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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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OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
power score bible for logic games
@Coolperson49494: yeah but i physically cant get 10k in less than a month :(
it would take me like 6 months to get 10k
i agree that gulc is worth it for me, but i just do not have the means of upending all my plans and moving to dc
@MightyUnableSphinx: i cant pay back 10k with no job, and i'm already 5k in debt. i just do not have the means to attend gulc 😭😭
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