Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-08-22
ABSTRACT OF THE ANNUAL RCoNB-rA,
ANNUAL O TAX.

Having been requested TO prepare IN abstract
Of what Is required by law In reference to the In.
CONF Tax, and Of tho decidons by the Depart.
ment at Washington upon various questions that
have arisen, we present the whole subject, under
itSseveral distinct heads:
STATEMENT SHOULD BE MADE--wHERE, WHEN,
AND BY WHOM.
/. The law requires every person OF awf age,
residing In the United States, to render to tho
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 O prescribed
form, of the amount Of his or her income, gains
knd profits during the previous year, from Jan.
uary LIST TO December 3lst, both days inclusive.
A printed blank containing this form can be OBJ.
tanned from the Assistant Assessor. A person
having no Axed residence. should make q state.
ment wherever he or she may happen to DO; and,
In case of removal to another district, should take
a certified COPY Of such statement. to show any
other Assistant Assessor, who otherwise might
make % second assessment
;, The statement must be rendered on or be.
fore the LIST day Of May, or within ten days after
a written or printed notice requiring 1t, has been
left nj the place Of residence or of business, or de.
posted In the pearest Post Office.
4. Tho annual income tax Is a personal tax,
and It cannot bc assessed against any corporation,
company, or partnership, as such Every indi.
yidua member must make o statement OF his or
her share of or interest In the gains and profits Of
such company, etc, whether such gains and
profits are divided or not, and must also state
separately bis or her income from all other
sources.
STATEMENTS.
s If any person neglects or refuses to render o.
written statement, the Assistant Assessor Is re-
Quested to ill out o blank with such persons
name, and taxable income estimate according 10
the. best information that can be obtained, ana
upon this estimated income to assess the tax, and
then to add IS per cent, to such tax az q penalty
for neglect or refusal.
G. An Assistant Assessor nay be misled In
making this estimate, by being misinformed as to
money received, or not informed as to money
paid. He must assess, 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 neglech
to mako a statement. II such person Will not
take the trouble to inform the Assistant Assessor,
there ID IA bar TO all complaint, should the assess.
ment prove Incorrect, and a heavier tax De levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II GRO
neOus, II Is always troublesome to the party In
tcrested 10 have Il 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, 20 an to avoid undue tax.
alton and trouble.
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.
EVILS OF MAKING A FALSE STATEMENT. 49,
3. An Assistant Assessor has power TO increase
the amount In any statement, after giving due
information to the party Interested. Ho Ia re-
ouired, also, TO add 100 per cent. to the tax when
q false statement has been rendered and the
| party making the false statement becomes liable,
not only for this additional tax. but likewise to
two distinct prosecutionsb before the United States
| Conr,s-one for making n false statement with in.
t"n, % ds,rard the Goysrnment and the other
-. -.
), pStJ ~ Magma Up STATEMENT or INCOME.
~. a. IIe,h sao,ion NJ The law the Commis.
p! u I pnuan "a .nno..r.J 10 nr..
sloIeI VI w .Ibt.h ,bs S,a,s.
scrloc ny loIm anu - y" w. ThI. hs ba.
menlo inc1He mus 70 ns h, ~: ,sais,an, A..
dono IN U printed o,anH ussn " ~ rn,Iinns ri.
sunsoI, n IN ~ ~ ~, has he.r nre.
scrioea; .,,,,, On. n,r.
L. bacn o. tne ssen. s,asss nv nani,aI baxs
suits 0I INC anu . .nna :. ."pj."' ,nss.s
oeon oIvlueu Y oo !. :. .,a,%"r
In one not being allowed 70 onset Sam m anolne ~
Thus q merchant VINO engages IN farming VI ~
speculations not belonging 10 MS legitima'e ouS'
ness cannot offset gains In the one oy Iosses IN
the other.
.. The expenses incident to each business ie
deductible from the receipts OF that business
3. Speculatlons kgflndteiy belonging 10 any
business, and these alone, may be carried into III
profit and loss account. Thus a broker may spec
ulate In stocks, a dry goods merchant In cotton, q
hardware man In Iron, etc, and such speculation
NAV affect the gain and loss of such Legitimate
husiness A merchant also NAV make or lose by
eIebnnge or the Kind Of money paid for his mer
chandIse, and this gain or loss belongs to his mer
chnndise account. But II he buys gold, uncurren'
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 o
speculation, the profit or loss from such specula
Il tinn will moi he allowed TO Affect the prOnt OF lOk
from his regular business. business nrn
placed S4O,oOV IN the hands OF aNeW lork pro
ker, ins'rus,ns MN 10 uso !. ~ = PIienn nS iD
SAC OF goiu, % thei eeosn Imu .hss, u !,
S2f,SoV IN tnis 'snluIe, 'ue! SuT u sIna .
shouIu y . ueuuS'eu Ii. hIn ~. oIoin, an,
Cominlsslohet Ee"in M -. .S.. 49,
sAlu ,ns t sia,,ar hrsin".v .cnhns
Ioss ~ maue ~ - a., 4, - nensIJ
mneh y, a. ~ ssa1 ,..,sJ H. H., 6ys;
80. 49," As.,n .Ioss N canItai cannot he de
n nS, na" aRatnrn ~ Jncoms nina
SussoI - ~ aasrr -
q How far different kinds Of business must b,
returned separately is shown by the following
rulings OF Commissioners Rollins
U)-"Loss Incurred In the prosecution Of on,
kind OF business cannot be deducted from gain In
business Of an entirely diFereatehardcter nor from
salary, rents, dividends, ETC.
UJE"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 a single business IL indlspensably
u loss OF capital"
e)-"Losses in merchandise can be 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
gpeculated In"
G-"Merchants must make return Of their
profits from merchandise without regard to their
losses In speculation, or gains from interest. divi
dsnds, rents, or any other source"
U)-"Losses in speculation cannot be deducted
from salaries, nor from gains in merchandise
When Losses are sustained In one speculation and
gains made In another speculation, such losse.
may be deducted from such gains. Losses In one
branch of merchandise may be deducted from
gains In any other branch OF merchGndisc."
O-"Where stocks, etc, are bought as a per'
manent investment, and sold again merely "a
change tho investment, a loss sustained In the
sale may be deducted from the dividends from
such stock. But where tho purchase is made fol-
tho purpose Of selling again on speculation, the
loss sustained by the sale cannot be deducted
from dividends, but may be deducted from gains
derived from the purehass and sale OF stock, etc,
INCOME X RENTS OF BUILDINGS,