Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-04-06
OF THE ANNUAL INCOME TAX
ANNUAL INCOME TAX.

Having been requested TO prepare an abstract
Of what Is required by law In reference 70 the IN
com Tax. and Of the decisions BY the Depart.
ment at Washington upon various questions hat
have arisen, we present the whole subject. under
its several distinct heads;
STATEMENT SHOULD BIZ MADE-.wHERE, WHEN,
nj by WHOM, ~vr
1. The law requires avery person Of wi age,
r, siding In the United States, 10 render to the
Assistant Assessor ofthe sub.distr.ctin which he
or she may be residing on the LIST day OF Maya
written statement. according to q prescribed
form. of the amount Of his or her income. gains
and profits during the previous year, nom jan
nary LIST 10 December 3lst, both days inclusive.
A printed blank containing this form can be OBJ.
tanned from the Assistant Assessor. A person
having no txed residence, should make u state
ment wherever he or she may happen 70 M auu,
In case OF removal 10 another district, should take
a certified copy Of such statement. to show any
other Assistant Assessor, who otherwise might
make n second assessment.
. Tn. statement must be rendered on or be-
fore the LIST day Of May, or within ten days aiter
"A written or printed noiiee requiring II, has been
left nj the place Of residence or OF business, or de.
posted In the nearest Post Office.
4 The annual income tax IN q personal YAK
and I, cannot be assessed against any corporation,
company, or partnership, as such, Every ihui'
vIduxl member mpst make q statement OF nus OF
her share Of or in,erestln the gains and prohts OF
such company, ETC., whether such gains and
profits are divided or not, aud must also state
separately his or her Income from all DINER
wis OF NEGLECT 10 MAKE OUT OR VERIFY
"a"
r.rson nsolsrts or refuses to render a
us,,.r s;atsmsnt the Assistant Assessor Ia re.
"...,aa 90 am ont a bIank with such persons
name, and taxable income estimated according 10
the best information that can be obtained ana
upon * san, 90 snch tax as "A penalty
suen " s.I
& An Assistant Assessor may be misled in
making this estimate, by being mlslnformed a. to
money received, or not Informed IN 70 mon y,
paid. lie must asssss, noneNeI, TN. III nsr.
estinformaton wi'nn y lsSen. snsorma
son capaoieo OF giving aosoiutoty S.s..i..,.
ton 10 trequen''V 'ne one "nos Iii not
to make q sis.rhleht. II sun H.,so ssas.or
take tnetrouoiet tntorul Ihe nnuiJ ~ $500
there Is IA oar 70 al omPiain'' oui !. i.,.,ad
ment prove Incorrect, and a heavier TAX oelsraea
than would otherwise DC eragcu. 49,"
after an assessment mas once oeen insuc,n al
neSus, II Is always troublesome 70 Inc pat,s !.
terosted TO nave ~ corsctea. Az p,.sUnt; -
fore. out e'pe6'aAy saea q, Aape NJ S,s,.man,
should not fall to render the requiIeu s.n.emun''
upon the proper blank so M 10 "'o'" ""'"'
alton and trouble ~
!. Every statement must be vcrinea oy oeta o.
Affirmation. When THIS Is not done, the Assst IN
Assessor ~ requ"su '"'' ""
10 add - per een. 'o'o e
EVILS OF MAKING A FALSE STATEMENT
@ An Assistant Assessor has power to increase
the amount In any statement, AFTER giving due
Information 10 the party interested. He IL re.
or;rsd ,lso. 10 add 100 Der cent. to the tax when
= falsc statement has been rendered and the
marty making the false statement becomes liable,
no, only for this additional tax. but likewise to
IL lc..,..
Conr,s-onr for making afalse statement with In.
,snt % defrand Nh, Goyerumcnt, and the other
for ,sr,urv . .|
Az ,srosr
AANNAN VI n""''e -,
By the llsth section OF tue law, the COMMITS
sioner Of Internal Revenue Is empowered 'opie'
scribe the form and manner In which the state
ment Of income must be made up. This he has
done In u printed blank used by the Assistant As
sdssor, and In vanous circulars and rulings. The
following IL a summary OF what has been pre-
scribed:
l. Each ofthe great classes into which the pur'
suits Of life and the Investments OF capital nave
been divided must DO returned separatety- losses
in one not oetng 70 onsetg gains IN , T.
Thus a merchant who engage. In farming or IN
speeulsuonsn ot belonging isIes,Snha.e oaS "
nesscannot onset gains IN 'ne one oy 'osses III
the other.
. The expenses incident 10 eaen business re
deductible rom the receipts OF that business
J. speeuiaiiSns hgutmHtey peionsns " any,
business, and these alone. may be carried into its
proht and loss account. Thusa oroker may spec
ulsie in stocks, a dry goods merchant IN eotton, a
hardware man In iron' etc, and sHoA speculation
may affect the gain and loss OF sreh legitimate
| business. A merchant also may make o. lose by
exchange or the kind Of money paid for his mer
chandise, and this gain or loss belongs TO his mer'
chandIse account. But II he buys gold, uneurrent
money; United state, Treasury notss, or any