United States Federal Income Tax - Income Tax in the United States, Legal History of Income Tax in the United States (Paperback)

Chapters: Income Tax in the United States, Legal History of Income Tax in the United States, Brushaber V. Union Pacific Railroad, Presidential Election Campaign Fund Checkoff, Rabbi Trust, Ordinary Income, Foreign Earned Income Exclusion, Personal Casualty Gains, Foreign Housing Exclusion. Source: Wikipedia. Pages: 40. Not illustrated. Free updates online. Purchase includes a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: This article is part of a series onTaxation The federal government of the United States imposes a progressive tax on the taxable income of individuals, partnerships, companies, corporations, trusts, decedents' estates, and certain bankruptcy estates. Some state and municipal governments also impose income taxes. The first Federal income tax was imposed (under Article I, section 8, clause 1 of the U.S. Constitution) during the Civil War, then again in the 1890s, and again after the Sixteenth Amendment was ratified in 1913. Current income taxes are imposed under these constitutional provisions and various sections of Subtitle A of the Internal Revenue Code of 1986, as amended, including 26 U.S.C. 1 (imposing income tax on the taxable income of individuals, estates and trusts) and 26 U.S.C. 11 (imposing income tax on the taxable income of corporations). While U.S. income tax law is very complex, the underlying idea is relatively easy to understand. Simplifying greatly, gross income is all income from all sources ( 61) less any exclusions ( 101 et seq.). An exclusion is something that Congress has effectively said a taxpayer need not include in his or her income for tax purposes, such as employer-paid health insurance ( 106) or interest from tax-exempt bonds ( 103). Exclusions, often referred to as deductions, are a matter of legislative grace; that is, taxpayers may not exclude, or deduct, from gross income any item which...More: http: //booksllc.net/?id=3136256