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...
income tax
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In 2006, Respondents Brian and Karen Wynne owned 2.4% of the stock in Maxim Healthcare Services, Inc. (“Maxim”), a national healthcare services company classified as an S corporation in Maryland. See Maryland State Comptroller of the Treasury v. Wynne...
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[Questions Presented][Issue][Facts][Discussion][Analysis]Issue
Should a U.S. company receive U.S. tax credit for paying the United Kingdom’s windfall tax?
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FactsPetitioner, PPL Corporation ("PPL"), is an energy company headquartered in...
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On January 1, 2008, United Western Bancorp, Inc. (“UWBI”), a bank holding company, entered into a Tax Allocation Agreement (“the Agreement”) with its affiliate subsidiary corporations, including its principal subsidiary, United Western Bank (“Bank”)....
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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,...