The IRS must prove the tax liability was within the terms of the contract.
The recapture tax is an added on to your income tax liability for 2012.
The agency "is unable to continuously pursue each taxpayer with an outstanding tax liability, " Bodman said.
Perhaps the taxpayer has filed tax returns, but the returns reported excessive tax liability.
Having an income tax liability in California is the further thing from their mind.
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Predictably, firms often set these prices to minimise their tax liability, and sometimes tax authorities object.
Consult a tax professional if you have questions about the implications on your tax liability.
Tellabs said there will be a minimal tax liability from bringing the cash back into the country.
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However, it is still not clear how much of Yuganskneftegaz's tax liability is included in the price.
With such a standard deduction, 75 percent of all tax filers would have no income tax liability.
Estates with not much more than a million dollars could be subject to estate tax liability after 2012.
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Indeed, the tax cuts proposed by McCain would probably eliminate most of the middle class' remaining tax liability.
And it said its tax liability was reduced because of the millions it spends on research and development.
The tax liability can be especially galling if a fund's wunderkind held onto shares for less than a year.
The second would allow firms to aggregate their tax liability across all countries.
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This is the same issue Warren Buffett highlighted last year when he disclosed his income tax liability for 2010.
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In 2005, 10, 680 of those with high expanded incomes had no U.S. tax liability, and 5, 420 owed no tax worldwide.
Also, if they are cash-strapped, provisions in the law allow them to pay any tax liability over a 15-year period.
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Howard and his son have absolutely no reason to think their firm would have an income tax liability in California.
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Now for the avoidance of doubt, these three multinational companies are by no means unique in minimising their UK tax liability.
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The IRShas refused to process applications for separate liability in cases where the divorcing couple has no known outstanding tax liability.
This means the profit from the trust creates a tax liability for the ETF shareholder, which is taxed as ordinary income.
Refundable credits mean that you are entitled to a refund if the amount of the credit exceeds your own tax liability.
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The tax liability need not have been assessed at the time of the transfer, as long as the tax debt had accrued.
Individuals whose debts are forgiven could be pushed into a large income tax liability that they obviously lack the cash to pay.
The Home Office said personal tax liability as a result of being re-employed was a matter for the individual and their employer.
For example, the manager can be instructed not to sell certain stocks if selling them would create too great a tax liability.
She later learned of a 1999 joint tax liability that remained unpaid.
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Or it might be that he is in the bottom 40 percent of income earners, those with no net income tax liability.
First, for years prior to 2010, he may have had no U.S. tax liability against which to apply a foreign tax credit.
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