Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-03-28
ABSTRACT OF THE ANNUAL NCOaB TAX
ANNUAL o TAX.

e a. W hruluktOu upon NNTluuH uuehtOnH tlut
have arisen, We present the whole subject, under
It's several distinct heads
STATEMENT sHouLD BE AADE-wHERE, wHEs
AND by WHOM
L. The law requires every person oflawf ul age,
residing In the United States, 10 render TO the
Assistant Assessor Of the sub.distr CT in which he
or she may os residing on the lst day of May, u
written statement. according TO n prescribed
form. of the amount OF his or her income. gains
and PROFITS during the previous year, from jan
uary LIST TO December 3lst, DO b day. inclusive.
A printed blank containing this form can be OBJ
tanned from the Assistant Assessor. A person
having no dxed Residence, should make a state
nent 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 q second assessment .H
.. The statement must be rendered on or be-
fore the LIST day Of May, or within ten days after
= written or printed notice requiring II, has been
left nj the place ofresidence or OF business, or de.
posted In the rearest Post Ofhce.
J. The annual income tax Is a personal tax,
and IL cannotb be assessed against any corporation,
company. or partnership. rs such Every indi.
vidual member must make n statement of his or
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 OR VERIFY
STATEMENTS
) II any person ueglects or refuses TO render q
written statement, the Assistant Assessor In re-
questcd TO Ill out q blank with such persons
name, and taxable income estimated according TO
| the best information that can be obtained. and
upon this estimated income TO assess the tax, and
| then TO add % per cent, to such tax n n penalty
for neglect or refusal
6. An Assistant Assessor may be m'sIsd IN
Tonar r"c.,ysd or moi Informed IA 10 money
| maid He mus, assess. however, according TO the
b.st Information within his reach. The only per.
| son capable of giving absolutely correct iuforma.
| ton hi frequently the one who refuses or ~neglects
10 mak, n s,,tem.nt IL such person will not
az me troubIe 10 inform The Assistant Assessor,
| ,h.r- IL A bar 10 all complaint, should the assess.
nsnt proye Incorrect, and a heavier tax be- levied
| ,bap yyould otherwise be charged. Moreover.
| aftrr nm assessment has once been made. II erro
,a,rs /, Is ALWAYS troublesome TO the party in.
,.rested 10 have Il corrected. All persons, there.
fore. but especially sneh as hare no tarable iHeons,
should not fail TO render the required statement
/ anon the proper blank. so NJ TO avoid undue tax
| stiop and trouble.
I. Every statement must be verified by oaih or
Affirmation. When this is not done, the Assistant
Assessor IL required 10 estimate the income and
10 add IS per cent. to to the tax.
rvus M N.KIse A FAIsE STATEMENT.
y. An Assistant ss.s.or !. PS.rf $50 -
the amount IN any s.a.emcn., Wv, su" NV
tormato 70 tns pM.s -, ~
CURED. also, 10 add lVo per cent = lIe az "nsn
a false statement mas oeee Ienaereu , y u
party maklns tne Islss s,a.smeo' os.0mes y,
NOT only TOT nis Aaui.Uopai .".; oIt ia $50
TWO als'rnet Prosesunoas wv v.i,h In
Som $3.50 .ss SoSasnwsn, "a IN, o,her
sen. " ur''""N '"'
''' Pe'I"''
MANNER OF hAkIN0 UP STATENkNI VI INlOaf-
BY the llsth section OF the law, the Commits
sioper Of Internal Revenue Il empowered 10 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 As.
SCISSOR, and in varioas circulars and rulings. The
following il 3 summary Of what has been pre-.
scribed:
1 Each of the great classes into which the pur
suits OF life and the Investments Of capital have
been divided must be returned sspdrafsly- losses
In one not being allowedt to offset gains In another.
Thus A merchant who engages in farming or In
snecuIa,Iops mot belougipg 10 his legitimate bust.
rs..cannot offse, vains in the one by losses In
r. o.hsr
. The s,D.psa. incident, 10 each business re
d.dnc,Ihls from, the r.ceiuts of that business.
q Speculatlons Lesiiaa,siy belonging to any
| business, and these alone, may be carried into Its
| prodt and loss account. Thus a broker may spec
| ulate In stocks, a dry goods merchant In cotton, a
| hardw are man in iron, etc. and sueA speculation
| NAV affect the gain and loss Of such legitimate
business A merchant also may make or lose by
.xchange or the kind Of money paid for his msr
| chandise, and this gain or loss belongs to bis mer'
| chandise account. But II he buys gold, uncurrent
| money, United States Treasury notes. or any
| other thing not one Of the articles Of trade belong.
Irs 10 Ma rsvular business, for the purpose OF
.cs.rIa,,o, the nro6, or loss from such specula.
| ,ion will NOT n. allowed 10 affect the proht or loss
- Ma ,ss,lar hpsin.,s bnsiness firm
- s,n oSo 10 ,ha Nod. NJ . Nau york hro,
- i.,-nn,,,, MIN 70 pss 4, In the nprrbas. and
- 81 "a on chair account and having lost
sSS 5oo IN ,h,s venture thew claimed tbat n
800 hs d.Jnc,s5 from their proat. in hpsin,,s
Somm;s"ionsr Isv;. disalIov.d m, claim. and
Ia ,hs Ynif,ru rnIing had been thar "yheu a
- IL rads in anv nartirular business against
UosIos ,hsrs ave no ,sjns 10 off.-,, II n cop,id.
- = SscS Lo,, Of eapi,al inp,,t,d In tAat busi.
80" AGAIN. loss of capital cannot be de.
80, So, jr.o,na ;, .sRatprr ~ ipcom. must
S.mada on H. g,i,,r
DC AZ, 81 =, JIsn,.n, l,,a. ~ bp.I,.,s nina, h,
,.,-noS ssnsratslr i. shovn by The following
| rulinss of Commissioner Rollins:
GG-"Loss incurred in the prosecution Of one
Kind of business canuo, be deducted from gain in
business Of an entirely dysTenteAaraef" nor from
salary. rents, DIVIDENDS. ete.
b)E"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 IL ndispensaoly
a los. Of capital"
losses IN merchandise can be deducted
| only from gains In merchandise; but. In this Gaze,
particular branches Of merchandise need not be
separated. so in speculation. the loss or gain
from stocks may Offset loss or gain from produce
speculated in"
(d-"Merchants must make return OF theif
| profits from merchandise without regard to their
| ios-es In speculation, or gains from interest. divi.
| dends, rents. or any other source"
| C)-"Losses In speculation cannot be deducted