Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1867-02-08
.BsTRAeF Or fHRANNuIL INCOME TAX
NEUTRALITY-SUSPICIOUS. M.

AA 1
HsvhsSssa rsesested 70 prep.rs an abstract,
what IL required by law In reference TO the In
,ome Tar. and OF The decisions by the Depart.
nent At Washington upon various questions that
AVE arisen. wepresent tho whole subject, under
t. several distinct heads; -gl
SHOULD BK MADE-wHrRr, wars,
ASp n. WHOM. .gga
!. The Law requires every person oflawful age,
IN The United States, 70 render 10 the
Assistant ASSESSOR of the suo-distr.e ct in which he
Or she may BE- residing on the lst day Of May, q
written statement, according to q prescribed
Of the amount Of his or her ineonas, gains
Ind PROFITS during the previous year, from Jan.
uaryass To- Dveeuhsr .3lst, both days inclusive.
printed blank containing this form can DO OBJ
tanned hen the Assistant Assessor. A person
having no hxsd re<asncs, should make . state
ment wherever hs or she may happen to bo; and.
In case Of removal to another district, should take
= eertfedtsopt Of such statement TO show any |
other Assistant Assessor, who otherwise might
make . second assessment ~
2 The statement must DO rendered on or be-
fore the 1uldsyaefMay or within tan days after
. written or printed notice requiring II, has been
lct ~ th1 plkes Of reddenee or Of business, or de-
posted In the pearest Post Once.
3 The annual income tax 10 q personal tax,
and Il cannot BE- assessed against any corporation
company or pa<tnerhip, As such Every iHdi-
viduA member must make = statement OF his or
her share Of or interest In the gains and pronts OF
such company. etc, whether such gains and
proAts- are divided or not and must also state
separately his or her income from all other
EVILS or NEGLECT II MAXI OUT OR VERIFY
s~TIrlo[rSrS } ~ 4
s II any person pesieen or refuses to render .
written siatsmsnt, tho Assistant Assessor 10 re-
Quested to ah out = blank with such persons
name, and taxable income estimated according to
the best information that, can be obtained, and
upon this estimased income 10 assess the tax. and
then 70 add Is per cent. to such tax A. = penalty
for neglect or refusal.
& An Asssiant Assessor. nal. be miaed In
making this estimate. by being misinformed a. TO
money received. or not informed a. to money
paid He must assess, however. according TO the
best information within bis reach. The only per.
son capable OF giving absolutely correct informa.
ton u frequently tho one rho refuses or nsgieets
10 make q statement. II such person viii not
take the trouble to inform tho Assistant Assessor.
there il Q bar 10 all complaint, should the assess
msnt provs incorrsct. Snda heavier tax Do levied
than would otherwise DO charged. Moreover.
after an assessment has once been made. u AFRO
neJus. Il Ia always Troublesome TO the party in-
terested TO have Il corrected All persons, there
fore, but especially sEeA a. hare no taxable income,
should not faIl to render the required statement.
upon tho propcr blank, 80 a. TO avoid undue tax
ation and uoublaf ..a-..Fsr
= Every statement must be verified by oath or
Affirmation. When that's not done. tho Assistan.
Assessor Ii required to estimate the income and
to add Is psr cent to 70 the tax
EVILS OF MAKING A PALSY STATEMENT.
9. An Assistant Assessor has power to iHersass
tho kmonnt In any statement After giving due
formAtio 20 the party Interested he ID re
quired. also, TO add 100 per cent. to the tax when
= false statsnent has been numbered and the
party making the false statement becomes liable,
not only for this additional lax. but likewise TO
two distinct prosecutions before the Cnfted States
for making = false statement with in
tent TO defraud the Government, and the other
for perjury. 4
MANSxR OF MAKING Up STATEMENT OF INCOME
By the 18th section OF the law, the Commis-
sioner Of IntsrnAl Rsvsnue Is empowered TO pre-
scribe the fern and MANNER In which the state
ment Of hroms must be made up .Ths 10 has
done In q printed blank used BY the Assistant As
SCISSOR, and IN vanoss circulars and Rulings The
following is summary Of what has been pre-
scrbed; 4, - az -an>-... 49,
/ Each Of the great classes into which the pur-
suits Of life and the inyestmsutS q capital have
been divided must be returned sepdroisly- losses
In one not being alowed 10 OFFSET gains In another.
Thus . merchant who engages In farming or in
speculation not belonging TO his legitimate ousi-
meas cannot ofset 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 LSisinatsly belonging TO any
business and these alone. may DO carried Into It's
profit and loss account. Thus 4 broker may spec
ulase In stocks. adry goods unrchantln cotton, a
are man In iron. etc, and saeA speculation
may Affect the gain and oH Of sEeA legitimate
burmese A merchant also may make or lose by
exchange or the kind Of money paid for his msr.
ehandis. and this gain or loss belongs to bis mer.
chandise account. But II he buys gold, uneurrent
money, United States Treasury notes, or any
other thing not one Of the ARTICLES Of trade belong.
ing TO his regular business. for the purpose Of
speeulAtion, the prodt or loAs from such specula-
ton will not be allowed to Affect the proat or loss
from his regular business, 4 busins& firm
placed 10000 In the bands Of Anew York bro.
ker, instructrK him 70 use Il in the purchase and
sale Of gold. on their account : and having lost
an, 500 In this venture. they eaimcd that 10
should be deducted from their proats In business
Commissioners Lewis disallowed the claim. and
said the sniforn ruling had been that "vhen a
loss b msde In any particular business, against
which there are no gains to Offset, it 10 eonsid.
cred 4 dsad ioss Of capital inrss,sd IN iAat oEst-
ntss" Again. .loss Of capital cannot be de.
Quoted from income Return Of income must
be mAds on the SGiaS." .ar.
How far different kinds Of business must DO
returned separately is shown by the following
rulings Of Commissioner Rollins:
(d)-"Loss Incurred In, the prosecution OF one
kind Of business cannot be deducted from gain in
busine.a Of an entirely aiSesatehs5aetz, nor from
salary, rents, dividends. etc.
(6-sLosseS incurred In the prosecution OF one
braaeA Of business cannot be deducted from gain
In another, since an absolute loss incurred In the
prosecution Of Asingle business In indispensaoly
aloss ofcApital"
(eN.Lsues In merchandise can be deducted
only frvm gains In merchandise but. In this case,
particular branches Of merchandise need not DO
separated, 80 In speculation, the loss or gain
from stocks may onset loss or gain from produce
speculstsd In" ...
O-"Merchants must make return Of their
a. III.