Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-10-16
or rHB ANNUAL INCOME TAI
ANNUAL q TAX.

hAAIGh1 W. RApANAb 80 y eHeNe
several distinct hesdif
SHOULD BE. NADEt-wHERE, wHES,
AND BIT WHOM. \
J.. The law requires every person Of lawful age
In the United Ststes, TO render TO tho
Assistant Assessor Of the Sub.dstr.ct In which be
or she may be residing on the, LIST day o fhay, o
statement, according TO . prescribed
form, Of the amount Of his or her income, gains
and profits during the previous year, from Jan.
uAry LIST 10 December 3lTt, bo,h days inclusive.
A printed blank contalnipg this form can be OBJ
taIned from the Assistant Assessor. A person
having no fixed residence. should make Q state.
ment wherever he or she may happen to be; and,
In case Of removal to another district, should q k
. certified copy Of such statement. to show any
other Assistant Assessor. who otherwise might
make q second AssessmentUn
Q The statement must DO 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 at the place Of residence or.of business, or de.
posted In the peareSt Post ONCE.
3. Tho annual income tax Is Q personal tax,
and It cannot be assessed against any corporation,
company, or pRrtnership. ~ such. Every indi-
vidual member must mako o statement Of bis or
her share Of or interest In the gains and proftIof
such company, etc, whether such gains and
profits are divided or not, and must also state
separately his or her income from all other
sources.
EVILS OF NEGLECT TO MAXI OUT OR vERITY
STATEMENT .
5. II any person neglects or refuses 10 render 4
statement, the Assistant Assessor 10 re.
to dill out q blank with such persons
name, and taxable income estimated according to
the best Information that can be obtained, and
upon this estimates income to assess the tax, and
then TO add 25 per cent, TO such tax ~ 4 penalty
for neglect or refusal.
6. An Assistant Assessor may be mIsled In
this estimate, by being mlsinformed AZ TO
money received, or not informed as TO money
paid. He must assess, however, according 10 the
best Information within bis reach. The only per.
son capable Of giving absolutely correct lnforma'
tion Is frequently the one who refuses or neglectS
to mako a statement II such person will not
take the trouble TO inform the Assistant Assessor,
there ID 4 bar TO all complaint, should the aSSeSs.
ment prove Incorrect, and Q heavier tax be levied
than would otherwise DO charged. Moreover,
after an assessment has once been made, II erro
neous, Il Is always troublesome to the party In.
teres,edt to have Il corrected. All persons, there.
fore, but especially sneA a. kape no ta1dbh iaeoRs,
should not fail to render the required statement,
upon the proper blank, 10 as TO avoid undue tax.
atIon and troublef
7. Every statement must DO verified by odth or
Affirmation. When this Ia mot done, the Assistant
Assessor 10 required TO estimate the income and
to add Is per cent to to the tax.
EVILS OF MAKING A L STATEMENT.
9. An Assistant Assessor has power to increase
the amount In any statement, after giving duo
to the party interested. Be Is re-
qulred, 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 70
two distinct prosecutions before the United States
for making a false statement with In.
tent to defraud the Government, and the other
for perjury. .n'1
OF MAKING Up STATEMENT OF INcoME.
BY the 18th section Of the law, the Commits.
Sioner Of Internal Revenue IL empowered TO pre-.
scribe the, form and manner In which the state.
meni OF income must be made up. This he has
done In a printed blank used by the Assistant As.
SCISSOR. and In yanous circulars and rulings The
following Is a summary Of what has been pre-.
Icribed:
/. Each Of the great classes into which the pur.
suits Of life and tho Investments Of capital have
been divided must be returned Separdtely- losses
In one not being allowed to Offset gains In another.
