tax

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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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

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.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
To show that he or she acted reasonably and in good faith, a taxpayer must meet one of the five general criteria outlined in Regs.
Now, with a federal budget awash in deficits, there is little discussion in Washington about raising the IRC section 121 exclusion figures or indexing them for inflation (though President Bush's Blue Ribbon Tax Reform Panel recently recommended raising the exclusion to $300,000 for single taxpayers and $600,000 for married ones filing jointly).
If the item of QPP is MPGE in whole by the taxpayer in the United States, the application of the rules is relatively easy and receipts from the lease, rental, license, sale, exchange, or other disposition of the QPP will generally be considered to be DPGR, though taxpayers will need to take into account other rules, such as those for embedded services.
Meyer noted that the IRS is flexible regarding responses to audit notices and is willing to extend extra time to taxpayers or their representatives who request it to gather necessary information.
For hens, the CAP can be used (either before or after a lien notice is fried) to (1) challenge a refusal to withdraw the notice or to discharge or subordinate a lien or (2) prevent attachment of the lien, and (as was noted) it can be used by nominees and third parties holding taxpayer property.
Although the gross receipts attributable to such ancillary components (including qualified warranties were they not already excluded) typically would fall within the five-percent de minimis rule generally applicable to non-qualifying gross receipts, (25) taxpayers should not be required to compute and maintain records to support the application of the de minimis rule in such situations at all.
1031(a)(3) requires a taxpayer to identify qualifying exchange replacement property within 45 days after closing the sale of a relinquished property.
An individual or business taxpayer elects a section 1033 deferral simply by omitting a gain from its return for the year it realizes that gain as a result of an involuntary conversion.
The taxpayer used the dollar-value, inventory price index computation (IPIC) LIFO method.
Taxpayers must capitalize costs to obtain, renew, renegotiate, or upgrade a membership or privilege.
Also, taxpayers in the trade or business of farming are excluded from using this notice.
Until the government issues guidance that addresses some of the issues raised by TAM 200604033, taxpayers will be left wondering whether their existingVPFs and stock loans "work" and whether stock loans should be avoided altogether when entering into future VPFs.