by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is a Section 1035 Exchange?Replacing a life insurance policy or an annuity with a new one without paying any additional taxes as a consequence of this exchange is referred to as Section 1035 Exchange as per the Internal Revenue Code (IRS) of the United States.How...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is Subpart F Income?Income generated Controlled Foreign Corporations (CFCs) by the United States government is called as Subpart F Income. CFCs are foreign subsidiaries with more than 50% stake controlled by entities in the United States, and taxed as per the...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is a Standard Deduction?Standard deduction refers to the amount of income that can be subtracted before the income tax is applied. The Internal Revenue Service (IRS) standard deduction is the portion is in an individual’s income that is not taxable. This is...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is the Marginal Tax Rate? Marginal tax rate refers to the rate of taxation applicable to the next dollar of income. The marginal tax rate is relevant when there is a tiered tax system where all earnings within a specified range is taxed at a state rate. Any...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is a Stamp Duty?Stamp duty is a tax on documents. Legal documents do not go unlevied, the tax levied of legal documents such as receipts, bank cheques, land transactions, marriage license and other transaction is called stamp duty. Once payment is made on levied...
