Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-09-20
ABSTRACT OF THE ANNUAL INCOME TAI
ANNUAL INCOME TAX.


OF what Is REQUIRED 6y law In reference to the In
CONT lax, Ano OF the decisions by the Depart.
ment at Washington upon various queitlons that
have arissn, We present tho whole subject. under
is sefefA Aeaas'
STATEMENT SHOULD BIZ MADE-.wHERE, WHEN,
AND By WHOM.
!: Thexaw requires every person Of awf ul age.
residing IN tne united states, to render to the
Ass,sIsn. AssessoL Oh tne suo-dlstr G. IN which he
or ~ tnHy " .esiaius On Jug ist Gay OF Maya
49, =, ~ amorn, ~ IT,. ns " pIsseroen
fmd rrns,s bnrius ,ha nrsS,or 9 income, gains
nary lat 70 Drcrmbrr Ala. no hSsv, Ircirs,ra
A nr,n,ed blsnk con,aInInu This form can -. ~
,a,p.d rom ths I.sIsIan, ....Snr ea'
hanins No a,sd rssJdsncs .honId mak pa,a
-, shs,s,sr ha or. ~ MAJ h.nn.n - ~. 90
~ 80 81 smovsI 40 ano,hsy d,.fr;ct sbonId az.
a certified conv ~ sncb statement 10 show any
o,her As,Istant A,s.s,or Who o,Lerrjse might
maks a .scond a..es,msnt
. Tbs s,atsm.nt mu.t bs rspdsr.d m or he.
fore the lst day of Nav. or within ten DAYS after
a written or nrinted nytIc. r.nnIrinu h, has been
Ieft M ,he nlaca m re.Idsncs or M bu,Ines.. or de-.
nosited in tbe neares, Post OfBee.
a The annuul Incom. taY ia a nersopal tax,
and II cannot bs assr,spd aoajpst any corporatIop,
..ma,.. =. a-.na-LIr a.. - I,ysr, inJI.
..Idr pII.1,Ot or y. ma s,a,su.n, N hi. or
Siuuai memoei ' nm. . Han !. ~
ner snare OF OF 'a'eIestln .ne salns u 80
aues company, rte', "ne.ner su.u suns .a,.
f-N 49,. ms go. iii n,h.r
separately Ills OF ner incoue 'fom MI As
sources. ,,r
EFiLs VI NEoLECi ~ nAhh wi YIN '"N4'
D III any person nsBieets or leiuses' W to"Le. !"
written statement, tue hssIslant Ahses'oi
quested 10 MI OUT . oIahk VIII susu Pstso o
nains' and taxaole IneoIne es.inaaeu oSnsa "a "A
the oest ihior'na'ion tua' can oo oW ~ 81
upon inns esIinnated income 70 aSsess tne ,a1, Inu
men 10 add % per cent 10 sucn TAX Pen"i''
lot neglect OF refusal L..
9. An Assistant Assessor may DC misleo ID
making this estimate, oy being mlslntormtu AZ 10
money received, or not informed rs 10 money
paid. He must assess, however. according 10 the
best information within bis reach. The only per
son capable OF giving absolutely correct informa'
tIon Is frequently the one who refuses or neglects
to make q statement. II such person VIII moi
take the trouble to inform the Assistant Assessor'
there Is a bar to all complaint. should the assess
ment prove incorrect, and q heavier tax be levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II erro
neOus, II ID always troublesome TO the party H.
reresfed TO have II corrected. All persons. there
fore, but stpeeidly such a. hdus no tdrdok INCOME
should not full to render the required statement
upon the proper blank, so rs to avoid undue tax
alton and troubled
Z. Every statement must be verified oy odth or
Affirmation. When this Is not done. the Assistant
Assessor Is required 10 estimate the income anu
10 add 70 per crnt 10 10 the TAX
EVILS OF AAKlSd 4 FALSE STATEMENT
y. An Assistant Assessor mas power 70 sneo%'
the amount In any statement ate, s,ylns oue
information TO the party Interested; ne Is re-
qulred, also, to add lOo per cent. 70 the TAX wnsh
y false statement mas been rendered anu tne
party making the false statement becomes iiaoie'
not only Tor this additional TAX, ont nkewise 20
TWO distinct prosecutions before tue united n,a,es
Courts-one for making q false statement WIN IN
tent 10 uHiranQ the GOVernmelt, ana Tue Quiet
Tor perjury.
