Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-03-22
OF THE ANNUAL INCOME TAX
ANIMAL INCOME A

have arisen, We present the whole subject. under
its several distinct heads:
STATEMENT sHouLD BE MApE-wHERE. wHES
AND BY WHOM.
l. The law requires every person of lawn age.
residing In the United Stntes. 20 render 10 The
Assistant Assessor OF the suO-distr ct in which he
or shr may be residing on the LIST day OF May, a
written statement, according 10 II prescribed
form, of the amount OF his or her income. gains
and profits during the previous year, from Jan
uary 1st TO December 3lst, DO b days inclusive
A printed blank containing this form can be OBJ
tanned from the Assistant Assessor. A person
having no hxed r.Lienes, should make n state.
ment wherever he or she may happen to be; and,
In case Of removal TO another district, should take
a certified copy OF such statement to show any
other Assistant Assessor, who otherwise might
make u second assessment. T
=. 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
left at the place ofresidrnce or OF business. or de.
posted in the rearest Post Office.
}. The annual income tax Ia a personal tax,
and II cannot be assessed against any corporation,
company, or partnership. ~ such. Every indi.
vidual member must make q statement of his OF
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 TO MAKE OUT on NhklFf
STATEMENTS.
s II any person neglects or refuses to render a
written statement, the Assistant Assessor Is g."
quested TO I'LL out "A blank with such persons
name, and taxable income estimated according to
| the best information that can be obtained, and
JUROR this estimated income to assess the tax. and
then to add % per cent, 10 such tax ~ n penalty
| for neglect or refusal.
6. An Assistant Assessor may be misled in
making this estimate, by being misinformrd NJ TO
| money received, or not informed ~ to money
| paid. He must assess, however, according TO the
best Information within his reach. The only per
| son capable Of giving absolutely correct inforna.
| ton Is frequently the one who refuses or neglects
| to make a statement. II such person will not
| take the trouble 10 inform the Assistant Assessor,
| there IL a bar 10 all complaint, should the ASSESS
| ment prove incorrect, and = heavier tax believed
| than would otherwise be charged. Moreover,
| after an assessment has once been made, II erro
| ueSus, Il Is always troublesome TO the party in.
,erested TO have IL corrected. All persons, there
fore, but especially sEeA as hdre no tazdbs income.
should not fail TO render the required statement,
upon the proper blank, 80 As TO avoid undue tax
alton and trouble.
I Every statement must be verified by oath or
affirmation. When this Is not done, the Assistant
Assessor il required 10 OBSTINATE the income and
to add - per cent. TO 10 the tax.
EVILS OF NAXISo A FALsg STATEMENT.
=. An Assistant Assessor has power TO increase
the amount In any statement. after giving due
Information 20 the party interested. Ho Is re.
quired. also, 60 add 100 per cent. TO the tax when
= false statement has been rendered and the
party making the false statement becomes liable.
not only for this additional tax. but likewise TO
two distinct prosecutions before the United States
Courts-one for making false statement with in.
tent 20 detraud the Government, and the other
for perjury.
MANNER OF MAKING Up STATEMENT or INCOME.
By the Ilsth section of the law, the Commits.
siouer OF Internal Revenue il empowered to pre-
scribe the FORM and manner in which the state
men, Of income must be made up. This he has
done in a printed blank used by the Assistant As
SCISSOR. and in vsross circulars and rulings The
following IL summary OF what has been pre-.
scribed:
l. Each Of the great classes into which the pur.
suits OF life and the investments of capital have
been divided mus, De returned separately losses
in Que not being allowed to Offset gains in another.
Thus 4 merchant who engages In farming or in
speculstions not belonging 20 his legitimate bust
ness cannot odset gains in the one by losses In
the other.
= The expenses incident to each business re
deductible from the receipts Of that business.
