Introduction to the US income tax system:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Deventer
Kluwer
1993
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XV, 245 S. |
| ISBN: | 9065447164 |
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| 245 | 1 | 0 | |a Introduction to the US income tax system |c by Joseph C. Amico |
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Datensatz im Suchindex
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| adam_text | Table of Contents
Preface vii
Chapter 1 Introduction 1
1.1 Tax jurisdictions 1
1.1.1 Federal 1
1.1.2 State 2
1.1.3 Local 3
1.2 Internal Revenue Code 3
1.3 IRS, regulations, rulings, court cases 3
1.4 Taxes not levied 4
Chapter 2 The unwritten law 7
2.1 Origin 7
2.2 Assignment of income 7
2.3 Substance over form 8
2.4 Business purpose test 9
Chapter 3 Individual income tax 11
3.1 Taxpayers 11
3.1.1 Citizens 11
3.1.2 Resident individuals 12
3.1.3 World wide income 13
3.1.4 Non residents 13
3.2 Taxes imposed and rates 13
3.2.1 Individual income tax 13
3.2.2 Alternative minimum tax 14
3.2.3 Withholding taxes 14
3.2.4 Self employment tax 15
3.2.5 Social security taxes 15
3.2.6 Pension taxes 16
3.3 Determination of gross income 16
3.3.1 Inclusions in gross income 17
3.3.1.1 All income rule 17
3.3.1.2 Capital gains and losses 17
ix
TABLE OF CONTENTS
3.3.1.3 Foreign personal holding company income 22
3.3.1.4 Deemed dividends of controlled foreign
corporations 22
3.3.1.5 Alimony 23
3.3.1.6 Distributions from pension plans and
annuities 23
3.3.1.7 Property received for services 24
3.3.1.8 Awards, prizes, lotteries 24
3.3.1.9 Reimbursement of moving expenses 24
3.3.1.10 Unemployment and social security benefits 25
3.3.1.11 Income attributed under the grantor trust
rules 25
3.3.2 Exclusions from gross income 25
3.4 Calculation of adjusted gross income 27
3.4.1 Trade and business deductions 28
3.4.1.1 Trade or business expenses 29
3.4.1.2 Interest 30
3.4.1.3 Royalties 32
3.4.1.4 Service fees 32
3.4.1.5 Taxes 32
3.4.1.6 Losses 33
3.4.1.7 Bad debts 35
3.4.1.8 Depreciation 35
3.4.1.9 Depletion allowance 39
3.4.1.10 Development and exploration costs 40
3.4.1.11 Research and development costs 41
3.4.1.12 Lease acquisition costs 41
3.4.1.13 Start up expenses 41
3.4.2 Non deductible business expenses 42
3.4.3 Employee business expenses 43
3.4.4 Losses from the sale or exchange of property 43
3.4.5 Deductions attributable to rents and royalties 44
3.4.6 Depreciation and depletion deductions of life
tenants and beneficiaries of trusts and estates 44
3.4.7 Pension scheme contributions 44
3.4.8 Alimony payments 45
3.4.9 Tax accounting 45
3.4.9.1 General 45
3.4.9.2 Inventory 47
3.5 Calculation of taxable income 49
3.5.1 Standard deduction 49
3.5.2 Itemised deductions 50
3.5.2.1 Interest 50
3.5.2.2 Taxes 51
x
TABLE OF CONTENTS
3.5.2.3 Losses 51
3.5.2.4 Charitable donations 52
3.5.2.5 Expenses for the production of income 52
3.5.2.6 Medical and dental expenses 53
3.5.2.7 Moving expenses 53
3.5.3 Limitations on itemised deductions 54
3.5.3.1 Miscellaneous itemised deductions 54
3.5.3.2 Overall limitation on itemised deductions 54
3.5.3.3 Casualty or theft losses 54
3.5.3.4 Charitable deductions 55
3.5.3.5 Medical and dental expenses 55
3.5.3.6 Passive activity losses and credits 55
3.5.4 Personal exemptions 56
3.6 Income tax rates and credits 56
3.6.1 Income tax rates 56
3.6.2 Tax credits 58
3.7 Anti avoidance measures 60
3.7.1 General 60
3.7.2 At risk limitations on losses 60
3.7.3 Passive activity loss limitations 61
3.7.4 Related party losses and deductions 62
3.7.5 Tax avoidance acquisitions 63
3.7.6 Personal service corporations 63
3.7.7 Expenses and interest for tax exempt income 64
3.7.8 Interest expenses 64
3.7.9 Income shifting 65
3.7.10Personal holding companies 65
3.7.11Foreign personal holding companies 66
3.7.12Controlled foreign corporations 66
3.7.13Passive foreign investment companies 67
3.7.14Grantor trust rules 67
3.7.15Loss of citizenship 68
