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Simple English definitions for legal terms

double taxation

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A quick definition of double taxation:

Double taxation is when the same money or property gets taxed twice. This can happen when a company pays taxes on its profits and then shareholders also pay taxes on the dividends they receive from those profits. It can also happen when someone lives in one country but earns money in another country and both countries want to tax that person's income. Some countries have agreements to prevent this from happening to foreign companies or individuals.

A more thorough explanation:

Double taxation is when the same income, assets, or financial transaction is taxed twice at different times. This can happen in two ways:

  • Economic double taxation: This happens when a company's earnings are taxed, and then the shareholders' dividends are also taxed. This means that the same money is being taxed twice.
  • Legal double taxation: This happens when a person is considered a tax resident in two different countries. Both countries tax the person's income, even though it's the same income. This means that the person is being taxed twice.

For example, let's say a company earns $100,000 in profits. The government taxes the company's profits at a rate of 20%, so the company pays $20,000 in taxes. Then, the company distributes $50,000 in dividends to its shareholders. The government taxes the dividends at a rate of 15%, so the shareholders pay $7,500 in taxes. This means that the same $50,000 is being taxed twice.

Another example of double taxation is when a person lives in one country but works in another. Both countries may consider the person a tax resident and tax their income. This means that the person is being taxed twice on the same income.

To prevent double taxation, many countries have signed treaties with each other. These treaties determine which country the person or company must pay taxes to and create mechanisms for the elimination of double taxation.

double jeopardy | double wills

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babybunny
17:05
hehehe
I like curse freaks too
trees1234567
17:06
chag!!! hope you’re happily enjoying your summer before you kill it at UT
babybunny
17:06
you’re real as fuck for that
babybunny
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i have been working like a dog you guys
The Smiths, Radiohead, TV girl etc
babybunny
17:07
i have a full time job and two internships
babybunny
17:07
I love the smiths. what? I said i love the smiths
omg yes!
I love that you know that reference
babybunny
17:08
i get compared to summer all the time tbh
babybunny
17:08
comes with the territory of being a girl with big eyes and art hoe tastes
I'm done trying to get into law school. Just going to go play dead in some grass somewhere. Good luck all.
KnowledgeableRitzyWasp
17:10
noo battle brother
KnowledgeableRitzyWasp
17:11
don’t surrender
Tom is me in that I am also a hopeless romantic
babybunny
17:17
me too it’s a very dangerous thing to be
babybunny
17:17
also i fear i may never learn that you’re not necessarily compatible with someone just because you like the same things
babybunny
17:18
got home and the ducky is still so cute i love life
@babybunny: yeah... I learned that after my last heartbreak which culminated in my lung randomly collapsing
Plant my feet and bitterly breathe up the time that's passing
anyone have advice on submitting an additional rec letter after WL even if the admissions officer said it's not necessary? rec letter is from someone affiliated with the school..
I would still do it
18:01
not someone claiming they got accepted from the SMU WL
One of my waitlist allowed me to submit a fifth letter of rec after submitting 4 in my initial applicstion
18:03
I just hope SMU gives me a chance once my test results post :’)
If it’s another prof, I would ask the law school if it’s okay if the new recommender submitted another letter directly to admissions team, if they say yes definitely go for it
18:05
I only have one LOCI for them left and I’m waiting to use it when my last results release, otherwise I would
manifestmoreadmissions
21:02
valley SMU would be so lucky to have you you would be such an asset
22:56
Awww thank you manifest :’)
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