The United States has separate federal, state, and local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP.
Karbala or Kerbala is a city in central Iraq, located about 100 km (62 mi) southwest of Baghdad, and a few miles east of Lake Milh, also known as Razzaza Lake. Karbala is the capital of Karbala Governorate, and has an estimated population of 691,100 people (2024).
Charitable contribution deductions for United States Federal Income Tax purposes are defined in section 170(c) of the Internal Revenue Code as contributions to or for the use of certain nonprofit enterprises.
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for a person's future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift, estate, and generation-skipping transfer taxes. Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner, and may be as simple or complex as the owner's wishes and needs directs. Guardians are often designated for minor children and beneficiaries with incapacity.
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation is not received in return."
Lapse and anti-lapse are complementary concepts under the US law of wills, which address the disposition of property that is willed to someone who dies before the testator.
Ademption, or ademption by extinction, is a common law doctrine used in the law of wills to determine what happens when property bequeathed under a will is no longer in the testator's estate at the time of the testator's death. For a devise (bequest) of a specific item of property, such property is considered adeemed, and the gift fails. For example, if a will bequeathed the testator's car to a specific beneficiary, but the testator owned no car at the time of his or her death, the gift would be adeemed and the aforementioned beneficiary would receive no gift at all.
Ademption by satisfaction, also known as satisfaction of legacies, is a common law doctrine that determines the disposition of property under a will when the testator has made lifetime gifts to beneficiaries named in the will. Under the doctrine, a gift that the maker of the will gives during his lifetime to a named beneficiary of the will is treated as an advance payment of that beneficiary's inheritance. If the probate court determines that the testator intended the lifetime gift to satisfy a bequest under the will, the amount of the lifetime gift is deducted from the amount that the beneficiary would have received under the will.
For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income, defined as the gross income minus taxes and other deductions.
Section 61 of the Internal Revenue Code defines "gross income," the starting point for determining which items of income are taxable for federal income tax purposes in the United States. Section 61 states that "[e]xcept as otherwise provided in this subtitle, gross income means all income from whatever source derived [. .. ]". The United States Supreme Court has interpreted this to mean that Congress intended to exercise its full power towards taxation incomes to the extent that such taxation is permitted under Article I, Section 8, Clause 1 of the Constitution of the United States and under the Constitution's Sixteenth Amendment.
The U.S. generation-skipping transfer tax imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. These people are known as "skip persons". In most cases where a trust is involved, the GST tax will be imposed only if the transfer avoids incurring a gift or estate tax at each generation level.
In civil and property law, hotchpot is the blending, combining or offsetting of property to ensure equality of a later division of property.
A charitable remainder unitrust is an irrevocable trust created under the authority of the United States Internal Revenue Code § 664 ("Code"). This special, irrevocable trust has two primary characteristics: (1) Once established, the CRUT distributes a fixed percentage of the value of its assets to a non-charitable beneficiary ; and (2) At the expiration of a specified time, the remaining balance of the CRUT's assets is distributed to charity. The trustee determines the fair market value of the CRUT's assets at the time of contribution and thereafter on the applicable valuation date. The fixed annuity percentage must be at least 5% and no more than 50% of the fair market value of the assets in the corpus. The remainder must be at least 10% of the fair market value of the assets contributed to the CRUT. Code Section 664(d)(1) sets the federal income tax requirements for a charitable remainder unitrust.
Cesarini v. United States, 296 F. Supp. 3, is a historic case decided by the U.S. District Court for the Northern District of Ohio, where the court ruled that treasure trove property is included in gross income for the tax year when it was discovered. The case is frequently cited in American law school textbooks as an example of the nuances of income taxation.
The tax code of the United States holds that when a person receives an asset from a giver after the benefactor dies, the asset receives a stepped-up basis, which is its market value at the time the benefactor dies. A stepped-up basis can be higher than the before-death cost basis, which is the benefactor's purchase price for the asset, adjusted for improvements or losses. Because taxable capital-gain income is the selling price minus the basis, a high stepped-up basis can greatly reduce the beneficiary's taxable capital-gain income if the beneficiary sells the inherited asset.
Grand Ayatollah Sheikh Murtadha al-Ansari al-Tostari (1781–1864),, also transliterated as Mortaza Ansari Shushtari, was a Shia jurist who "was generally acknowledged as the most eminent jurist of the time."
In the United States, the estate tax is a federal tax on the transfer of the estate of a person who dies. The tax applies to property that is transferred by will or, if the person has no will, according to state laws of intestacy. Other transfers that are subject to the tax can include those made through a trust and the payment of certain life insurance benefits or financial accounts. The estate tax is part of the federal unified gift and estate tax in the United States. The other part of the system, the gift tax, applies to transfers of property during a person's life.
The Oudh State was a Mughal subah, then an independent kingdom, and lastly a princely state in the Awadh region of North India until its annexation by the British in 1856. The name Oudh, now obsolete, was once the anglicized name of the state, also written historically as Oudhe.
The Oudh Bequest is a waqf which led to the gradual transfer of more than six million rupees from the Indian kingdom of Oudh (Awadh) to the Shia holy cities of Najaf and Karbala between 1850 and 1903. The bequest first reached the cities in 1850. It was distributed by two mujtahids, one from each city. The British later gradually took over the bequest and its distribution; according to scholars, they intended to use it as a "power lever" to influence Iranian ulama and Shia. The attempts by the British to disburse the Oudh Bequest was one of the principle causes of the rise of the Society of Islamic Revival in 1918.
Al-Atabat Al-Aliyat, which is also known as Al-Atabat Al-Muqaddasa are the shrines of six Shia Imams which are in four cities of Iraq, namely Najaf, Karbala, Kadhimiya and Samarra; and actually the whole of these Imams' shrines (graves) are called Atabat Aliyat. The mentioned cities have significance due to shrines of those six Shia Imams who have been buried there.
