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The Mississippi State Tax Commission levied a tax upon Complete Auto "for the privilege of engaging or continuing in business or doing business" [1] in the state of Mississippi. [2] The Court refers to the tax as a "sales tax"; however, it was a "transaction privilege" or gross receipts tax based on Complete Auto's gross receipts.
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The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
Mar. 2—TUPELO — An influential conservative think tank has deemed a proposed overhaul of Mississippi's tax structure as "momentous" but urges caution and careful deliberation over the bill's ...
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Instead, the owners of the entity pay tax on their "distributive share" of the entity's taxable income, even if no funds are distributed by the partnership to the owners. Federal tax law permits the owners of the entity to agree how the income of the entity will be allocated among them, but requires that this allocation reflect the economic ...
Mississippi Republican Gov. Tate Reeves said Wednesday that he will continue pushing lawmakers to phase out the state income tax, even with the possibility of federal spending cuts that could ...
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