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 ?
Otherwise, the final regulations' treatment of transaction costs is largely taxpayer favorable and contains a number of provisions to reduce controversy.
Also, taxpayers in the trade or business of farming are excluded from using this notice.
In the event of a default, the counterparty was entitled to accelerate the VPFs and request the trustee deliver to the counterparty all of the stock in the collateral account to satisfy the taxpayer's share-delivery obligation.
The proposed process will be limited to taxpayers in the Coordinated Industry Case (CIC) program in the LMSB and Tax Exempt/Government Entity Divisions.
The final requirement for acting reasonably and in good faith is that the taxpayer must not be deemed not to have acted reasonably and in good faith.
This article thus explores the general tax roles associated with home ownership and suggests ways taxpayers can minimize their gains when selling their homes.
Under the shrinkback rule, if the property offered for sale does not meet the requirements of DPGR, the taxpayer must treat as the "item" any portion of the property offered for sale that meets the requirements.
It matters not whether the taxpayer signs and dates Form 2848 before the CPA or other qualified individual signs and dates the form.
Generally, the Appeals Officer's decision is communicated to both the taxpayer and the Revenue Officer involved.
In applying the "in significant part" requirement, the production activities of another member of the taxpayer's expanded affiliated group should be attributed to the taxpayer since the EAG is treated as a single corporation.
In a forward exchange, the taxpayer typically uses the net proceeds from the sale of the relinquished property as a partial or full payment for the replacement property.
A taxpayer can elect section 1033 deferral after reporting the gain on an involuntary conversion by filing a refund claim on an amended gain-year return.

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