCOME
TAX.

nsso nrrsoIIIS H.. present tho whole subject, under
.s.uv. ,dnct heads: n
iAiA IT SHOULD BE MADE--wHERE, WHEN
I, AND By WHOM. -
= -. Tho law requires every person Of age,
: aiding In the United States, to render 10 the
Assistant Assessor Of the sub.dlStrict In. which be
or she may be residing on the list day Of May, Q
written statement, according to q prescribed
form, Of the amount Of his or her income, gaini
and profits during the previous year, from jan
uary LIST 70 December 3lst DO b days inclusive,
A printed blank containing this Sorm can be OBJ
tanned from tho Assistant Assessor. A person
having no hxed residence, should make n state.
ment wherever he or she may happen 10 BE-; and,
In case of removal 10 another district, should take
q certified copy Of such statement to show any
other Assistant Assessor, who otherwise might
make o second assessment
g, 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 II, has been
left ut the place Of residence or Of business, or de.
posted IN tho pearest Post ONCE.
3. Tho annual income tax ID o personal tax,
and It cannot be assrssed against my corporation,
company, or partnership. us such Every indi'
vIdual member must make q statement OF bis or
her share OF or Interest Ia the gains and profits Of
such company, ETC., whether such gains and
profits are divided or not, and mu t also state
separately his or her income from oil other
sources. -
EVILS OF NEdLEcT TO MAKE OUT OR VERIFY
STATEMENTS.
5 II any person nrglects or refuses to render q
written statement. the Assistant Assessor Is re-
quested to- all out u blank with such persons
name, and taxable income estimated according TO
tho host information that can be obtained, and
upon this estimated income to assess the tax, and
then to add 25 per cent, TO such tax as q penalty
for neglect or refusal.
@. An Assistant Assessor may be mlslsd In
making this estimate. by being mlsinformed as TO
money received. or not Informed as to money
paid. Hc must assess, however, according TO Il ,
best information within bis reach. The only pe 3.
son capable Of giving absolutely correct inform
ton IL frequently the one who refuses or ncglec 4
to make n statement. II such person will not
take tho trouble 10 inform the Assistant Assesso.,
there Is q bar TO all complaint. should the assesi
ment prove Incorrect, and o heavier tax DO levied
than would otherwise DO charged. Moreover.
after an assessment has once been made. II erro
neOus, II Is always troublesome to the party In.
tercs,ed to have Il corrected. All persons, there.
fore. but especially such az hdre no taxable income,
should not fail to render the required statement,
upon the proper blank, so as to avoid undue tax
alton and trouble. .
4. Every statement must be verified by oath or
Affirmation. When this Ia not done, tho Assistant
Assessor Is required TO estimate tho income md
to add 25 per cent. to to the tax
EVILS OF MAKIso A FALSE STATEMENT.
0. An Assistant Assessor has power to increase
the amount In any statement, after giving due
information to tho party interested. H6 Is re
quired, also. to udd 100 per cent. TO tho tax wher
a false statement has been rendered ; and tn,
party making tho false statement becomes liable
not only for this additional tax, but likewise 4
two distinct prosecutions before the United State
Courts-one for making 4 false statement with In
tent TO defraud tho Government, and the othe
for perjury. %
MANNER OF MAKING VI STATEMENT OF IxcoME
BY the lleth section Of the law, the Commits
sioner Of Internal Revenue 10 empowered TO pre-
scribe tho form and manner In which the state
mcnt Of income must bc made up. This he ha
done In Q printed blank used by the Assistant A.
SCISSOR. and In various circulars and rulings. Th
following Is O summary Of what has been pre-
scribed: r--
/. Each Of the great classes into which the pul
suits Of life and the Investments Of capital hav
been divided must DO returned sspardtely- losse
In one not being allowed TO Offset gains In another
Thus q merchant who engages In farming or |
speculations not belonging to his legitimate bus
ness cannot Offset gains In tho one by losses |
tho other. 1850
. The expenses incident to each business r
deductlble from the receipts Of that business.
