Posts by admin

A tax imposed as a substitute for another.intangible tax.A state tax imposed on the privilege of owning, transferring, devising, or otherwise dealing with intangible property. [Cases: Taxation 1. C.J.S. Taxation §§ 1–3, 5–6.] interest-equalization tax.A tax imposed on a U.S. citizen’s acquisition of stock issued by a foreign issuer or a debt obligation of a…

1. A tax imposed on a person who inherits property from another (unlike an estate tax, which is imposed on the decedent’s estate). • There is no federal inheritance tax, but some states have an inheritance tax (though it is creditable or deductible under the federal estate tax). — Also termed succession tax; death tax.…

A tax on a right or privilege, such as an occupation tax or franchise tax. • An indirect tax is often presumed to be partly or wholly passed on from the nominal taxpayer to another person. [Cases: Licenses 1. C.J.S. Architects § 8; Licenses §§ 2–4.] [Blacks Law 8th]

tax on an individual’s or entity’s net income. • The federal income tax — set forth in the Internal Revenue Code — is the federal government’s primary source of revenue, and most states also have income taxes. Cf. property tax; EXCISE. [Cases: Internal Revenue 3065–4122; Taxation 931–1104. C.J.S. Indians § 131; Internal Revenue§§ 12–14, 16–492,…

A tax that violates the law, esp. the constitution. • For an example, see poll tax. See erroneous tax. [Blacks Law 8th]

A federal tax imposed on undistributed personal-holding-company income after allowing deductions for such things as dividends paid. IRC (26 USCA) § 545. — Also termed personal-holding-company tax. [Cases: Internal Revenue 3850.1–3858. C.J.S. Internal Revenue §§ 383–386.] [Blacks Law 8th]

1. See poll tax. 2.HEAD MONEY(3). hidden tax.A tax that is paid, often unknowingly, by someone other than the person or entity on whom it is levied; esp., a tax imposed on a manufacturer or seller (such as a gasoline producer) who passes it on to consumers in the form of higher prices. highway tax.A…

A tax on a business’s gross receipts, without a deduction for costs of goods sold, or allowance for expenses or deductions. See GROSS RECEIPTS. [Blacks Law 8th]

A tax on gross income, possibly after deduction for costs of goods sold, rather than on net profits; an income tax without allowance for expenses or deductions. See gross income under INCOME. [Cases: Internal Revenue 3110; Taxation 979, 1202.5. C.J.S. Internal Revenue §§ 59–60; Taxation § 1991.] [Blacks Law 8th]

a rate schedule with higher marginal rates for larger taxable bases (income, property, transfer, etc.) — Also termed progressive tax. [Blacks Law 8th]