income tax

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Overview

In 1913, the Sixteenth Amendment to the U.S. Constitution was ratified. It states: "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without...

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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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Facts

Petitioner, 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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Definition

Taxing power refers to the ability of a government to impose and collect taxes.

Overview General Constitutional Authorization

In the United States, Article I, Section 8 of the Constitution gives Congress the power to "lay and collect...