Tax
This is FindLaw’s collection of State and Federal Tax articles, part of the Finance section of the Corporate Counsel Center. While some states do not have an income tax (Nevada), all residents and all citizens of the United States are subject to the federal income tax. Corporations file taxes as well. While they are subject to may of the same rules as are individual taxpayers, they are also covered by an intricate body of rules addressed to the peculiar problems of corporations. Law articles in this archive are predominantly written by lawyers for a professional audience seeking business solutions to legal issues. Start your free research with FindLaw.
Tax
Tax Articles
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The Publicly Supported Charity-The features, the basic rules and requirements of the most common publicly supported charity under subsection 509(a)(1)
Of the four different kinds of public charities recognized under Section501(c)(3) of the Internal Revenue Code, the traditional publicly supported charity is the most common form. The tax exempt letter will refer to it as a subsection509(a)(1 ...
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The Tax Consequences of Sellling an Asset that is Inherited or Received as a Gift
A very common but often overlooked aspect of income taxation concerns the tax consequences of an individual's sale of an asset received either by inheritance or as a gift. When such property is sold, the question arises as to whether the seller has ...
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The Tax Free Entity Under The U.S. Flag: A United States Virgin Islands Exempt Company
It will come as a surprise to many practitioners that the Internal Revenue Code provides an international tax planning tool with one very unusual feature: a corporate entity which enjoys all the non-tax advantages of incorporation in a United States ...
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The Taxpayer Relief Act of 1997
On August 5, 1997, the President signed the Taxpayer Relief Act of 1997 (the "Act"). This memorandum summarizes the provisions of the Act which we believe have particular significance to high technology companies and their investors. The Act makes ...
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Thelen Reid Report: Internet Tax Freedom Act Imposes Three-Year Moratorium on State and Local Government Taxation of the Internet
On October 13, 1998, the United States Supreme Court announced it will decide whether the Employee Retirement Income Security Act of 1974 ("ERISA") preempts two California rules that could be used to alter the terms of an employee benefit plan ...
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This Holiday Give Turkeys, Not Certificates for Turkeys
In a recent Technical Advice Memorandum ("TAM"), the Internal Revenue Service concluded that employer-provided holiday gift coupons that were redeemable at certain grocery stores for up to $35 were taxable to employees. Generally, an employee's ...
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Too Much of a Good Thing
It's fine for business associates to dine or lunch together. Indeed, if business is discussed before, during, or after the lunch (something which doesn't impose a hardship on most businesspeople), 50% of the cost of the lunch is deductible. It ...
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Transfer Pricing Update Canada
Some transfer pricing trends are beginning to emerge that taxpayers should be aware of and be prepared to address in the course of preparing for an audit. Observers have noted: • the CRA's use of the "recharacterization" and penalty provisions in ...
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U.S. Treasury Releases Proposal For Income Tax Law Changes
IntroductionCorporate Tax Shelter ProvisionsCorporate ProvisionsFinancial ProductsPass-through Entity ProvisionsForeign ProvisionsTax AccountingEnergy-Related ProvisionsInsurance Law ChangesBenefits-Related ItemsContacts On Monday, February 1, in ...
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U.S. Virgin Islands: An Offshore Tax Planning Jurisdiction
.142.01 - U.S. Virgin Islands: Introduction The U.S. Virgin Islands is unique among offshore tax planning jurisdictions: it is the only jurisdiction which can offer a tax-free entity under the U.S. flag. Furthermore, because it is a U.S. territory ...
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