Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-09-01
ABSTRACT OF THE ANNUAL INCOME TAX
ANNUAL INCOMR TAX.

Having been requested TO prepare an abstract
Of what Is required by law IN reference 10 tne -
come Tax, and of the deciions by the Oepalt.
ment at Washington upon various questions tnat
have arisen, We present the, wh subject unueF
its several distinct heads T,-sa = 10
SHOULD BE MADE-wHEkE, WHEN
AND BY WHOM.
l.. The law requires every person OF lawful uSo,
In the United States, 70 renaeI,Io - nv
A s.Istant Assessor of the sub.distr.ct In which no
or she mny DO residing on the LIST day OF May,
,yri,tpn Abatement, according to q prescriDeu
form. of the amount of his or her income gains
and profits during the previous year, rom jan
uary LIST 10 December 3lst, both days inciusiye.
A printed blank containing this form can DO ~,
having no Axed residence, should make q sta'e'
mont Wherever he or she may happen to be; ana,
In case of removal to another district, should tako
q certified copy Of such statement. 10 SNOW my
other Assistant Assessor, who otherwise might
mako q second assessment
y 9. The statement must be rendered on or pe-
fore the LIST day Of May, or within ten days AFTER
a written or printed notice requiring It, mas Deen
len NJ the place of residence or Of business, or de-
posted In tho pearest Post Office. w ID,
3. Tho annual income tax Is O, personal TAX
and Il cannot be assessed against any corporation
company, or partnership, as such. Every indi.
yidual member must make a statement OF nls or
her share Of or Interest in the gains and profits OF
such company, ETC., whether such gains ana
profits are divided or not, and must also state
separately his or her income from all other
sources.
EVILS OF NEGLECT TO MAXI OUT OR VERIFY
STATEMENTS.
g. II any person neglects or refuses 10 render
written statement, the Assistant Assessor IN re-
ouested to hll out q blank with such persons
name, and taxable income estimate according
the best information that can be obtained, ana
upon this estimated income to assess the tax, and
then to add 25 per cent, to such tax rs a penalty
for neglect or refusal. . a.
6. An Assistant Assessor may be mlsled In
making this estimate, by being misinformed as to
money received, or not informed ~ 10 money
paid. He must assess, however, according to the
best Information within his reach. The only per
son capable of giving absolutely correct informa.
ton IL frequently the one who refuses or neglects
TO make a statement. II such person Will not
take the trouble to inform the Assistant Assessor,
there IL a bar to all complaint, should the assess,
ment proycincorrect and q heavier tax be levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II GRO
peOus, Il IL always troublesome TO the party in
tercsied TO have It corrected. All persons, there
fore, but especially such as hare no tardbk income,
should not fall to render the required statement,
upon the proper blank, so as to avoid undue tax.
alton and trouble.f -.l.LE-N
Z. Every statement must be verified by oath or
affirmation. When this Is not done, the Assistant
AsseRsoris required to estimate the income and
10 add 25 per cent. to to the tax. '3
EVIL: vi hAA,Nu = T.
y. An Asslstant Assessor mas poMei p.N1'eaSe
the amount In any statement, after GIVING que
information to the party interested. He ~ re.
auired, also, TO add 100 per cent. 10 the tax when
y false tatcment has been rendered and the
party making the false statement becomes liable,
not only for this additional tax. put nKewiseto
two distinct prosecutions before the United States
NNprtu-nna for making IA false ktatempnt with In.
tent 10 defraud the Government, and the other
for perjury. --St
MANNER OF MAKING UT STATEMENT OF INCOME
By the llsth section OF 'tha Jaw, the SoinlniS'
sioner Of Internal Revenue IL mPowere 10 pre-
scribe inc yorm ana maHnn ~ mn''T Thi u hs ha.
done In a printed blank used by the Assistant A..
SCISSOR, and In various circulars and rulings The
following Is a summary OF what has been pre-
ScTios sa.h q, ,ns orsa, c,.,,e. into which the pur.
suits OF life and the Investments OF capital nave
been divided must De returned sepaTdtay- iosses
In one not being allowed to offset gains in another
Thus u merchant who engages in farming or In
speculations not belonging to his legitimate bust
ness cannot offset gains IN tue one oy iosses III
the other.
. The expenses incident 10 each business ire
deduetiole rom inc reeeipts Oh .nat business
3. Speculations kS,1hmatay belonging 10 any
business, and these alone. may De carried mo ltf
proht ana loss account. Lnus Sroxet nny spy,
ulate In Stocks a dry goodh inershant IN eot.on, '
hardware man III nou, e,';, anu ~ pecS,Inaa,
may affect tho gam ana toss OF sneA iesnlha ~,
business. nle,enaht aso may mske VI tTse W
eScnsnse OF u Ninu Vi nIoney pau y, his rno.
changise, anu .ni' snni n. ~ = uoionSs .m.r.n,
ennnu,Se tTni,od s,a,os Tressr,ry notes or any
htSney, n.,s = as,Iaia: ,roJ, ha,ong
other thing NOT one OF Ins aructes Oh ,rauen esonS,
ing 70 ms ryBu,a, os, an io.s fsnr Inch spcsnlS
pNmImU o, h. aiiowsJ IN agsct the nroat or los,
trom his regular business A business firm
nIacsd S4o do in the hands Of a New York bro
tsr jnstrnctInp him 10 use II in the purchase apt
III. ~ roi5 on ,heir account. and having los
Coz .Nn In ihis ventpre .they claimed that 1
800 ~ ~ aaSnc,sd from their proats In business
snouII vi - disaiiowed the claim AM
aid ths %Tniforz rnlIng had been that when
loss ia made in any particular business, ngnins
which there are no gains to Offset, 1t Is consid
cred a dead loss of capital infested In that bust
ness" Again, "loss Of capital cannot be de
Quoted from income" Return Of income mus
be made on the gains"
4. How far different kinds OF business must b'
returned separately Is shown by the Following
rulings OF Commissioner Rollins;
(l-"Loss incurred In the prosecution Of ON
kind Of business cannot be deducted from gain In
business Of an entirely dTerentchdrdefer nor from
salary, rents, dividends. etc H
0)-"Losscs incurred in the prosecution OF ont
branch Of business cannot be deducted rom gar
In another, since an aosoiute loss incurred IN .n'
prosecution OF q single business IL indispcnsaoly
Loss 81 eopisa' n m.rcbord,., cou h. deducted
losses IN merenangEo Sah % ueauc'eo
only from gains in merchandise OUT, In luis case
particular branches OF merchandise need not D'
separated. So In speculation, the loss or gair
from stocks may offset loss or gain from produce
gpeculated In" ~
(6-"Merchants must make return of thei
profits from merchandise without regard to theil
losses in speculation, or gains from interest. divi