Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-07-23
BsTRACT OF THE ANNUAL INCOME TAX
n o INCOME TAX.

Having been requested 70 prepare an ABSTRACT
II what Is required by law In reference to the In
,omo Tax, and Of the decisions by the Depart.
mont at Washington upon various questions that
ave arisen, we present the whole subject, under
several distinct heads: .5raa
SHOULD BE MADE--wHERE, WHEN,
AND By WHOM.
/. ThslGw requires every person oflHwful age,
residing In the United States, to render to the
Assistant Assessor Of the sub.district In which he
Or she NAV be residing on the LIST day Of May, q
statement, according to a prescribed
Of the amount Of his or her income, gains
profits during the previous year, from Jam
uary LIST TO December 3lst, both days inclusive
A printed blank containing this form can be OBJ
aimed nom the Assistant Assessor. A person
having no nxed residence, should make 4 state.
mont wherever he or she may happen to DO; and,
I'M case of removal to another district, should take
a certified COPY Of such statement. to show any
other Assistant Assessor, who otherwise might
make a second assessment
9, The statement must be rendered on OF pc
fore the LIST day Of May, or within ten days after
a written or printed notice requiring 1t, has been
len at the pinco OF residence or OF business, or de-
In the pearest Post Office.
= 3. The annual income tax is q personal tax,
and II cannot be assessed against any corporanon'
company, or partnership, as such. Every indl.
yidual member must make q statement OF his 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 his or her income from all other
sources.
EVILS OF L TO MAKE OUT OR VERIFY
STATEMENTS.
II anv person nerlects or refuses TO render q
written statement, the Assistant Assessor Is re-
ouested to all 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, anu
then to add 25 per cent, 10 such tax as q penalty
for neglect or refusal. ,,
A An ASSistant Assessor may be mlsled In
making this estimate, by being mislnformed az to
money received, or not informed rs to money
paId He must assess, however, according 10 the
best information within his reach. The only per-
son capable Of giving absolutely correct iniorma.
ton Is frequently the one who refuses or hegiec's
To make a statement. If such person will not
take the trouble to inform the Assistant ASSESSOR
there Is a bar TO all complaint, should the assess.
ment provo incorrect, and q heavier tax be levied
than would otherwise be charged. Moreover
after an assessment has once been made, II erro
neous, It Is always troublesome to the party In
terested to have II corrected. All persons, there'
fore. but sspeefally such as hdre no id1dbk income,
should not fall to render the required statement,
upon the proper blank, so az to avoid undue tax
alton and trouble
= Every statement must be verified by oath or
Affirmation. When this Is not done, the Assistant
Assessor Is required to estimate the income ana
to add 25 per cent to to the tax.
Evils OF MAKING A FALSE STATEMENT.
9. An Assistant Assessor has power TO increase
the amount In any statement, after giving due
Information 10 the party interested. Ho IN re.
ouIred, 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,
80 Si.;,nct nro.acntions before the limited States
rnuSa ~. To- motino a faIse statement with In.
oou 1880 ,ha Goyarnmsnt and the other
sens
!. pSsJe ~ n.vIya up STATEMENT OF INCOME.
~ ths 1Iath section of the law. the Commits.
,tor,- 81 IntsrnaI Revenue Ia empowered to pre-.
III. ~. O. and ,nannry in which the state.
mant ~ InSoms must be made up. This he has
done In n printed blank used by the Assistant As
sdssor. and in various circulars and rulings The
following is a summary Of what has been pre-
scribed: D..
!, Each Of the great classes Into which the pur
suits Of life and the Investments Of capital have
ham divided must be returned ssparaiely- lossei
In one not being allowed to offset gains In another
Thus q merchant who engages In farming or In
speculations not belonging TO his legitimate busi
ness cannot offset gains In the one by losses In
the other.
. This expenses incident TO each business re
deductible from the receipts Of that business.
3. Speculatlons k~gitindtely belonging to any
business, and these alone, may be carried into its
profit and loss account. Thus a broker may spec
ulato In stocks, a dry goods merchant In cotton, a
hardware man In iron, ETC., and such speculation
may affect the gam ana Ioss OF sIeA Iegilhale
b~usinesA A merchant also may make or lose BY
exchange or the kind OF money paid for his mer'
chandlse, and this gain or loss belongs TO his mer'
chandlse account. But II he buys gold, uncurren'
money, United States Treasury notes, or any
other thing not one OF the articles OF trade belong,
ing TO his regular business, for the purpose OF
speculation, the profit or loss nom such specula'
ton Will not be allowed 10 anect the pront OF aoS
from MS regular Suslness. a ousiIess n M
placed xio,VOV IN tne nanusV VI . Wv iUlA o,o
ker, instruceng Nun 10 use II IN tns Pprcna elm s ~
sue sas ~ Eoiu MI y raO,rrs tSsv claimed thai h
S2I,VVv ~ I'M S.s !! oa,s IN h,sIra,s
shoula DC aeuaS'ea " Si.aiIoyoS ,ha Lain ond
Commissioner LomS nhnSh ~ ,Sot "mbsn J
sAlo tns tnyg," ~ nsr,Ianiar hrs;na., oroJnst
loss u mace IN any "a. s 1917
when mere aIe ~ s SaS .S a. ~, bS.i
elea Hn.in ..YosS ~ canitai cannot be de
ness. Again, Iosn " sapitai s1nnos y = uv
ductea rom lneoms. ' ~"
DO maae on I9Sssn L,,d. ~ hrs,,es. NINA, n,
:. how ne 49, ~, ~ soiio%,ns
reinrnea sspa nruiss n.- Po,Iin, -"
umn59srSiosa incurred In the prosecution of on,
, ~ hnsinsss cannot be deducted from gain ID
x,na Q, an %sn,;r.is SiSt,snteSsyaeter. nor from
oI.lnH SJriSsrds etc"
~mTNy,n ST os.ss incnrred In The prosecution Of on,
~ ~ bnsInsss cannot be deducted from gair
nno,Sar s,ncs an absolnte loss Incurred In m,
.s.n..,Tan ~ ! sinoIo hnsIness IA indispensably
PIoseeoS nnnStai"
Aioss Top.s, IN merchandise can be deducted
y f-om lain, In mercbandIse but. in his case
:, Sranchss m msrcbandIse need NOT b,
pnanatnd % In snecnIatIon. the loss or eair
~, s,ocLs nav offset loss ar gain from produc,
N"a,atoS IN w
peSM"M.rchsnt. must mako return of thel
Plonss nu nn.nIe,ion ~ co,rs from Intarest dIvi
tossSs IN a sps ~ Snv o,b.S source"
den1s' aenls, rahy osnSs - H. h,oo
G-"Lossesi m sPeculAiloh s"pn n W. SeaaS
NV. Iass.s ara sustaIns I'D In one sneculation ant
gains made In another speculation. such losse'
| may be deducted from such gains Losses In ont
| branch Of merchandise may be deducted from
| gains In any other branch Of merchandise"
CO-"where stocks, etc, are bought as q per
| mSnent Investment, and sold again merely Il
change tho investment, q loss sustained In tn
sale may be deducted from the dividends IRON
such stock. But where tho purchase Ia made fol
the purpose Of selling again on speculation, tn
loss sustained by the sale cannot be deductet
from dividends, but may DO deducted from gain
derived from the prrehdss ana SAFE OF STOCK, ETC.