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The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
Though these payments qualified for § 162 deduction as expenses paid in the course of the opticians' trade or business, the IRS argued that the expenses should be disallowed as against public policy. [8] While the Court disapproved of the business ethics displayed by the opticians, the Court upheld the deductions as valid under the Code. [8]
The tax allowed deductions for business expenses, but few non-business deductions. In 1918 the income tax law was expanded to include a foreign tax credit and more comprehensive definitions of income and deduction items. Various aspects of the present system of definitions were expanded through 1926, when U.S. law was organized as the United ...
The goods and services tax (GST) was a proposed value-added tax in Hong Kong. Consultation over a period of nine months was launched on 19 July 2006 and stirred considerable controversy. Consultation over a period of nine months was launched on 19 July 2006 and stirred considerable controversy.
The Approved charitable donations are limited to 35% (10% for years of assessment up to and including 2002/03; and 25% for years of assessment 2003/04 to 2007/08) of the adjusted assessable profits before deduction of donations, per section 16D of the IRO. Such aggregate must not be less than $100.
So, for example, a couple may have itemized deductions of $20,000 and decide that they want to establish a fund with a $50,000 contribution and reap the additional tax deduction.
A charitable remainder unitrust (known as a "CRUT") is an irrevocable trust created under the authority of the United States Internal Revenue Code § 664 [1] ("Code"). This special, irrevocable trust has two primary characteristics: (1) Once established, the CRUT distributes a fixed percentage of the value of its assets (on an annual or more frequent basis) to a non-charitable beneficiary ...
The mortgage interest deduction allows those who itemize deductions on Schedule A to write off the interest they pay on their home mortgage. Mortgage Interest Deduction: Limits and How It Works ...
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related to: gst on trust donations deduction limit for business expenses