Law Dictionary Definitions

taxable income.See INCOME [Blacks Law 8th]

taxable gift.See GIFT [Blacks Law 8th]

taxable estate.See ESTATE(3). [Blacks Law 8th]

A generation-skipping transfer from a trust to the beneficiary (i.e., the skip person) that is neither a direct skip nor a taxable termination. See GENERATION-SKIPPING TRANSFER; generation-skipping transfer tax under TAX; generation-skipping trust under TRUST; SKIP PERSON. [Cases: Internal Revenue 4224.] [Blacks Law 8th]

taxable cost.See COST(3) [Blacks Law 8th]

taxable,adj.1. Subject to taxation . [Cases: Internal Revenue 3110; Taxation 978.C.J.S. Internal Revenue §§ 59–60; Taxation§§ 1715–1716, 1721–1722, 1727.] 2. (Of legal costs or fees) assessable . [Cases: Costs 146–194; Federal Civil Procedure 2742. C.J.S. Costs §§ 6, 94–97, 99–101, 105–124.] [Blacks Law 8th]

A portion of income tax that is subtracted from salary, wages, dividends, or other income before the earner receives payment. • The most common example is the income tax and social-security tax withheld by an employer from an employee’s pay. [Cases: Internal Revenue 4849; Taxation 1100. C.J.S. Internal Revenue §§ 740–741; Taxation § 1779.] [Blacks…

English law. A tax imposed on a house containing a certain number of windows (usu. more than six). • It was established under the Taxation Act of 1695 and replaced with a tax on inhabited houses established under the House Tax of 1851. See HOUSE-DUTY. [Blacks Law 8th]

A tax imposed on a business or industry as a result of a sudden increase in profits. • An example is the tax imposed on oil companies in 1980 for profits resulting from the Arab oil embargo of the 1970s. [Cases: Internal Revenue 4338.] [Blacks Law 8th]

A tax assessed at each step in the production of a commodity, based on the value added at each step by the difference between the commodity’s production cost and its selling price. • A value-added tax — which is popular in several European countries — effectively acts as a sales tax on the ultimate consumer.…