The United States of America 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. The United States had the seventh-lowest tax revenue-to-GDP ratio among OECD countries in 2020, with a higher ratio than Mexico, Colombia, Chile, Ireland, Costa Rica, and Turkey.
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.
The Chevrolet Corvette is a two-door, two-passenger luxury sports car manufactured and marketed by Chevrolet since 1953. With eight design generations, noted sequentially from C1 to C8, the Corvette is noted for its performance and distinctive fiberglass or composite panels. It was front-engined through 2019 and mid-engined since.
The Ford Thunderbird is a personal luxury car produced by Ford from model years 1955 until 1997 and 2002 until 2005 across 11 distinct generations. Introduced as a two-seat convertible, the Thunderbird was produced in a variety of body configurations. These included a four-seat hardtop coupe, four-seat convertible, five-seat convertible and hardtop, four-door pillared hardtop sedan, six-passenger hardtop coupe, and five-passenger pillared coupe, with the final generation designed again as a two-seat convertible.
Paul Vernon Hornung, nicknamed "the Golden Boy", was an American professional football player who was a Hall of Fame running back for the Green Bay Packers of the National Football League (NFL) from 1957 to 1966. He played on teams that won four NFL titles and the first Super Bowl. He is the first Heisman Trophy winner to be selected as the first overall selection in the NFL Draft, play pro football, win the NFL most valuable player award, and be inducted into both the professional and college football halls of fame. Packers coach Vince Lombardi stated that Hornung was "the greatest player I ever coached."
A gift tax or 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."
A gift, in the law of property, is the voluntary and immediate transfer of property from one person to another without consideration. There are several type of gifts in property law, most notably inter vivos gifts which are made in the donor's lifetime and causa mortis (deathbed) gifts which are made in expectation of the donor's imminent death. Both types of gifts share three elements which must be met in order for the gift to be legally effective: donative intent, the delivery of the gift to the donee, and the acceptance of the gift. In addition to those elements, causa mortis gifts require that the donor must die of the impending peril that he or she had contemplated when making the gift.
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.
For federal income tax purposes, the doctrine of constructive receipt is used to determine when a cash-basis taxpayer has received gross income. A taxpayer is subject to tax in the current year if he or she has unfettered control in determining when items of income will or should be paid. Unlike actual receipt, constructive receipt does not require physical possession of the item of income in question.
The 1961 NFL Championship Game was the 29th title game. It was played on December 31 at "New" City Stadium, later known as Lambeau Field, in Green Bay, Wisconsin, with an attendance of 39,029.
Commissioner v. Duberstein, 363 U.S. 278 (1960), was a United States Supreme Court case from 1960 dealing with the exclusion of "the value of property acquired by gift" from the gross income of an income taxpayer.
The Doctrine of Cash Equivalence states that the U.S. Federal income tax law treats certain non-cash payment transactions like cash payment transactions for federal income tax purposes. The doctrine is used most often for deciding when cash method taxpayers are to include certain non-cash income items. Another doctrine often used when trying to determine the timing of the inclusion of income is the constructive receipt doctrine.
Cowden v. Commissioner, 289 F.2d 20, outlined the factors used to determine whether something received is a cash equivalent, in other words, whether something received is taxable when it was received or when it was assigned. The court observed two main doctrines in determining when something is taxable. The court relied on the doctrines of constructive receipt and cash equivalence while reiterating that substance rather than form should control income tax laws.
United States v. Gotcher, 401 F.2d 118, is a tax case from the United States Court of Appeals for the Fifth Circuit.
Carpenter v. Commissioner, T.C. Memo. 1966-228 (1966) was a case decided by the United States Tax Court. Carpenter v. Commissioner addressed the issue of whether a husband and wife could deduct the aggregate fair market value of the wife’s engagement ring from their income tax return, as a casualty loss under §165(a) and (c)(3) of the Internal Revenue Code of 1954, after the husband inadvertently dropped the ring in their garbage disposal.
The United States Tax Court decided two cases, both titled Veit v. Commissioner, in 1947 and 1949. These cases deal with the doctrine of constructive receipt. In both cases, the taxpayer was an executive vice president of a corporation. He was entitled to a fixed salary plus a bonus of 10% of the corporation's profits for the years 1939 and 1940, with the bonus to be paid in 1941. However, his contract was revised in November 1940 to provide that the bonus from the 1939 profits would be paid in 1941, and the bonus from the 1940 profits would be paid in 1942.
Artnell Company v. Commissioner, 400 F.2d 981 is a decision by the 7th Circuit Court of Appeals, in which the court, distinguishing from the holding in Schlude v. Commissioner, held that accrual method taxpayers are not required to include prepayments in gross income when there is certainty as to when performance would occur.
Early v. Commissioner, 445 F.2d 166 was a United States income tax case, holding that an agreement between taxpayers and heirs of decedent—pursuant to which taxpayers received a joint life interest in income from the trust estate in return for the surrender of stock allegedly given to them by the decedent—was actually a compromise of the taxpayers' disputed right to the stock, and since they claimed the stock as donees, they were to be treated as having acquired their life estate in that capacity for federal income tax purposes.
In Washburn v. Commissioner, 5 T.C. 1333, the United States Tax Court attempted to set down some guidelines to determine whether a prize or award qualified as a gift. During 1941, Mrs. Washburn's telephone number was randomly selected and the radio program Pot O'Gold called her and awarded her $900 for simply answering the phone. The check was delivered within a half hour by a messenger with a telegram that read: "Herewith draft for nine hundred dollars outright cash gift with our compliments presented by Tum's Pot O'Gold program. Congratulations from Tommy Tucker and ourselves. [Signed] Lewis Howe Company, Makers of Tums." 36
Commissioner v. LoBue, 351 U.S. 243 (1956), was an income tax case before the United States Supreme Court.
