tax

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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 ?
There is a de minimis exception by which an individual or corporate owner of less than a five-percent interest in such a partnership can elect to turn off the 2006 proposed regulations for purposes of determining section 987 gain or loss only--the regulations still apply for purposes of determining the partner's share of the taxable income or loss of the partnership.
Such taxpayers will be able to avoid taking the QCD into income, resulting in lower taxable income.
For tax purposes, they received the excess cash at the time of the sale, making it taxable in 2005.
Fuel for private use Taxable at scale rate Not taxable
Baron Asset Fund had a 19% turnover rare last year and distributed only 4 cents per share in taxable gains to its 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.
TEI acknowledges the concern but submits that the overlap between the term preferred share rules and the taxable preferred share rules and the double tax burden on shares falling under both regimes is unjustified and excessive.
If there is both an executor and a trustee, the trustee of the electing trust must timely provide the executor of the related estate with all of the trust information necessary to permit the executor to file a complete, accurate and timely Form 1041 for the combined electing trust and related estate for each taxable year during the election period [Treas.
40,400,000 Student Loan Revenue Bonds, Taxable Senior Series 2007A-2, 'AAA';