Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-07-18
ABSTRACT OF THE ANNUAL INCOME TAX
ANNUAB INGOME TAX.

n. LMA .a
Having been requested 10 prepare an abstraci
of what ~ {, quired. by law In reference 70 tnrin
cofaSTS aldidfiths dacidens bSfhe1DepiIt
imrnt at Washington apon various questions lhal
have arisen, we present the whole subject, uudef
Its several distinct beads;
~srArEAHsr SHOULD BE AApE-.wHERE y
AND BY WHOM:
Til. Law requires avery prrson o flaWful age,
y5sIdlnr In The limited States, TO, render 10 tne
As.I,Isnt Assessor Of the sub.dlstr'ct in when NE
or ,he may be residing on the Ut DAY Of nay, =
vritisn statement, according TO a prrseri9ra
s,rmJof thu Of his or her income, gains
md profits during the, previous year, rom 'S
uary lat to December 3lst, DO D days lnciusi'
A printed blank containing this form can % %.
tsIr.d nom the Assistant Assessor. A person
hsyina no dxed Residence, should make . ~
ment wherever he or she may happen 70 oSi au ny
In onse of removal to another district, snqulu .ahe
= certified copy Of such statement 70 suuw ni =
other ASiistsnt Asses.or, who otner"'so "sD
make o second assessment u an mr. b,.
Q The abatement must b. renoereu ~
fare I'M, lst Tday Of May, or within ten days sner
a Written or printed notlet equirlnB IL, nas oeru
=" -, m. nlus. OF residence or Of business, or d.
bodied Iu the nearest Post once.
3 The annuHl tincome tax! Y 2 personai ,aa'
md n cannof be- assrsspd against any corporation,
comnany. or partnershlp, ~ such. Every indi
yidua member must make a statement Of hs or
her share Of or luierestln the gains and Prohts o.
.uch company, ETC., whether such gains ana
nronts arc fdIyidsd or not, and must also STATE
separately bis or her income from all 0'nef
sources. cs.H "a. v,,vv
.E TcisTkrEMENTs. 1000
s II any person neglsets or refuses to render q
written statement, tho Assistant Assessor Is re
ouested to all out o blank with sucn person .
nsneI md taxable income estimated according TO
the best information that can DO OBTAINED anu
upon this estimated incometo assess the tax, ana
then 70. add 25 per cent, TO SUCH tax Us u penA'y
G AN Assistant Assessor may be misled IN
| maflnr fills sstImate, by, being mislnformed as TO
money received, or not informed as to money
Maid He must asssss, however, according 10 tne
best information within bis reach. The only per-
son capable Of giving absolutely correct lnio,ma'
Ion r. freouently the one who refuses or neglects
TO make q statement. II such person VIII not
take the trouble 10 inform the Assistant Assessor
thcre ID q bar to all complaint, should the assess,
mept prove Incorrect, and q heavier tax 90 leVieo
than would otherwise DO charged. Moreover
after an assessnent Ia. once ieeen maze, sfT y.
tereIted TO have Il corrected. All persons, there
fore, but e~speeiaIly SUCK a. hdrs no taxable income
| should not GALL to render the required statement
upon the proper blank, so as 10 avoid undue tax
alton and trouble.
= Every statement must be verified by oath OF
aSrraa,ion. When this Is not done, the Assistant
ssssssor |, reanIred 10 estImato the income and
~ add o5 mar cent 10 TO the tax
EVILS OF TAKING A FALSE STATEMENT.
Q. An AssIstant Assessor has power TO iHereasi
the amount In any statement, after giving du'
information to the party interested. he u re
| oulred, also, to add 100 per cent. TO the tax wner
! faiss statement has been rendered ; and thu
80 rnaLIno tha false statement becomes liable
~, onIv for thIs additional tax, but likewise 4
two disiinet prosecuhons before the United State
Courts-one for making afalse abatement with in
,snt IN dshraud the Government, and the othel
~ nSsiurv
SIsSER OF MAKING UP STATEMENT OF INCOME
rRv',bs lIeth section Of the law, the Commits
.,onsr ~ Intnrnal Revenue Is empowered TO pre-
In. Inc 6orn and manner In which the state
ment Of income must bp made up- This he ha
uSne lna in ~sr,or. circniars and rulIngs. Th
ssuunus"on,aI a snnm,rv ~ what mas been prs
.Orihsd. g -
u Each Of the etcat classes into which the pun
,pIt. OF lie and The Investments Of capital hay
been divided must be returned separately losse
In O not being allowable ofsct gains In another
Thns . msrchnnt who engages in farming or /
snscnia,Jons mot belonging to his legitimate bus
ness Cannot Offset gains In the one by losses 4
the other,
Q The expenses incident to each business r
deductIble from the receipts OF that business
& Speculatlons LS9ttfmdtsly belonging TO an.
rL. .nae
profit and los account, Inusa TrokeI nay sp.N
ulaie In stocks q dry gooas ms,enant ssn,o,io
hardware man IN iron, e.S, nnu 'ae" Pees,Isns =,
may aheet me gen ana 20. " - nr In.. ~
business a me,enans a,so nny ~ ~ ~. me-,
exchange or tne kindoi money Pau loa ~ n ns,
chandlse. and teh gain or IoH oeiongs onisms,
chandise account But u nc ouyh soiu' uneu't
money, United states treasury noIes, or an
other thing not one 81 tne Articles Oh lraue oelout
Ing 70 MS lsgulA. ouslIess' y :" ~ spscnI,
speculation, the prott or Joss rom sucn sPecnI'
tion viii nor be allowed to affect the prom or 70,
froE hhsi rfgular business a ousiness MT,
placid 10000 In the hands Of Anew fork ols
ker' ihstrueuns go hs,,rs In,
s27 500. In this venture, tney eiain,sa .nn,
should be deducted from tnsIrp Ion,s' ous'uss
,;ommisslonSr Lewis disaAowed ths claim; an
.aId the EsVorm ruling bad been thh' hsn
loss Il imane In any particular ousinvss. agh'n'
which there are no gain, TO Offset; u u o"ns'
rrrd q dead loss o. eopttdt iHrs'.ea W Mot oas
ness" Again, loss Of capital sIlnot % ~
,lucied from income" Return OF income hu'
10 made on the gains" q,
| a. How far differeht kinda OF business must Y
eerurnsd separately Is shown by the followin
rullngs Of Commivionr ho,Nns:Ia.I...
- hT.IDs.. es'noi be deducted from gain