income tax

(Wex page)

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...


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...

(LIIBULLETIN preview (pre-2014))
[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?



Petitioner, PPL Corporation ("PPL"), is an energy company headquartered in...


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”)....

(Wex page)

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 taxes,...