Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-04-05
ABSTRACT OF THE ANNUAL lNcoNE Tax
ANNUAL INCOaIE TAX.

ABSTRACT VI THB ANNUAL lNgVaoiAA
ray
ANNUAL
~ -.L ,
Having been requested to prepare an aos.taS'
Of what Is required Ss law ~ rs'e !. ~. Denart.
come Tax, anu OF tno oeelsions oy..,,o,. ths,
ment ut Washington upon various aussnons ms.
have arisen, we present the whoie s"'J''
Its several distine'nesnr .'ll y
STATEMENT SHOULD BIZ W"
AND BY WHOM.
RI, law rsouir,s every person Of u ful age,
-it,n., ~ M. trnitad States. 10 render to the!
a.Js,sn, A...ssor Of Inc .ub.dIstr. Ct In which he
a. sS. msx he rssiainr ON The lat day Of May. u
wr;,,.n s,.,.m.nt Recording TO a prescribed
N NV ss..a,r, ~ h,s nr her income, gains
lolm,o. = 49, ~ nrsyions wear, from Jan.
anu na.sh. 5is, bo,h days Inclusive.
sM!a. k.nr aon,a,njng this form can DO OBJ
Prin,eu o'ann S".is,an, ss.,sor, A person
sSneu tIou - Iansa .horId make a state
having no n1ed Ienagnes, han,sn 10 be-: and,
men' "helesei ~ ano,hs, dhnrict. should take
In case OF removal W As.sn.n, 10 ,bov any
q eertined copy % sue - n,hsr,xI,s might
other Asss.an. $1,000 80
MAKE = 'eeona nars, hs rendered on or bo.
: nc .ase NJ, a. within tan DAVIS after
lore tne ISL nay a.!, ,@anririno n has been
written or prince re.Srnc, ~ of business, or dc.
Ieit al sIe D.. oescs
positT1 IN .ue sncon,s nv ia n personal tax,
hs 10000 acainst any corporation,
".-..r.hin ma such Every iudi.
eompahy'o PAfsn s,S,susnt az hi, or
vluual niemoS. m,nr.s, IN he cain, and profits of
vnU ',c vhs,har such gains and
nroa,. .ra djyIdeJ or moi. and must also stats
separately his or her income from All other
sources. op vvu,yy
kVUs OF ~NEeLkSi w 80" wv '"''
- SlAitA.HtS >, rsrd.r n
D III any person nesiesls OF $500. 10 70.
written statement. inc hsss.ani us.h usrson',
i nnAalA IN NIL mn "A DIAnK WlNn NuCu pflFS =
name, and taxable income estimRted according 70
the best ~information that can be ootanea' and
upon this estimated ineomet 10 assessor .aa Wv
then TO add % per cent 10 suen YAK p'""'
for neglect or REFUSAL, n,.,.5 In
q. An Assistant Assessor may oe ~ ~
making this estimate, by being misinioimed M 70
money received or NOT iniormeu nv ~ mo. IN,
paid. He must assess, however, aeooiuins
best Information within MS reaeh. me oniy PET
son capable OF giving absolutely correct into,ua'
ton Is frequently the one who refuses or neSlec's
TO make n statement. II such person VIII not
take the trouble to inform the Assistant Assessor,
there 10 n bar to all complaint. should the essess,
mept prove incorrect. and q heavier tax DC levied
than would otherwise DC charged. moreover
after an assessment mas once oeen msae, u oI,o
neJus, Il Is always troublesome 10 the party IN
terested to have u corrected. All persons: tnere'
fore. but Especially sseA ~ aaosH no taIaote theoMs'
should not fail to render the required statement
upon the proper blank, so a. to avoid UNDUE tax
alton andtrouole
= Every sta,ement mus DC YeliuSa x VHao,
4&raaston. When this II not dons, tne Asss'an,
Assessor IN required 10 estimate tue income M"
TO add 23 per cent to to the tar.
EVILS OF AAKISo A FALSE STATEMENT.
q A..h..,, I.....or 10. ,ovsr N ircr,a,,
" An Assistant ASSESSOR ma. Poser 70 tn' AZ
the amount IN any sta.eheul, a.e, sts"s W.
mtormanon 10 I1s pS,ty insete:e. ~, H.
quirsa. a.s., 70 = y eens and ~.
: laIse ste.eu"h' nnn 80 'SnuS.sa, iTohia
-, W co. ,h,s addj,ional taI hnt likewise 10
not onLy ioI tms aaII,Ioha. .A,i :, TT 60.
""asP moIinr = Ssis. statsmsnt with In.
~. w, ~ $1,000 ,ha Gn~.rnmsnt and m, orber
rn, uc'"
'Ff e'Ju!'
MANNER OF NAMING UP STATEMENT OF INCOME
By the llsth section Of tho law, the Commits.
sioner Of Internal Revenue IL empowered to pre-.
scribe the form and manner In which the state
ment Of income must be made up. This he has
done in a printed blank used by the Assistant A..
scissor. and In vsioss circulars and rulingS The
| following Ia n summary OF what mas been pre-
scribed:
l. Each of the great classes Into which the pur
suits OF life and the investments OF capital nave
been divided must be returned sepdrdtely- losses
in one not being allowed to offsetgains In another.
Thus a merchant who engages In farming or In
speeula'ions not belonging to his lesitinnte eusi,
ness cannot Offset gains In the one oy losses I'D
me o.ner. ..., .,.,.
d.dprtIhle rom the receIpts Of that business.
a SneculatIons legitfmdttly belonging to any
bnsInsss, and these alone, may be carried into Its
prost and loss account, Thus a broker may spec.
/ pIate in stocks. A dry goods merchant In cotton, q
hardwarr man In iron. etc, and such speculation
nav .g.et tbe 1ai. and L,s Of rucA legitimate
bn:in.ss A merchant also may make or lose by
sSchanv, or the Kind OF money paid for his mer
chsndiss and hi. gain or loss belongs 10 bis mer.
chandiss account But n he buys gold, uncurrent
monsy' limited States Treasury notes, or any
| atbrr thing no, one of the articles Of trade belong.
| inc 10 hIs regular business, for the purpose Of
snscniation. The profit or loss from such specula.
,Ion iii No, he 10 Affect the profit or loss
$50, NJ. ,ssnlar bushes, A business Arm
nlassd 40. 600 In the hands of a New York bro.
Ter lnstructIng him TO use IL in the purchase and
al os roid' on their account and having fost
soT 900 In ibis venture. they claimed that II
mould be deducted from their profits In business.
| commisIoner Lewis disaiiowed the claim, and
s.Id ,hs uniforu ruling had been that when a
los 4. made In auy particular business, against
wbIeh th,re are no gains 10 Offset, II is consId.
srsJ a dad Io,, Of CAPITAL iHptstsd In that bust.
,,,," Again. .loss Of capital cannot be de.
Src,sd f,om incom. .Rstprp Of income must
hhs made On The 1ainsr -