Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-07-26
.BsfRaGfaRHK4kNulIis dOas TAX
ANNUALNCoMR TAX.

-
OF what Is required BY law in reference TO tho IN
como Tax, aud OF the decizlons by the Depart
mont At Washington upon various questions that
have ariseps ~ present the whole subject, under
It's several distinct heads N. io,,.E.'
STATEMENT SHOULD BE MADE-wHERE, WHEN,
Gijt IA NJ AND ~, WHoN. a EaE E.l
\. The law requires every person Of lawfdi age,
residing In the United States, TO render to the
Assistant Assessor ofthe sub.distr.ct In which he
or she may be residing on the LIST day Of May, a
written statetnent. according to q prescribed
form, Of the amount Of his or her income, gains
and profits during me previous year. nom jan
Aprinted blank containing this form can be OBJ.
taInod from the Assistant Assessor. A person
having no hxed.residence, should mako q state
ment wherever he or she may happen TO be; and,
In Gao of removalt to another district, should take
n certified copy Of such statement. to show any
other Assistant Assessor, who otherwise might
make o second assessment
o The statement must DO rendered on or be-
fore tho LIST day Of May, or within ten days AFTER
o written or printed notice requiring 1t, has been
left nj the place Of residence or OF business, or de-
posIted In the pearest Post ONCE. ~,
3ITho annual Income tax Ia n. personal TAX
and II cannot DO assessed against any corporation,
company or lpartnershipr as such. Every indi-
yidual member must make q statement OF. bis or
her share OF or interest In the gains and profits OF
such company, ETC., whether such gains and
profits arc divided Or not. land must also state
separately his or her income from all other
Eourcea. 40 !.l-I4El l.E-. -
Evils OF L TO MAKE OUT OR VERIFY
EiisE.S EIsTkTRhKETSEE I4A' 40,
& II any person neglects or refuses to render a
written statement, the Assistant Assessor Is re-
quested TO fill out q blank, with such persons
name and taxable Income estimated according 10
the best information that can DO obtained ana
" - a = fh aaaaau fhA fnY and
then to add IS per cent, to such tax Us q penalty
for neglect or refusal.
q Az Assistant Assessor may be mlsled In
making this estimate, by being misinformed as 10
money received, or not informed as TO money
paId. Ho must assess, however, according to the
best Information within his reach. The only per-
son capable OF giving absolutely correct informa.
tIon Ia fredncntly tho, one who refuses or neglects
TO mako q statement. III SUCH person WIN NOT
take the trouble 10 inform the Assistant Assessor
there II ahar 10 all complaint, should me Issgss,
ment prove Incorrect, and a heavier tax be levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II erro
neous. II Il always troublesome 10 the party In
terested 10 have Il corrected. All persons, there
fore, but especially snch as hdre no taxable income,
should not failto render the required statement,
upon the proper blank, SO as TO avoid undue tax.
alton and trouble ~ So
=. Every statement must be verified by oath or
affirmation. When this Is not done, the Assistant
Assessor Ii required to estimate the Income and
to add IS per cent TO to the tax Ia
EVILS OF akKlso AFALsE srAIkhEeI.
8. An Assistant Assessor has power TO increase
the amount In any statement, after giving due
information TO the party interested: he IN re-
CURED also. TO add 400 per cept, 70 the tar when
o false statement has been rendered ana the
party making the false statement becomes liable,
not only for this additional tax, but likewise to
two distinct prosecutions before the United States
Corrta-one for making n false statement with In.
tsnt to defraud the Government ana tue o'ner
for perjury. 20,
MANNER OF aAklSo uf xIEnEN INSoMh"
BY the ilstn sscuon OF tne Jaw, the onim
sioner OF Internal Revenue Is emP9wereu 70 pre-
scribe the form and manner In whicn me STATE.
ment Of Income must be made up, TINS ne mas
| done In o printed blank used by the Assistant AZ.
