tax

(redirected from Tax Equity and Fiscal Responsibility Act of 1982)
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Related to Tax Equity and Fiscal Responsibility Act of 1982: Tax Reform Act of 1986

tax

n. a governmental assessment (charge) upon property value, transactions (transfers and sales), licenses granting a right, and/or income. These include Federal and state income taxes, county and city taxes on real property, state and/or local sales tax based on a percentage of each retail transaction, duties on imports from foreign countries, business licenses, Federal tax (and some states' taxes) on the estates of persons who have died, taxes on large gifts, and a state "use" tax in lieu of sales tax imposed on certain goods bought outside of the state. (See: income tax, estate tax, gift tax, use tax, unified estate and gift tax, franchise tax)

tax

a levy made by national or local government to pay for services provided by public bodies. There is no inherent power in the Crown to raise money in this way; express provision must be made by statute. Changes to tax law are made annually in the Finance Act(s); periodically the law is consolidated, as for example in the Income and Corporation Taxes Act 1988 or the Taxation of Chargeable Gains Act 1992. See TAXATION.
References in periodicals archive ?
97-248 (Tax Equity and Fiscal Responsibility Act of 1982).
However, APRSC is not available to correct violations resulting from the plan sponsor's failure to amend the plan for law changes (such as the Tax Equity and Fiscal Responsibility Act of 1982, the Retirement Equity Act of 1984 or the Tax Reform Act of 1986).
The OID provisions are designed to parallel the manner in which interest would be recognized by cash- and accrual-method taxpayers through borrowing with a nondiscount obligation requiring current payment of interest, see the Staff of the Joint Committee's General Explanation of the Tax Equity and Fiscal Responsibility Act of 1982 (Act Section 231).
6221-6233 as part of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA).
Also, SBJPA Section 1307 extends the post-termination transition period and repeals the audit provisions of the Tax Equity and Fiscal Responsibility Act of 1982 that applied to S corporations.
Second, the Tax Equity and Fiscal Responsibility Act of 1982 created parity for retirement plans of S and C corporations.