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LSDefine

Simple English definitions for legal terms

tax-preference items

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A quick definition of tax-preference items:

Tax-preference items: Certain things that you can take away from your income when you calculate how much tax you have to pay. But, when you calculate your alternative minimum tax, you have to include these things.

Tax: Money that the government takes from people, businesses, or things they buy to get money for public things like schools and roads. It can be paid in different ways, not just with money.

Accrued tax: A tax that you have to pay, but you haven't paid it yet.

Accumulated-earnings tax: A penalty tax that a company has to pay if they keep their money instead of giving it to their shareholders as dividends.

Additional tax: Another name for a stopgap tax.

Admission tax: A tax that you have to pay to go to a special event.

A more thorough explanation:

Definition: Tax-preference items are certain items that are lawfully deducted in arriving at taxable income for regular tax purposes but must be considered in calculating a taxpayer's alternative minimum tax.

For example, if a taxpayer has claimed deductions for certain types of investments or expenses, those deductions may be disallowed or limited when calculating the alternative minimum tax. This is because the alternative minimum tax is designed to ensure that high-income taxpayers pay a minimum amount of tax, regardless of the deductions they may be eligible for under regular tax rules.

Overall, taxes are monetary charges imposed by the government on persons, entities, transactions, or property to yield public revenue. This can include duties, imposts, and excises, and is not necessarily payable in money. Accrued tax refers to a tax that has been incurred but not yet paid or payable, while the accumulated-earnings tax is a penalty tax imposed on a corporation that has retained its earnings in an effort to avoid income-tax liability.

Admission tax is another example of a tax, which is imposed as part of the price of being admitted to a particular event. For instance, a concert or sporting event may include an admission tax as part of the ticket price.

These examples illustrate how taxes can take many different forms and can be imposed on a wide range of activities and entities. Understanding tax-preference items and other types of taxes is important for individuals and businesses to ensure compliance with tax laws and regulations.

taxpayer-standing doctrine | tax rate

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10:36
like la haine or the apu trilogy or some shit
10:36
that would be more interesting
NosyBeagle
10:38
@NemoPropheta: LSAT haters unite. This test sucks butt
10:43
I got 2 weeks left of this shit and I have 0 motivation
10:55
@RasheedWallaceFan: yeah for some reason SMU isnt listed on any of the rankings lists. Been that way all year
@NemoPropheta: you only got another 40+ years of it!
@PremiumFrequentCrane Is right.
You'll forever have those days where shit ain't getting done. Just a matter of how you handle them. (IE using Chatgpt to draft a motion for leave like meeeee)
NosyBeagle
13:52
look at my lawyer dawg... im going to jail
Nah, I don't use it to do my case law. Just the actual motion drafting.
For example, I was trying to get the right language in a Motion for Sanctions (tl;dr slip and fall case, defense counsel played nothing but games – IE never sending records despite it being mandatory to trcp, producing never before seen records DURING A DEPO) and just talked to ChatGPT about his behavior to provide background to help with the drafting for the procedural paragraph.
@NosyBeagle: just makes me think of vanillamace
@TiredOfThisGrandpa: I dont have LSD+ so cant dm but will def hit you up when I have them done! Also is ur username a reference to holes? lol
Can i get accommodations for mid test 2 hour nap
I mean, i have sadhd
15:34
you could get accommodations for the schizoaffective disorder you clearly have
NosyBeagle
15:53
a two hour nap in between sections would be great for me
ronniedoeslaw
15:58
LSAT isn’t horrible you just have to lock in really hard for 2 hours and expect to be exhausted the rest of the day mentally
16:30
ugh i hit this lady w my car
16:31
well i hit her car and the cops said there's no damage but she says there is should i call my insurance what u think lawyers
real quick question. How much do early applications matter? I have super strong softs and an ok LSAT score of 160. GPA wasn't great at 3.33. I applied in late march and I have been rejected everywhere so far
16:58
late march is way too late
16:58
early doesn’t matter but before thanksgiving matters
ronniedoeslaw
16:59
Have you used the LSAC search for schools link? It helps a lot letting you know the probability of acceptance.
I mean early early might be overblown but dont apply if you are applying in march
does anyone know how many questions they typically ask for the UT recorded interview
20:21
has anyone been accepted off of the waitlist for New England yet?
ronniedoeslaw
20:36
No yet for me, I was waitlisted on Monday
ronniedoeslaw
20:36
Not *
@Callmylawyer: I feel really bad for you. I feel really sad that you are asking that.
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