Tax law or revenue law is an area of legal study in which public or sanctioned authorities,such as federal,state and municipal governments use a body of rules and procedures (laws) to assess and collect taxes in a legal context. The rates and merits of the various taxes,imposed by the authorities,are attained via the political process inherent in these bodies of power,and not directly attributable to the actual domain of tax law itself.
A limited liability company (LLC) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. An LLC is not a corporation under state law;it is a legal form of a company that provides limited liability to its owners in many jurisdictions. LLCs are well known for the flexibility that they provide to business owners;depending on the situation,an LLC may elect to use corporate tax rules instead of being treated as a partnership,and,under certain circumstances,LLCs may be organized as not-for-profit. In certain U.S. states,businesses that provide professional services requiring a state professional license,such as legal or medical services,may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company (PLLC).
Edwin Robert Anderson Seligman (1861–1939),was an American economist who spent his entire academic career at Columbia University in New York City. Seligman is best remembered for his pioneering work involving taxation and public finance. His principles for a progressive federal income tax were adopted by Congress after the passage of the Sixteenth Amendment. A prolific scholar and teacher,his students had great influence on the fiscal architecture of postcolonial nations. He served as an influential founding member of the American Economics Association.
In addition to federal income tax collected by the United States,most individual U.S. states collect a state income tax. Some local governments also impose an income tax,often based on state income tax calculations. Forty-two states and many localities in the United States impose an income tax on individuals. Eight states impose no state income tax,and a ninth,New Hampshire,imposes an individual income tax on dividends and interest income but not other forms of income. Forty-seven states and many localities impose a tax on the income of corporations.
The rules governing partnership taxation,for purposes of the U.S. Federal income tax,are codified according to Subchapter K of Chapter 1 of the U.S. Internal Revenue Code. Partnerships are "flow-through" entities. Flow-through taxation means that the entity does not pay taxes on its income. Instead,the owners of the entity pay tax on their "distributive share" of the entity's taxable income,even if no funds are distributed by the partnership to the owners. Federal tax law permits the owners of the entity to agree how the income of the entity will be allocated among them,but requires that this allocation reflect the economic reality of their business arrangement,as tested under complicated rules.
The Temple University James E. Beasley School of Law is the law school of Temple University in Philadelphia,Pennsylvania. It was founded in 1895 and enrolls about 530 students.
An S corporation,for United States federal income tax,is a closely held corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. In general,S corporations do not pay any income taxes. Instead,the corporation's income and losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns.
Income taxes in the United States are imposed by the federal government,and most states. The income taxes are determined by applying a tax rate,which may increase as income increases,to taxable income,which is the total income less allowable deductions. Income is broadly defined. Individuals and corporations are directly taxable,and estates and trusts may be taxable on undistributed income. Partnerships are not taxed,but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income,while nonresidents are taxed only on income within the jurisdiction. Several types of credits reduce tax,and some types of credits may exceed tax before credits. An alternative tax applies at the federal and some state levels.
The University of Florida Fredric G. Levin College of Law is the law school of the University of Florida located in Gainesville,Florida. Founded in 1909,it is the oldest operating public law school in Florida,and second oldest overall in the state.
Golden Gate University School of Law is one of the professional graduate schools of Golden Gate University. Located in downtown San Francisco,California,GGU is a California non-profit corporation and is fully accredited by the American Bar Association (ABA).
Corporate tax is imposed in the United States at the federal,most state,and some local levels on the income of entities treated for tax purposes as corporations. Since January 1,2018,the nominal federal corporate tax rate in the United States of America is a flat 21% due to the passage of the Tax Cuts and Jobs Act of 2017. State and local taxes and rules vary by jurisdiction,though many are based on federal concepts and definitions. Taxable income may differ from book income both as to timing of income and tax deductions and as to what is taxable. The corporate Alternative Minimum Tax was also eliminated by the 2017 reform,but some states have alternative taxes. Like individuals,corporations must file tax returns every year. They must make quarterly estimated tax payments. Groups of corporations controlled by the same owners may file a consolidated return.
Private equity funds and hedge funds are private investment vehicles used to pool investment capital,usually for a small group of large institutional or wealthy individual investors. They are subject to favorable regulatory treatment in most jurisdictions from which they are managed,which allows them to engage in financial activities that are off-limits for more regulated companies. Both types of fund also take advantage of generally applicable rules in their jurisdictions to minimize the tax burden on their investors,as well as on the fund managers. As media coverage increases regarding the growing influence of hedge funds and private equity,these tax rules are increasingly under scrutiny by legislative bodies. Private equity and hedge funds choose their structure depending on the individual circumstances of the investors the fund is designed to attract.
Flint v. Stone Tracy Co.,220 U.S. 107 (1911),was a United States Supreme Court case in which a taxpayer challenged the validity of a federal income tax on corporations. The privilege of incorporation is a state function,and the challengers argued that only the states should tax corporations. The Court ruled that the privilege of operating in corporate form is valuable and justifies imposition of a federal income tax:
Partnership taxation is the concept of taxing a partnership business entity. Many jurisdictions regulate partnerships and the taxation thereof differently.
Imputed income is the accession to wealth that can be attributed,or imputed,to a person when they avoid paying for services by providing the services to themselves,or when the person avoids paying rent for durable goods by owning the durable goods,as in the case of imputed rent.
Martin David Ginsburg was an American lawyer who specialized in tax law and was the husband of American lawyer and U.S. Supreme Court Justice Ruth Bader Ginsburg. He taught law at Georgetown University Law Center in Washington,D.C. and was of counsel in the Washington,D.C. office of the American law firm Fried,Frank,Harris,Shriver &Jacobson.
John Kent McNulty was an American legal scholar,who was a professor of law at the University of California,Berkeley,School of Law for 38 years from 1964 to 2002 and who as a legal educator and scholar,was influential in shaping U.S. tax law policy debate during the later quarter of the 20th century.
Gregory Adam Haile is an American lawyer and higher education administrator who serves as the seventh president of Broward College,part of the Florida College System. He was selected by the Broward College Board of Trustees on May 9,2018,. and was formally installed as president on March 29,2019.
J. Martin Burke is an American legal scholar and Regents Professor Emeritus of Law at the University of Montana.
