Search results
Results from the WOW.Com Content Network
[67] During this period, property taxes came to be assessed based on value. This was introduced as a requirement in many state constitutions. After the Civil War, intangible property, including corporate stock, took on far greater importance. Taxing jurisdictions found it difficult to find and tax this sort of property.
In tax law, amortization refers to the cost recovery system for intangible property.Although the theory behind cost recovery deductions of amortization is to deduct from basis in a systematic manner over an asset's estimated useful economic life so as to reflect its consumption, expiration, obsolescence or other decline in value as a result of use or the passage of time, many times a perfect ...
Intangible property is used in distinction to tangible property. It is useful to note that there are two forms of intangible property: legal intangible property (which is discussed here) and competitive intangible property (which is the source from which legal intangible property is created but cannot be owned, extinguished, or transferred).
However, some property, despite being physical in nature, is classified in many legal systems as intangible property rather than tangible property because the rights associated with the physical item are of far greater significance than the physical properties. Principally, these are documentary intangibles.
A property tax (whose rate is ... most important one was concerned with new narrow personal property tax was established especially for homeowners and intangible ...
The distinction between tangible and intangible personal property is also significant in some of the jurisdictions which impose sales taxes. In Canada, for example, provincial and federal sales taxes were imposed primarily on sales of tangible personal property whereas sales of intangibles tended to be exempt.
Crystal Stranger, senior tax director and CEO at Optic Tax Inc., said that one big deduction that many entrepreneurs are unaware of is the Foreign Derived Intangible Income (FDII) deduction.
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."