3.7.16Non profitable activities (hobby losses) 68
3.7.17 Exittax1 68
3.7.18 Wash sales 69
3.7.19Straddles, short sales, etc. 70
Chapter 4 Partnership taxation 71
4.1 General 71
4.1.1 Formation of partnership 71
4.1.2 Definition 71
4.1.3 Contributions 73
4.1.4 Taxation of partners 73
xi
TABLE OF CONTENTS
4.1.5 Taxation of partnership 74
4.1.6 Basis in partnership interests and contributed
assets 74
4.2 Partnership operations 74
4.2.1 Income and losses 74
4.2.2 Non taxation of partnership 75
4.2.3 Taxation of partners 75
4.2.4 Basis of assets and partners interests 77
4.3 Sale or acquisition of partnership interests 77
4.3.1 Taxation of seller 78
4.3.2 Taxation of buyer 78
4.3.3 Basis of partnership assets 78
4.3.4 Retirement or death of a partner 79
4.4 Termination of a partnership 79
4.4.1 Taxation of partnership 80
4.4.2 Taxation of partners 80
4.5 Fiscally transparent entities 80
4.5.1 Subchapter S corporations 80
4.5.1.1 definition and tax treatment 80
4.5.1.2 eligible shareholders 81
4.5.1.3 income and losses 81
4.5.1.4 basis of stock 81
54.5.1.5 built in gains and passive income taxes 81
4#2 RICs, REITs REMICs 82
4.6.2.1 RICs 82
4.6.2.2 REITs 83
C4.6.2.3 REMICs 83
4.Â¥.3 Trusts 84
4.6.3.1 General 85
4.6.3.2 Simple trusts 85
c, 4.6.3.3 Complex trusts 85
4.^.4 Estates 86
Chapter 5 Corporate income tax 87
5.1 Taxpayers 87
5.1.1 Definition of a corporation 87
5.1.2 Resident corporations 88
5.1.3 Non resident companies 89
5.2 Taxes imposed and rates 90
5.2.1 Corporate income tax 90
5.2.2 Alternative minimum tax 91
5.2.3 Branch profits tax 91
5.2.4 Branch interest tax 91
xii
TABLE OF CONTENTS
5.2.5 Withholding taxes 92
5.2.6 Accumulated earnings tax 92
5.2.7 Personal holding company tax. 93
5.3 Incorporation and capital contributions 93
5.3.1 Taxation of shareholder 93
5.3.2 Exception for controlled corporation 94
5.3.3 Non taxation of corporation 95
5.3.4 liabilities 95
5.3.5 basis in shares and property 96
5.3.6 incorporation and start up expenses 97
5.3.7 assignment of income 98
5.4 Operation of companies 98
5.4.1 Determination of gross income 99
5.4.1.1 Inclusions in gross income 99
5.4.1.2 Exclusions from gross income 105
5.4.2 Calculation of taxable income 106
5.4.2.1 Deductible items 106
5.4.2.2 Non deductible items 125
5.4.2.3 Tax credits 127
5.4.2.4 Tax accounting 128
5.4.2.5 Inventory 132
5.4.3 Dividends 133
5.4.3.1 Dividend, return of capital or capital gain 134
5.4.3.2 Earnings and profits requirement 134
5.4.3.3 Definition of earnings and profits 135
5.4.3.4 Taxation of shareholder 136
5.4.3.5 Taxation of corporation 143
5.4.4 Mergers 144
5.4.4.1 Merger vs. purchase of assets 145
5.4.4.2 Definition of tax free merger or acquisition 145
5.4.4.3 Tax effect of mergers 150
5.4.5 Consolidated group taxation (fiscal unity) 153
5.4.5.1 Definition and concept 153
5.4.5.2 Affiliated group 154
5.4.5.3 Intra group profits and losses 154
5.4.5.4 Entering or leaving an affiliated group 155
5.5 Liquidation 155
5.5.1 Definition 156
5.5.2 Taxation of corporation 156
5.5.2.1 Distribution of assets 156
5.5.2.2 Parent subsidiary liquidations 157
5.5.2.3 Asset acquisitions 157
5.5.3 Taxation of shareholder 158
5.5.3.1 Individuals 158
xiii
TABLE OF CONTENTS
5.5.3.2 Corporate shareholders 158
5.5.4 Basis of assets 159_
5.6 Special types of corporations 159
5.6.1 Charitable organisations 159
5.6.1.1 Definition and charitable purposes 159
5.6.1.2 Tax exemption and tax deductions 160
5.6.1.3 Private foundations 160
5.6.1.4 Business income of charitable organisations 161
5.6.2 Pension plans 161
5.6.2.1 Definition 162
5.6.2.2 Requirements 164
5.6.2.3 Tax exemption and deduction 165
5.6.2.4 Taxation of beneficiaries 166
5.6.3 Section 936 corporations 166
5.6.4 Foreign sales corporations 167
5.7 Anti avoidance measures 167
5.7.1 At risk limitations on deductions 168
5.7.2 Related party losses, expenses and interest 168
5.7.3 Tax avoidance acquisitions 169
5.7.4 Collapsible corporations 169
