Sentences with phrase «tax law treats»

If you sell shares that are held in a brokerage account and don't take action to specify which shares you are selling, the tax law treats you as if you sold the first shares you acquired.

If you choose to have dividends reinvested, the tax law treats you the same as if you received the dividend in cash and then used the cash to buy more shares.

In various situations the tax law treats you as having acquired shares on a date that differs from your actual acquisition date.

It's not a mistake, though, just a special feature of the way the tax law treats mutual funds.

Not exact matches

«The problem is, the way the law is worded treats every American citizen and green card holder in the world [operating through a foreign corporation] the same as Google,» said tax attorney Monte Silver.

There is a large body of established tax principles and law for property that apply to cryptocurrency and how the gains, losses, income and transactions are treated for federal tax purposes.

Individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that aren't recognized as a valid marriage under relevant state law won't be treated as married or as spouses as defined in this policy for federal tax purposes.

Farrington pointed out that the tax law passed at the end of 2017 changed how the interest on home equity loans is treated — at least between 2018 and 2026.

However, individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that are not recognized as marriage under the relevant state law, will not be treated as married or as spouses as defined in this policy for federal tax purposes.

The change in the current tax law regarding MLPs could result in the MLP being treated as a corporation for federal income tax purposes which would reduce the amount of cash flows distributed by the MLP.

Bitcoin will continue to be treated as an asset unless there are future revisions or directives to Japanese tax law.

We would recommend that any changes in employment law are accompanied by a thorough review of the tax position of such workers, particularly given that a good number of them are probably being treated as self - employed incorrectly.»

For tax purposes, community property law treats most items of income of married couples as belonging half - and - half to each spouse.

If losses are incurred in an IRA account from trading in options those losses can not be applied to non-IRA accounts because they are separate entities and treated as such under different rules by tax law.

Under current law, the amount of debt discharged is treated as taxable income, so you will have to pay income taxes 25 years from now on the amount discharged that year.

Common - law couples are treated the same way as legally married couples for all provisions of the Income Tax Act.

Such a change in the law would, for tax purposes, treat these discharges on par with closed school discharges and forgiveness for public service employment, which are not taxed.

For tax purposes, community property law treats most income and some (but not all) deductions of married couples as belonging half - and - half to each spouse.

An IRA must comply with federal law in order to be treated as such and receive applicable IRA tax benefits.

One of the most talked about changes in the new tax law is a provision that alters how deductions are treated.

there would be no tax implications or other burden on the recipient of the loan under UK law, even if it ended up being treated as a gift rather than a loan.

An individual, who has an employment relationship, acknowledged by both the individual and the mortgage broker or mortgage banker and is treated as an employee for purposes of compliance with the federal income tax laws.

This problem is addressed in the 2010 federal budget and changes are in the works but just exactly how the budget will treat the various types of victims of tax on phantom income wont be known until the budget is passed and becomes law.

While the government is, for the most part, treated as another creditor in consumer debt solutions, such as a consumer proposal or personal bankruptcy, CRA does have additional collection powers, granted to it under our tax laws.

We explain that while we are philosophically and morally opposed to treating animals as property to be bought and sold, we have to comply with the law and charge sales tax.

Tax laws influence where we live, what we eat, how we treat wildlife, what crops we plant and how rapidly we cut down forests.

Canada Revenue Agency currently treats an individual's partner as a common - law spouse for tax purposes after a couple has lived together for one year or they have a child together.

Even more generally, my understanding is that the law treats sales tax as a matter between the business and the tax man.

In a paragraph that could be seen as wrapping up its recent line of case law, it claims that it would be «particularly unjustified» if a Union citizen who has worked for one year in the host Member State and who has contributed to its social security and tax system by paying taxes, rates and other charges on his income, was treated in the same way as a first - time job seeker in that Member State «who has never carried on an economic activity in that State and has never contributed to that system» (para. 44).

HMRC's practice is to treat all partnerships as transparent for UK corporation tax purposes, regardless of whether they are governed under Scottish or English law.

Note that other Quebec and Canadian laws, such as those that govern income tax, legal aid and social assistance, treat common - law partners the same as married spouses.

«Theory is one thing but some law firms treat the tax reserve as a source to dip into throughout the intervening period to pay other costs.

Previously, cryptos were taxed first upon purchase, then effectively again when buying items subject to the tax - a situation that arose from a previous 2014 law that treated cryptocurrencies as bartered goods for goods and services tax (GST) purposes.

Q - 2: Is virtual currency treated as currency for purposes of determining whether a transaction results in foreign currency gain or loss under U.S. federal tax laws?

The Internal Revenue Service (IRS) has also begun to cast its eye on Bitcoin's financial potential — as of 2014, cryptocurrency is treated like property under US tax laws — and thousands of customers who did not report profits made from Bitcoin currency exchange are now being targeted for tax collection.

NAR and other industry groups were concerned the law would increase the tax on carried interest in real estate and other investment partnerships by treating it as ordinary income rather than as capital gains, but that provision was left out.

Essentially, owning and renting a home would be treated the same under the tax law for most people.

According to federal law, for federal tax purposes, real estate agents will not be treated as employees if these three requirements are met: (1) The agent must be licensed; (2) Substantially all income must be made on the basis of sales or output, not on hours worked; and (3) There must be a written contract between the salesperson and company stipulating independent contractor status.

But tax is its own universe, so for tax law purposes, when a DST is designed properly, is treated as a direct ownership interest in the underlying real estate,» said Steven R. Meier is co-chair of the real estate securities practice at Jenner & Block.

Also, you can treat an LLC as a «disregarded entity» for tax purposes meaning you can file it on you personal tax return as long as it is a single member LLC or just you and your spouse depending on your state laws regarding spousal joint property rights.