Tax expenditures include the inventory of Tax-Exempt Income, Adjustments to Income, Itemized Deductions, and Tax Credits (refundable and nonrefundable).
Included in the positive adjustment to stock basis is an increase for tax-exempt income realized by the S corporation.
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For example, a taxpayer subject to a top statutory rate of 39.6% would pay an 11.6% tax on tax-exempt income.
Under the Bush dividend plan, however, corporations can pass along tax-exempt income to investors only to the extent that they have paid corporate income tax.
The clear-headed among us see this phenomenon as a rare opportunity to pick up some attractive tax-exempt income from well-researched munis especially if you are willing to hold the bonds until their maturities.
Both are exempt from income taxes, sales taxes and in many cases local property taxes.
Under Code Section 107, the housing allowance would have been exempt from income tax.
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But such a reversion would exempt any income or appreciation that occurs after the gift date, say experts.
Since employer-paid health insurance is exempt from income tax, there's an incentive for these plans to cover things like sunglasses and marital counseling.
The parsonage exclusion allows ministers to receive some of their compensation in the form of a housing allowance that is exempt from income tax.
For this post the annual remuneration is exempt from income tax.
REITs in turn got to exempt that income from corporate taxes.
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Interest earned on state and local bonds that is exempt from income tax under Section 103 is excluded from the definition of net investment income for purposes of Section 1411.
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For generations, churches have been exempt from income taxes.
The interest on municipal bonds is exempt from income tax on the federal and sometimes state levels, giving them a higher after-tax yield than a corporate or Treasury with the same coupon and maturity.
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When you consider that people with lower incomes would no longer be paying payroll taxes, would be partially exempt from income taxes, and would be able to easily avoid the energy tax, we can see that their overall tax burden could be significantly reduced.
It is possible, then, that you might have to file a state (or local) income tax return even if you are exempt from federal income tax.
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Farmers in the South and West wanted an income tax from which they could be exempt, an income tax that would push the tax burden onto the rich who lived in the East.
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Such companies have been exempt from corporate income tax since 2008, when the Zero-10 tax regime was introduced.
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Also, coupons on Treasurys are exempt from state income tax, while interest on corporate bonds and Ginnie Maes is not.
Each patch boosted the amount of income exempt from the tax, saving millions of households from having to pay the levy.
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Their contributions have been made with aftertax dollars, with the promise that the ensuing benefits would be exempt from federal income tax.
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Unlike corporate bonds or U.S. Treasuries, muni bond interest is often federal tax-free and exempt from state income tax of the state they are issued.
Hold them in your tax-exempt accounts (like IRAs) and the state tax problem--the fact that only Treasury interest is exempt from state income tax--ceases to be a problem.
To encourage opportunity and jobs rather than dependency and welfare, we will propose that individuals living at or near the poverty line be totally exempt from Federal income tax.
That site is completely unrelated to The Henrietta Lacks Foundation, Inc. a public charity that is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code.
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He said that curbs in credits and deductions would exempt middle-income households who would continue to receive the benefits of tax breaks such as the deductions for mortgage interest and charitable contributions.
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Asked if giving generous per-child credits will result in an even larger number of households exempt from the income tax and therefore amenable to more spending, he says his plan will drive growth and that, in turn, will bring more people on to the tax rolls.
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Enterprise Products (nyse: EPD - news - people) is a master limited partnership, a specialized investment vehicle somewhat like a real estate investment trust, which is exempt from corporate income taxes as long as it pays out almost all of its profits to investors.
In Utah, gold and silver coins are now legal tender and exempt from sales and income taxes.
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