SCISSOR, and In various circulars and rulings The
following Is a summary OF what has been pre-
'cIibsd; .-o,, o,.,.s, into wh,cb N, Dur.
| suits of life and the investments OF capital nave
been divided must DC stpa,atety. ~
In one not being allowed to onset gains In another
Thus . merchant VINO engages IN tLI,Mlnas u ,aI ~
speculations MOI oeionginB W ns o n.
ness cannot onset gains IN tno one 'osSes "
the other.
Inc expenses ineident 70 saen ousInsss re
deauSuoIe rom 'he IessiPtsI snns
J. speculatlSns. HSninoasty petonglng 10 any
pustness, anu 'neso nI'ns TIh may ,oharwaus 80
fis.- \. -.o.Ls n drv ooods u,archaptI In rotton n
nlaie IN stoeks' ury s'ous nuS .,nG snec,io,ion |"
lew ~, ,ha aain and Los. Of snek iesitImNte
mny ~ = w.ych"nt aiso NAV MAZE or lose by
uh.a M tJrd ~ morsy naId 6or hJs mar.
eehondiss and tbis gain or loss beIon9s 10 his mer.
| sshandiss account But II he buys gold, uncurrent
monsy~ limited States Treasury notes, or any
Ma,h.1 Ia. mi ops IN m. articles of ,ra6e belong.
o'hoi 'nns no.y hns,nass ~ IN. nUrnosa o,
ing W M rs nrost or ioss from sucb specnlS.
pNnmo 20, ~ a,io..S, % atact the nroat or Ios.
non ~. rsoriar hns,ross A bpsIne.s Arm
uo = sIn IN IN ,bs hands NJ a Nav Work bro.
P.s s . Iurnr,ir. him N nse II in tbe purchase and
Aet, IuS = 49, ..sorr, al ba,Ins Ia,
AZ : = ~. M f ~ H. xsnturc' tbry claimed that /,
shonId he deducted from their .profts In business,
commissIonsr LAWS dIsailowed the claim, and
aid ths uniforru ruling had been that when a
loss ia made In any particular business, agains,
which there are no gains to Offset, It Is consid.
ered a dead loss of CAPITAL inpestsd In that bust.
Hs,," Again, "los Of capital cannot be do
Quoted from income" Return Of income must
DO made on tho 8ains."
4. How far different kinds Of business must be
returned separately Is shown by the following
rulings Of Commissioners Rollins ;JmE,glg
(al-"Loss Incurred In the prosecution OF one
hind Of buSiness cannot be deducted from gain in
business Of an entirely dUtrenfehdrdetT, nor from
salary, rents, diyidsnds, etc. 20 asg,,iI-u
b)-"Lossesin Incurred In tine prosecution OF one
branch OF business cannot % deducted from gam
In another, SINCE an sosoiu.o - iIe1IIeu ~ .he
prosecution OF. nsingie business IN inoispensaoIy
aloss OF capital
(9-"Losses In merchandise can DC deducted
only from gains In merchandise but. In this case,
particular branches OF merchandise need not be
separated. So In speculation, the loss or gain
from stocks may offset loss or gain from produce
speculatsd In"
proa,s from merchandise without regard to their
losses In speculation, or gains from interest. diyi'
dends, rents, OF. any other. source"
1)-"Losses in speculation cannot be deducted
from salaries, nor from gains In merchandise
eaIns made In another speculation, such losse,
NAV he deducted from such gains Losses In one
hra,cS N mrrchandi,e NAV be deducted from
eainS IN Sny other branch on merchandIse,"
go EaW bsre s,ocks etc arc bougbt as A per.
want Inys.tmsnt and sold nrain merely tc
| cbancr the inyestment, A loss sustained In The
All. Nav h, deducted from the dividends from
,ncb stoct, Bnt whore tho purchase Is made for
Tho nurnose Of selling again on speculatIon, the
io., ,n.tsined by ne sale cannot be deducted
from dividends, but may DO deducted from gain
derived from the purekass and sale Of stock, etc.
"