J. Specula,ions is~9itinately belonging 10 any
business, and these alone. may be carried into its
protit and loss account. Thus a broker may spec.
ulale IN stocks. a dry goods merchant in cotton, a
hardw are man in iron, etc, and sgeh speculation
UlNN AutNk Wv so eLu sCss VI sets
business. A merchant also may make or lose by
exchange or the kind Of money paid for bis rner
chandIse, and this gain or loss belongs 10 his mer.
chandise account. But " be buys gold, uncurrent
money, United States Treasury notes, or any
other thing no, one of the articles Of trade belong.
ing to his regular business, for the purpose Of
speculation. the profit or loss from such speculs.
ton will not be allowed 20 affect the profit or loss
from his regular business. A business frm
placed ai0, 900 in the hands Of New York bro.
ker, .instruc:ing him 20 use IL in the purchase and
sale Of gold. on their account: and having lost
s27, 800 in this venture, they claimed that Il
should be deducted from their profits in business.
Commissioner Lewis disallowed the claim. and
said the uniform ruling had been that when a
loss il made in any particular business, against
which there are no gains 10 Offset, 1t Is consid.
cred a derd los, Of capital isrestsd in that bE,i.
asss.' Again, loss % capital cannot be de.
| Quoted from income" Return OF income must
De made on the 2aiHs."
4. How far different kinds Of business must be
returned separately is shown by the following
rulings OF Commissioner Rouirs:
(a)-"Loss incurred in the prosecution Of one
kind Of business cannot be deducted from gain in
business OF an entirely di5erea,eAaraeter. nor from
salary. rents, dividends, etc"
B)-"LossesI incurred in the prosecution OF one
branch Of business cannot be deducted from gain
In another. since an absolute loss incurred In the
prosecution of a single business Is indispensably
q loss Of capital
(c)-' Losses IN merchandise can De deducted
| only from gains In merchandise; but. In this case.
particular branches Of merchandise need not be
separated. 30 in speculation, the loss or gain
from stocks may Offset loss or gain from produce
specialized In"
Merchants must make return Of their
| profits from merchandise without regard TO their
losses in speculation. or gains from interest. divi.
dends, rents, or any other source"
%" Losses in speculation cannot be deducted
from salaries, nor from gains In merchandise.
When losses are sustained In one speculation and
| gains made IN another speculation. such losses
| nav BE- deducted from such gains Losses in one
| branch Of merchandise may be deducted from
gains in any other branch Of merchandise"
Where stocks. etc, are bought rs a per.
| manent Investment. and sold again merely TO
change the Investment, a loss sustained in the
sale may be deducted from the dividends from
such stock. but where the purchase IL made for
the purpose Of selling again on speculation. the
loss sustained by 'he sale cannot be deducted
from dividends, but may De deducted from gains
derived from the P~urehass aud sale Of stock ETC.,
In the same year"
4 INCOME FROM RENTS or BUILDINGS.
From the total amount Of such rents received
within the year for which income Il estimated. or
Iue and collectablc on the 3lst day OF December
ofsaid year, should be deducted:
lat. The amount paid or due. by the owner, for
repairs made within the year, not exceeding the
yearly average paid out for such purposes for the
preceding Ave years, and not including any
amounts paid or due for new structures. or for
new and permanent improvements.
ID. Insurance for the year paid by the owner
upon the buildings rented or offered for rent. not
including insurance paid upon any other prop
-rty, real or personal.
"a, Interest which accrued for the year on In.
cumbrances upon the buildings rented or offered
for rent. or upon the lands on which they stand,
whether such interest has been paid or remains
due.
All buildings offered for rent will be regarded
together. no segregation being required. Repairs,
insurance and interest paid on account OF any
and all such buildings, whether occupied or not,
will be deducted from the total amount OF rents.
Taxes will not be deducted from rents, but
from gross income from all sources.
By The law Of June 30. 1864. In estimating In.
come from rents. 40 account Il taken oftho rental
value of a homestead occupied by the owner.
Payments for repairs, insurance and interest. on
account Of a homestead. will be considered here.
after, when treating OF general deductions from
grossincome.
DEADLY WEAPON LAW.