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In McCann, the court had to decide whether travel expenses paid by an employer to enable an employee to attend a company conference were part of the employee's gross income. The company provided the travel award to the employee for good work in increasing net sales during 1972. The court held that the travel expenses were compensation to the ...
This is a table of the total federal tax revenue by state, federal district, and territory collected by the U.S. Internal Revenue Service. Gross Collections indicates the total federal tax revenue collected by the IRS from each U.S. state , the District of Columbia , and Puerto Rico .
Items must be included in income when received or accrued. The amount included is the amount the taxpayer is entitled to receive. Gains on property are the gross proceeds less amounts returned, cost of goods sold, or tax basis of property sold. Certain types of income are exempt from income tax. Among the more common types of exempt income are ...
A local initiative can target for reduction or repeal local government sales taxes, especially where there has been significant waste and/or mismanagement of sales tax proceeds, when there has been controversial or questionable spending of sales tax proceeds by a local government such as using tax proceeds to pay for excessive public employee ...
Gross profit from sale of inventory. The sales price, net of discounts, less cost of goods sold is included in income. [12] Gains on disposition of other property. Gain is measured as the excess of proceeds over the taxpayer's adjusted basis in the property. [13] Losses from property may be allowed as tax deductions. [14]
State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly. This table includes the per capita tax collected at the state level.
Gross proceeds are the total amount that the seller receives from the sale of the home. Net proceeds are the amount that the seller pockets after paying the mortgage balance and various closing costs.
Such tax is generally based on business income of the corporation apportioned to the state plus nonbusiness income only of resident corporations. Most state corporate income taxes are imposed at a flat rate and have a minimum amount of tax. Business taxable income in most states is defined, at least in part, by reference to federal taxable income.