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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U.S. Virgin Islands Exempt Companies Law Encourages Mutual Funds And Captive Insurers
The United States Virgin Islands, a U.S. territory located in the Caribbean Sea about 1500 miles southeast of New York City, has its own tax system which is administered separately from that of the rest of the United States. It is also the only U.S ...
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UBIT Issues Facing Aquariums
I. ISSUE: WOULD GIFT SHOP SALES, FOOD SALES, FACILITY RENTAL AND THE SALE OF MEMBERSHIP LISTS BY A TAX-EXEMPT AQUARIUM BE SUBJECT TO THE UNRELATED BUSINESS INCOME TAX? A. Introduction. This memo discusses whether the income from gift shop sales ...
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Unrelated Business Income Should Be Reviewed In 501(C)(3) Bond Issues
Marcus S. Owens, the retiring director of the Exempt Organizations Division of the Internal Revenue Service, departed with a warning to organizations described in sec. 501(c)(3) of the Internal Revenue Code. In his last speech as director, he noted ...
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Vanishing Holding Requirements: Like-Kind Exchanges After Magneson, Bolker and The Tax Reform Act of 1984
A random glance at the real estate advertisements in any major newspaper indicates the extent to which exchanges of properties have become a major component of the investment market. Like-kind exchanges, although always present, have blossomed in ...
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When Is A Liability “Assumed”?
In a variety of contexts the "assumption" of a liability can trigger recognition of gain from a disposition of property that is otherwise tax-deferred. For example, in an installment sale, the excess of the liabilities assumed over the tax basis of ...
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Y2K
Information and Readiness Disclosure Act President Clinton recently signed into law the Year 2000 Information and Readiness Disclosure Act (IRDA). The statute's broad purposes are to promote the disclosure and exchange of information related to Year ...
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Your Rights When You Owe the IRS
In July, 1998, President Clinton signed the IRS Restructuring and Reform Bill of 1998. This legislation is the beginning of a true taxpayer revolution to put respect for the individual taxpayer back into the system. I am very proud to have taken an ...
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