Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-03-27
ABSTRACT OF THE ANNUAL INCOME TAI
ANNUAL INCOME AK.

nave arisen, we present the Wnoie suDJcct' uuuei
its several distinct heads: p
STATEMENT SHOULD BIZ AADE-,wHERr, WHEN
AND By WHOM.
l. The law requires every person o flawfu full age,
residing In the United States, to render to the
Assistant Assessor ofthe sub.distr ct In which be
or she may be residing on the LIST day of Nay, a
written statement. according TO a prescribed
| form, OF the amount Of his or her income, gains
and profits during the previous year, nom Jan
uary LIST TO December 3lst. DO h days inclusive.
A printed blank containing this form can be OBJ
| tanned from the Assistant Assessor. A person
| having no fixed residence, should make n state
| ment wherever he or she may happen to be; and,
In case o fremoval TO another district, should take
| a certified copy Of such statement TO show any
| other Assistant Assessor, who otherwise might
| make u second assessment.
.. The statement must be rendered on or be.
| fore the LIST day of May. or within ten days after
a written or printed notice requiring Il, has been
left at the place of residence or of business, or de.
| posted In the nearest Post Office.
3. The annual income tax IL u personal tax,
and II cannot 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 protts OF
such company, etc, whether such gain and
| profits are divided or not, and must also state
separately his or her income from all other
sources.
EVILS OF NEGLECT TO AKE OUT Oh VERIFY
STATEMENTS
5 II any person neglects or refuses to render =
written statement the Assistant Assessor Is re
quested TO all out a blank with such persons
name and taxable income estimated according to
the best information that can be obtained, and
| upon this estimated income to assesst the tax. and
| then TO add 25 per cent, TO such tax as Il penalty
| for neglect or refusal.
| 6. An Assistant Assessor may be misled In
| making this estimate, by being misinformed M to
/ unnav racaiysd or not informed ma 10 money
/ paid. He must assess, however, according TO the
best information within his reach. The only per.
son capable of giving absolutely correct informa'
| ton ia frequently the one who refuses or neglects
to make a statement. II such person will not
take the to inform the Assistant Assessor,
there Is a bar 10 all complaint, should the assess,
mont prove incorrect, and q heavier tax be- levied
than would otherwise be charged. Moreover,
after an assessment has once been made, II srro
neSus, IL Is always troublesome 10 the party In
terested TO have Il corrected. All persons, there
fore, but especially sEeA as hdre no fdIdoh tneoMf,
should not fail TO render the required statement,
upon the proper blank. 80 rs TO avoid undue tax
alton andtrouble
7. Every statement must be verified by oath or
i Affirmation. When this is not done, the Assistant
Assessor IL required TO estimate the income and
10 add IS per cent. 10 TO the tax.
EVILS OF NAKrSo A PALSY STATEMENT.
3. An Assistant Assessor has power TO Increase
/ Nv sAlSAhh a. @hs ~
| information 10 the party Interested. He IL re-
quired. 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 'bis additional tax. but likewise TO
two distinct prosecutions before the United States
Cour,s-one for making 4 false statement with In.
tent to defraud the Government, and the other
for perjury.
MANNER OF MAKING Up STATEMENT OF INCOME.
By the lls,h section Of the law, the Commits
sioner Of Internal Revenue IL empowered to 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 Az.
SCISSOR. and in vaross circulars and rulings. The
following Is q summary Of what has been pre-
scribed:
l. Each Of the great classes into which the pur.
suits OF life and the Investments Of capital have
been divided must be returned sspdrdtely- losses
In one not being allowed to Offset gains In another.
Thus = merchant who engages in farming or In
speculations not belonging TO his legitimate bust.
nesseannot Offset gains In the one by losses In
| the other.
:. The expenses incident to each business re
deductible from the receipts Of that business.
Z Speculations ls3itinatsly belonging to any
business, and these alone. may be carried into Its
profit and loss account. Thus n broker may spec
| ulate In stocks, n dry goods merchant In cotton, a
hardware man In iron, etc. and sseh speculation
may affect the gain and loss Of sucA 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 II he buys gold, uncurrent
money. United States Treasury notes, or any
| other thing not one of the articles Of trade belong.
inc 20 his regular business. for the purpose OF
,peculation. the profit or loss from such specula.
/ ton will not be allowedt TO affect the profit or loss
from his regular business. A business hrm
placed $4,000 In the hands Of 4 New York bro.
ker, instructing him TO use IL In the purchase and
. III -. .k.t- a.ornt ..I hawt,v lnuN
s27, 500 in this venture, they claimed that II
should be deducted from their profits in business.
| Commissioner Lewis disallowed the claim, and
said the uniform ruling had been that when a
loss /. made in any particular business, against
which there are no gains 20 Offset. II Is consid.
.rad A dad loss of capital irres,sd in thar bust.
,,,," Again. loss of capital cannot be de.
drr,sA from income" "Return Of income must
he mad. on the sains"
a How far different kinds Of business mus, be
returned separately Is shown BY the following
rulings Of Commissioner Rollins:
a)-"Loss incurred In the prosecution Of one
hind Of business cannot be deducted from gain In
business OF an SNtrsty ayaen'eHaraes1' nor rom
salary, rents, dividends. etc.
6-"Losses incurred In the prosecution OF one
ordHeh OF business cannot oe aeducted ron gan
In another, since an aosoiute loss incurred IN ,ne
prosecution OF asinsie business" IL indspensaoIy
aloss OF eap'a-
Losses IN anMnS ~ az, " \. .ht.n
only from sainsi IN melenanIise, ou', u ,nse"se,
particular branches OF netSnanalse need 0 DC
separated. sPeeuia''OH, ~ o TO-.
rom STOCKS may ONSET s"" ~" p'''"e'
speeuiated =, ,,u,,
ma.ah.nJJ.s -,,hort rsrard n tb.ir
p'outs e,ton nrro,ns TN ,n,srs.t djxj.
losses "a speeuLA.on,y ~ "n
dends' tents' OF auy o'u,r ouIs" a
N- Losses sPsou III. ~ ns,chsnS;.s
moui saiaueS' not ~ snns - -