taxation

American Clean Energy and Security Act of 2009

Also called the Waxman-Markey Bill, this legislation sought to address climate change while building a clean energy economy. Among other things, this bill established a national cap-and-trade system for greenhouse gases and promoted renewable sources of energy.

Economic Stimulus Act of 2008

A federal law that attempted to avoid or mitigate an economic recession. The Act authorized federal payments of $300 to $1,200 to approximately 130 million American individuals and families. In addition, households received $300 for each qualifying child under the child tax credit. The law also included tax cuts to help the auto industry and to encourage spending by businesses.

Cohan Rule

 A common law rule whereby taxpayers, when unable to produce records of actual expenditures, may rely on reasonable estimates provided there is some factual basis for it.  "Absolute certainty in such matters is usually impossible and is not necessary; the Board should make as close an approximation as it can, bearing heavily if it chooses upon the taxpayer whose inexactitude is of his own making."  See Cohan v. Commissioner, 39 F. 2d 540 (2d Cir. 1930).  

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