Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-06-16
ABSTRACT OF THE ANNUAL INCOME TAX
ANNUAL O TAX.

come Tax, and OF the dectSions by the Depart
ment at Washington upon various questions that
have arisen, we present the whole subject, under
It's several distinct heads;
STATEMENT SHOULD BE MADE-wHERE, WHEN,
N BY WHOM. .g
j. The law requires overy person OF lawful age,
residing In the United States, to render TO the
Assistant Assessor of the sub-district In which he
or she may be residing on the LIST day OF Ney,s
written statement, according to q prescribed
form, Of the amount Of his or her income, gains
and profits during the previous year, from Jan.
nary LIST to December 3lst, both days inclusive.
A printed blank containing this form can DO oh.
tanned from the Assistant Assessor. A person
having no fixed residence, should mako q 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 a second assessment
9. The statement must be rendered on or be.
fore the LIST day Of May, or within ten days after
q written or printed notice requiring II, has been
len at the place Of residence or Of business, or de.
posted In the pearest Post Office.
3. Tho annual income tax ID n personal tax,
and II cannot be assessed against my corporation,
company, or partnership, rs such. Every indi.
vidual 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 arc divided or not, md must also state
separately his or her income from all other
sources. -
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS,
Z II any person nerlects or refuses TO render q
written statement. the Assistant Assessor Is re.
quested TO fill out a blank with such persons
name, and taxable income estimated according TO
wnor ,hjs sstImatsd Income 10 assess the tax, and
then to add o. per cent, to such tax as n penalty
for neolect nv refusal
a An As.istant Assessor may be mIsled In
making this estimate, by being misInformed ns 10
money received, or not informed as to money
paid, He must assess, however, according to the
best information within his reach. The only per.
son capable of giving absolutely correct informa.
tIon Ia frequently the one who refuses or neglects
TO make q statement. II such person will not
take the trouble TO inform the Assistant Assessor,
her, IA n bar 10 ali complaInt. should the asssss.
ment nroyc incorrect, and n heavier tnY he leyIed
,hon would otherwise bc charged Moreover
after nm a,s.ssment In, once bcen made If AFRO
neuus. n IA always troublesome 10 tho party in.
tsre,ied TO have Il corrected. All persons. there.
fore, but especially sueA as Aare no taxable income,
,hould mot nil 10 render the REQUIRED statement.
mon Inc propsr blank. so n. 10 avoid undnc tax,
alton and trouble.
!, Every statement must be verified by oath or
Affirmation, When this Is not done, tho Assistant
Assessor Is required 10 estimate tho income md
TO add oS per cent. toto the tax.
EVILS OF NAKISo A FALSE STATEMENT,
/ 9, An AssIstnnt Assessor has power 10 ipcrsase
the amount In any statement, after giving duo
| Information 10 tho party interested. He 4. 70.
ouIred, also, TO add loo per cent, 10 the tax when
a false abatement has been rendered :; and the
no, only for this additional tag, but likewise to
two distinct prosecutions before the United States
| Courts-ono for making a false statement with In.
tsnt IN dcfrapd ibe Government and the other
!, ps,yeiS, v,v, - \, sr,rr,,r.-o ar ,xoovr
49,. IIo.h 1870. ~. ~. ~ rassmIs
oy y tto'u ssS.ono VI 'no wv, Nhe Som n
AonoE intetns noSenuoi upvweiyu 80
ssaioe ~ ySr@ anu Sn winch Thi u ~ ha.
meu'o inoEIe ~ W u ". u NO I"'
done IN . printea olank ussa oy lns Asslstant rns.
sdSsor, And IN Vntious citcutaIt ana lui'hgs. lug
toliowing u summary OF "nS' mas oceh pro-
sc,'osS:
!. EACH ~ tns sseat elasses mo ~nica .ne pua.
su uN. y, az I - : =. re,n.uaH ~. sapi.A ,ossas
oeen SatnS oueS. ~ ~ 'apLt. \. o,h"r
N one MOI oe,hs alCmea 70 onset gatns ~ ano'nG,.
Inul = norcnaai WIN Engage ~ ialmlns y \"
sPeeuauona = oelonsins v NV .esitnnaso y -,
ness cannot ousel gains IN INC ono ny iosses III
the other.
Inc expense inciuent 70 eacn puslness 'ro
deductiole rom the receipts OF that business
J Speculations <gittmdniy belonging 10 any
business, and these alone. may be ca[ried Into It's
profit and loss account. Thus q broker may spec
ulato In stocks, q dry goods merchant Ia cs'ton, q
hardware man In Iron, etc, and snch 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 be buys gold, uncurrent
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 proht or loss rom such specnIs.
ton VIII not DC aIowea.o aneet Tue prons . Z sos,
from MS regular Suslne.s. a ousiness mn
placed sto,vVV IN .ne nnnunV Nem lorh oioi
L kAF MN 10 ukO III III IuV uTCnHNt II
sac oI goio, on .nem neeoun.' anu ha'.ns los,
S2i,2Oo IN tnis venture, lney cinmea Inal u
should Do deoueted from lhelr pron,s IN business
Commissionef LEWIS alshiiSwea 'ae einnn, nnG
,aia Ine nngG ~ ruiinS ha% Uee 81 s sha eaaIn.,
loss u %e = NJ ny pa;n. .n os"o, 4, :. o6nsjS
srsS = lad los, Of eonitai inpsstsd In tIat Gusi
$3.50 Aaoin ,ios. n canItoi cannot no IA
Srctsd from income'" Return Of income mus
he mad. an Inc oaiH,"
a Wo,v far dISercnt hind, NJ husInes, must h,
r.,rrned ,.parntIy h, shown by The following
rulings Of Commissioner Rollins:
ISc,IIos, jrcrrrrd In the nros.cutIon of op,
Ea;C =, hT.,n.. csnnot he dodnc,sJ Srom SaIn IN
hnsInes, NJ an s~ntirsIv dif.venteIaraeier nor from
sal"ry remit, dIyiiends. ste"
65yN"I1osses incurred In the prosecution of ONE
branch Of business cannot be deducted from gain
IN another since an absolute loss incurred In the
nrosscntIon OF a angle busIness ia Ipdlspcusably
= Ioss Of eauital"
go Tosse, In merchandise. ran be deducted
~, tror. SoIns In ,nsrchandJ,e I'm, In mi, case
na.,,rrior Sranches Of msrchnndisc mead moi he
anaro,.d. 81 In snscniation tbe loss or oaIn
rSoapnn s.ocis nav ofsst los or gain from nro5nec
,n.culated in
fG-"Msrchants must make return of their
sasn maaoSanSI.o wI,hon, rs1ard 20 ,hoir
tns..si IN snacnIation. or VnIns from interest. diyI.
ST .nS. r,nts NJ any otbsr sonrcc"
LoS,es In specuiation canno, be deducted
from s~alaries, nor from gains In merchandise.