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)

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 ?
Blaylock specializes in taxable, fixed-income securities.
Of course, realization is dependent upon taxable income within the carryback and carryforward periods available under the tax law.
(38) An EAG partnership exists if all of the interests in the capital and profits of a partnership are owned by members of a single EAG at all times during the taxable year of the partnership.
By meeting the definition of qualified lessee construction allowances, the tenant will avoid taxable income on such allowance.
His tax basis is equal to the $3 of taxable income, plus $1 purchase price, or $4 per share.
965 inclusion, would have a current-year loss, or an NOL carryforward that eliminates or reduces taxable income for the year or limits current taxable income.
(31) Eligible taxpayers are those who file amended returns for taxable years for which the taxpayer used a tax avoidance transaction, and those who make full payment of the additional tax and interest due for the taxable years that is attributable to the use of the tax avoidance transaction.
Under the proposed regulations, the election was made by attaching a statement to Form 1041 for the first taxable year of the related estate.
The required annual payment for smaller taxpayers is generally equal to the lesser of the required quarterly percentage of 100% of the prior-year tax or 100% of the current-year tax based on an annualization of taxable income for the period (annualization method).
Subsections 112(2.1) through (2.6) and 258(3) through (5) of the Act are the principal charging provisions for the TPS rules and convert what would otherwise be tax-exempt dividends into taxable dividends.
The AMT computation begins with taxable income and then makes the adjustments IRC sections 56, 57 and 58 require.