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Virginia differs from many other states in that it does not provide for a right of redemption, by which a debtor can reclaim the property if they raise the money to pay the debt after the foreclosure sale. Furthermore, the debtor can not force the creditor to claim personal property ahead of real property.
For example, assume an investor in the 38% tax bracket is offered a municipal bond that has a tax-exempt yield of 1.0%. Using the formula above, the municipal bond's taxable equivalent yield is 1.6% (0.01/(1-0.38) = 0.016) - a figure which can be fairly compared to yields on taxable investments such as corporate or U.S. Treasury bonds for ...
Districts found with these invalid donations were required to repay the bond investor's the lost tax-credit, penalties to the IRS, and retire their bonds. All state and local laws applicable to bonds also apply to QZABs, including Section 148 of the IRS Code. A qualified lender as defined by the law must purchase bonds.
The cost of private law school has more than doubled since the 1980s, while attending public law school is almost six times as expensive. Over a third ( 36.7% ) of law schools offered conditional ...
The bottom line is that private school tuition is not tax deductible under federal tax law. This holds true unless your child is attending a private school due to special needs.
RICHMOND, Va. (WJHL) — Virginia Governor Glenn Youngin announced a budget proposal on Monday to make service tips exempt from the state’s income tax. In a news release from Youngkin’s office ...
The steps required to become a nonprofit include applying for tax-exempt status. If States do not require the "determination letter" from the IRS to grant non-profit tax exemption to organizations, on a State level, claiming non-profit status without that Federal approval, then they have actually violated Federal United States Nonprofit Laws.
These rules prevent the avoidance of tax that might otherwise be available by characterizing the repayment as a capital gain, which is taxed at a lower rate, or by deferring the recognition of income until the bond is repaid at maturity. There are a number of exceptions to the original issue discount rule, including: Tax exempt obligations