capital gains tax

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capital gains tax

a tax charged on gains of a capital nature. More specifically, the charge to capital gains tax is on chargeable gains; these are gains accruing from the chargeable disposal of chargeable assets by chargeable persons. It follows from this that some disposals are chargeable disposals while others (such as a disposal on death by a testator to his executors) are not; likewise, some assets are chargeable and others are not (e.g. cash), and some persons are chargeable persons and others not (e.g. charitable trustees). Chargeable gains made by companies otherwise than in a fiduciary capacity are charged to corporation tax rather than capital gains tax. The current law has been consolidated into the Taxation of Chargeable Gains Act 1992.
References in periodicals archive ?
For example, if you bought your stock at P100,000 and you sold it at a loss for P90,000, the proceeds that you should expect to receive would be reduced by the amount of capital gain tax, aside from the brokerage commission and other minor charges.
One reason Congress gave for reducing the capital gain tax rates was to stimulate consumer spending.
Estates and individuals with 2002-2003 fiscal years ending after May 5, 2003, and affected by the new capital gain tax rates, must attach to their 2002 Form 1040 or 1041 a computation similar to that shown in Part IV of 2003 Schedule D (Form 1040 or 1041).
As indicated in the December 2000 Federal Tax article, the reduced capital gain tax rates and the deemed sale and repurchase election (under Sec.
Taxpayers can employ many strategies to reduce capital gain taxes. The first requires absolutely no effort.
Treat the transaction as a 1981 gift and pay capital gain taxes on the income received in 1985; or
The application of this new, reduced capital gain tax rate to a client who already holds capital assets will depend on the client's unique fact pattern.
Unless the QSST makes provision for discretionary distributions of principal to the CIB, the trustee should seek judicial reformation of the governing instrument in order to permit reimbursement by the trust to the CIB of the capital gain tax paid by the CIB.
But as real estate advisors, we know that to understand and explain the whole picture to our clients we need to put everything in perspective and look at capital gain taxes in the United States form a historical point of view.
The question answered by the Court was whether the value should be reduced by amounts of commissions, stamp taxes and capital gain taxes which would be payable if the assets were sold.
Streamline capital gain taxes: If a taxpayer plans to buy a share of dotcom stock soon and sell it in a few years, how much tax will he pay on any capital gain from the sale?
If a taxpayer owns a tract of land and holds it for investment, any gain will be capital gain taxed at the lower capital gain rate.