Sentences with phrase «corporation in any taxable year»

If we were treated as a corporation in any taxable year, either as a result of a failure to meet the Qualifying Income Exception or otherwise, our items of income, gain, loss and deduction would be

Not exact matches

The tax on deferred corporate foreign income shall be allowed as a deduction for the taxable year in which an amount is included in the gross income of the U.S. shareholder corporation.

Specifically, the charitable deduction allows individual taxpayers and corporations to deduct from their taxable income in a given year the present value of contributions they make to nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals.

It also continues its focus on increasing the taxable income coming out of small business corporations, and raises EI premiums in the same year that CPP premiums are expected to rise.

The sale of assets used in a trade or business (Section 1231 Assets) at a loss generally creates an ordinary loss that the corporation can apply to offset current year taxable income, if any, thereby reducing current year tax liability.

Taxable bonds — such as those issued by corporations — typically have relatively high yields, but you have to pay tax each year on the interest you earn, assuming you hold the bonds in a taxable aTaxable bonds — such as those issued by corporations — typically have relatively high yields, but you have to pay tax each year on the interest you earn, assuming you hold the bonds in a taxable ataxable account.

The amount invested in Fixed Deposit with a tenure of 5 years with Corporation Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.

For a business owner with $ 100,000 taxable annual income, the net tax savings for using an S Corporation instead of an LLC in taxes paid every year can be as high as $ 7,500.