Alternative minimum tax (AMT) was created in 1969 by the Tax Reform Act to make certain that high-income individuals‚ corporations‚ trusts‚ and estates pay at least some small amount of tax‚ in spite of any deductions‚ credits‚ or exemptions. It’s basically an alternative method used by the IRS for calculating your taxes‚ an extra tax that was an addition to regular income tax. To calculate your AMT you start with your AGI (adjusted gross income)‚ then you give back the “tax preference items” and
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Corporate Risk management /Multinational tax management Corporate risk management AKA managing exchange rate risk. The key issues from this week’s lecture are the effects of changes in exchange rates‚ volatility in the exchange rate markets and how corporations can hedge against this risk. Looking at how to manage 3 types of exposure- transaction exposure‚ translation exposure and economic exposure. Multinational tax management looks at how international corporations pay different taxes in different
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Monday‚ November 21‚ 2011 Tax Structure & Policy Suggestions: Bangladesh Case 1 Introduction The main tax grossing or revenue collecting institution is generally known as National Board of Revenue (NBR). And as the central authority of tax policy and administration in Bangladesh‚ it plays a critical part in the development of the country. During the current fiscal year (FY 2010-11)‚ NBR is expected to collect Taka 75‚600 crore‚ providing much needed support to the government’s development
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“Van Tho” in An Giang. Then she opened the second shop in Can Tho at Ngo Duc Ke Street. The problem is that when opening the second shop‚ she is asked to pay the excise tax (massage business is one of the taxable objects). However‚ she is not asked to do that at An Giang and even be exempt from paying any tax except the license tax because of the characteristic of her business (business for society‚ specifically the blind). So‚ does the action of taxing on her business –a business for the blind-against
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The Importance of Having Tax Information about Moving Overseas Information is always valuable to the right people. Before doing anything or making any decisions‚ we always need information to at least give us an idea which decision to make. The more information we have the better. Of course‚ this depends on the nature of the information involved. This brings us to the question of why tax information about moving overseas is important. First of all‚ tax information about moving overseas is important
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the assumption of the non-recourse liability.The fair market value of the property at the time of sale was $1‚400‚000‚ so they claimed a loss of $55‚740. The Tax Commissioner insisted instead that they actually realized a gain of $400‚000; the difference between the principal amount of the debt and their basis. Issues:1) How should the tax court deal with the transfer of non-recourse mortgage debt in property dispositions when the fair market value of the property is less than the property’s basis
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1. Taxation is the process or means by which the sovereign‚ through its law-making body‚ imposes burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out the legitimate objects of government. Taxes‚ on the other hand‚ are the enforced proportional contributions or charges from persons and property levied by the law-making body of the State by virtue of its sovereignty for the support of the government and all public needs. 2. A. It is an enforced
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a result of theft. Sec. 165 (a)‚ (e). In order to be able to claim the casualty loss deduction the loss must qualify as theft‚ the tax payer must prove the amount of loss due to theft and the taxpayer must also prove the date the theft was discovered. As mentioned in both Robert S. Gerstell‚ 46 T.C. 161 (1966)‚ and Michael Monteleone‚ 34 T.C. 688 (1960)‚ “for tax purposes‚ whether a theft loss has been sustained depends on the law of the jurisdiction wherein the particular loss occurred.” In
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distributes its own stock rights to its shareholders. Code Sec. (a). The character of the recognized gain depends on the property distributed; thus it may be ordinary income‚ capital gain‚ or Section 1231 gain. An example illustrating this section was the Tax Court‚ deciding in favor of the IRS‚ held in Pope & Talbot‚ Inc.‚ v. Com‚ 104 TC __‚ No. 29‚ that a corporation which distributed discrete partnership units of property composed of timber and resort interests in the Northwest‚ must recognize distribution
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Chapter 4 TAX INCENTIVES FOR HOUSEHOLD SAVING AND BORROWING Tullio Jappelli & Luigi Pistaferri We thank Patrick Honohan‚ Alberto Musalem and seminar participants at the World Bank Conference of April 8-9‚ 2002‚ for useful comments and Tea Trumbic for research assistance. Introduction Modern theories of intertemporal consumption choice emphasize that individuals may save for variety of motives: to smooth life-cycle fluctuations in income (the retirement‚ or life-cycle motive)‚ to face
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