Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-07-31
ABs,eAogoR 1HR ANNUAL IsGoME IA


Of what Is required by law In reference to holm
come Tax, and Of the decisions BY the Depart.
mont at Warrington upon various questions MAJ
bayn arisen. We present the whole subject, under
litg seyeral dIitinctheads: r.7H H
STATEMENT SHOULD BE MADE-wHERE, WHEN,
. AND BY WHOM,
]. The law requires every person oflawful age,
reMdinr Ia The United States; TO render to the
lABsIstant Assessor ofthe sub.distr.et In which no
or abe may be residing on the Lot day ofMay, q
written statement according 70 Q prescribed
form, or the u1nount Of his or her income, gains
.spdp profits durfuglthe previous year, from Jan.
,uarylst to- December 3lst, both days inclusive.
A printed blank containing this form can be OBJ
tanned ffom tho Assistant Assessor. A person
Having no axed residence. should make a state
imentwherever hoor she may happen TO be; and,
,inVcase of removal to aupther district should take
a certified copy OF such statement. to show any
other Assistant Assessor, who otherwise might
make aseeund assessment a'G NhiHh AHo
|, Q. The statement must DO renderedio on or be.
fore the LIST day Of May, or within tendays after
q written or printed notice fequlringit, has been
Left atthe pince Of residence or ofbuAiness, or de-
lpositedm the pearest Post Office. f.na ~
3.tThe, ANIMAL income tax Is q personal tax,
and Il cannotb be ASSESSED against any corporation,
company, or partnership, as such. Every ind.
.vidual member. must make 10 statement Of his or
her share Of or interest IN the gains and profits Of
such company, etc, whether such gains and
pTOukB uIo ulNIueu " uOtt huu hibO hhb
separately his or her income from all other
sourceR.
EVILS OF NEGLECT TO MAKE oUT OR VERIFY
avs 1srATEMRNTs.
s. II any person neglects or refuses to render a
written statement the Assistant Assessor Ii 70.
ouested to fll out a blank with such PERSONS
name, and taxable income estimated according 70
tho best Information. that can BIO obtained, and
upon this estimated income to assess the tax, and
then to add 25 per cent, 10 such tax az q penalty
for neglect or refusal.
h g. AupAssistant Assessor may BE- fmisled In
making this estimate, by being mihnformed MS 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 neglects
to make a statement. II such person will not
take the trouble to inform the Assistant Assessor,
There Ia bar to all complaint, should the assess.
ment prove incorrect, and q heavier tax be levied
than would otherwise be charged. Moreover,
after IN nsSessmen has once been made, IL erro
ne0us, II IA always troublesome 10 tho party In.
terested to have Il corrected. All persons, there.
fore, but especially sneh as hacs no tdrab1 income,
should not fall to render the required statement,
upon the proper blank, 30 as to avoid undue tax.
alton and troubleh
7. Every statement must be verified by oath or
affirmation. When this Ia not done, the Assistant
Assessor Is required to estimate the income and
to add 25 per cent 10 to the tax
EVILS OF MAKING A FALSE STATEMENT
Q. An Assistant Assessor has power to increase
the amount In any statement, after giving due
information to the party interested. He Is re.
ouirod, 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 prosecutions before the United States
Courts-one for making u false statement with In.
tent to defraud tho Government, and tho other
for perjury.
MANNER or MAKING UP STATEMENT OF INCOME.
BY the 18th section Of the law, the Commits.
sioner OF Internal Revenue Is empowered TO pre-.
,crih. the form and manner in which the state.
mont Of income must be made ND. This he ha,
don, in n printed blank used by he Assistant AS
sdssor. and in yaaops o~lrcnlars and rulIngx TIL,
following IA n unmary Of what has been pre-
| scribed: .
/ Each Of the great classes into which the pur
SrI,s Of IIfr and the inyestments of capital hay,
bern divided must be returned separaislv- losse
In one moi being allowed 10 offset gains In another
Thns a msrcbsnt Who snSsges IN farming or /,
sn.cnIaiions NOT be,onu,n9 10 bs Legitimate busI
nsss cannot offset gains in the one by losses Il
IN o,b.r
3 Tbe expense, incidcu. 10 each business r,
| dsdpc,Ible from the receIpts Of that business
a Snecniations L9itimateIv belonging 10 au,
hnsIness and these Alone. NAV be carried into III
nroat and loss account. Thus a broker NAV spec
| Mate in stocks, a dry goods merchant In cotton, 1
SHrSssare man. in Iron, etc. and s1eI speculation
| NAV affect the gain and loss Of such legitimat,
bu:Iness A merchant also NAV make or lose b,
exchapge or the Kind Of money paid for his mer
ehandise, and this gain or loss belongs to his mcr
| chandise account But II he buys gold, uncurren
money, United, States Treasury notes, or IN,
/ other thing not one of the articles OF trade belong
\ inc 10 MA regular business, for the purpose O
speculation, the profit or loss from such specula
| ton will not be allowed to affect the profit or los
| from his regular business. A business firm
| placed $4,000 In the hands of a New York bro
kor. instructIng him to use II In the purchase AM
sale OF gold, on their account; and having los
s27. 500 In this venture, they claimed that
should be deducted nom Their pronts In business
Commissioner Lewis disaiiowed the claim, ane
said tho uniform ruling had been hat when
loss Is made. In any particular business, agalns
which there are no gains 10 Offset, II Is consid
cred a dead loss q edpIa9 tnnested IN mdt oIst
ness" Again, loss Of capital cannot De dc
Quoted from income. Return OF income mus
DO made on the Sdins.
4. How lar dlnerent xmas OF business must oe
returned separately Is SHOWN oy the ioNo"in'
ruling Of Commissoner kosnns :, ~,
td,A"Loss ineurredin INC Proseeyuon Oh On y
Kind OF business cannot % deducted rom gam u
business OF an Sn!rey aWeen'e"a'aef7 MOI iron
Saaly' ,en's, uistuenus;
LSsses ineuiisui = 1857 49, = ~ ~
eronen . ousines HnH". es" ,nsu-nnd ~ ~,
IN anotner, slhce an sosoiu.oi oss LII ~ ~ y
prosecution OF o sinBie BUSINESS IN inusPensao.
aloss Of capital"
o." Losses In merchandise can be deducte'
only from gains In merchandise ; but, In this case
particular branches OF merchandise need not .
separated. So In speculation, the loss or gall
from stocks may offset loss or gain from produc
speculated in"
(6-rMsrchantsi must make return of thel
profts nom merchandise without regard to theI
losses in speculatIon, or gaIns from interest, div