Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-06-15
ABSTRACT OF rHR ANNUAL McoxE rAx.
ANNUAL COM a

come Tax, and Of the decisions by the Depart.
ment ut washington upon various questions TINT
have arisen, we present the whole subject, under
Its several distinct heads:
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Ss.Is ~ = oIases, ~ Ienuer y 'ue
AsshIant AssessoI oItne suo.distNS IN whicn no
~ q uaSoLAay,S
"tI'eu eenust nsSViuins y PIeeeIIyou
iorm, OF the amount OF MS or her income, gains
and prohts during the previous year, from jan
uary Isl 10 december jlst, both days inclusive
A printed blank containing this form can DO ob-
tanned from the Assistant Assessor. A person
having no fixed residence, should make a state.
ment wherever he or she may happen to be; and,
In case Of removal to another district, should take
q certified COPY Of such statement. to show any
other Assistant Assessor, who otherwise might
make second assessment,
9. The statement must be rendered on or be.
fore the lAt day Of May, or within ten days after
. written or printed notice requiring II, has been
let at the place Of residence or Of business, or dc.
poslted In tho pearest Post Office.
3. The annual income tax Is q personal tax,
and It cannot be assessed against any corporation,
company, or partnership, as such. Every indl-
yldual member must make a 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
sepnrately Nh or her income from all other
sources
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
& II any person neelects or refuses to render q
written Placement, the Assistant Assessor Ia re.
ouested TO all out a blank with such persons
name, and taxable income estimated according to
the best Information that can be obtained, and
upon this estimated income to assesst the tax, and
tben 10 add o. per cent, 10 such tax as n penalty
for neglect or refusal.
q. An Assistant Assessor may DO misled in
making this estimate, BY being mislnformed m 10
money received, or not informed as TO money
paid. He must assess, however. according to the
best information within his reach. Inc only per.
son capable OF giving absolutely correct inioIma.
tion Is frequently the one who refuses or neglects
to make d statement. II such person will not
take the trouble TO inform the Assistant Assessor,
there Is q bar TO oil complaint, should the assess.
ment prove incorrect, and o heavier tax be levied
than would otherwise DO charged. Moreover,
after IN assessment has once been made, II GRO
neous. II IA always troublesome to the party 10.
terested 10 have II corrected. All persons. there.
fore, but espeeiauy such a. hdrs no taxable income,
| should not fall to render the required statement,
anon Inc proper blank, 80 as TO avoid undue tax.
alton and trouble.
7. Every statement must be verified by oath or
affirmation, When this Is not done, tho Assistant
Assessor Ia REQUIRED to estimate the income and
TO add o5 per cent. to to the tax.
EVILS OF MAKING 4 FALSE STATEMENT.
0, An Assistant Assessor has power to tHeredst
TO the party Interested. Ho is 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,
not only for this additional tax. but likewise to
two dIsiinct nro,ecutIons before The limited States
Courts-one for making q false statement with In.
FONT 10 defraud the Government, and the other
kor n.r;nrv
NISSER on MAKING UP STATEMENT OF INCOME.
nv the lleth section of the law, the Commits.
sioncr OF Internal Revenue Is empowered to pre-.
scribe tho form and manner In which the state.
ment Of Income must be made up. This he has
done In q printed blank used by the Assistant As.
SCISSOR, and In vanous circulars and rulings. The
following Ia a summary Of what has been pre-
scribed:
!. Each Of the great classes into which the pur'
suits Of life and the Investments Of capital have
been divided must be returned sepdrdtely- losses
In one not being allowed 10 offset gains In another.
Thus a merchant who engages In farming or In
speculntions not belonging to his legitimate busI
ness cannot Offset gains In the one by losses In
the other.
!. The expenses incident to each business are
deductible from the receipts Of that business.
3, Speculatlons hgitimdtsiy belonging TO any
buSIiess, and these alone. may be carried into II,
profit and loss account. Thus broker may spec
pinte In stocks, a dry goods merchant In cotton, {
hardware man III Iron, ETC., and such speculation
NAV Affect The Sain. and los Of sueA iegitlmat,
Sr:Inass A merchant also NAV make or lose b,
sIchnnee or the Kind of money paid for his mer
chandlse, and this gain or loss belongs 10 his mer
chandI.e account. But II he buys gold, uncurren
rnonsv iTnitcd States Treasury notes. or an,
otS,r thIne NOT one of the articles of trade belong
inc 40 lila regular business, for the purpose o
ms .,ion ne nrost or loss from snch speenla
,ion S-jjI moi bo allowed 10 affect the profit or los
~ nj. re0nIny business. A busIness Arr
nI.o.a Sln mn in tho hands Of A Nav York bro
fars Instructing him 10 use Il In the purchase an,
saI. ~ cold on their account and hayipg los
soT an In his venture. thsv claimed TINT /
shonId ha Abducted from their proats in business
TommissIonsr Iswis disallowed The claim, an,
ia ths rn;foyn ruling had been that linen
ss ~ IL modS in any partIcular businessy aralus
Usi,h ,hsrs ara no gains 10 Offset. n IA consId
r.nS S.sJ'lo,, oS eanitoI ;nrs,tsd IN tkat busi
eieu" sa,tn .s2o.. ~ canitsi cannot he de
49, ,.n% income Retnrn of Income mus
Sc made on the 9ains."