Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-06-19
ABSTRACT OF HEANNUAI INCOME TAI
ANNUAL INCOME TAX.

mani Al Warrington upon various questions that
nav. sr,,on We nr,s.nt Tho whole subject, under
a. 1900 6i.,inct hnads
, ,,,r,v ,yurS
TATEaEN shooLD n ns su,inx '
t,.xh,, oos
l. tne II..ss IA ~ ,.ndor e. tSs
Iesians ~ = y ~ srS" J,str,ct In y,hIch h,
AnssmnMsa H. sssiasn, ~ the lat dav NJ Nav. n
NL.... ,snon, essnrd;no IN a nrescribed
smrn.' y nomonT, ~ III. ~ bsr ,ncamo caIns
Ioa%, y .ae anriUa ,ha nrsnIors vsar from Ian.
ano P,on.s o1ii n = BBiis. So,hy a., innirsIvs
LIy,sd b,nrI oon,a,ntrr mi. form can he oh.
nppaa 60 ~. I..ts,nn, s.Sor A ncrson
hottns NJ a,sd r..iS.no. .honI% waks a STATE.
m.n o,a,sr aorsha u,an $780, ~ h.. and
~ az" ~ remaxaI " " ano,Say d, NJ sSoSnidd taEs
= csrtiasa COW ~ SncS s,s,smsnt 70 Sbow anv
c,h.r k,.is,an, i.ssssor - n,bsr,jsa mIobt
noks a .scond as,e0smant
Q The statemsnt must be rendsred on or be.
foro the Isl day Of MAY, or within ten DAYS after
q written or printed notice requiring II, has been
left at the place Of residence or of business, or dc.
posted In the pearest Post Office.
3. The annual income tax Is a personal tax,
and II cannot be assessed against any corporation,
company, or partnership, az such. Every indi.
yIduaI member must make a statement OF bis or
her share OF or IniereItin tho gains and profits Of
such company, etc, whether such gains and
profits are divided or not, and must also state
separntely bis or her Income from all other
sources.
EVILS Of EoLEcT TO MAKE OUT OR VERIFY
STATEMENTS.
III any person negleets or refuses to render a
written statement, tho Assistant Assessor Is re.
quested to ill out q blank with such persso's
name, and taxable income mate according 10
the best information tnat can DO OBTAINED, ana
upon this estimated income 10 assess the tax, ana
then to add 70 per cent, 10 sucn TAX as q penalty
6. An Assistant Assessor may be mIsled In
making this estimate, by being misinformed rs to
money received, or not informed as TO money
paid. He must assess, however, according 10 the
best within MS reach. Inc only per
son capable OF giving absolutely correct iniorina.
ZION ID uequenhY inc one VINO reiuses OF nsgiects
TO make o siatement: II such person win NOT
take the trouble 10 inform the Assistant AssesSor'
there Is a bar to all complaint, should the assess.
ment prove incorrect, and o heayier tax DO levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II GRO
terested 10 have It corrected. All persons. there.
fore, but especially such a. haps no taxable income,
should not fall to render the required statement,
upon tho proper blank, 80 as to avoid undue tax.
alton and trouble.
2. Every statement must DO verified by oath or
affirmation, When this Is not done, tho Assistant
Assessor u required to estimate the income and
TO add IS per cent. 10 to the tax.
EVILS OF MAKING A FALSE STATEMENT.
0. An Assistant ASSESSOR has power TO ~inereass
the amount In any statement, after giving due
information to the party interested. He Is 70.
oulred, also, to add 100 per cent. to the tax when
q false statement has been rendered aud the
party making the false statement becomes liable,
| not only FOR this additional tax, but likewise TO
two dItIuct prosecution before the United States
Courts-ono for making a false statement with In.
~, 20 dsfrard the Govsrnmsnt and the o,brr
sor nsriury :,
$3.50 ~ u,xrya Up ABATEMENT or INCOME.