5.7.5 Controlled foreign corporations 170
5.7.6 Foreign personal holding companies 170
5.7.7 Passive foreign investment companies 171
5.7.8 Exit tax1 171
5.7.9 Interest expense from corporate take overs 172
5.7.10Stapled entities 173
S^llWash sales 173
5.7.12Straddles, short sales, etc. 173
5.8 Transfer pricing 174
5.8.1 General 175
5.8.2 Comparable uncontrolled price or transaction 177
5.8.3 Cost plus method 178
5.8.4 Resale price method 178
5.8.5 Comparable profits method 179
5.8.6 Alternative methods 179
5.8.7 Super royalty provision 180
5.8.8 Advance pricing agreements 180
5.8.9 Tax treaties and transfer pricing 181
Chapter 6 International taxation 183
6.1 Out bound business 183
6.1.1 World wide taxation 183
6.1.2 Source of income 184
xiv
TABLE OF CONTENTS
6.1.3 Unilateral relief from double taxation 186
6.1.3.1 Direct foreign tax credit 187
6.1.3.2 Indirect foreign tax credit 188
6.1.3.3 Foreign tax credit limitations 189
6.1.3.4 Foreign earned income and housing
exemptions 193
6.1.4 Exit tax 193
6.1.5 Anti avoidance measures 194
6.1.5.1 Foreign personal holding companies 195
6.1.5.2 Foreign investment companies 196
6.1.5.3 Controlled foreign corporations 196
6.1.5.4 Passive foreign investment company 199
6.1.5.5 Loss of citizenship 200
6.1.6 Tax treaties 200
6.1.6.1 Savings clause 200
6.1.6.2 Foreign tax credit 201
6.1.6.3 Mutual agreement procedure 201
6.1.6.4 Exchange of information 202
6.2 In bound business 203
6.2.1 US business income 203
6.2.1.1 Allocation of income: source rules 207
6.2.1.2 Matching deductions 209
6.2.1.3 Interest expense 210
6.2.1.4 Thin capitalisation rule 211
6.2.1.5 Research and development expenses 212
6.2.2. Investment income of non residents 212
6.2.2.1 Periodic income 213
6.2.2.2 Exempt income 215
6.2.2.3 Source of income 216
6.2.3 Withholding taxes 217
6.2.3.1 General 217
6.2.3.2 Branch profits tax 218
6.2.3.3 Branch interest tax 219
6.2.3.4 Second tier dividend withholding tax 221
6.2.3.5 Advance payment of tax 221
6.2.4 US real property income 222
6.2.4.1 Advance payment of tax 224
6.2.5 Tax treaties 225
6.2.5.1 Tax treaty over ride 227
6.2.5.2 Anti treaty shopping rule 228
6.2.6 Filing and reporting requirements 229
Index 231
XV
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| spelling | Amico, Joseph C. Verfasser aut Introduction to the US income tax system by Joseph C. Amico Deventer Kluwer 1993 XV, 245 S. txt rdacontent n rdamedia nc rdacarrier Inkomstenbelasting gtt Recht Income tax Law and legislation United States Einkommensteuer (DE-588)4013895-1 gnd rswk-swf Steuersystem (DE-588)4183215-2 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Einkommensteuer (DE-588)4013895-1 s Steuersystem (DE-588)4183215-2 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008320356&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Amico, Joseph C. Introduction to the US income tax system Inkomstenbelasting gtt Recht Income tax Law and legislation United States Einkommensteuer (DE-588)4013895-1 gnd Steuersystem (DE-588)4183215-2 gnd |
| subject_GND | (DE-588)4013895-1 (DE-588)4183215-2 (DE-588)4078704-7 |
| title | Introduction to the US income tax system |
| title_auth | Introduction to the US income tax system |
| title_exact_search | Introduction to the US income tax system |
| title_full | Introduction to the US income tax system by Joseph C. Amico |
| title_fullStr | Introduction to the US income tax system by Joseph C. Amico |
| title_full_unstemmed | Introduction to the US income tax system by Joseph C. Amico |
| title_short | Introduction to the US income tax system |
| title_sort | introduction to the us income tax system |
| topic | Inkomstenbelasting gtt Recht Income tax Law and legislation United States Einkommensteuer (DE-588)4013895-1 gnd Steuersystem (DE-588)4183215-2 gnd |
| topic_facet | Inkomstenbelasting Recht Income tax Law and legislation United States Einkommensteuer Steuersystem USA |
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