Tax law

chargeable as capital gain in the hand of assessee? Law:  Section 6 of the Income Tax Law defines the assessable income. According to it, assessable income of the taxpayer for the relevant income year means the aggregate of ordinary income and taxable statutory income.  S104 of the Income Tax Act provides that the assessee must include in his/her assessable income the net amount generated by way of sale of capital asset held by him/her during the income year under consideration.  According to 102-20, the capital gain tax is attracted only when CGT event takes place. The section further provides that CGT event takes place when assessee transfers the capital Asset during the income…

And one of the many tools used to create this consensus, was a creation of racial oppression in legal law form. This was one of the first ever laws enacted in 1643 early Virginia, “1643 tax law: free black women were treated differently than white women since they were counted as “tithes,” workers, while free white women were not.” Groundbreaking in the fact that it made specific racial distinctions, this was in essence the beginning of race. It all begins with “were treated differently”…

income inequality between the rich and the poor can shrink. Tax the Rich In order to achieve income equality, we must change the regulations of the economy. One major aspect of economic regulations are taxes. Taxes are collected by the government to pay for everything from education to roads, but no one likes paying taxes. Ways of raising and lowering taxes have been the debate between lawmakers for decades. Regressive tax takes more money away from people with less money to spare. In recent…

The National Tax Advocate publishes a report entitled, "Annual Report to Congress." The contents within this report address areas of concern that are adverse to the taxpayer, suggest legislative remedies and guidance as well as a listing and discussion of the most litigated tax matters. The Office of the Taxpayer Advocate was created when Congress enacted Public Law 104-168, also referred to as the Taxpayer Bill of Rights 2, on July 30, 1996. The Internal Revenue Service Restructuring and Reform…

Jonathan called his tax preparer, Sue Johnson, CPA, and told her that he wasn’t going to the appointment. What penalty or penalties could Jonathan be subject to? What about the Sue Johnson, CPA? Normally the Internal Revenue Service conducts audits to a significant percentage of taxpaying citizens each year, this audits are perform to verify certain variances within the tax law and codes. The individual being audited does have a burden on demonstrating to the IRS auditors that the information…

The Stamp Act was passed by the British Parliament on March 22, 1765. It gave taxes to all American Colonists and required them to pay tax on every piece of printed paper they used. The money they got from the taxes was used to help pay the costs of defending and protecting the American frontier. Many colonist were angry and everybody started having commotions about it. “Hey! Have you heard about the new law that just passed?” Davis asked, as he was drinking coffee. “No, what does it do?”…

would not be able to financially support a continuous flow of new immigrants if the country decided to open its borders. Friedman’s idea to slowly eliminate welfare programs and use a negative income tax would provide a healthier solution to helping the countries low-income households. By gradually eliminating welfare, the country would be able to weed out some citizens who abuse the system and take advantage of the government. The negative tax system prevents low-income individuals from paying…

PESTLE analysis is an important tool that used to examine the six factors to identify the external opportunities and threats and how it influence industries and the firms. Political Factors The individual state policies implement by each government has highly affected the operations of any organization and no one has any exception. For example, the duty tax imposes by government may affect the revenue generating structure of each organization. The higher the tax charge by the government imply…

transaction go much more smoothly. There are several types of IRA Accounts, including Traditional, Roth, and SIMPLE. The Traditional IRA takes contributions at any time according to limitations set by current government tax laws. The Roth IRA…

as a QDRO by the IRS it is subject to tax and penalty. Make sure you add and update your beneficiaries in case your ex-spouse was one. Not only should you change your retirement plan, but all your financial assets, including annuities and life insurance. If you are getting remarried, and your children are going to be your primary beneficiaries it is a good idea to create a revocable living trust and make this the secondary beneficiary. You can go to an estate-planning attorney to help you with…