Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-04-01
ABSTRACT OF rHB ANNUAL INCOME IA,
ANNUAL INCOME TAx.

ment at Washington upon various questions that
have arisen. we present the whole subject. under
its several distinct heads;
STATEMENT HoU BIZ AADE-wHERE,w WHEN.
AND By WHOM.
l. The law requires every person oflawful age.
| residing In the United States, TO render to tho
| Assistant Assessor OF The sub. distr. ct In which he
| or she may b. residing on the LIST day Of May, u
written statement, according TO 4 prescribed
/ form, of the amount of his or her income, gains
| and profits during the previous year, from Jan.
uary Is, to December 3lst, both day. 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
meut wherever he or she may happen to be; and.
In case ofremoval to another district, should take
n certified copy of such statement to show amy
other Assistant Assessor. who otherwise might
make u second assessment
9. The statement must be rendered on or De-
fore the LIST day Of May, or within ten days ai'er
q written or printed notice requiring II, has been
left nj the place OF residenee or OF business, or de-
posited In the nearest Post Office.
J, The annual income tax Ia q personal TAX,
and Il cannot be assessed against any corporation,
company, or partnership, as such. Every inui'
vidual member mpst make u statement OF Dis or
her share Of or interest In the gains and pronts OF
such company, atc., whether such gains and
\ profits are divided or not, and must also state
separately bis or her income from all other
l sources.
EvILS OF NEGLECT TO MAKE OUT OH 'Ehir'
s II any person n~eglects or refuses 10 render a
written statement, the Assistant Assessor IL re-
quested to ill out u blank with such persons
name, and taxable income estimated according TO
the best Information that can De ooSuheu'a Wy
upon this estimated income 10 assess the TAX anu
then to add o5 per cent, TO such tax as u penalty
for neglect or refusal +,
~ snNsn ~ h.,rs %;v,nfor,nsS as 10
manax rsssiysd or moi Informed AZ 10 money
noId ua must asssss however. according to the
~, nfor,na,ion within his rrach. The only per.
SON capable OF giving absolutely correct informa.
lion IL frequently the one who refuses or neeleets
20 make a statement. II such person will not
take the trouble to inform the Assistant Assessor,
there Is a bar to all complaint, should the assess.
men, prove Incorrect, and n heavier tax believed
than would otherwise be charged. Moreover
| after an assessment has once been made, II erro
l neSus. II Is always troublesome 70 the party IN
| terested to have IL corrected. All persons. there
| fore. but especially sheA as hare no tdIson taeoMs'
should not fail to render the required s,a,emen"
| upon the proper oiank' 70 a. TO AVOID "na"s '~N'
| alton andtrouble.
| !. Every statement must be rerined oy o6A or
Affirmation. When this IL NOT done, inc Arss'ah,
Assessor IL required 70 esuna'e tnc income a"u
TO add % per cenI toto sne'N
EVILS OF MAKING A FALSE STATEMENT.
q .,, .s..s.or h.. nov.r IN iney,ase
!" : .,,,.n.n, .n.r s;vino an.
.ue aHava = 800 in,.rss,sd II /. ~.
nnS-'J - - IA IN nsr an, 10 tbs tax when
qut,1' : ~. - r.nSs,.d. and the
80 nssinc ,bs fsi.. statement becomes liable.
- - NJ .5a,,ian.I ,a~ hn, ItsvIse 10
,va Iis;,nc, before the limited States
Cnn,,a nns co. m .Iinc n faIss abatement with In.
,sr, 20 dsrrans tbs Goye1nment and IN. other
~. ,s,srrx
or ,xsoxr
sANNkN of hAAi'o
By the llsth section OF tue law, tue SomIliS
sioner OF Internal Revenue Is 10 pre-
scribe the form and manner In which the stare
ment Of income must be made mp. Tnis ne mas
done in a printed blank used BY the Assistant A.
SCISSOR, and In varoas circulars and rulings The
following Is u summary Of what has been pre-
scribed:
/ Each Of the great classes into which the pur
anti, Of IIfe and The Investments Of capital have
h.,p divided must he returned sspardisly- losses
in one not being allowed to Offset gains In another.
rhns a m.rchant who engages In farming or in
speculations not belonging to his legitimate bust.
ness cannot Offset gains In the one by losses In
the other.
Q The expenses incident to each business re
| deductible from the receipts Of that business
J. Speculations kgitiaafeiy belonging TO any
| business, and these alone, may be carried Into Its
| proit and loss account. Thus q broker may spec.
| ula,e In stocks, a dry goods merchant In cotton, a
hardw are man in iron, etc. and saeA speculation
| may affect the gain and loss OF sheA legitimate
hp:inrss A merchant sLso nav make or lose BY
exchange or the kind Of money paid for his mer.
| chandise, and this gain or loss belongs TO his mer'
| chandise account. But II he buys gold, uncurrent
/ money, United States Treasury notes, or any
other thing not one 1.-THE articles OF trade oeiong,
i ing 10 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 nrm
| placed s40,O in the hands Of q New York bro.
ker. instructing him 70 use Il In the purchase and
| sale Of gold. on their account and having lost
| aS7. 500 In this venture, they claimed that Il
| should be deducted from their profits In business.
| Commissioner Levin disallowed the claim. and
saId the aaiforn ruling had been that "when a
| loss il made in any particular business, against
| which there are no gains to Onset, II 10 consid.
cred = decd less Of capital fapestsd In ASf orss-
ness" Again, loss Of capital cannot be de-
Quoted from income" Return OF income must
| be made on the RatRs.
| I. How far different kinds OF business must DO
returned separately Is shown oy the following
rulings of Commissioner Rollins;
(sl-"Loss Incurred In the prosecution OF one
ktnS OF business eanno. 9e aeaIeseu y s|a ~
s",a,n rsn,s SiyiSsnds. stc"
MH"Lo.s.s incurred in the prosecution Of one
braaeA Of business cannot be deducted from gain
In another. since an absolute loss incurred in the
.s.r.n.Ia, ~ ! sinojs business Ia indispensably
= loss Of capital"
HS-"Losses in merchandise can Be deducted
opiy from gains in merchandise; but, In this case,
nsr,icnlar branches Of merchandise need not be
sspars,ed. 50 in speculation, the loss or gain
from stocks may Offset loss or gain from produce
M-"Merchan,s must make return of their
profits from merchandise without regard to their
lose. in Circulation, or gains from interest. diyi.
d.nds, r.nt., or any other source"