Legal Dictionary

Search results for: “capital gains tax”

  • Capital Gains Tax

    English Legal System: Capital Gains TaxIn the context of the English law, A Dictionary of Law provides the following legal concept of Capital Gains Tax : A tax charged on gains arising from the disposal of assets. The tax due is a proportion of the chargeable gain, which in general terms is the […]

  • Double Taxation

    Double Taxation Definition (in the Accounting Vocabulary) The New York State Society of Certified Public Accountants offers the following definition of Double Taxation in a way that is easy for anybody to understand: The act of taxing corporate earnings twice, once as the NET INCOME of the […]

  • Corporation Tax

    English Legal System: Corporation Tax In the context of the English law, A Dictionary of Law provides the following legal concept of Corporation Tax : A tax on the worldwide profits of limited companies and certain other bodies resident or trading in the UK. Corporation tax started on 6 April […]

  • Direct Tax

    See Tax. …

  • Tax on Income

    Hierarchical Display of Tax on income Finance > TaxationEconomics > National accounts > IncomeFinance > Taxation > Tax > Direct taxFinance > Taxation > Fiscal policy > Double taxation Meaning of Tax on income Overview and more information about Tax on income For a more […]

  • Capital Gain

    A term of art within the internal revenue code. As opposed to ordinary income, capital gain receives more favorable tax treatment. Only items representing capital interest may be treated as capital gain. Miller v C.I.R. (C.A.5)37I F.2d255.

  • Capital

    Hello Hello Legal Definition and Related Resources of Capital Meaning of Capital As an adjective, means chief , principal , or of pertaining to the death penalty , punishable with death. As a noun, in commercial parlance, means the fund or the […]

  • Capital Assets

    In relation to income tax law, these are assets held by the taxpayer which are not used in his trade or business. Harris v U.S.(D.C. Va.)431 F. Supp. 1173.

  • Capital Loss

    For purposes of deductibility in relation to income tax, a loss resulting from sale or exchange of capital asset is a capital loss as opposed to an ordinary loss. Stamler vC.I.R., 145 F.2d37.

  • Capital Allowance

    English Legal System: Capital AllowanceIn the context of the English law, A Dictionary of Law provides the following legal concept of Capital Allowance : A tax allowance for businesses on capital expenditure on particular items. These include *machinery and plant, industrial buildings, […]

  • Capital Loss Carryover

    United States Tax Concept of Capital Loss Carryover The amount of capital loss not allowed as a deduction in the current year and carried over to the next year. A capital loss that is not deductible because it exceeds the annual $3,000 capital loss ceiling. A carryover loss may be deducted […]

  • Capital Gains

    For income tax purposes, gain upon the sale of certain property, capital assets, chiefly corporate securities and real estate, is taxed at a lower rate than ordinary income, e.g., wages and ordinary business profits. Long term capital gains, i.e., gains on property held […]

  • Alternative tax

    Under the income-tax laws, an option available to taxpayers calculating the tax to be paid on long-term capital gains….

  • Accumulated profits tax

    A way of referring to those provisions of [the] Internal Revenue Code designed to penalize corporations which accumulate earnings beyond the needs of the business so as to avoid distributions to shareholders, who would thereupon be taxed on what they had received. It is a particular temptation […]