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A gross-up clause is also used when a payment that is made will be subject to taxes and the payer makes an additional payment to indemnify the recipient against the taxes – that payment will also be subject to tax. The sequence of additional payment, tax calculation, additional payment continues until the recipient receives the same amount ...
A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset. A like-kind exchange can involve the exchange of one ...
Stimulus payments will vary, but the maximum amount an eligible taxpayer could receive is $1,400, according to the IRS. The total estimated amount being dispersed nationwide is $2.4 billion, the ...
However, if it were your birthday and your friend wrote down "I give you my car in consideration of one dollar," this same consideration would not seem adequate. Thus whether $1.00 is consideration does not depend on the benefit received but whether the $1.00 had actually been bargained for.
The rights to payment are not subject to set-off, and do not rely on the validity of the underlying contract giving rise to the debt [1] (for example if a cheque was drawn for payment for goods delivered but defective, the drawer is still liable on the cheque).
Anything of value promised by one party to the other when making a contract can be treated as "consideration": for example, if A contracts to buy a car from B for $5,000, A's consideration is the promise of $5,000, and B's consideration is the promise of the car.
Since this method take into consideration the ability to pay of taxpayers, nowadays it is one of the most accepted taxation methods by various countries around the world. The ability to pay principle, says that the amount of a tax a person pays has to be dependent on the burden the tax will create with regard to the wealth of an individual.
A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. It is an example of the concept of fixed tax. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16) was a form of the poll tax. Poll taxes are administratively cheap because ...