Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-06-08
ABSTRACT OF THE ANNUAL INCOME TAX.
ANNUAL INCOME TAX.

Having been requested TO prepare an abstract
Of what Il required by law In reference 10 the In
come Tax, and Of the decisions by the Depart
ment at Washington upon various questions that
have arisen, we present the whole SUBJECT under
It's several distinct heads:
sHoUL BE MADE-wHERE, WHEN,
AND by WHOM.
]. The law requires every person oflawml age,
r. aiding In the United States, to render to the
Assessor Of the sub.district In which nc
or she may be residing on the lst day Of Maya
written statement, according to q prescribed
form, Of the amount Of his or her income, gains
and profits during the pTeviou, ysar. from n1n Jan
A printed blank containing this form can DO OBJ
tulned from the Assistant Assessor. A person
having no fixed residence, should make q state.
ment whereverhe or she may happen 10 ooi and,
In case Of removal 10 another district, should tai o
q certified copy Of such statement to show Al '
other Assistant Assessor, who otherwise mig
make q second assessment.
2, The statement must be rendered on or D.
fore the LIST day Of May, or within ten days at r
a written or printed notice requiring 1t, has ben
left at the place of residence or Of business, or d..
posted IN the nearest Post Office.
3. The annual income tax Ia q personal tax,
and It cannot DO ASSESSED against my corporation,
company, or partnership, rs such Every indi'
yldual member must make a statement Of bis 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
separately his or her income from all other
sources.
EVILS OF NEGLECT 70 MAXI OUT OR VERIFY
STATEMENTS.
5 II any person nrglects or refuses TO render a
written statement, tho Assistant Assessor Is re-
quested to I'll out q blank with such persons
name, and taxable income estimated according TO
tho best information that can be obtained ann
upon this estimated income TO assess the tax, ana
then to add o5 per cent, 10 such tax Ms n penalty
for neglect or refusal.
6. An Assistant Assessor may be mlsled In
making this estimate, by being mlsinformed as to
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 Is frequently the one who refuses or neglects
to mako q statement. II such person Will not
take the trouble to inform the Assistant Assessor,
there Is q bar to all complaint. should the dsscss.
mcnt prove incorrect, and a heavier tax be levied
than would otherwise DO charged. Moreover,
after an assessment has once been made, II Gro
neous, II Is always troublesome to the party In.
terested to have II corrected. All persons, there.
fore, but especially such as haze no taxable income,
should not fall to render tho required statement,
upon the proper blank, so rs TO avoid undue tax
alton and trouble.
7. Every statement must be verified by oath or
Affirmation. When this Is not done, the Assistant
Assessor Is required 10 estimate the income nnd
TO add Is per cent to to the tax.
EVILS OF MAKING A FALSE STATEMENT.
0. An Assistant Assessor has power 10 ineredst
the amount In any statement, after giving due
Information TO the party Interested. He IL re
quirea, ASo' 10 auu ioV pcT cent 70 tno'~1 wnyu
. lmso NtaIemsnl mas oeeu renaereu , auI t sne
parry IuklnS TUG ls'se s'a'emeh' oeeomes IIaoIe
NOT only lot THIS auulllonai TAX; ou! mkewise 10
two distinct prosccutonso eiore tne Uhlteu Sta!es
Courts-one ior making aiaise statement WIN IN.
tent TO deiraud tho government ana the other
Tor perjury.
MANNER o! NAMING W sIAIEaENT OF IsCoNE
ny inc iIotn section OF inc law, tne SomIniH
noner Of lnternai revenue IL emPIwerSa 70 pre-
scribe ING JorM anu manne' IN wh'en quo A'n,o
ment OF income must oe msIo ". lnls nc na'
done ID u printeu oiank ussa oy .ns Asss.An' ~
sossor, anu various eIeuihrs uuu ruiinBr. stn'
tolioWins " summary ot "n"' ms oeeh P'e
scrioed:
!. Eaen Of INC great elasses INTO ~hicn tne pur
suits OF life nnd the investments OF capital nav
been divided must DO returned separately losse
In one not being allowed to Offset gains In another
Thus q merchant who engages in farming or IL
speculatlons not belonging TO his legitimate bust
ness caunot Offset gains In tho ono by losses II
the other.s
. Tho expenses Incident to each business r.
deduetlble from the receipts OF that business.
3. Speeulations tS,ntmdttIy belonging to an!
business, and these alone. may be carried into IL
pront ana loss account. Inusa 9rokeI may spec
ulMo In stoeks' q dry gooos merenant IN eetton,
hardware man In iron, etc. and sacA specuiatloi
may affect the gam ana toss OF s9cA Icgitimat'
business. A merchant also may make or lose BY
exchange or the kind OF money paid for his iner
chandise, and this gain or loss belongs TO his mcr
chandlsc account. But II he buys gold, uncurren
money; United> states Treasury notes, or On.
other thing not one OF tho articles OF trade belong
Ing TO his regular business, for the purpose o
speculation, the proht or loss from such speenia
tIon will not DO allowed to anect the proht or los
from ms regular ouslness. a ousness mn
placed S1o,vvv m q nanus9 aNem 7 VIZ
ker, lns'rus,ins MN y : = 'ne PIisuase an
sne oI so'u, IN .nun ,sns Tnu W. nhs, y :,
Ssi,VVv III US 'sr'uI', uney esnSu 'mi :
should % oeouS'ea rom lner PIonts ~ ous'hes'
COMMISSIONS LeMis aIssiio~ea 'ne s'nIn, UNI
sMd tne nny0Im Iuhns Iuu oeSn tnaa :
loss is mane III hny PaiNeuIai 9usinesh, aBAnns
which there arc no gsns 70 ousst, u ~ cohna
ereo y aeao o"pst". an,sr - ~
ness. Again, y sapnta' SInnos oe ue
Quoted from incoins. return OF 'ne'"c mus
&c ma How . FAR dIfr[ent kind, Of bu,Ipe,, mu,, b.
o ..nsra,.iy q. .hown hv Tho foILoyv,n,
rr rnnn J, ammIssions po,iins NV
ru mpsr.ios" ipeurrsS in The Dro,.cp,Ion Of on
lSy.f Lr.I..ss aanna, h. A. na,.J -. natn a
Sina OF ousnness sanno, Se aeauclea rom saih u
business OF al SMttIesy aVeIcH' e"o'ae''' U 'o"
salary rents, aivlnends, eIc:
Losses incurred IN inc prosecution OF on
ordHA OF business cannon DC deducted from gan
In another. Hnee an sosolute loss incurred IN .n
prosecution Oh Single business IN inuispensaoL
aioss OF eaplta.
e." Losses IN merchanaise can 9e ueauc'e'
only IITm saans ~ mAnoh Ua' ,aaS ny, -
particular branches OF m.rcnandise need NOT o.
separated. 80 IN speculation, tne loss OF 3 u
rom stocks may onset loss or gain from prod' =
speeulalea ,