Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-07-07
ABSTRACT 81 rHs ANNUAL INCOME TAX.
1NNUA15~ IN0Oa7ETAx.

Having been requested to prepare an abstract
Of what 10 required BY law In reference to the In
come Tax, and Of the dscidous by the Depart
msnt at Washington upon VARGAS questions that
have arisen, we present The whole subject, under
rs severa1 distinct heads:
STATEMENT sHoULD BIZ MADE-!wHERE, WHEN,
.9GD4F AND BY wHoa.
l. The law requires every person oflawfal age,
r siding In the United States, to render to the
,As,lsIsnt Assessor OF the sub.dhtEct Ia which he
or she may DO residing on the LIST day Of May, q
written statement, according to q prescribed
form, Of the amount Of his or her income, gains
and profits during the previous year. from jan
uary LIST to December 3iAf, 90 o days inciusive'
A printed blank containing this form can DO OBJ
taEnrd nom the Assistant Assessor. A person
having no axed residence, should mako Q state
mani wherever be or she may happen 70 be; and,
N ioasoo Of renewable smother district, should take
q certified copy Of such statement to show any
other Assistant Assessor, who otherwise might
make a'second assessment
fore the LIST day. Of May, or within ten days after
a written or printed nutlcs requiring ~ has been
Ian a the pldce OF resIdrnce or Of business, or dc.
nosIted Ia tho nearest Post ONCE.
a Tho annual Income tax Is q personal tax,
and Il cannot be assessed against any corporation
company, or partnership, Us such Every indi'
viduak member must maketa statement OF bis 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.
EvftS OF NEGLECT TO MAXI OUT OR VERIFY
STATEMENTS.
s II any person nrgiects or refuses to render q
written statement, the Assistant Assessor Is re
quesied to ill out o blank With such persons
name, and taxable income estimated according 10
the best information that can be obtained, and
.Aa Nha NnS ~
then 10 add o5 per cent, 10 such tax as u penalty
q An Assistant Assessor may be mIsled In
making this estimate, by being mlsInformrd rs TO
monev rscsIved. or mot informed an to money.
maid, Ho must assrss, however, according to the
h-st I,forma,ion within his reach, The only per.
~. sars,his "a g,vIno Absolutely correct Informa.
IT, = Trsnnsnt1v tbe on. who refuses or neylects
70 maze = Statemrnt. II such person will not
tsLs ths .rouble 10 inform the Assistant Assessor,
n nc .e,s ,n.o,rsct, md a heavier tar be levied
W.. Forid n,hsrSIse ba charged. Moreover,
a f. an s.ssssmcnt ba, once been made, II srro
nsnns 4, IL always troublesome TO the party In.
NSn.d 80 hava Il corrected All psrson,. there.
nero hn, s,nseiaiiv ,uck aSkars no tarabi. income,
toio, y..I., IN. r.orIr.d, .ta,.,nent
should NOT IMI 70 renIe' .ue t ane rndn. 60
upon the propcr oank'
alton and uouole =.
=, Every sta.sment mus. ve az. y. ..Is,an,
-
Assessor 10 required 70 esHma'e "0o" u
to add y per cent 70 70 tne ,nn vxrvr
EVILS OF AAkiNo 49,. ~ S,s,
y. An Assistant Assessor na 49, ~ a.
the amount IN any statehen.i w sUMs u sa
information 70 . add i PS,H csr cent TO the tag when
Q false statement mas oeen renaereu ; NY ~
party making the false statement becomes Iiholet
not only for this additional TAX; put nkew.se 70
two distinct prosecutions oeiore .ne y % Is,
Courts-onef for making false statemen. WV u
tent 10 defraud the government ana TUG o'ne'
for perjury. . r--
MASSER OF MAKING UP STATEMENT OF INCOME
By the 18th section OF thn law the Cohhil"
sioner Of lnternsi Revenue IL cnpowerr'l 70 pr
scribe the form and manner 10 which tue STATE
ment Of Income must be- made up. TINS ne ma
done In q printed blank ussd by the Assistant As
sdssor, and In various circulars and ruipgs IN.
following u . summary OF ~na' mas oeen Pfe
senosai .,.. ,,,o which the npr
LssI : sseI 81 oani,aI hsy
suits cue anu ,ns ss,nunad .,n,.st,i"- lose
oeen uI,Iau 49, 49, 20 na,,, e.Irs In anotbrr
In one NOT oelng aIoneu ~ nar,nina ~ h
Thus = merchant VINO ensases ~ ,arm,"s =, y
speeu!a,.o.s !. aoin. u The ons by Ios,es h
ness cahno' onse' sa'n' ~ "'
'no 1TSSe... ,no,d.n, IN sacb bp.Inen, RI
d.S,.,Ihls from m, rrceIpts Of that business.
~" srSrniatious a i.1itimat,iv belonging 10 an,
nsy. snd ,hsss sionr- nav he carried into II
usss. - L. aecorn, rim: a broker NAV spec
ppis,, In .toek,' a dry goods merchant In cotton,
Snrdwaro man in iron, etc. and sueA speculation
NAV affect the gain and loss Of suek Legitimate
mSr..s A ms2cbnnt also NAV make or lose b,
exchange or the kind Of money paid for his mer
ehandIse. and this guin or loss belongs 10 bis m.r
cbandI,e account. But II he buys gold, uncurren
money, United States Treasury notes, or an!
.other thing not one Of the articles Of trade belong
speculation, the profit or loss from such .peenla