Tax Preference Item - Law Dictionary Search Results
Home Dictionary Name: tax preference itemtax preference item
tax preference item : an item (as an amount of depreciation) favorable to a taxpayer in the ordinary computation of tax liability that is taxed in the computation of alternative minimum tax ...
alternative minimum tax
alternative minimum tax : a federal tax that prevents a person or entity (as a corporation) with taxable income from avoiding tax liability and that imposes tax liability in the amount of the excess of the tentative minimum tax over regular tax liability see also tax preference item ...
tentative minimum tax
tentative minimum tax : a tax that to the extent it exceeds regular tax liability is the alternative minimum tax liability and that is determined by adjusting taxable income by adding tax preference items under Internal Revenue Code section 57 and subtracting an exemption amount under section 55 ...
use tax
use tax : a tax imposed on the use of personal property and esp. property purchased in another state ;specif : a one-time tax imposed on the exercise or enjoyment of any right or power over tangible personal property that is incident to the ownership, possession, custody, or leasing of it [a law allowing the payment of a sales tax to be credited against the amount of use tax due] [the manufacturer became liable for a use tax when items were withdrawn from inventory for internal use] ...
Preferred
Preferred, 'preferred' is a word of dual import; its semantics depend on the scheme and the context; its import must help, not hamper, the object of the enactment even if liberty win language may be necessary. Black's Law Dictionary gives the following meaning: PREFER: To bring before; to prosecute; to try to proceed with. Thus, preferring an indictment signifies prosecuting or trying an indictment. To give advantage, priority, or privilege; to select for first payment, as to prefer one creditor over others. Thus it may mean 'prosecute' or effectively pursue a proceeding or merely institute it. Purposefully interpreted, pre-ferring an appeal mean more than formally filing it but effectively pursuing it, Commissioner of Income Tax v. B.N. Bhattacharjee, AIR 1979 SC 1725 (1734): (1979) 4 SCC 121: (1979) 3 SCR 1133.Preferred, is a word of dual import; its semantics depend upon the scheme and the content; its import must help, not hamper, the object of the enactment even if liberty with la...
Preference
Preference, means prior right, advantage, pre-cedence etc., Sher Singh v. Union of India, AIR 1984 SC 200: (1984) 1 SCC 107.The expression 'preference' amongst others means prior right, advantage, precedence etc. It signifies that other things being equal, one will have preference over the others, Sher Singh v. Union of India, AIR 1984 SC 200 (204): (1984) 1 SCC 107: (1984) 1 SCR 464. [Motor Vehicles Act, 1939, s. 47(1H)]The 'preference' envisaged in the Rules, cannot mean, an absolute en bloc preference akin to reservation or separate and distinct method of selection for them alone. A mere rule of preference meant to give weightage to the additional qualification cannot be enforced as a rule of reservation or rule of complete precedence, Andra Pradesh Public Service Commission v. Y.V.V.R. Srinivasulu, (2003) 5 SCC 341 (348): AIR 2003 SC 3961.The expression 'preference' means an equitable apportionment of vacancies reserved for backward classes, Indra Sawhney v. Union of India, AIR 199...
No appeal has been preferred
No appeal has been preferred, the words 'no appeal has been preferred in Order 47, Rule 1(a) would also mean a situation where special leave is not granted. Till then there is no appeal in the eye of law before the Superior Court. The review can be preferred in the High Court before special leave is granted, but not after it is granted. Once special leave is granted the jurisdiction to consider the validity of the High Court's order vests in the Supreme Court and the High Court cannot entertain in review thereafter, unless such a review application was preferred in the High Court before special leave was granted, Kunhayamned v. State of Kerala, (2000) 6 SCC 359: AIR 2000 SC 2587 (2600). (Constitution of India, Article 226)...
preference immigration
preference immigration A system for determining which and when people can immigrate to the United States within the limits of immigration set by Congress. In family immigration preference is based on the status of the petitioner (American citizen or lawful permanent resident) and his/her relationship to the applicant. In employment immigration it is based on the qualifications of the applicant and labor needs in the United States. Source: Department of State. March 2007. ...
Interpretation of items in Tariff Schedule
Interpretation of items in Tariff Schedule, where no definition is provided in the statute itself, as in this case, for ascertaining the correct meaning of a fiscal entry reference to a dictionary is not always safe as it gives all the different shades of meaning. Where the word has a scientific or technical meaning and also an ordinary meaning according to common parlance, it is in the latter sense that in a taxing statute the word must be held to have been used, unless contrary intention is clearly expressed by the legislature, Collector of Central Excise v. Krishna Carbon Paper Co., AIR 1988 SC 2223: (1989) 1 SCC 150....
Preference of appeal
Preference of appeal, means more than formally filing it, Commissioner of Income Tax v. B.N. Battacharjee, (1979) 3 SCR 1133....
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