Sentences with phrase «federal income tax rules»

Under our current federal income tax rules, any taxable gain would be completely washed away thanks to another favorable provision that steps up the tax basis of a deceased person's property to its date - of - death value.

Currently, the Commodity Futures Trading Commission and the Securities Exchange Commission both regard cryptocurrencies as commodities in the U.S. Meanwhile, the Internal Revenue Service required that gains from cryptocurrency are also subject to federal income tax rules.

Currently, the Commodity Futures Trading Commission and the Securities Exchange Commission both regard cryptocurrencies as commodities in the U.S. Meanwhile, the Internal Revenue Service requires that gains from cryptocurrency are also subject to federal income tax rules.

Please be advised that this content is based on our general understanding of federal income tax rules for U.S. individuals and is not intended as legal or tax advice.

(Under the current federal income tax rules, the death benefit will typically be free of income taxation).

Please be advised that this content is based on our general understanding of federal income tax rules for U.S. individuals and is not intended as legal or tax advice.

Federal income tax rules are copious and complex, but tax filers must adhere to them in order to avoid penalties.

Not exact matches

In his 2015 book «Rewriting the Rules of the American Economy,» Stiglitz said that the normalization of shareholder primacy was solidified under the Reagan administration through changes to federal income tax law and securities law, including relaxed antitrust laws.

This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to special rules under the U.S. federal income tax laws, including, without limitation, certain former citizens or long - term residents of the United States, partnerships or other pass - through entities, real estate investment trusts, regulated investment companies, «controlled foreign corporations,» «passive foreign investment companies,» corporations that accumulate earnings to avoid U.S. federal income tax, banks, financial institutions, investment funds, insurance companies, brokers, dealers or traders in securities, commodities or currencies, tax - exempt organizations, tax - qualified retirement plans, persons subject to the alternative minimum tax, persons that own, or have owned, actually or constructively, more than 5 % of our common stock and persons holding our common stock as part of a hedging or conversion transaction or straddle, or a constructive sale, or other risk reduction strategy.

President Obama has been touting the Buffett Rule, which proposes that millionaires and billionaires like Buffett shouldn't pay a lower percentage of their income in federal taxes than middle - class households.

The federal Budget changed the rules a bit re the taxation of passive investment income in private corporations, but falls well short of what was promised in terms of extra revenues and more tax fairness.

It does not discuss all aspects of U.S. federal income taxation that may be relevant to particular holders in light of their particular circumstances or to holders subject to special rules under the Code (including, but not limited to, insurance companies, tax - exempt organizations, financial institutions, broker - dealers, partners in partnerships (or entities or arrangements treated as partnerships for U.S. federal income tax purposes) that hold HP Co. common stock, pass - through entities (or investors therein), traders in securities who elect to apply a mark - to - market method of accounting, stockholders who hold HP Co. common stock as part of a «hedge,» «straddle,» «conversion,» «synthetic security,» «integrated investment» or «constructive sale transaction,» individuals who receive HP Co. or Hewlett Packard Enterprise common stock upon the exercise of employee stock options or otherwise as compensation, holders who are liable for the alternative minimum tax or any holders who actually or constructively own 5 % or more of HP Co. common stock).

As discussed above, notwithstanding receipt by HP Co. of a private letter ruling from the IRS and / or opinions of counsel and other external tax advisors, the IRS could assert that the distribution does not qualify for tax - free treatment for U.S. federal income tax purposes.

It is a condition to the distribution that HP Co. receive (i) a private letter ruling from the IRS and / or one or more opinions from its external tax advisors, in each case, satisfactory to HP Co.'s board of directors, regarding certain U.S. federal income tax matters relating to the separation and related transactions, and (ii) an opinion of each of Wachtell, Lipton, Rosen & Katz and Skadden, Arps, Slate, Meagher & Flom LLP, satisfactory to HP Co.'s board of directors, regarding the qualification of the distribution, together with certain related transactions,

The separation is subject to certain conditions, including, among others, obtaining final approval from HP Co.'s board of directors, receipt of a private letter ruling from the IRS and one or more opinions with respect to certain U.S. federal income tax matters relating to the separation and the SEC declaring the effectiveness of the registration statement of which this information statement forms a part.

Accordingly, notwithstanding receipt by HP Co. of the IRS private letter ruling and the tax opinions referred to above, the IRS could assert that the distribution and / or certain related transactions do not qualify for tax - free treatment for U.S. federal income tax purposes.

Accordingly, notwithstanding receipt by HP Co. of the IRS private letter ruling and the tax opinions referred to above, there can be no assurance that the IRS will not assert that the distribution and / or certain related transactions do not qualify for tax - free treatment for U.S. federal income tax purposes or that a court would not sustain such a challenge.

It is a condition to the distribution that HP Co. receive (i) a private letter ruling from the IRS and / or one or more opinions from its external tax advisors, in each case, satisfactory to HP Co.'s board of directors, regarding certain U.S. federal income tax matters relating to the separation and related transactions, and (ii) an opinion of each of Wachtell, Lipton, Rosen & Katz and Skadden, Arps, Slate, Meagher & Flom LLP, satisfactory to HP Co.'s board of directors, regarding the qualification of the distribution, together with certain related transactions, as a transaction that is generally tax - free, for U.S. federal income tax purposes, under Sections 355 and 368 (a)(1)(D) of the Code.

