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A windfall tax is a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or industry. There have been windfall taxes in various countries across the world, including Australia, [ 1 ] Italy, [ 2 ] [ 3 ] [ nb 1 ] and Mongolia (2006–2009).
No, most insurance payouts for wildfire-related damages are not taxable. How do I report wildfire losses on my taxes? Use Form 4684 to claim wildfire-related casualty losses on your tax return.
Commissioner v. Glenshaw Glass Co., 348 U.S. 426 (1955), was an important income tax case before the United States Supreme Court.The Court held as follows: Congress, in enacting income taxation statutes that comprehend "gains or profits and income derived from any source whatever," intended to tax all gain except that which was specifically exempted.
Thus, damages for the destruction of goodwill (awarded under the Federal Antitrust Laws) are compensating for the destruction of a capital asset -- they are a "return" of this capital. It is settled law that, while a recovery (as court-ordered damages) of future profits is taxable, a recovery (as damages) of present capital is not.
When used wisely, unexpected windfalls can be a great boost to your overall financial plan. Financial windfalls are by definition extra sources of cash that you weren't planning on receiving, so if...
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Detailed analysis of oil prices, 1970–2004 U.S. Oil production and imports.. The Crude Oil Windfall Profit Tax Act of 1980 (P.L. 96-223) was enacted as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices. [1]
Claiming Tax Deductions for Weather Damage. Vera Gibbons. Updated July 14, 2016 at 6:14 PM. ... Ready to file your taxes? You can get TurboTax for 30% off on Amazon today. See all deals.