Nv tho Iiath section Of ths law. The COMMITS.
,,on.r ~ Int,rnal R,venue Ia empowered 10 pre.
,crih. ,he foyn and nanner In which tho state.
Mani ~ InSoms mn,t bs mad. nm This he ha,
dnr. In a nrIn,ed hIank nsed nv ,be A.sIstant Az.
.S..or M n Ssron. c,rcniar: and rpiinrs Tbs
soiiowIno IA a summary of what has been pre.
.srih.5.
l.. j. Each Of the great classes into which the pur.
,pii, Of life and The inyeStments Of capital have
besn divided must be returned ssparaislv- losses
IT,. m.sehsn, -Sbn sneerss IN farmInc or IN
.n..,i.,Ions not hs,onc,ne 10 his ,coI,Imai, hpsi.
s.nrn, nr'.t .sins n tha ons hv ,os.s, IN
ne o,h.r
ING otnor. -
Lns eIpon,ss incsasn. 70 e eSsa 90 Sutpss' 'fe
ae1uS.oe ,inn. l.os,tps,,S h.inroIns 20 ,nv
d oPeSulHstyns 't6H'"-ey Seioue1Le ~
ouAiness, Tna 'nese aionSI may
pront ano Ioss aceounI. tnusa Iroke, inay spee,
Siate IN .'SSss' ary s'ou n aeS n nm nsar,o,inr !
ald" MN IN non, ~, III IeSt.tan,
may anec' tno ScIn anH tosso saSa iesi.hus
outneas me,SnIns my may 10 - rT'e ~
o1cnanse oI .ne Hiuao Mouey Heiu y d
cnaneise' anu .uis sain y, : oeionSs .on.sM.s
cnanoise neIoaa'; Dus Uuys sU,u, ~ onu
mSncy, UNIV. ~ A.y IO s5 Sa,oag
other hLng moi one OF tne aluciss OF uaae oeIons,
ing 70 M S gu or To-. trnu .vcb .pccrIS
speealnMnon, ~ dpiowsS, % 49,, N. nSost or ios,
ZION ~. rsSuisr hns,n.sS A bp,jne,s Arm
re.., S.n SSo n ,bs hand. ~ . W. YorL hro
Pase9s vV,,.T"c b,r 20 nso !, n ~ rrchas. onJ
| kSItl lEl uCkAub MINI W . y ~ hNO PoANhn1S 49,
s az ~. M fsU ,hys yan,rrc tSsv claimed that h
S<'.ySv $500 49,, ,hais ,roe,s IN h,,sIr..s
snoulu W euaIs 49,. Si,aiinppS ~. a,otr. 80
~ ,hs "aifo-, rri,ns haJ ham .Sot "wbsn !
saiu u naa. e. ,rv ns,ticriar hrsines. ornInsi
Ioss = h.u. ~ ~ LII. 10 og.a, II !, consIS
sred a dead ios, Of capital iSrsstsd In tIat 5usi
u'..I Again .iIoss NJ canItal cannot he do
Srct.d from Income" Return Of income mus,
bc made on Inc gain,."
4 How far different kinds Of business must be
returned separately 10 shown by the following
rulings Of Commissioner Rollins
(a)-"LoSs Incurred In the prosecution Of one
EiSd Of bnSine,s cannot be deducted from gain In
business OF an entirely dife7eateAaraeteT nor from
salery, rents, dividends, etc"
66H"Losses incurred In the prosecution Of one
branch Of business cannot be deducted from gain
In another, slnce an absolute loss incurred In the
prosecution Of q single business IL Indispensably
a 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 be
separated. So In speculation, tho loss or gain
nom stocks may Offset loss or gain from produce
speculated III"
(Q-"Merchanu must make return OF tneir
losses In speculation, OF gains rom interest," diri'
dends, rents or any oIner source
%" losses IN sPecnlatlon canno. 90 ceaustca
n1m saiat.es, ~, III snn, ~ a.,iotIan nv