Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-04-22
.BsTRAcT OF THR ANNUAL INCOME TAX
ANNUAL INCOME TAX.

LN n L"|MLH N-. 81" u ~ L.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.
mont At w Washington upon yarions questions that
have arisen, We present the whole subject, under
It's several distinct hends;s sl.Es
STATEMENT SHOULD Be MADE-.wHERE, WHEN,
AND By WHOM.
l. ThelauTequires every person of lawfnl age,
-ryxidmg IN She United Slater. to render TO tbs
Assistant Assessor ofthe sub.dlItr.c ct In which he
or she may be. residing on the LIST day ofMay, q
form, Of the amount Of his or her income, gains
knd profits during the previous year, from Jan.
uary lat TO December 3lst, both day Inclusive.
a printed blank containing this form can DO OBJ
tanned from the Assistant Assessor. A person
having no Axed residence. should make q state.
In case OF removal to another district, should take
\ certified copy Of such statement. to show any
other Assistant Assessor, Who otherwise might
make a second assessment.
} Q. The statement must DO rendered on or be.
fore the LIST day Of May. or within ten days after
a written or printed notice requiring IL, has been
let at the place ofrssideneo or Of business, or dc.
posted In tho pearest Post once.
3. The annual income tax 10 u personal tax.
and II cannot be assessed againstan corporation,
company, or partnership, as such. Every indi.
yidual member must mako q statement Of his or
her share of or in,erestin the gains and profits OF
such company, etc, whether uch gains and
profits are divided or not, and must also state
separately his or her income fron all other
sources
OF NEGLECT TO MAXI our OR VERIFY
.@1F"E a STATEMENTS
s. II any person negleets or refuses to rendera
written statement, the Assistant Assessor 10 re-.
quested to AL out . blank with such person's
name, and taxable income estimated according to
the best information that can be obtained, and
upon this estimated income TO assessthet tax, and
then to add IS per cent, 70 such tax NJ 4 penalty
for neglect or refusal.
6. An Assistant Assessor may be mlsled In
makingt this estimate, by being mlsinformed ~ to
money received, or not Informed as to money
paid. He INNS issess however, according 20 tho
best Information within his reach. The only per.
son capable Of givingAbsolutely correotinforma
tioni IL frequently the one who refuses or neglscts
to make a statement. II such person VIII not
take the trouble to Inform the Assistant Assessor,
there Ia a bar to all complaint. should the assess.
ment prove Incorrect, and a heavier tax believed
than would otherwise be charged. Moreover,
after an assessment has once been made. II erro
neJus, Il IL always troublesome to the partyin In.
tercsted 10 have Il corrected. All persons, there
fore, but especially sueh az hdps no TAXABLE f1eosas,
should not fail to render the required statement,
upon the proper blank, so as to avoid undue tax
alton andtrouble rIE ;
I. Every statement must be verified by cath or
affirmation. When this IL not done, the AIsistant
Assessor 10 required to estimate the income and
to add 25 per cent. to to the tar.
EVILS OF MAKING A FALSE STATEMENT.
9. Ar Assistant Assessor has power to fnersass
the amount In any statement, after giving due
CURED. also. TO add 100 per cent. to the tar when
q false statement has becn rendered and the
party making the false statement becomes liable.
not only for this additional tax. but likewise TO
two distinct prosecutionsbefore the United States
Courts-one for making a false statement with In.
tent to defraud the Government, and the other
for perjury. T aH"H
aASNE OF AAKISa UP STATEMENT OF INCOME.
By the llsth section Of the Law, the Commits.
sioner Of Internal Revenue 10 empowered to pro-.
scribe the form and naHasr In which the state
ment Of income must be made up. This hs has
done in q printed blank used by the AssiItant As
SCISSOR, and In vsrioas circulars and rullngh. The
following Ia a summary Of Whist has been pre-
rcribed:
suits Of life and the Investments Of capital have
been divided must be returned separately Losses
In one not being allow d TO fset gains In another.
Thus = merchant who engages In farming or In
speculstions not belonging 10 hlslegitlmstc ousi.
ness cannot Offset gains In the ono BY losses In
the other.
q snscuia,ions Lei,sIas,k, beionrine 10 sny
bns,nss. and tn,sr Alone may be carried into IL
nrost and los, Account Thus a broker may spec.
piats In stocl, a dry goods merchant In cotton, a
1880 man In iron. etc. and srck spocnlaton
nav aF.ct an, aain and L., OF sueG leritimap
hr:,rsss A ms1chant aiso NAV make or lo,e. by
1922. ~. MA AZ monsv ncId Tor nj, mar
Ssnsso AMI. 49, &c., d, ~, ~,
e1n, a. $500 ~ rncrr-n,
ena1 n N tysvsI $50 rr-s..nrr nn,.. -, snv
money; on,aes Ven. ar,1si.: tt,s5. SS.,ors.
E.ae III .esrI.r hns,ns,s sor he nnrnosS ~
- tSs nroSt or ia. trom snsh spscnls.
- ~ =. aio1.S % .s.ct N. nrsat ~ Ia,
49, ~. ,.ori,r business A bssIn,ss Arm
nI.c.s SIn m In tSs hands Of a Nav York bro.
IN in.,rnntInu him 10 use IL IN the purchsae and
al, Of roId on THAR account and having Lost
~ s0o In his venture. thew claimed. tLst II
shonid be d.duetrd from their pro6tsin businesa
commtssJonsr Ts,rjs dIsaiior1sd ths claim. and
Ia ,hs nnif~. ,ri,nr haS hssn That m~bsn .
$500 80 .. mad9 IN .ny ns,ticnlar hnsinr,, arainst
h... rain.sn ~, 4, !, .on.Id.
"nisn suo,v : = n -
etoa ssaa so''Y .'pSa4 a..i s.nnas a.
80 ns 90 us "pa,,rn 80 insoms nn.,
SueseS Msaasr Ne' =.
oe 49, "a. 5ISa,snt Wind, ~ hu,ins,. mu,t h,
.rnsS .sno,st.,v 4, .hovn nv tbe follovin9
ming, Of Commissioner Rollins:
mN..Io - innn,r.d In th. n,os.cu,iop of ons