Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-08-13
ABSTRACT OF THE ANNUAL INCOME TAX
ANNUAL o TAX.

Having been requested TO prepare an aoslr1ct
Of what "a required BY law IN refercnceto tnoln
come Tax, and Of the declsions by the depart.
ment at Warrington upon various quesuons sIa
have arisen, we present the "hoie suD9e9N' uNN'
its several distinct heads: ,
STATEMENT SHOULD BE aADE--whEhh' "hL''
N BY WHOM.
Thu law requires every person OF lawful age'
residing in the United States, to render 70 tno
Assistant Assessor of the sub.distr.ct IN wnich NJ
or she may BIZ residing on tho LIST DAY OF hay,a
written statement, according 10 = aaIns
form. of the amount Of his or her income, ghMiS
Snd proAts during the previous year, from jan
naTy lst 10 December 3lst, both days inclusive
A nrinted blank containing this form can DC oo-
tanned from the Assistant Assessor. a person
having no fxed residence, should mako u STATE
mcns wherever he or she may ns stTPet sSould take
a certified copy of such statement. to snow any
other Assistant Assessor, who Otherwise miBn'
make a second assessment
0 The statement must DO rendered on OF Dc
fore the LIST day OF May, or WITHIN zen dnys w
a written or printed notice requiring 1t, has been
len nj the place Of residence or OF business OF ue'
posted In tho pearest Post once.
a Tho annual income tax Is q personal YAK
and II cannot be assessed against any corporaiion'
company, or partnership, az such. hveIy hu.
vldual member must make q statemen'
her share of or interest In the gains and promise OF
such company, etc, whether. -such gains anu
profits are divided or not, and must aso s.A.e
separately bis or her income from III otner
sources. .,,vv
EVILS OF NEGLECT TO MAKE OUT OK 'EKlfi
STATEMENTS.
< II any person neglects or refuses to render u
written statement, the Assistant Assessor u 10.
ouested to fill out Il blank with such persons
name, and taxable Income estimated accord,ns y
the best Information that can be oDtahned' anu
upon this estimated income to assess the tax ana
,b.n 20 ada o. mar cent. TO Hucl TAX ~ u pe0hlty
for neglect or refusal. ~
& An Assistant Assessor may be mlsled In
making this estimate. by being misintorined as 10
money received, or not informed an TO money
paid. He must assess. however. according 10 Tue
b.st information within his reach. The only per.
son capable Of giving absolutely correct informa'
lion In frequently the one who refuses or neglects
to make u statement. II such person VIII not
take the trouble TO inform tho Assistant Assessor'
there is u bar to all complaint, should the assess,
ment prove incorrect, and a heavier tax be levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II err0
neuus. Il IA always troublesome to the party H.
terested TO have It corrected. All persons. there.
fore, but especially such as haze no taxable income,
should not fail to render the required statement
upon the proper blank, 30 a. 10 AVOID unuue INK
alton and trouble.
7. Every statement must By verified by oath or
| affirmation. When this is not done, the Assistant
| Assessor IL required to estimate the income and
to add IS per cent. to to the tax =
EVILS OF MAKING A FALSE STATEMENT.
9. An Assistant Assessor has power to increase
the amount In any statement, after giving due
| information to the party Interested. He Is re-
| quired, also, TO add 100 per cent. TO the tax when
y false statement has been rendered and the
party making the fnlse statement becomes liable,
not only for this additional tax. but likewise TO
two distinct prosecutions before the United STATES
| Courts-one for making q false statement with In.
tent to defraud tho Government, and the other
for perjury.
MANNER OF MAKING UP STATEMENT OF INCOME.
BY the 18th section Of the law, the Commits.
sioner Of Internal Revenue Is empowered to pre-.
scribe the form and manner In which the state
mcnt of Income must be made up. This he mas
done In II printed blank used by the Assistant As
SCISSOR. and In various circulars and ruling- Inc
following Is u summary OF what mas peeh pre-
scribed:
!. Each OF the great classes into when the pur'
suits Of life and the Investments OF capital nave
been divided must Dc returned separd,e'y- Iosses
In one not being allowed to offset gains In another.
Thus a merchant who engages In farming or In
speculations not belonging TO his legitimate Dusl'
ness cannot offset gains In the one by losses III
the other.
. The expenses incident to ehch business re-
deductible from the receipts OF mar business
3. Speculations hSitimdfety belonging 10 any
business, and these alone. may Do carried ihtoi ls
profit and loss account. Thusa broker may spec
ulate In stocks, a dry goods merchant IN eot,on, u
hardware man In IRON, etc. ana suen Speculation
may anee' Z gu" an aSsn n r,aS. ~ Ioss Inv
u o or tbs kind Of money maid for hs mer.
chan9ise' n ,n'' s u !, 20 - ~ 49,. nofS nncnrrsnt
cnanaise CooI s,a,as Tr.ssr,r, notss or nny
o,bsr thing moi one of the articles OF trade belong.
ing 70 ms rssuiai az por,o'
.peeuInuon, y pion. - ~, N. nrns, az ioS.
Monn, hs rscuiar bn sIness A bnsiness Arm
nIaa.d an MO in this bnnd. of N New York bro.
placed s4o!vvv IN the n = !, VI IL IN nr nr,nSaS. and
ker, instIusnng MN 70 USE ~ ~ = hau'nn ioS,
sale OF goid, on tnen ueeoun. anu lawns ,hs, :,
S2I.yoo IN lhls SsH tuT sIey os,s ~ hraIn..s
should DC deuuStea y aIHn ~. ~. .,otn, ga
C3mmlssions6 Le" n,iinn hnJ han ,S., :" hen n
sau u aIyT ~ . ,a ns,,icn,ar husInss. AGAINST
Ioss - m ~ ~ pa;nS ,o oe.s, a :. consId.
Mnieu nv 49, 1900 4, H., by.;.
eieu 'I'a 10. ~ cani,oi canrot he do.
ness. AsaL, no "Rs,urn ~ income mus,
auc'eu rom enn ~
DC mano oH a. dISnr.nt kind, a, busIn.s, INNS, he
y ~ Z. shovn by The foIIow,ng