Finanzamt Linz (26 May 2005)), the ECJ confirmed that VAT incurred in connection with the issuance or sale of shares of a company is fully deductible if the issuer is fully taxable
The court disagreed, stating that IRC section 703(a) merely described how a partnership calculates its taxable
income before dividing that amount among the partners.
HDC is providing a $4.9 million loan from the sale of taxable
bonds, as well as a second mortgage loan of $990,000.
In Situation 2, Trust's governing instrument requires the trustee to reimburse G, from Trust income or principal, for the amount of tax attributable to the inclusion of all, or part, of Trust's income in G's taxable
For example, WR Lazard earned about half as much on an $8 million taxable
Pittsburgh deal it did in 1994 as it earned on a $375 million tax exempt New York City Municipal Water Finance Authority deal that it led in 1993.
Under the Statement 96 assumption of "no future events," the reversals are the first, and indeed the only, items entering into future taxable
Section 199 provides that for taxable
years beginning in 2005 a taxpayer may deduct a statutory percentage (3 percent in 2005) of the lesser of: (1) the taxpayer's Qualified Production Activities Income (QPAI) for the taxable
year, or (2) the taxpayer's taxable
income for the year (or in the case of an individual, adjusted gross income).
The IRS noted that generally workers' compensation benefits are not taxable
under IRC section 104(a)(1).
If the lease falls within the safe harbors provided under the code section, the tenant will avoid taxable
income and the landlord will be deemed the owner of the improvements.
In its tax year that includes the end of Tim's taxable
year 2007, XYZ will have a compensation deduction on its corporate tax return for the same amount ($19,000) that Tim reported as compensation income.
The nondeductible portion must be included in taxable
income for the year of receipt.
The Ninth Circuit Court of Appeals recently heard a case relating to the deductibility of a paid but contested tax liability from a business's accumulated taxable