Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-07-27
ABSTRACT OF THB ANNUAL INCOME TAI
INCOmB TAX.

STATEMENT bhOuLD DE-
AND By WHOM,
j. The law requires eyar3.pe person oflayful ase,
reading N tie United States, to render 70 the
Assistsnt Assessor Of the sub-district In wnicn no
or she may be residing on the LIST DAY OF nay,
written statement according 70 : prSs aa,u.
and profits during the previous year, from jan
nary lst TO December 3Ist, both days inclusive.
A printed blank containing this form can DO op-
tained from the Assistant Assessor. a person
having no fixed reddonce, should make = state
mont wherever he or she may happen TO be; and,
in case Of removal to another district, should take
a certified copy Of such statement 70 snow any
other Assistant Assessor, who .otherWise might
make a second assessment
@ The statement must be rendered ON or De.
fore the LIST day Of May, or within ten days after
A written or printed notice requiring It, has been
Ian Al tbe piaee OF residence or Of business, or de.
posted In the pearest Post ONCE.
4 The annual income tax is o personal tax,
and It cannot DO assessed against any corporation,
company, or psrtnership, as such. Every indi'
viduh member must make q statement OF MS or
her share Of or interest In tho gains and profits Of
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 HEaLEcr TO AXE U OR VERIFY
..a., Nv .r b.,
81 II any person neRlects or refuses to render q
written statement, the Assistant Assessor Is re.
quested to fill out q blank with such persons
name, and taxable income estimated according 70
the .best information that Can be obtained, ana
upon this estimated income TO assess the tax ana
then to add o5 per cent, to such tax rs a penalty
for neglect or refusal.
6TAn Assistant Assessor may be mlsled In
making this estimate, by being mislnformed a. 70
money received, or not informed az 10 money
paid He must assess, however, according 10 the
best information within his reach. The only per-
son capable Of giving absolutely correct inioIma-
ton IA frequently. the one who refuses or neglects
10 make a statement. II such person will not
take the trouble to inform the Assistant ASSESSOR
there Is a bar 10 all complaint. should the assess,
ment provo tneotrsctsRnd n heavier tax oeleyieo
than would otherwise be charged. borrower
after an assessment has once been made, II erro
peous, Ii Is always troublesome to tho party In
tereAted 10 have II corrected. All persons, there.
fore, but especially such as hare no taxable income,
should not fall TO render the required statement
upon the proper blank,s 20 as to avoid undue TAX
alton and trouble n..u..
= Every abatement must be verified by oath or
| osrmation. When this Ia not done, the Assistant
| Assessor Is required to estimate the income and
to add 25 per cent to to the tax n
EVILS OF A FALSE STATEMENT.
9. An Assistant Assessor has power to increase
| the amount In any statement, after giving due
| information TO the party interested. He IL re.
| aulred, 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 the Government, and the other
for perjury.
MIsEER OF MAKING UP STATEMENT OF INCOME,
BY the 18th section Of the law, the Commits
sioner Of Internal Revenue Is empowered to pre-
scribe the form and manner In which the state
ment of income must DO made up. This he hai
done In a printed blank used by the Assistant Az
SCISSOR, and In VARIOUS circulars and rulings INT
following Is u summary Of what has been pre-
scribed;
/ Each Of the great classes into which the .pur
suits OF life and the Investments OF capital hay'
been divided must be returned sepGrdteiy- losse
In one not being allowed to offset gains In another
Thus q merchant who engages In farming or u
speculations not belonging to his legitimate busi
ness cannot Offset gains In the one by losses Ii
the other.
deductIble from the receipts OF that business. .
g. Speculatlons l<gitimately belonging to an.
business, and these alone, may BIO carried into II
profit and loss account Thus a broker may spec
ulate In stocks, q dry goods merchant In cotton,
hardware man In iron, ETC., and such speculation
may affect the gain and loss Of such Legitimate
business. A merchant also may make or lose b.
exchange or the kind Of money paid for his mer
chandISe, and this gain or loss belongs TO his ner
chandise account. But II he buys gold, u%ncurren
money, United States Treasury notes, or an,
iother thing not one Of the articles Of trade belong
ing 10 his regular business, for the purpose o
speculation, the profit or loss from such speculh
tion will not be allowed TO affect the profit or los
from his regular business. A business FIR
placed s40, 900 In the hands Of q New York bro
ker, Instructing him to use It In the purchase an
sale Of gold, on their account and having los
should be deducted from their profits in business
Commissioners Lewis dlsallowed the claim, an
said the uniform ruling had been that when
loss Is made In any particular business, agalns
which there are no gains to Offset, 1t IS consid
cred a dead loss Of capital isrested In that bHsi
Quoted from income" Return OF income mus
DO made on the gains"
Id How far different kinds Of business must b
returned separately Is shown by the followin
rulings Of Commissioner Rollins:
a)-"Loss incurred In the prosecution OF on
kind Of business cannot be deducted rom gam J
business Of an entirely dferentehdrdchr, nor frof
salary, rents, dividends, etc"
4 Bl-"Lossesl incurred In the prosecution Of on
branch Of business cannot be deducted from gal
In another, since an absolute loss incurred In th
prosecution OF q single business Ia indispensable
q loss of capital
only from gains In merchandise; but, In this cas-
particular branches Of merchandise need not b
separated. So In speculation, the loss or gal
from stocks may Offset loss or gain from produc
speculated In" "a,
(D-"Merchants must make return OF the
profits from merchandise without regard TO the
losses In speculation. or gains from interest. div
dends, rents, or any other source"
d." Losses In speculation cannot be deducte
II from salaries, NOT uvm gains "a
gains made In another speculation, such loss
NAV be deducted from such gains. Losses In or
branch Of merchandise may be deducted frol
gains IN any other branch ofmerchandise."
n-aWhere stocks, etc, ere bought az O pc
W. .astr.nt ana soIdI AGAIN merely
ahanan ,hn JnvsStmsnt. a loss s1staiped In Il
cnsnso = a.dno,sd trom the dIvidends fro,
ss.I 10y Rnt wber, the purchase Ia made Il
~. \. nn.no.o ~ Ealing AGAIN on speculatiou, ii
mo Pupys ~ .hs o. cannot he dsdrcts
to s SissdnrSs Snt NAV bs deducted from Unir
dsrirad Nom tba puyeLass and sals of stock. etc
In the same year"
From tho total amount Of such rents receive
within the year for which income Is estimated