tax

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Related to taxable: Taxable income

tax

a levy imposed by the government on GOODS and SERVICES (INDIRECT TAX) and the INCOME and WEALTH of persons and businesses (DIRECT TAX). The government uses taxes for a number of purposes such as:
  1. to raise revenue to finance government spending (see BUDGET);
  2. to promote social equity by redistributing income and wealth (see DISTRIBUTION OF INCOME);
  3. to regulate the level of total spending in the economy (see FISCAL POLICY);
  4. to protect domestic producers from imports (see TARIFF). See INCOME TAX, CORPORATION TAX, CAPITAL GAINS TAX, WEALTH TAX, INHERITANCE TAX, VALUE-ADDED TAX, CUSTOMS DUTY, EXCISE DUTY.

tax

a levy imposed by the government on the income, wealth and capital gains of persons and businesses (DIRECT TAX), on spending on goods and services (INDIRECT TAX), and on properties. In the UK, taxes on income include personal INCOME TAX and CORPORATION TAX; ‘inheritance tax’ is used to tax wealth (see WEALTH TAX) and CAPITAL GAINS TAX is used to tax ‘windfall’ profits; taxes on spending include VALUE-ADDED TAX, EXCISE DUTY and TARIFFS; taxes on properties include the council tax (see LOCAL TAX) and the UNIFORM BUSINESS RATE. Such taxes are used to raise revenue for the government and as a means of controlling the level and distribution of spending in the economy. See TAXATION, PUBLIC FINANCE.
References in periodicals archive ?
1291-2 (f)(4) provides a limited exception to the general rule that all indirect distributions are taxable on an indirect distribution paid by a section 1291 fund to its sole shareholder that is also a section 1291 fund owned directly by the shareholder, if the distributing fund has distributed all its earnings and profits for such year which is included in the shareholder's holding period.
For the taxable year of an ownership change, the proposed regulations generally permit pre-change and post-change items to be offset against one another without regard to the section 382 limitation.
The unrecognized section 987 gain or loss for each year is based on the difference between the "owner functional currency net value" of the Section 987 QBU on the last day of the current taxable year and the "owner functional currency net value" on the last day of the preceding taxable year.
Finally, major donors may choose to give the full $100,000 per year and avoid an additional $100,000 of reportable taxable income.
Holidays Taxable except If employer pays business element directly-tax-free
Some funds attempt to minimize taxable distributions to investors.
First, the ED segregates temporary differences into two primary categories: those whose reversals will generate taxable income and those that will generate deductions.
199 deduction based on taxable income before or after applying the NOL carryover, and could the deduction increase an NOL carryover?
The IRS noted that generally workers' compensation benefits are not taxable under IRC section 104(a)(1).
If the lease falls within the safe harbors provided under the code section, the tenant will avoid taxable income and the landlord will be deemed the owner of the improvements.
When the taxable preferred share rules were first introduced in June 1987, shares subject to the taxable preferred share regime were excluded from the TPS rules.
Under the proposed regulations, the election was made by attaching a statement to Form 1041 for the first taxable year of the related estate.