Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-02-23
lBsrRAcrep THE ANNUAL INCOME TAX
ANNUAL INCOME TAX.

ment nj Washington upon various quesuons tnat
have arisen, we present the whole subject, under
its several distinct beads:
STATEMENT SHOULD Be aADE-wHERE, WHEN,
n by WHOM
l. The law requires every person Of n age,
residing in the United States, to render 10 the
Assistant Assessor Of the sub.distr Ct In when ne
or she may BE- residing on the LIST day OF Maya
written statement, according to u prescrioed
form, of the amount Of his or her income, gains
and profits during the previous year, from Jan.
uary lst to December 3lst, DO b days inclusive
A printed blank containing this form can be oo'
tanned from the Assistant Assessor. a person
having no fixed residence, should make q state
ment wherever be or she may happen to De-; and
In case Of removal to another district, should lake
n certified copy Of such statement 10 show any
other Assistant Assessor, who otherwise miSn'
make n second assessment.
.. The statement must be rendered on or be-
fore the LIST day of May. or within ten days after
q written or printed notice requiring IL, has been
LEFT AZ the place of residence or OF business ride
posted In the pearest Post Office.
;. The annual income tax Is a personal YAK
and IL cannot be assessed against any corporation
company, or partnership, ~ such Every ihui'
vidual member must make 4 statement OF bis or
her share Of or interest In the gains and profits OF
such company. etc. whether such gains and
profits are divided or not. and must also state
separately his or her income from all other
sources
ENILS VI NkoLLNl ~ aANL WV VII "NA
STATEMENTS
Sifany person negiects or refuses TO rendera
written statement, the Assistant Assessor IL re
quested to Ill out Il blank with such persons
name, and taxable income estimated according 10
/ the best information that can be obtained. and
upon this estimated income to assess the tax, and
then TO add 25 per cent, to such tax as n penalty
for neglect or refusal.
6 An Assistant Assessor may be misled In
making this estimate, by being misinformed az to
money received, or not informed as to money
paid. he must assess. however. according to the
| best within his reach. The only per
son capable Of giving absolutely correct informa.
ton Is frequently the one who refuses or neglects
TO make u statement. II such person will not
take the trouble to inform the Assistant Assessor,
there Is a bar TO all complaint, should the assess
ment prove incorrect, and a heavier tax be levied
than would otherwise be charged. Moreover,
| after an assessment has once been made. II erro
| neSus, IL Is always troublesome to the party In.
| terested 10 have Il corrected AL persons, there
fore, but especially sueA as hdre no tdrdbe income,
should not fail to render the required statement,
upon the proper blank. so ~ to avoid undue tax
alton and troubled o.
7. Every statement must be verified by odtA or
aErrnafioR. When this Is not done, the Assistant
Assessor Is required to estimate the income and
TO add 23 per cent TO TO the tax
EVILS OF MAKING A FALSE STATEMENT.
g.. An Assistan Assessor has power to iareass
~ e4ASaaN IA N"N N c'-F -
Information TO the party interested. He Is re.
Quired. also, to add 100 per cent to the tax when
q false statement has been rendered and the
party making the tlse statement becomes liable.
not only for this additional tax. but likewise to
two distinct prosecutions before the United States
Courts-one for making afalss statement with In.
tent 20 detraud the Government. and the other
for perjury.
GAMER OF MAKING UP STATEMENT OF INCOME
BY the llsth section OF the law, the Commits
sioner Of Internal Revenue Is empowered TO pre-
scribe the form and manner in which the state
ment OF income must be made up. This he has
done In u printed blank used by the Assistant As.
SCISSOR, and in vArloss circulars and rulings The
following Is a summary Of what has been pre-
scribed:
/. Each Of the srea, clauses into which the pur.
suits Of life and the Investments Of capital have
been divided must be returned separately losses
In one not being allowedt to Offset gains In another.
Thus q merchant 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.
= The expenses incident 10 each business re
deductible from the receipts OF that business
3 Speculations kStttma;sly belonging to any
business. and these alone. may be carried into Its
| prsht and loss account Thus a broker may spec.
| ulate in stocks, u dry goods merchant In cotton, q
hardware man In iron, etc. and sEeA speculation
| may affect the gain and loss Of sseA legitimate
/ DuAlQcNh - cICuO tNlrV Why u1Hkc " = W
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 ono OF the articles Of trade belong.
ing to his regular business, for the purpose Of
| speculation, the profit or loss from such ~speculs.
| 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 u New York bro
ker, ins,ructing him to use II In the purchase and
sale Of gold, on their account; and having lost
| 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 IL made In any particular business, against
which there are no gains TO Offset, IL Is consid.
| cred a dead loss Of capital iapested in tia, bust
ness" Again. loss Of capital cannot be de-
| due,ed from income" Return Of income must
l be made on the gufHs,"
4. How far different kinds Of business must be
returned separately is shown by the following
| rulings Of Commissioner Rollins:
(ap--Loss incurred in the prosecution of one
kind Of business cannot be deducted from gain In
business Of an sntirsly dtgreHteharaeter, nor from
salary. rents, dividends, etc
(6)-"Lossesi incurred in the prosecution Of one
brdreA Of business cannot be deducted from gain
in another. since an absolute loss incurred In the
prosecution Of a single business is indlspenssoly
aloss Of capital" .
C)-"Losses in merchandise can be deducted
onty iFVu saNns ~ = sSese'
particular branches OF msrcnanoise need not De
separated, 80 IN speculation, the loss or gam
nom stocks may onset loss or gain rom produce
speeniaisa
Merenanus a. % e.uIn !" .uen
pron's ron, inetsnanuise nlIIout rseAia 70 tuen
losses In speculation. or gains rom interest," owl
denHs' ,ents' any q sDussu.
e. Losses IN sPeeuia.Ion eanno eueauS.eu
NJ "'ate~ uoa ea 1870. -
When losses are sustained IN one speculation snd
gains maze VI snolner speeuiauon; suen Iosses
may De dsdastea rom suen sAns Losses y ONE
oranen ot mssNvanuans nsJ =. s.noe" "'"
gains IN ANY u WY a mSam%he
VI "nere s'oeAs, ~ ny oousut =
manen' investment, anu SOU aga.n ms'ely 70
change tue Investment, = Io.s susInneu N .ne
saie may De aeaueteu rom 'ne aiViuenas tr3m
sseA STOCK. put wnero tne purchase y msoe ior
the purpose OF selling AGAIN on speeuiailon, tne
loss sustained oy me SAFE cannot DC dedueteo
nom dividends, out may DC asdueIea from snns
derived from tne PGrGAaseeAo so'soi s'oeA' e'c''
INCOME FROM RENTS OF BUILDINGS