AGI is an acronym for adjusted gross income.
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...
tax
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In 1976, Congress enacted the Railroad Revitalization and Regulatory Reform Act, known as the 4-R Act. Railroad Revitalization and Regulatory Reform Act, 49 U.S.C. § 11501. This act makes it illegal for a state to “impose a tax that discriminates...
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Respondent Michael Loos (“Loos”) is a former employee of Petitioner, BNSF Railway Company (“BNSF”). Loos v. BNSF Railway Company at 3. During his employment with BNSF, Loos incurred a number of attendance policy violations, some of which Loos...
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Colorado requires that all retailers pay a 2.9 percent tax on the sale of all tangible goods within the state. Direct Marketing Ass’n v. Brohl, 735 F.3d 904, 906 (10th Cir. 2013). The Commerce Clause and the Supreme Court’s decision in Quill Corp. v....
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Federal Unemployment Tax Act (FUTA) was the bill passed in 1939 that established a payroll tax to fund unemployment benefits. The tax is 6% of the first $7,000 that each employee makes in a year, and the employer is responsible for all of the...
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Fiscal year accounting period is defined as a period of 12 months that a company uses for its accounting purposes; for example, reporting its spending and income. It helps in preparation of company financial statements. It is measured by the...
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Prior to its bankruptcy, Piccadilly Cafeterias, Inc. ("Piccadilly") operated 145 cafeterias in the southeastern United States and was one of the largest cafeteria chains in the nation. See In Re Piccadilly Cafeterias, Inc., 379 B.R. 215, 217 (S.D. Fla...
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In 1991, Gilbert P. Hyatt (“Hyatt”) began to receive large amounts of income from licensing fees for a computer chip patent. See Franchise Tax Board v. Hyatt, 335 P.3d 125, 131 (Nev. 2014). In his 1991 tax return, Hyatt stated that just prior to...
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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...
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In the late 1930s, entrepreneur Margaret Rudkin founded a small business that ultimately developed into
Pepperidge Farm. In 1961, the Campbell Soup Company bought Pepperidge Farm. On April 14th, 1967, Margaret's husband Henry A. Rudkin used...