Tax

Front 1

Wealth

Back 1

Inflow of cash, noncash property, services, or sometimes psychic satisfaction in excess of a taxpayer's return of "actual" capital or actual increase in Taxpayer's net work

Front 2

Gain

Back 2

Inflow in excess of return on Capital

Front 3

Severance

Back 3

legally or physically separable from producer of the gain

Front 4

Dominion and Control

Back 4

the gain is readily available for taxpayer's separate use, benefit, or disposal in satisfying his or her particular needs and desires

Front 5

C.S. 61(a)

Back 5

Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items:
(1) Compensation for services, including fees, commissions, fringe benefits, and similar items;
(2) Gross income derived from business;
(3) Gains derived from dealings in property;
(4) Interest;
(5) Rents;
(6) Royalties;
(7) Dividends;
(8) Alimony and separate maintenance payments;
(9) Annuities;
(10) Income from life insurance and endowment contracts;
(11) Pensions;
(12) Income from discharge of indebtedness;
(13) Distributive share of partnership gross income;
(14) Income in respect of a decedent; and
(15) Income from an interest in an estate or trust.

Front 6

Judicial doctrine of stare decisis

Back 6

The approach that courts refer to prior decisions handed down by themselves or by higher court when deciding on a litigated issue

Front 7

Propositions to be proven

Back 7

conditions

Front 8

Jurisdiction

Back 8

the right of a particular government to levy tax on a specific tax payer

Front 9

Horizontal equity

Back 9

taxpayers who have the same ability to pay actually do pay same amount

Front 10

Vertical equity

Back 10

All taxpayers suffer the same economic pain associated with tax payment --> Progressive rate structure