hASNEh OF aAhlNu ur sihlhmLSt VI HSo
ny 'he LieIn ssG,Ion ~ 'ne sam, u ,m
umeI ', .e." .bhIah ~ ~.
sss. 80 ~ Vr" %mu ~. 49, M This he hs,
menu n I'm !, hiant vs.S nv ~. As.I.,ant A..
hIn no :" I" ~ worons c,rnrisr. and rrjIngs rrhs
som" - - nmm.ru ~ xba, has he.n nrr.
Nu"e :"
seIioeu. ...., t,,o u,h,oh IN. nrr.
y : uo anS ~ e TrS.s,Mon,s 81 nani,sI bavs
SUITS oi ~ ~ u e"pn"' 80
oeen ~ "us w
IN one ho' or,ub " "n"s ~ =,
Thus a merchant who engages In farming or ID
specuIa'ons nor oeIonging 70 ns Iesi.ilna'e pus,
ness cannot onset gains III '" Que ny 'osSe' ."
the o.ner. x..
Lnn eHPehs,a y ' 49, nnso
deauSIioIe rom que IeeeIPtsI snns oIsn
d, oPeeuIayus I.'O"e.ne 80 n.
business anu these aione. may oe carried INTO it'
pront ana loss account tnusa 1roket may tPee.
ulate In STOCKS o dry gooos metenant IN coI,on, .
hardware ma IN IRON, ese;. y 'Ie" PuuMn,"
may aneet .ne 8E.n anu .aI' vk.nh ~,
business. a merchant also may make or lose ny
exenahse . ~ LIZ ~ ao " ~ r 'oasy Ha" ~ - hTs ms,
chandlse, and this gain or loss belongs 10 ms mer.
chandise account. but u nc ouys goiu' uneuIlen'
money: United states treasury notes, or any
other thing not one OF me articles OF 'rade oe'onS,
ing 10 his regular business, for the purpose OF
speculation, the profit or loss from such specnia'
I .Aa @.tll 80 IA AEe n n M NhA mani mr. n
from his regular business. A business nrm
| placed $4,000 In the hands Of a New York bro.
kcr, instructing him to use II In the purchase and
salo Of gold, on their account and having lost
S27. 500 In this venture, they claimed that II
| should be deducted from their profits In business.
| Commissioner Lewis dlsallowed the claim. and
sald the uniform ruling had been that ~ hen a
loss IL made In any particular business, against
which there are no gains 10 Offset. II Is consid.
-red a dead loss oJ capital fnuestsd IN hdt oust'
Hegs." Again, "loss Of capital cannot be de-
Quoted from Income Return OF income mus
be made on the gains
=. How Tar different KINDS OF ousiness mus' oc
returned separately Is shown by the following
rulings OF Commissioners ko,Iins:
| al-"Lots incurred IN tue prosecution OF onr
kind Of business cannot be- deducted from gain In
business OF IN entirely superintendent nor from
salary, rents, dividends. etc.
(b)-"Lossesi incurred in the prosecution OF one
branch OF business cannot be deducted from gain
In another, since IN absolute loss incurred In the
| prosecution OF q single business ~ indispensably
4 loss Of capital"
(e)-"Losses In merchandise can be deducted
only from gains In merchandise but, In this case,
particular branches OF merchandise need not br
separated. So In speculation, the loss or gain
from stocks may Offset loss or gain from produce
speculated in" 49,,
Merchants must make return OF theil
profits from merchandise without regard TO theii
- n - al frAWn lHN-Faa Itaa