3. Speculntlons l~Sgitimdtely belonging TO an,
business, and these ulone. may DO carried into II
profit and loss account, Thus q broker may spec
llate In stocks, q dry goods merchant In cotton,
hardware man In iron, etc, and snch speculation
may affect the gain and loss Of such legitimat
/ DuniQeHB. a merchant also may make or IOhc U
exchange or the kind Of money paid for his mel
chandise, and this gain or loss belongs 10 his mel
chandise account. But II he buys gold, uncurren
money, United States Treasury notes, or IN,
other thing not one Of the articles Of trade belong
Ing TO his regular business, for the purpose Q
speculation, the profit or loss from such specull
ton will not be allowed to affect the profit or los
from his regular business. A business fri
placed $4,000 in the hands Of q New York bro
ker, lnstructing him TO use II In the purchase an
snle Of gold, on their account and having los
s27. 500 In this venture, they claimed that
should be deducted from their profits in bushes,
Commissioner Lewis dlsalowed the claim. an
said the uniform ruling had been that ~ hen
loss Is made In any particular business, agalns
which there are no gains TO Offset. It Is consid
cred a dead loss Of capital iHuested In that bus
ness." Again, "loss Of capital cannot be d.
Quoted from Income Return Of income mus
DO mRde'o on the gains"
4. How far different kinds Of business must b
returned separately Is shown by the follorin
rulings Of Commissioner Rollins
(dI-"Loss incurred In the prosecution Of on
kind Of business caiinoi be deducted from gain 1
business Of an entirely diFerenteharaeter, nor froI
salary, rents, dividends, etc ISL.
b)-"LosseH incurred In the prosecution Of on
branch Of business cannot be deducted from gal
Ia another. siuce an absolute loss incurred In III
prosecution Of q single business IL indlspensabl.
n loss Of capital. 81
U)-"Losses In merchandise can be deducte
lnly from gains In merchandise; but In this case
particular branches Of merchandise need not b
separated. 30 In speculation, the loss or gal
from stocks may offset loss or gain from produe
speculated In
(dJ-"Merchants must make return of thpi
profits from merchandise without regard to thsi
losses In speculation, or gains from interest. div
dends, rents, or any other source"
o." Losses 10 speculation cannot be deducte
L.
When losses are sustained In one speculation IN
gains made In another speculation, such lossc
may be deducted from such gains Losses In on
branch Of merchandise may be deducted fr0r
gains In any other branch Of merchandise"
O-"where stocks. etc, are bought as a pei
mxnent Investment, and sold again merely I
change the investment, O loss sustained in III
sale may be deducted from the dividends moi
snek stock. But where the purchase Is made 70
the purpose Of selling again on speculation, tn
loss sustained by the sale cannot be deducte
from dividends, but ray be deducted from gain
derived from the purchase and sale Of stock, etc
INCOME FROM RENTS OF BUILDINGS. %7'
From the total amount Of such rents receives
within the year for which income Is estin ated. o
duo and collcctablc on the 3lst day Of Desambe
ufsaid year, should DO deducted:
lst. Tho amount paid or due, BY the owner, 70
repairs made within the year, not exceeding n
| yearly bFcIhkp pau huSa pui pOsch " \
preceding hvc years, and not including ii
amounts paid or due for new structures, or g.
now and permanent Improvement
Cd. Insurance for the year paid by the OWE
upon the buildings rented or offered for rent, NJ
including insurance paid upon any other pros
rrty, real or personal. .E:tR.GpL C1saSE.
Sd. Interest which accrued for the year on In
cumbrances upon the buildings rented or oGere
for rent, or'upon the lands on which they stand
whether such interest has been paid or remain
due, ~ -
All buildings offered for rent will be regarde
together no segregation being required Repairs
Insurance and interest paid on account Of an,
and all such buildings, whether occupied or moi
will DO deducted from the total amount Of rents
Taxes will not DO deducted from rents, bu
from gross income from oil sources.
By the law OF June 30, 1854. In estimating In
como IRON rents, no account 10 taken Of the rentu
value Of q homestead occupied by the owner
Payments for repairs, insurance and Interest, OF
account Of . homestead, will be considered here
after, when treating of general deductions from
gross income. ''hil. ~. SH II W. {