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The Doctrine of Cash Equivalence states that the U.S. Federal income tax law treats certain non-cash payment transactions like cash payment transactions for federal income tax purposes. [1] The doctrine is used most often for deciding when cash method (as opposed to accrual method) taxpayers are to include certain non-cash income items.
Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange.
Feige's Automated Payment Transaction tax (APT tax) proposed taxing the broadest possible tax base at the lowest possible tax rate. [17] [18] Since financial transactions account for the greatest component of the APT tax base, and since all financial transactions are taxed, the proposal eliminates substitution possibilities for evasion and ...
In 2021, lawmakers included a change to the tax law in the American Rescue Plan that requires third-party network transactions to note and report all payments greater than $600 sent through their...
The goal of the APT tax is to significantly improve economic efficiency, enhance stability in financial markets, and reduce to a minimum the costs of tax administration (assessment, collection, and compliance costs). [7] [8] The Automated Payment Transaction tax proposal was presented to the President's Advisory Panel on Federal Tax Reform in ...
The ESSR is the tax rate charged to each individual. If the ESSR were 1%, then both parties to a transaction would pay the 1% tax. If a person were transferring money from one account to another, each account would pay a rate of 1%. For this transaction, the government would receive a combined rate of 2%. Dr.
Automated Payment Transaction tax is a proposed single tax system where all tax revenue would be collected by a small percentage of all transactions. Bank taxes, propose to improve financial stability. Currency transaction tax is a tax on currency conversions. Spahn tax is a proposed currency transaction tax that attempts to tax speculators ...
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 ...