info@newyorknylawfirm.com
   
Magna Carta Transcript
US Constitution Transcript
Landmark Supreme Court Cases
Supreme Court/States Links
Administrative Law
Admiralty Law
Agriculture Law
Antitrust And Trade
Banking Law
Bankruptcy Law
Business Law
Civil Rights
Communications Law
Constitutional Law
Construction Law
Contracts
Corporation & Enterprise Law
Criminal Law
Cyberspace Law
Disibility Law
Dispute Resolution & Arbitration
Education Law
Employment Law
Energy Law
Entertainment & Sports Law
Environmental Law
Ethics/ Prof. Responsibility
Family Law
Gaming Law
Government Law
Health Law
Immigration Law
Indian & Native Peoples
Injury & Tort Law
Insurance Law
Intellectual Property
International Law
Labor & Employment Law
Litigation
Military Law
Probate Trusts & Estates
Property Law & Real Estate
Regulation
Securities Law
Tax Law
Transportation Law
Workers Compensation


Jan12_2004 Feb24_2004
March30_2004 April6_2004
May4_2004 June10_2004
July1_2004 August31_2004
Sept14_2004 Oct19_2004

Other Links
LawFirms1 LawFirms2
LawFirms3 LawFirms4
LawFirms5 LawFirms6
LawFirms7 LawFirms8
LawFirms9 LawFirms10
LawFirms11 LawFirms12
LawFirms13 LawFirms14
Law15 Law16 Law17
Boston Law Firm
Web Design Laser Marking


Income Tax Law: an overview

In 1913, the Sixteenth Amendment to the U.S. Constitution was ratified. It empowered Congress to tax "incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration." The Internal Revenue Code is today embodied as Title 26 of the United States Code (26 U.S.C.) and is a lineal descendant of the income tax act passed in 1913, following ratification of the Sixteenth Amendment. While some states do not have an income tax (Nevada), all residents and all citizens of the United States are subject to the federal income tax. Not everyone, however, must file a return. The requirements for filing are found in 26 U.S.C. 6011. As the largest contributor, its purpose is to generate revenue for the federal budget. In 1985 for example, the government collected over $450 billion in income tax from a total of $742 billion in total internal revenue receipts. The funds collected are essential for the shaping and preservation of a free market economy.

Some terms are essential in understanding income tax law. "Gross income" can be generaly defined as "all income from whatever source derived;" a more complete definition is found in 26 U.S.C. 61. Other important definitions like "taxable income" and "adjusted gross income" can also be found in Chapter I of Title 26. These terms are not fixed nor should anyone be confident in understanding their true meaning after a cursory reading because their imputed definitions change with time. The Supreme Court, through case law, demonstrates the changing meaning of taxable income.

Individuals are not the only ones required to file income tax returns. Corporations do as well. While they are subject to may of the same rles as are individual taxpayers, they are also covered by an intricate body of rules addressed to the peculiar problems of corporations.

Amendment XVI

The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.


455 Madison Avenue New York, NY 10022
Phone 212.888.7000 Email:
info@newyorknylawfirm.com


web design boston concrete contractor laser marking, laser engraving, laser systems boston limousine