Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-06-26
op rHE ANNUAL NcoNE TAX
Z ANNUAL M00W TAx.

-
hsving been requested 70 prepare an aost'5cs
81 ma y required Sy law ~ IeietenSe 70 INC ~
oono IaL, hna OF the uecpa0ns oy VIC DopIis.
ment az Washington upon various qresuons tnat
us,ea ilssn, We present the "noie suoJec'' unaef
ns soSelA ostnet neads:
STATEMENT SHOULD BIZ MADE-wHERE, WHEN,
AND By WHOM.
l. Inc law requires every person oflawful ago,
residing In the United States, TO render TO the
Assistant Assessor OF tho sub-dstrict In which he
or sne may % residing on the LIST day Of May, Q
wnuen saIement according TO Q prescribed
tohn, OF me amount Of bis or her income, gains
ana pIon.. curing tne previous year, from jan
uALy . y DScemoer Slst, ooih days inclusive.
nPtNII containing tnis orm.can DO oo-
sAlneu HUN tle AssAtant Assessor. A person
nayine no n1ed residence. should make q state
mem Wherever ne or sne may happen 70 DO; and,
IN case removal to smother district, should take
. certified copy Of such statement, to show any
other Assistant Assessor, who otherwise might
make d second assessment
2. The statement must be rendered on or be-
fore the LIST day OF May, or within ten days after
. written or printed notice requiring II, has been
len ct the place ofresidence or OF business, or de.
posted In the pearest Post Office. .
3. Tho annual income tax 10 . personal tar,
and IL cannot oo assessed against any corporation,
company, or partnersnip, as such, Every indi'
yldua msmber must make . 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, a. 81 q .- .
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS. {
S II any person neRlects or refuses to render q
written statement, the Assistant Assessor Is 70.
quested to hll out q blank with such persons
name, and taxable Income estimated according TO
the best information that can be obtained, and
upon this estimated income TO assess the tax, and
then to add 25 per cent, 10 such tax as q penalty
for neglect or refusal. :
6. An Assistant Assessor may be mIsled In
making this estimate, by being miIinformed a. TO
money received, or not informed rs 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 Ii frequently the one who refuses or neglects
to make n statement. II such person will not
take the trouble to inform the Assistant Assessor,
there IL a bar to all complaint, should the assess.
ment prove Incorrect, and o heavier tax be levied
than would otherwise DO charged. Moreover,
after an assessment has once been made. II erro
terested 10 nave u corrected All persons; tnere'
fore, but sspeetaAy sueA a. Aapeh no Id.dox ineoms'
should not iAl 10 renuer tug lequIeu sla.e"enl'
upon the proper blank, 80 as 10 avoid undue tax.
alton and trouble
Z. Every statement must be verified by oath or
W
Assessor 10 required to estimate the income ana
TO add 25 per cent. to TO the tax
EVILS OF MAKING A FALSE
9. An Assistant Assessor has power 70 tncTsc'e
the amount In any statement, ate, s,Tlns uuc
information to the party interested; no Is re-
quired, also, 10 add 100 per cent. TO the tax wnen
O 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 Staiei
C~ourts-one for making n false statement with In
~ n.rInry
'. p:s ~ x.vrsa TIP ABATEMENT OF IScoME
pv an. Ila,h ssction Of the law. the Commits.
to- ~ irt.rraI Psv,nuo n, .mno,rred 10 pre,
LIN. ~ Torr and manney In which the rate
80, =, Incom. mn,t he made mn ThI, h, ha,
mon'o nsI !, hiant rad hv ,ba AssIstant A
uSu ID IN Ssr,nn. cIrcnisr: and rnlingS ri,
soiInnin. \. . nmmarx N What has be.n pro
scrihsd
~ Each of the ursa, elA.,., into which the pur
suIts of life and The Investments Of capital hay,
h.sn divided ,nust be returned separaislv- losse,
IN ons nnt haIn0 allow d 10 offs.t gains in another
msn" ,norohan, ~ sneoesv IN faT,nIng or ir
.a,ts,ion not hsIons,no 20 nj. IeoItImai, busI
20. cannnt os.st gains in The on. by losse, II
ne o,h.r ~ ~
TUG oeuof. ,,.a.,, en- .,,, h,.Ir.s. ',
.,IhIs nom IN, raceInts Of Thai business
20 q Snssniations L9itinafslv b.ionqInr 10 nm,
,nIss and ,hs,s alone NAV he carried into nj
nroat and lo,, account. Thus . BROKER NAV spec
uuls,e in stocks, n dry goods merchant In cstton,
hardware man in iron, etc. and such speculation
NAV affect the gain und loss Of such legitimat,
business. A merchant also may make or lose By
eIchanre or the Kind Of money paid for his mcr
| cbapdIs. and his paIn or loss belongs 10 his mer
cbandi.s account, But n he buys gold, uncurren
money, United states Treasury notes. or any
other thing not one Of the articles Of trade belong
Sna 70 hin regular business, for the purpose 0
$40
ton will not be allowed to affect the profit or los
from his regular business A business hrr
placed $4,000 In the hands OF . New YORK orc
ker, lnstructing him 10 use II In the purchase an
sale OF gold. on their account; ana having 10Y
en-. 500 In this venture, they claimed that
Commissioner Lewis dIsallowed the claim. an
said the uniform ruling had been that vhen
loss ID made In any particular business, aBains
which there arc no gains 10 Offset, Il 10 consid
cred O dead loss Of capital tnuested In thar 6nsi
mesa" Again, "loss Of capital cannot DO d.
Quoted from income" Return Of income mus
DO made on the 3dins." l..
4. How far different kinds OF bushes. must b
returned separately IL shown by th" followin
rulings Of Commissions Rollins;
(al-"Loss incurred IN the prosecution OF on
kiad Of business cannot be deducted from gain 4
business Of an entirely dGrentehdraetr. nor fror
salary, rents, dividends. etc
U)-"Losses incurred 10 the prosecution OF on
branch Of business cannot DO deducted from gal
In another, since an absolute loss incurred In ID
prosecution Of . dnglo business Ia lndisponiabl.
aIoss Of capital"
6)-"Losses In merchandise can be deducte.
only from gains In merchandise; but. In this cast
particular branches Of merchandise need not b
separated. So In speculation, the loss or gal,
from stocks may offset loss or gain from produc
speculatcd In"
(6-"Merchants must make return OF thei
profits from merchandise without regard to thel
losses In speculation, or gains from interest, div
bends, rents, or any other source" -.'
1)-"LoSseS In speculation cannot be deducte'
from salaries, nor from gains In merchandise
when losses arc sustained In one speculation an,
gains made In another speculation. such losse
may be deducted from such gains Losse, In on
branch OF merchandise may be deducted from
gains In any other branch Of merchandise"
O-"Wherc stocks, etc. arc bought as q per
manent Investment. and sold again merely !;
change tho Investment. . loss sustained In IN
sale may be deducted rom the dividends IRON
sucA stock. But where the purchase Is made 70
tho purpose Of selling again on speculation, tn
loss sustained by the sale cannot be deducte'
from dividends. but may be deducted from gain
derived from the purehdss ana sds OF STOCK etc.
INCOME FROM RENTS OF
- rsG" r.ar TO- SSich ,ncome i, sstimated q
Il llu n n v vase