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The current transaction tax is levied per transaction at a rate of not less than 0.01% and not more than 0.06%, based on the value of the futures contract. Revenue from the securities transaction tax and the futures transaction tax was about €2.4 billion in 2009. The major part of this revenue came from the taxation of bonds and stocks (96.5%).
If the open transaction doctrine applies, the taxpayer may completely recover basis before reporting any gain. This is by far the best tax treatment for the transaction, but it is likely to be attacked by the IRS and in most circumstances would not be sustained. More likely, a contingent sale in the third category would be a closed transaction.
The Automated Payment Transaction (APT) tax is a small, uniform tax on all economic transactions, which would involve simplification, base broadening, reductions in marginal tax rates, the elimination of tax and information returns and the automatic collection of tax revenues at the payment source.
The case presents an example of an open transaction case. Philadelphia Park Amusement Co. v. United States [7] tells us that commonly, the value of what one receives will be the value of what one gives up in an exchange, or, more generally, in an arm's length transaction, the fair market values of the transaction will be equal. However, this is ...
A bank transaction tax is a tax levied on debit (and/or credit) entries on bank accounts. In 1989, ...
So it can be subject to the gift tax if it’s over $17,000 in 2023 or $18,000 in 2024. And if it comes time for the recipient to sell the gift, the cost basis remains the same as the giver’s ...
Carbon tax is a tax levied on the carbon content of fuels, as a measure to income the impact of global warming. Fat tax is a tax levied on unhealthy foods. Financial transaction tax is a tax on certain financial transactions, such as the sale of stocks. Fuel excise is a tax levied on fuels, especially for motor vehicles.
Federal income tax rates have been modified frequently. Tax rates were changed in 34 of the 97 years between 1913 and 2010. [157] The rate structure has been graduated since the 1913 act. Total tax revenue (not adjusted for inflation) for the U.S. federal government from 1980 to 2009 compared to the amount of revenue coming from individual ...