Accordingly, notwithstanding receipt of the IRS private letter ruling and / or opinions of counsel or other external tax advisors, the IRS could determine that the distribution and certain related transactions should be treated as taxable transactions for U.S. federal income tax purposes if it determines that any of the facts, assumptions, representations, statements or undertakings that were included in the request for the IRS private letter ruling or on which any opinion was based are false or have been violated.

The separation is subject to certain conditions, including, among others, obtaining final approval from Parent's board of directors, receipt of a private letter ruling from the IRS and one or more opinions with respect to certain U.S. federal income tax matters relating to the separation and the SEC declaring the effectiveness of the registration statement of which this information statement forms a part.

From a tax perspective, readers may want to know that there is something that federal tax code calls the passive loss limitation rules that prevent taxpayers from offsetting passive losses against other forms of income.

Among other things, the U.S. tax package slashed the federal corporate income tax rate from 35 per cent to 21 per cent, allowed for full expensing of investments in machinery and equipment and introduced new international tax rules.

This deduction also applies for North Carolina state income taxes, as the state's rules are similar to the federal guidelines for itemized deductions.

Marriott International said it anticipates the receipt of an IRS private - letter tax ruling in September, confirming that the distribution of shares of Marriott Vacations Worldwide common stock will not result in the recognition, for U.S. federal income tax purposes, of income, gain or loss by Marriott International or Marriott International shareholders, except, in the case of Marriott International shareholders, for cash received in lieu of fractional shares.

The American Bar Association (ABA) Section of Taxation recently proposed temporary rules regarding the federal income tax treatment of cryptocurrency hard forks, many of which occurred over the course of 2017.

There are no regulations, rulings or other authority that address the US federal income tax treatment of Bitcoins.

The Buffett rule would have required millionaires to pay at least 30 % income tax.The Buffett rule scares Mitt Romney, who pays about 13 % federal tax; and even with this, he needs to file for an extension.

Other reforms Hawkins is calling for include a windfall tax on pharmaceutical companies» opioid wealth, a surtax on high - dollar pass - through income from LLCs and other pass - through vehicles, a clawback of the new federal tax cuts if not used to increase workers» pay, home rule for local income taxes, and tax credit «circuit breakers» to protect low - to - moderate income tenants and homeowners from unaffordable rents and property taxes.

A federal district judge can order increases in property taxes, but not income taxes, to fund costly school - desegregation remedies in Kansas City, Mo., an appellate panel has ruled.

Investors should consult their own tax advisors for advice regarding the application of the U.S. federal and state income tax rules governing PFICs.

IRS rules prevent you from obtaining more than one tax benefit from the same expenses on your federal income tax return.

This is according to the IRS's Publication 17 (2016), Your Federal Income Tax, so assumes the same rules for 2016 will remain in effect for 2017:

Under current federal tax rules, you generally may take federal income tax - free withdrawals up to your basis (total premiums paid) in the policy or loans from a life insurance policy that is not a Modified Endowment Contract (MEC).

Without this rule (the «interest disallowance rule»), taxpayers would realize a double tax benefit from using borrowed funds to purchase or carry tax - exempt bonds, since the interest expense would be deductible, while the interest income would escape federal tax.

This is the first tax season in which many gay and lesbian couples will file federal income tax returns reflecting community property rules.

Under some conditions, the federal tax rules consider Social Security benefits, including retirement and disability, as reportable income.

The Federal Energy Regulatory Commission (FERC) recently announced a major change to a rule that lets master limited partnerships (MLPs) recover income tax on service contracts.

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules.

Distributions prior to age 59 1/2 are subject to a 10 % federal income tax penalty (this rule does not apply to IRA beneficiaries, who must begin taking minimum distributions no later than December 31 of the year following the original owner's death).

I believe the rule outside of Quebec is that the provinces have to accept the federal definition of net income and can only fiddle with the tax rates on net income and certain tax credits?

The Fund provides a rules - based, approximately equal - weighted approach to municipal investing with the objective of seeking current income exempt from regular federal income tax.

You had any federal income tax withheld under the backup withholding rules or foreign tax withheld on your behalf, regardless of the amount of the payment.

1 Under current federal tax rules, you generally may take income - tax - free partial withdrawals under a life insurance policy that is not a Modified Endowment Contract (MEC) up to your basis in the contract.

The proposed federal budget provides for the removal of the Foreign Property Rule (FPR) from the Income Tax Act.

Under current federal tax rules, loans taken will generally be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse or matures, and is not a modified endowment contract.

OTTAWA — The tax rules are changing in 2016 and even if Canadians don't make enough to be hit by the new top federal income tax rate, their financial plans are going to need to be reviewed.

Notably, the White House administration has delayed implementation of the income verification rules, leaving income verification for now on the «honor system» (with random checks of a statistically significant sample to verify compliance), but raising concern from many that there may be a higher incidence of fraudulent income reporting to qualify for the subsidy in the coming year (though ultimately, inappropriately reported amounts could still be recaptured by the Federal government when the subsequent tax return is filed later, as discussed below, limiting the potential scope of any fraud).

Under current federal tax rules, loans taken will generally be free of current income tax as long as the policy remains in effect until the insured's death, does not lapse or mature, and is not a modified endowment contract.

There is no IRS rule about tithing amounts, although your tithe may be a deduction on your federal income tax.

The AMT is a separate, parallel federal income tax system with its own rates and rules; for example, the AMT effectively disallows the standard deduction and some itemized deductions.