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A 988 transaction is a transaction described in section 988(c)(1) of the Internal Revenue Code [1] in the United States of America. This transaction occurs when a taxpayer enters into or acquires any debt instrument, forward contract , futures contract , option, or similar financial instrument held in a non-functional currency . [ 1 ]
A user fee is a fee, tax, or impost payment paid to a facility owner or operator by a facility user as a necessary condition for using the facility. People pay user fees for the use of many public services and facilities .
In the United States, payment in lieu of taxes can arise in several ways: Land owned by the federal government is generally not subject to taxation by state or local governments. Under Public Law 94-565, enacted in 1976, the federal government began making payments in lieu of taxation to local governments affected by this reduction in their tax ...
Set user charges sufficient to recover the full cost to the federal government of providing the service, resource or good provided by the government; and, Whenever possible set the charges at rates rather than fixed dollar amounts in order to adjust for changes in costs to the government or changes in market prices for provided goods, resources ...
Donors of gifts in excess of the annual exclusion must file gift tax returns on IRS Form 709 [100] and pay the tax. Executors of estates with a gross value in excess of the unified credit must file an estate tax return on IRS Form 706 [101] and pay the tax from the estate. Returns are required if the gifts or gross estate exceed the exclusions.
Under English feudal law, the payment of quit rent (Latin Quietus Redditus, pl. Redditus Quieti) [1] freed the tenant of a holding from the obligation to perform such other services as were obligatory under feudal tenure, [2] or freed the occupier of the land from the burden of having others use their own distinct rights that affected the land ...
In our example above, if you buy this dresser with a 5% sales tax, you pay a $5 tax when you buy it. With a value added tax, the seller pays the tax directly and then adjusts their prices as they ...
Leibzoll was tax that Jews were required to pay in Medieval Europe. Temple tax was a Roman tax used to pay for temples. Tithe is a payment to a church or similar authority. While voluntary in modern times, historically these payments have been mandatory. Tolerance tax was a tax levied in Austria-Hungary against Jews. Zakat is a tax paid by ...