Law Dictionary Definitions

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]

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

A tax imposed when property is voluntarily and gratuitously transferred. • Under federal law, the gift tax is imposed on the donor, but some states tax the donee. [Cases: Internal Revenue 4200; Taxation 906.10. C.J.S. Internal Revenue §§ 493–494, 499, 557–565, 573–575; Taxation §§ 1783–1784.] [Blacks Law 8th]

A federal social-security tax imposed on the employer of a domestic employee if the employer pays that employee more than a specified amount in total wages in a year. • The term, which is not a technical legal phrase, was popularized in the mid-1990s, when several of President Clinton’s nominees were found not to have…

A gift or estate tax imposed on a generation-skipping transfer or a generation-skipping trust. — Sometimes shortened to generation-skipping tax; transfer tax. IRC (26 USCA) §§ 2601–2663. See DIRECT SKIP; GENERATION-SKIPPING TRANSFER; generation-skipping trust under TRUST; TAXABLE DISTRIBUTION. [Cases: Internal Revenue 4220–4228. C.J.S. Internal Revenue §§ 576–578.] [Blacks Law 8th]

The tax limits the use of generation-skipping techniques as a means of avoiding estate taxes. [Cases: Internal Revenue 4220. C.J.S. Internal Revenue §§ 576–578.] [Blacks Law 8th]