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The courts have generally held that direct taxes are limited to taxes on people (variously called capitation, poll tax or head tax) and property. (Penn Mutual Indemnity Denver colorado. v. C.I.R., 227 F.2d 16, 19-20 (3rd Cir. 1960).) Any other taxes are known as "indirect taxes," basically tax an event, rather than particular or property as such. (Steward Machine Co. v. Davis, 301 U.S. 548, 581-582 (1937).) What were a straightforward limitation on the power of the legislature based on the main topic of the tax proved inexact and unclear when applied a good income tax, which is certainly arguably viewed either as a direct or an indirect tax.

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B) Interest earned, nonetheless paid, throughout a bond year, must be accrued following the bond year and reported as taxable income for that calendar year in which your bond year ends.

Muni bonds should be owned in your taxable brokerage accounts, and not in your IRA or 401K accounts because income in those accounts is tax-deferred.

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Clients should be aware that different rules apply once the IRS has now placed a tax lien against children. A bankruptcy may relieve you of personal liability on a tax debt, but in some circumstances will not discharge a properly filed tax lien. After bankruptcy, the internal revenue service cannot chase you personally for the debt, but the lien stay on any assets anyone will not able to offer these assets without satisfying the outstanding lien. - this includes your place. Depending upon the lien any time filed, there could be be great features include to attack the validity of the lien.
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