Search results
Results from the WOW.Com Content Network
A private equity or hedge fund located in the United States will typically be structured as a limited partnership, due to the lack of an entity-level tax on partnerships and other flow-through entities under the U.S. tax system. [3] The limited partners will be the institutional and individual investors.
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
In the context of the politics of the United States, term limits restrict the number of terms of office an officeholder may serve. At the federal level, the president of the United States can serve a maximum of two four-year terms, with this being limited by the Twenty-second Amendment to the United States Constitution that came into force on February 27, 1951.
In the absence of an election to the contrary, multi-member limited liability companies (LLCs), limited liability partnerships (LLPs) and certain multi-member trusts are treated as partnerships for United States federal income tax purposes. Certain non-U.S. entities may also be eligible for treatment as partnerships.
Section 61 of the Internal Revenue Code (IRC 61, 26 U.S.C. § 61) defines "gross income," the starting point for determining which items of income are taxable for federal income tax purposes in the United States. Section 61 states that "[e]xcept as otherwise provided in this subtitle, gross income means all income from whatever source derived
Income taxes in the United States are self-assessed by taxpayers [55] by filing required tax returns. [56] Taxpayers, as well as certain non-tax-paying entities, like partnerships, must file annual tax returns at the federal and applicable state levels. These returns disclose a complete computation of taxable income under tax principles.
A prominent plan is known as “Social Security 2100” and would shore up Social Security by increasing the payroll taxes on wages above $400,000 and also gradually phasing in an increase in the ...
On November 5, 2007, United States Senator Chuck Grassley announced an investigation into the tax-exempt status of six ministries under the leadership of Benny Hinn, Paula White, Eddie L. Long, Joyce Meyer, Creflo Dollar, and Kenneth Copeland by the United States Senate Committee on Finance.