Offshore Banks And Current Irs Hiring Spree: Difference between revisions
Created page with "A credit is allowed for foreign income taxes paid or accrued. The financing is limited compared to that part of You.S. tax due to foreign source income. It's not refundable, but any excess credit end up being the carried to other years to reduce tax.<br><br>Aside to the obvious, rich people can't simply get tax debt help based on incapacity to fund. IRS won't believe them in. They can't also declare bankruptcy without merit, to lie about it would mean jail for these kind..." |
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Latest revision as of 09:37, 12 October 2025
The courts have generally held that direct taxes are limited to taxes on people (variously called capitation, poll tax or head tax) and property. (Penn Mutual Indemnity Corp. v. C.I.R., 227 F.2d 16, 19-20 (3rd Cir. 1960).) Various other taxes are commonly referred to as "indirect taxes," basically because they tax an event, rather than person or property by itself. (Steward Machine Co. v. Davis, 301 U.S. 548, 581-582 (1937).) What turned out to be a straightforward limitation on the power of the legislature based on the main topics the tax proved inexact and unclear when applied for income tax, which can be arguably viewed either as a direct or an indirect tax.
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