Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-04-16
ABSTRACT OF THE ANNUAL NCoaE TAX
ANNU1L IN0oMR Tx.


ANNUAL INOOMB TAX. n
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 the Depart.
meni az Washington upon var1ous questions That
have arisen, we present the whole subject, under
its several diatinctb ssds :lNsfi1 htni'
STATEMENT MOULD Blk MADE-.wHERE, WHEN.
AND BY WHOM.
l.. The law requires every person oflawful age,
r, ddinE In the United NStates.to renderlt to tho
Assistant Assessor ofthc sub-dlstr.c ct In which he
or she may be residing on the LIST day OF Mays
written statement, according TO u prescribed
form, OF the amount Of his or her income, gains
and profits during the previous year, fromJan.
uary lxt to December 3lst, both days incfusive.
A printed blank containing this form Gamble OBJ.
tanned from the Assistant Assessor. A person
having no fixed residence, should make Estate
ment wherever he or she may happen 70 be; and,
In case OF rsmova to another district, should take
n certified copy Of such statement. to show any
other Assistant Assessor. who otherwise might
make = second assessment.
Q. The statement must be rendered on or be-
fore the LIST day Of May, or!withip ten days after
A written or printed notice requiring 1t, has been
left at the place ofreLdence. or ofbusiness, or de-
posted In the nearest Post Office.
z. The annual income tax " u personal YAK
and Il cannotbe assessed against any corporation,
company or partnership ~ sueh. Every ina.
her shaTs NJ or Interestin the gains and profits Of
such company, ETC., whether such gains and
nroa,s nv. dIysaed or moi. and must also state
separately his or her income from all other
sources.
EVILS OF SEoLEcr TO MANI OUT On 'AAif'
| written statement, the Assistant Assessor IL re-
quested to an out q blank with snen pstsons
name, and taxable Income estimated accordmsI 70
the best information that can De oolainea' anu
upon this estimated income to assesstne TAX nnu
then to add 25 per cent. TO such tax IN a pensi'S
for neglect or refusal.
6. An Assistant Assessor may oe mlsled IN
making tnis ssuma.e,o y Tr erosm.d as 10 monsy
m1IeS ssS..H..s,s.. $1,000 according 10 tho
pao; Lnc muss -. s.s.h Tbs oSly ner.
~sn.nohi. ~ n,v,ns ahsointrly correct Iuforma.
,,nn i. frsopsntiy The one who refuses or neglects
10 mai, \ statsmsnt. II such person will not
tax, the trouble to inform the Assistant Assessor,
there In a bar 10 ali complaint, should the assess.
ment provc Incorrect. and a heavier tax elevied
| than would otherwise be CHARGED. Moreover,
aft.r nm Assessment ha. once been made, II erro
n.,uE. a h, always troublesome TO the party In.
t.rest,d 70 have II corrected. All persons, there.
| fore lint s,peeialfv sncA as hare no ta1able income,
| should mot fan 10 render the required statement,
mon the nroner blank. 40 MS 10 avoid undue tax
ston and ronbI.
y r.ar~ .,s,.m,r, upxt be x.r,sea nv oath or
..a,n. Wien his IA not done, m. K ssIstent
ks.sssor i. rsop,r.d 10 estimate the Income and
10 auo - per eehI 'o' IL 'aA m
EVILS OF MAKING L STATEMENT.
.. An Assistant Assessor mas power 20 iHerease
the amount In any statement, AFTER giving due
information to the party interested; he IL re.
a 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 prosecutlons before the United States
Courts-onef for making n false statement with In.
tent to defraud tho Government, and the other
for perjury.
x,xyrp rv,v,,a up sr.1rNrsT nv INCOME.
49, 80 60.
BY the ile'n secuon OF tne la", Ine Iomn mns
sioner OF Internal hevenueis emp1we,eu W pr
scribe the Jorn and Tdnnfr IN wn'en Ino s'Sa..
ment OF income must oe msae W. M ue .
done in a printed blank used oy the Assistant As.
SCISSOR and Venossc circulars anu ruhnss. Aue
following IL OF wnai mas oeen pro-
scrioed;
l. Enen OF the great classesinto winch eIe pai,
suits OF lie and the investments OF eapi.Ai nav
oeen dlviasa muss % ls.airea .cpGInstr a,o,Ssr
In one not oeing loweo 70 onss tgain ~ ' H.
Inns : merenant Tno 9nsases IN n nIs hrsI'
rpsse ennnoi o %S.e . roIna iS n The Y one by Ios,s" in
.ns eh.r s"'' "
. The expenses incident 10 each business IRE
deductlble from the receipts OF that business.
3. Speculations legttfnatsly belonging TO any
business, and these alone. may be carried into It's
| profit and loss account. Thus a broker may spec.
ulate in stocks, a dry goods merchant In cotton, a
| hardware man in Iron, etc, and srch speculation
| nav affect the gain and ioss OF sueh legitimate
| business. A merchant also may make or lose by
exchange or the kind Of money paid for his mer
chandise, and this gain or loss belongs to bis mer.
chandise account. But n he buys gold, uncurrent
money. United States Treasury notes, or any
other thing not one ofthe articles of trade belong.
ing TO bis regular business, for the purpose OF
speculation, the profit or loss from such apecula.
ton will not be sllowedto affect the profit or loss
from hn regular business. A business firm
placed $4,000 In the hands Of New York bro.
ker, lnstructing him TO use Il In the purchase and
sale Of gold, on their account; and having lost
s27. 500 In this venture. they claimed that II
should DO deducted from their proftsin business.
Commissioner Lewis dlsallowed the claim, and
said the nnt5ora ruling bad been that when a
loss IL made In any particular business, against
which there are no gains to Offset, Il Is consld.
cred a dead loss Of capital invested In that bust.
n,,," Again, .'loss of capital cannot be de.
Quoted from income" Return of income must
be made on the 3afss." W.T. m
4. How far different kinds Of business must be
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