Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-04-19
.BsrRAcr OF THE ANNUAL INCOME TAI
ANNUAL INCOME FAX

Having been requested TO prepare an spstfact
Of what Is required by law in reference to the In
come Tag. and Of the decisions oy NC uepsa..
ment at Washington upon various ucsuons tnht
hay, arisen, W, present the whole subject, under
liz several distinct heads:
s,,-vvv.r suouIn NIX ADE-wHE WHEN,
nm NV waox ?
,vol.,.
iheta oqyns - ,.rdar ~ ths
residing ~ 'ne onHsu oses'sn ~ hitch he
Assistant Asessol oiIne ~ ~, a. nfMsy a
or she may w rosiains VI ~ 'sscrjhad
written sta'emeu., %un pna oaIn,
form, OF the amount OF ms or Nor lneV%., fan'
and Pronts during ,no p,evioun g.. IL ~
uary LIST 20 December 3ist, Uo.h ~ \.
printed oiank eohtnlnlns. n.s 800
tanned from the Assistant AssessoI. pVn.
having no nxed iesiusnee, sn1ulu 49,
ment Wherever ne or sne may nepPen - 80
In case OF removsi 70 anoInei als'Iie. snSa 80
4 certified copy OF such statement 10 SNOW any
other Assistant Assessor, who otnerwise misn'
make a second assessment, ,.1
9. The statement must be rendered on or oe.
fore the lst day Of May. or within ten Gays si'er
a written or printed notice requiring II, mas oeeh
let at the place ofresidence or OF ousiness' or de'
posted in the rearest Post omee.
;. The annual income tax Is q personal ,s.'
and It cannot be assessed againsten eSIpolanom'
company. or partnersnip, az suen' hveIy hu
yidual member must make, a statemenI OF nlsor
her share OF or intersstin the gains ana Pronssoi
such company. etc. whether such gains ana
profits are divided or NOT ana must aiso IN
separately MS or ne' income 'om All A
wis OF HroIrcr To MAKE OUT OR VERIFY
STATEMENTS
Z If any person neglects or refuses to render q
vri,trp abatement. the Assistant Assessor Is 70.
ones,.d 10 am ont n blank with such persons
name and taxable income stimated according to
az -, InSar,nst,on emf ear he ohtained. and
nnor mi. ..,im a,sd Income IN asse,s Inc tax and
Than 20 add o5 Nor cent. 10 such tar as a penalty
Tor nepIect or refusal.
q An Assistnnt Assessor may be misled In
making this estima,e, by being mlSInformed a. to
money received, or not informed as TO money
paid. He must ASSESS. however, according 70 the
best information within his reach. The only per-
son capable Of giving absolutely correct nforma.
tion Is frequently the one whorefuscs or neglects
to make a statement. II such person will not
take the trouble to inform the Assistant Assessor,
there Ii 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, IL GIRO
neSus, Il Is always troublesome TO the party In.
terested 10 have Il corrected. All persons, there.
fore, but especially sseI a. Aars no taxable income,
should not fall to render the required statement,
upon the proper blank, 80 as to avoid undue tax
alton and
Z Every statement must DO verified by oatA or
a6rmation, When this il not done, tho Assistant
Assessor Is required to estim ate the income and
to add 25 per cent to to the tax.
EVILS OF MAKING A PALSY STATEMENT.
nn " 80 ",.,onan, &C., e,vinS an
.ns aa,'on 20 ,ha n"r,x intsrsstsd Ha I. 70.
rh'oim"Nou " ~ 20 Sas.. .a ~. -, -
qureu' a.so, ~ . pss ronf.rsd . and ~.
= latc s,s'euvn' nn 49, y 49, iI.hia
pa.'! maSanS - aSss,innsr ,sS Sr, iIr.xisst ~
nor on,y . IN au4.,a. wv ~ NJ If,i,sS c,o,ss
Two instinct prosee : =
Courts-onc LOT making aialse sIa'eheh. ~iIniu.
tent 10 oeraud 'ne SoNernmen'' anu IL
tor P"1ur!'
MANNER OF MAKING UP STATEMENT OF lScoaE.
By the llsth section Of the law, the Commits.
sioner OF Internal Revenue Is empowered to pro-
| scribe the form and MANNER In which the state
ment Of income must be made up. This he has
done in a printto blank used by the Assistant As.
SCISSOR, and In vsnoss circulars and rulings. The
following Is summary OF what mas oeen pre-
scribed:
l. Each ofthe great classes into whicn the pur
suits Of life and the Investments OF capital have
been divided must be returned sepdrdie!y- losses
In one not being allowedto onsetgainsi In another.
Thus q merchant who engages in farming or In
speculations not belonging 10 his legitimate ousi'
nesscannot offset gains In the one by losses In
the other.
9. The expenses incident TO each business IRE
deductible from the receipts OF that business.
J. Speculations itSttsaafe!y belonging 10 any
business, and these alone, may be carried Into Its
profit and loss account. Thus a broker may spec.
ulate in stocks, a dry goods merchant In ceiton, a
hardw are man In iron, etc, and such speculation
may Affect tho gain and loss Of sreh 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 10 his MGR.
chandise account. But II he buys gold, uncurrcnt
money, United Ststes Treasury notes, or any
other thinS not one Of 1.-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 profit or loss
from his regular business. A business firm
placed $4,000 in the hands Of q Now York bro.
ker, instructing him to use II In the purchase and
sals Of gold, on their account; and having lost
So7, 500 In this venture, they claimed that II
.hould be deducted from their profits in business
commis,Ioner Lewis dIsallowed the claim, and
aid ,hs nniform rulipe had been that "vhen a
los ia made in any particular business, against
which there are no gains 10 Offset, Il Is consid.
srsd a dsod loss of CAPITAL iavsted IN thar bust.
mas" Again, Gloss Of capital cannot be de-
Quoted from income" Return Of income must
be made on the 9dfns."
4. How far different kinds Of business must be
returned separately Is shown by the following
rulings Of Commissioner Rollins:
(d)-"Loss Incurred In the prosecution OF one