Thus q merchant who engages In farming or In
SpeculatIons not belonging to his legitimate bust.
ness cannot Offset gains In the one by losses In
the other. .,. ,-..s
3 The expenses incident 70 each business re
deductIble nom the receipts Of that business
3. SpeculatIons LeStttmdtsly belonging TO any
business, and these alone. may be carried into Its
pTOut anu lObB hCCOuut- Auab btuACA Wog bpNO'
ulate In stocks, a dry goods merchant In cotton, q
hardware man In Iron, etc, and sIcA speculation
may affect the gain and loss Of sEeh legitimate
business. A merchant also may make or lose by
exchange or the kind Of money paid for his mer
chandise, and this gain or loss belongs 10 his mer.
chandise account But II be buys gold, uncurrent
United States Treasury notes, or any
other thing mot ono Of the articles Of trade belong.
Ing 20 his regular business, for the purpose Of
the profit or loss from such Ipecula.
will not be allowed to affect the profit or loss
from bis regular business A business firm
placed $4,000 In the hands Of . New York bro.
ker, Instructing him 10 use II In the purchase and
sale Of gold, on their account; and having lost
o27, 500 In this venture, they claimed shat II
should be deducted from their profits In business.
Commissioner Lewis dlsalowed the claim. and
said tho uniform ruling had been that "vhen a
loss Ii mnde In any particular businesS, against
there are NO gains to- Offset, II 10 conHid.
cred a dead Lots Of capital fEDssed IN thdt bust.
Quoted from Income" "Rsturn Of Income must
be made on the gains"
4. How far different kinds Of business must be
separately isNshown by the following
rulings Of Commissioners Rollins, r q .aH n
(d)-"Loss incurred In the prosecution Of one
KIND Of business cannotb be deducted from gain IN
Of m snttrsly d1rsHteharaeta, nor from
salary, rents, dividends, etc"
B-"LosseS incurred 10 tbs prosecution Of one
branch Of business canno be deducted from gain
In another, since an absolute loss incurred In the
prosecution Of q single business Is IndiIpenSably
o 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 80 In speculation, the loss or gain
from stocks may OFFSET loss or gain from produce
speculated In"
GO-"Msrchants must make return of their
profits from merchandise without regard to their
In speculation, or gains from Interest, divi.
dends, rents, or any other source" hH.3
N)-"Losses In speculation cannot DO deducted
from salaries, nor from gains In merchandise.
When losses are sustained In one speculation and
gains made In, another speculation. meh Losses
may be deducted from such gains Losses In one
Of merchandise may be deducted from
gains In any other branch ofmerehanoise." .
O-"where stocks, etc, arc bought a. . per.
mRnent investment, and sold again merely TO
the Investment, q loss sustained In the
sale may DO deducted from the, dividends from
suek stock. But where the purchase 10 made for
the purpose Of selling again on speculation, the
loss sustained by tho sale cannot Be deducted
from dividends, but nay be deducted from gains
derived from tho PErehass sHS sat Of stock, ETC..
In the Same year"
INCOME IRON RESTs OF BUILDINGS
From the total amount Of such rents received
the year for which Income 10 estimated. or
and collectablo on the 3lst day Of December
Of said year, should be deducted: l..afHH
LIST. The amount paid or due, by the owner, for
repairs made within the year, not exceeding the
yearly average paid out for such purposes for the
ave years. and not including any
paid or due for new structures, or for
new and permanent improvements.
Cd. Insurance for the year paid by the owner
,pon the buildings rented or offered for rent, not
including insurance paid upon any other prop
real or personal.
Sd. Interest which accrued for the year on In.
upon the buildings rented or offered
or rent, or upon the lands on which they stand,
whether such interest has been paid or remains
iua. d,s4L5yay "a af.
All buildings offered for rent VIII be regarded
ogether, no segregation being required Repairs,
insurance aud interest paid on account Of any
md nil such buildings, whether occupied or not,
Will be deducted from the total amount Of rents.
Taxes will not be deductsd from reutS, but
rom gross Income from all sources.
BY the law OF juno 30, 1884, in estimating In
from rents, no account Ii taken Of the rental
'alue Of a Homestead occupied by the owner.
for repairs, insurance and interest, on
lccornt Of . homestead, will be considered hero
Ifter. when treating Of general deductions from
ross income.