Adjusted Gross Income (AGI) is defined as the gross income earned by an individual minus several adjustments made to that income, such as trade and business deductions. Gross income is the income earned by an individual, including the wage...
federal income tax
(Wex page)
Overview:
The power to collect income tax is found in the Constitution of the United States. Article 1, Section 8, Clause 1 (Also known as the Taxing and Spending Clause) sates: “The Congress shall have Power To lay and collect Taxes, Duties...
(Wex page)
Taxing power refers to the ability of a government to impose and collect taxes.
Overview General Constitutional AuthorizationIn the United States, Article I, Section 8 of the Constitution gives Congress the power to "lay and collect taxes,...
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Facts
In November 1999, Gary Woods and his business partner, Texas billionaire Billy “Red” McCombs, collaborated in a series of investments through the creation of partnerships that engaged in transactions through a tax shelter called Current Options...