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A tax levied on profits that are beyond a business’s normal profits. • This type of tax is usu. imposed only in times of national emergency (such as war) to discourage profiteering. [Cases: Internal Revenue 4130–4136. C.J.S. Internal Revenue § 670.] excise lieu property tax.A tax on the gross premiums received and collected by designated…

.A tax imposed on the transfer of property by will or by intestate succession. — Also termed death tax; death duty. Cf. inheritance tax. [Cases: Internal Revenue 4145; Taxation 856.1. C.J.S. Internal Revenue §§ 500–502; Taxation §§ 1783–1785, 1792.] estimated tax.A tax paid quarterly by a taxpayer not subject to withholding (such as a self-employed…

. erroneous tax. 1. A tax levied without statutory authority. [Cases: Taxation 498, 536, 608(2). C.J.S. Social Security and Public Welfare § 208; Taxation§§ 801–804, 915, 1093.] 2. A tax on property not subject to taxation. 3. A tax levied by an officer who lacks authority to levy the tax. Also termed illegal tax. [Blacks…

.A tax that is imposed on property, as distinguished from a tax on a right or privilege. • A direct tax is presumed to be borne by the person upon whom it is assessed, and not “passed on” to some other person. Ad valorem and property taxes are direct taxes. [Cases: Internal Revenue 3059–3064; Taxation…

. 1. See estate tax. 2. See inheritance tax. delinquent tax.A tax not paid when due. [Cases: Internal Revenue 4827; Taxation 526, 903, 906.20, 1096, 1331. C.J.S. Internal Revenue §§ 725–726; Taxation §§ 883–884, 1777–1778, 1976, 1978–1981, 2055.] [Blacks Law 8th]

A tax imposed on sale of goods or services to be consumed. [Cases: Taxation 1201.1.] [Blacks Law 8th]

lieu of all other taxes related to the subject matter. 2.Hist. A tax imposed on shipowners, requiring them to post a bond or remit a payment per foreign passenger. • In the 19th-century, the tax was used to discourage immigration and to raise revenue to defray the costs of supporting indigent immigrants who had remained…

. 1. A tax on capital stock in the hands of a stockholder. [Cases: Taxation 119.] 2. A state tax for conducting business in the corporate form, usu. imposed on out-of-state corporations for the privilege of doing business in the state. • The tax is usu. assessed as a percentage of the par or assigned…

See BETTERMENT TAX. capital-gains tax.A tax on income derived from the sale of a capital asset. • The federal income tax on capital gains typically has a more favorable tax rate — for example, 20% for an individual and 34% for a corporation — than the otherwise applicable tax rate on ordinary income. See CAPITAL…

.A tax on a ticket to a concert, sporting event, or the like. • The tax is usu. expressed as a percentage of the ticket price. [Cases: Theaters and Shows 3, 3.40, 3.60. C.J.S. Entertainment and Amusement; Sports§§ 18–19, 22, 24–37, 48.] [Blacks Law 8th]