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A Marginal Tax: The New Franchise Tax In Texas Comment., David A. Vanderhider
A Marginal Tax: The New Franchise Tax In Texas Comment., David A. Vanderhider
St. Mary's Law Journal
Taxation has long been a point of contention for both individuals and businesses. Primarily, taxation serves as a convenient and calculated method of allocating precious resources to areas in need. Although many states use property and income taxes as the preferred methods for funding these programs, Texas has a constitutional restriction on state taxation of individuals’ incomes. This means Texas has largely relied on property and business taxes to fund these programs. In 1991, while trying to avoid unconstitutional taxes on individuals’ incomes, the Texas Legislature adopted a franchise tax which taxed Texas businesses according to their capital. In 2006, …
Summary Of The Convention Between The Government Of The United States Of America And The Government Of The United Mexican States For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income., Raul S. Moreyra
St. Mary's Law Journal
To prevent double taxation and income tax evasion, the Mexico and United States governments signed a convention in September 1992. The convention establishes when businesses may be subject to either United States or Mexico tax liabilities. Key to the application of the convention is the concept of permanent establishment. Permanent establishment is the designation given to a business situated in Mexico that transacts operations for a United States enterprise. This designation determines which nation, the United States or Mexico, will collect taxes from the business. If the business is a permanent establishment, the Mexican government will collect taxes. The types …
Subchapter S As A Vehicle In Real Estate And Oil & Gas, Lorence L. Bravenec
Subchapter S As A Vehicle In Real Estate And Oil & Gas, Lorence L. Bravenec
Akron Tax Journal
This article discusses several significant problem areas faced in real estate and oil & gas activities under the new rules for S corporations enacted by the Subchapter S Revision Act of 1982 (hereinafter the "1982 Act"),' as modified by the Tax Reform Act of 1984 (hereinafter the "1984 Act"). The 1982 Act brought the taxation of S corporations and shareholders more in line with the partnership model, thus making the law conform more to the expectations of the parties. At the same time, the 1982 Act removed many of the serious pitfalls and the sought after planning devices under the …
Income Tax: Oil And Gas Leases As Capital Assets, James Daniel Cornette
Income Tax: Oil And Gas Leases As Capital Assets, James Daniel Cornette
Kentucky Law Journal
No abstract provided.