Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-03-13
OF THE ANNUAL INCOME TAX
ANNUAL INCOME TAX.

ment at Washington upon various questions tn"t
| hay. arisen. we present the whole subject. under
its several distinct heads:
STATEMENT SHOULD RL MApE--wHERE. WHEN,
Iyp AZ WHOM
.,,I No.,
l. Ne Ia" quues W.! - % IN,
residing IL tue 'nlsr S'"es,'v 49, ,Io, bs
Assistant Assessor OF Tue Ne
or she may De residing on tpe ISL aa9 -,
written statement, according 10 u Preseiiv."
form. OF the amount Of his or her income, gains
and protts during the previous year, ron 1an'
nary lst to December 3lst, DO DAYS ineiusiSs'
A printed blank containing this form can De 90.
tanned from the Assistant Assessor. \ person
having no hxed residence, should MAKE u s'a'e'
ment wherever he or she may happen 10 De; anu,
In case Of removal to another dis'riei, snouia .aks
a certified copy OF such statement 10 SNOW M!
other Assistant Assessor, who otnerwise might
make u second assessment
. The statement must DC rendered on roe-
fore the LIST day Of May, or within ten days atter
. written or printed notice requiring H. mas oeeu
len at the place ofresidsnce or OF business OF oe'
posted in the rearesi Post once.
3. The annual income tax Is u personal .A1'
and IL cannot be assessed against any corporanon'
company, or partnership. rs such. livery indi'
vIdua member mus, make a statement OF bis or
her share Of or interest In the gains and pronn OF
such company, etc, whether such gains ana
PROFITS are divided or not, ana must also s,ate
separately his or ner INCOME VI n" 'A'
/ nprVa ~ - q To NlKR ONT ON vERITY
" r.rrxryTS
a. b,.s. IN rsndsra
any person a...s.or 10 "a,
nrl.en sIsIssmen'. y 800 aIh .n.h n.r.or,.
Hsms ana ,sIahIs income -,timated according 10
~ 80 az-a,ion ,hs, can hs oht,ined and
= ~ na,1ma,.S Ir.nn. 20 ssss.s ths taI and
49, % IA OK nsr c.nt 70 snch tar "a A penalty
"a ,s.,sc, or r.,nsal
6. An Assistant Assessor may be misled In
making this estimate, oy oeins misiniotmruN ro
money received OF nor ihiormeu q " n!
paid. he must assess, however, aevDtuins
best information within ns reach. Inc onty per
son capable OF giving aosoiuteiy eorrec. lnIo,ma'
tion Is frequently the one who refuses or neRlec's
10 make a statement. II such person VIII not
take the troubleto inform the Assistant, Assessor
there Is a bar TO all complaint. should the assess.
ment prove incorrect, and q heavier tax believed
than would otherwise be charged. Moreover,
after an assessment has once been made, u GIRO
neJus. II Is always troublesome 10 the parry IN
terested TO nave u eoreete1- Al pefs"ns; lhere'
fore, but esptetdAy saeA as Aare 20 taieee .AeoMs'
saoaiu nor tAI 70 rIad nnSr.,an
upon the proper blank, so As to avoid andus thI
Aion ana trouotef
Every s,a,eruens !. ~ 49,.
atr"dtoH. nnen n's uouy. a. 90
Assess"r " Fequ".u "N wv" ~"
10 ada % per cent '"A ..-r
EVILS OF MAKING A FALSE STATEMENT.
q An Assistant Assessor has power to increase
the amount in anv statement, after giving due
Information 70 the party interested. He il re.
ouired, also. to add 100 per cent. TO the tax when
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 di,tinet prosscutions before the United States
Corrts-ons for making n false statement with In.
,sr, % defrand he Goyenment, and the other
tor n.rpry
NASNEK OF aAhiSo W srArhAhSlof INeoAh'
By the llsth section OF the law, the Commits.
sioner Of Internal Revenue is empowered TO pre-.
scribe the form and maaa1 In which the state-
ment OF income must be made up. This he has
done In a printed blank used by the Assistant As.
sdssor, and in vanoss circulars and rulingS The
following Is a summary Of what has been pre-
scribed: DO.
l. Each Of the great classes into which the pur'
suits Of life and the investments OF capital have
bsen divided must be returned sspdratsty- losses
| in one not being allowed to Offset gains in another.
Thus = merchant who engages In farming or In
speeulations not belonging to his legitimate ousi'
ness cannot Offset gains in the one by losses In
| the other.
| 9. The expenses incident to each business re
/ deductible from the receipts of that business.
a. SpeculatIons L~sxi.imately belonging to any
business, and these alone, may DO carried into Its
profit and loss account. Thus a broker may spec.
ulate in stocks, q dry goods merchant In cotton, a
1 hardware man in iron, etc, and sueh speculation
NAV affect the gain and loss Of sueA legitimate
business. 4 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.
ehandise aeeoant But II 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 sPecula.
ton will not be allowed to affect the proht or loss
from his regular business. A business hrm
placed t4o,ooo In the hands OF To- YORK oro.
ker. instrueting MIN TO use u In the purchase and
| sale OF gold, on tletr account ana having OHt
s2''SOo IN tnls ventures. 'ney eialnea 'nal "
should De deducted nom tneir prontsin business
Commissioner lewis dissiSwed tns claim; ana
said the GRyorm rulihs mao oeen 'na' Nnene
loss IL made IN any particular business against
which mere are no gains 10 ouse',H CONSTR
cred a dead 1858 y eaphaI tHrested N Mdt otSt'
nssS. AGAIN loss OF eaplIA cannot 90 oe'
Quoted from income. Return OF income must
be made on me 4alat
4. How Tar dinerent ktnosot business must 90
returned sepata,eiy Is snoMn oy tue following
rulings OF Somnissone, Nosnns:
SaI =, hr";n..S c.rno, h. ds5ns,.d Som ys,n in
busines. Of An entirely Acknowledgement, nor from
salary, rents, dividends. etc"
6)-"Lossss 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 4 single business IN indlspensaby
sloss Of capital"
(c)-"Losses In merchandise car be deducted
only from gains in merchandise; but, In this case,
particular branches Of merchandise need not be
separated. so In speculation, the loss or gain
from stocks NAV Offset loss or gain from produce
specula,ed in"
(G-"Merchants must make return OF their
profits from merchandise without regard to their
losses in speculation, or gains from interest. divi.
deuds, rents, or any other source"
O." Losses in speculation cannot be deducted
from salaries, nor from gains In merchandise.
When Losses are sustained In one speculation and
-. ,,ad. ir apoth.r snanu1atinn .unh loaaeH