Sentences with phrase «tax under current rules»

All the other diesels in the 208 range are sub-100g / km, so all are free from road tax under current rules.

Not exact matches

In addition, under current Internal Revenue Service rules, you may be required to pay income tax on any amount that's forgiven if you still have a remaining balance at the end of your repayment period.

There appears to be a current and very deliberate attempt to obfuscate what a VAT actually does (create a level field and back out taxes from exports, allowing recipient countries to impose their own taxes at consumption) and conflate it with protectionist measures such as straightforward tariffs or the proposed complex «border adjustability» tax, the latter explicitly prohibited under WTO rules precisely because it is not a level playing field (imports are taxed and exports are subsidized).

· Allowing counties an option to modify how they fund state mandated pension contributions · Providing counties more audit authority in the special education preschool program · Improving government efficiency and streamlining state and local legislative operations by removing the need for counties to pursue home rule legislative requests every two years with the state legislature in order to extend current local sales tax authority · Reducing administrative and reporting requirements for counties under Article 6 public health programs · Reforming the Workers Compensation system · Renewing Binding Arbitration, which is scheduled to sunset in June 2013, with a new definition of «ability to pay» for municipalities under fiscal distress, making it subject to the property tax cap (does not apply to NYC) where «ability to pay» will be defined as no more than 2 percent growth in the contract.

«Under the current rules a property that has been a person's private residence in the past, even though they may not be living in the property at the time they sell it, and where they are claiming PPR on another property at the same time, can benefit from the last three years being tax free.

Under the current rules, around 700,000 adults are liable for the full rate, despite not paying any income tax.

With the current low tax rates applied to qualified dividends received on or before December 31, 2010, and the possibility of these rates being increased sooner under an Obama presidency, it is critically important for both C and S corporations (and their shareholders) to understand the ordering rules and tax ramifications of corporate distributions fully — before they are made.

Under current rules, which remain in effect until 2011, starting CPP at the earliest age of 60 entails a 30 - per - cent reduction in monthly payments but «you would have to live well past 75 in order to receive more from the plan than by waiting until the normal retirement age of 65,» writes tax and estate lawyer Christine Van Cauwenberghe in her book, Wealth Planning Strategies for Canadians 2010.

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).

When cash value accumulates inside a permanent life insurance policy, tax advantages are allowed under current rules because it is a life insurance policy.

Job hunt expenses are also tax - deductible under these rules, so long as you are searching for a job in the same field as your current job.

Under the current rules, any gift of $ 14,000 and up will incur a tax bill.

You don't get the hefty Tax bill under current rules - but that exemption won't last forever - it would really suck to struggle paying the mortgage for a few years then be forced into a short sale or foreclosure and get a big tax bill for it as weTax bill under current rules - but that exemption won't last forever - it would really suck to struggle paying the mortgage for a few years then be forced into a short sale or foreclosure and get a big tax bill for it as wetax bill for it as well.

Also, under current IRS rules, you will have to pay taxes on the part of your loan that is forgiven after 20 years of monthly payments since this is considered income.

This approach wouldn't work under current IRS rules because they intend to collect income taxes from the employee at some point on whatever amount of income is deferred.

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 contUnder 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 contunder a life insurance policy that is not a Modified Endowment Contract (MEC) up to your basis in the contract.

If you are considering refinancing your mortgage under the current tax rules, however, there are a couple of things to bear in mind.

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.

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.

Let's examine the IRS ruling's look at an example under the current tax law as a way to illustrate how life settlements are taxed.

Trustees contemplating action pre-5 April 2008 will in many cases also have to consider how to take advantage of the current more benign CGT rules for non-domiciliaries without triggering CGT liability for beneficiaries who are both resident and domiciled in the UK and the need to analyse the trust's income records to ensure that all retained income (as well as gains which may give rise to liability in the future) is fully distributed — the catch being that distributions to UK resident beneficiaries always draw down relevant income under the Income Tax Act 2007, s 732 regime in priority to gains under TCGA 1992, s 87.

While a cut of the deal might be nice for transactional lawyers, there are at least some complicating factors: under the IRS's current Circular 230 rules, there are some serious adverse consequences to lawyers, accountants, and others who practice in front of the IRS (and their firms) if they are paid any proportion of the client's tax savings from a transaction.

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

This approach wouldn't work under current IRS rules because they intend to collect income taxes from the employee at some point on whatever amount of income is deferred.

Let's examine the IRS ruling's look at an example under the current tax law as a way to illustrate how life settlements are taxed.

2 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 contUnder 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 contunder a life insurance policy that is not a Modified Endowment Contract (MEC) up to your basis in the contract.

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.

Assuming the loan is used for a business purpose, it is also tax deductible under current IRS rules.

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).

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.

A ROTH IRA that's more than 5 years old will also be an exception if the amount is exempt under the current federal estate tax rules» ($ 5.3 million for 2014.)

Further, the adoption of § 1026.19 (e)(3)(iv) in this final rule, as discussed below, offers a level of flexibility for the creditor to make adjustments to its estimate for transfer taxes similar to the current rule under Regulation X if the amount of transfer taxes increases because of a changed circumstance or borrower - requested change.