Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-07-19
ABSTRACT OF THB ANNUAL INCOME TAX.
N INCO1IR TAX.

y An
Of what u required BY law In reference 70 the IN
come Tai, and OF thu deolsionn b tbn sbsSart
ment at Washington upon various aueSdons ths,
have arisen; We present tho whole subject, under
STATEMENT SHOULD be AApE--wHERr. yxurr
AND BIZ WHOM. ~
Z /. The law requires every person Of lavfnl age
residing In, tbs United States. to render 10 ~,
Assistant Assessor oftho Eub.distr:ct In which he
OF she may DO residing on the LIST day Of May, a
written s~tateinent, according to q prescribed
form, Of tho amount Of his or her income, gains
and prohts during the previous year, from Jan.
uary lst 10 December 3lst, DO b dayxinclusiye.
Al printed blank containing this form can be OBJ.
famed from the Assistant Assessor. A person
having no fxed residence, should mako q state.
ment wherever he or she may happen TO boz and,
IN case Of removal TO another district, should take
a certified copy OF such statement. to show any
other Assistant Assessor who Otherwise might
make q second assessment
9. The statement must DO rendered on or De-
fore the LIST day Of May. or within ten days after
4 %Sritten or printed notice requiring II, has been
Ian al tho place Of residence or OF business, or de-
poalted In the pearest Post Once.
"a Tho annual income tax Is 0 personal tax,
audit cannot DO assessed against any corporation,
company, or partnership, ~ such. Every. indi'
yiduR member must make . stalement Oh as y
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 NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS 81
& II any person ~neglocts or refuses to render a
written statement, the Assistant Assessor Is re
quested to all out a blank with such persons
name, and taxable income estimated according TO
the best Information that can be obtained, ana
upon this estimated income to assess the tax, ana
then to add 25 per cent, 10 such tax as a penalty
for neglect or refusal L
A Assistant Assessor may be mlsled In
making this estimate, by being misnformed as to
money received. or not informed as TO money
paid. He must assess, however, according TO the
belt information within his reach. The only per.
son capable Of giving absolutely correct intorma'
tion ID frequently the one who refuses or neBlects
10 make a statement. II such person will not
take the trouble 10 inform the Assistant Assessor,
there ID a bar to all complaint, should the assess,
ment prove Incorrect, and q heavier tar be levied
than would otherwise be charged. Moreover,
after an assessment has once been made. II erro
neous, II Is always. troublesome to the party In.
terested 10 have Il corrected. All persons, there.
fore, but. especially such dS hdre no taxable income,
should not fall to render the required statement,
upon the proper blank, 80 as to evoid undue tax.
alton and trouble
4. Every statement must be verified by oath or
Affirmation. When this Is not done. the Assistant
Assessor Is required to estimate the income and
to add 25 per cent 10 10 the tax
EVILS OF MAKING A FALSE STATEMENT. 20
O. An Assistant Assessor has power to fHeredse
the amount In any statement, after giving due
information to the party Interested. He is re
Qulred, also, TO add 100 per cent to the tax when
q false statement has been rendered and the
party making the false statement becomrs liable,
NOT only for this additional tax. but likewise to
two distinct prosecutions before the United States
Courts-ons for making q false statement with In
tent to defraud the Government, and the other
for perjury
MANNER 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 be- made up. This he has
done In a printed blank used by the Assistant As
sdssor, and In varous circulars and rulings. The
following is a summary Of what has been pre-
scribed:
suits Of life and the investments Of capital have
been divided must DO returned sepdrotely- losses
In one not being allowed 10 Offset gains In another.
Thus a merchant who engages In farming or In
speculations not belonging to his legitimate busi.
mes. cannot Offset gains In tho ono by losses In
the other.
o The expenses incident to each business re
! deduotIbie from tho receipts Of that business.
g. SpeculatIons k~9itfmately belonging TO any
business. and these alone. may be carried Into It's
| profit and loss account. Thus q broker may spec
ulate In stocks, q dry goods merchant 10 cotton, q
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 by
exchange or the kind Of money paid for his mer
chandlse, and this gain or loss belongs 10 his mer.
chandIse account. But II he buys gold, uncurrrnt
| money, United States Treasury notes, or any
other thing not one Of the articles Of trade belong.
ing 10 his regular business, for the purpose OF
speculation, the profit or loss from such specula.
lion will not be Allowed to affect tile profit or loss
from his regular business. a business firm
Il - AN mn L. tha hanAa ~ N Natv Work hrN.