Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-04-17
ABSTRACT OF THE ANNUAL INCOME IA,
ANNUAL INCOMK TAX.

jail To-
Having been requested TO prepare an abstract
Of what Is required by law In reference TO the In
come Tax, and Of the decisions BY thsSDepart.
ment At Warrington upon various questions that
have arisen. we present the whole subject under
It's several distinct heads: I
STATEMENT SHOULD BI MADE-wHERr, wHEH.
n By WHOM.
/. Thei law requires every psrson oflAwfnl age.
n siding In the United States. to render to the
As,is, ant Assessor ofths sub-dstr.c In which he
or she may be residing on the LIST day ofMay,a
written statement. according to = prescribed
form, Of the amount Of his or her income, gains
nary LIST to December Slst, both days inclusive.
A printed blank containing this form can be OBJ
tanned from the Assistant Assessor. A person
having no fixed residence, should maxi q state
meut wherever he or she may happen to bei and,
In case OF remova TO another district, should take
n certified copy Of such statement. to show any
other Assistant Assessor. who otherwise might
make n second assessment.
2. The statement must DO rendered on or be-
fore the Is, day Of May, or within ten days after
A written or printed notice requiring IL, has been
let ut the place o residence or Of ousiness, or do
posted In the pearcst Post Once.
3. The annual income tax Is q personal tax'
and IL cannotb be assessed againstap corporation,
company, or partnership, as such. Every indi'
yidual member must make q statement OF his or
her share OF or lutsrestin the gains and prohts OF
such company. ETC., whether such gains and
PROFITS are divided or not, and must also stste
separately bis or her income from all other
sources.
EVILS OF NEGLECT TO MAKE OUT OR VERIFY
STATEMENTS.
& II any person neglects or refuses to rendera
written statement, the Assistant Assessor In re'
auested to fll out q blank with such persons
name, and taxable income estimated according to
the beat information that can be obtained, and
upon this estimated income TO assess the tax, and
then to add 25 per cent, TO such tax IN = penalty
for neglect or refusal. ,
q An Assistant Assessor may be misled In
making this estimate, by being mlsinformed ast
money received, or not informed rs 70 money
paid. He must assess, however, according TO the
besrfhformation within his reach. Tit only per-
son capable Of giving absolutely correct NORMA.
tion In frequently the one who refuses or neklects
TO make a statement. II such person VIII not
take the trouble to inform the Assistant Assessor,
there Is a bar to all complaint, should the assess.
ment prove incorrect, and q heavier tax belevied
thar would otherwise be charged. Moreover,
after an assessment has once been made, IL GRO
Moons. II IL always troublesome to the party In.
terested to have Il corrected. All persons, there
fore, but especially sEeA a. haps no taxable fneoms,
should not fall to render the required statement
upon the proper blank, no As to avoid undue tax
alton andtrouble,
!. Every statement must be verified by OATH or
affirmation. When this Is not done, the Assistant
Assessor Is required to estimate the income and
to add 25 per cent. to TO the tax.
EVILS OF MAKING A FALSE STATEMENT.
9. An Assistant Assessor has power to increase
the amount In any statement, after giving due
information 70 tne pa.ty ihIe,os'eu; ne io,
q false statement has been rendered and the
party making the false statement becomes liable,
not only for this additional tax. but likewise to
Two uistihct oe.oretne ohl'eu S,a,oh
oourts-one LOT mak'nS aIases ana ~, LII
teht 10 oon"uo se 9o'o'n"en''~n wv "'''N'i
'o'pe1ury'
MANNER OF NAMING UP STATEMENT OF INCOME.
Nv the llSth section of the law, the Commits.
,ioner az Internal Revenue il empowared TO pre-.
scribe the form and manner in which the state.
| meut Of income must be made up. This he has
done In n printed blank used by tho Assistant As.
sds,or and IN yaros. circulars and rulings. The
foiIoninr n summary OF what has been pre-.
scribed:
i. Each Of the great classes into which the pur.
spI,s Of life and the investments Of capital have
b..n divided must be returned ssparaisly- losses
In one NOT being allowedto Offset gains In another.
Thus n merchant who engages In farming or In
.peculatIons mot belonging to hislegitimate busi.
ness cannot Offset gains In the one by losses In
IN. other.
8 The expenses incident to each business are
deductIble rom the receipts Of that business.
3, Speculation ssitfmaisly belonging to any
business. and these alone, maS be carried into Its
nroat and los, account Thus A broker may spec.
nlate In stocks. a dry goods merchant In cotton, q
hardy are man In iron, etc, and such speculation
NAV affect the 1ain and loss Of sneA legitimate
hnyyrs.s A m.ychnnt aiso NAV make or lose by
exchange or the Kind Of money paid for his mer.
cbandise. and this gain or loss belongs TO his mer.
chandI,, account. But II he buys gold, uncurrent
money, United States Treasury notes, or any
other thing not one ofthe articles Of trade belong.