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Equitable Recoupment
Equitable recoupment is a judicially created defense most commonly applied in legal cases in the federal and state tax systems of the U.S. This doctrine can allow, under specific circumstances, the government to defeat a refund claim or a taxpayer to avoid an assessment on the basis of a past underpayment or overpayment that is outside the statute of limitations period. Although many of the applications are in cases involving tax law Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments (as in the case of the US) use a body of rules and procedures (laws) to assess and collect taxes in a ..., it also has been applied to cases where revenue from the use of city property had been overpaid in terms of revenue due to the city, as was found in ''Grace v. City of Carlsbad''. Specific requirements The specific conditions for equitable recoupment to be considered are: # The overpayment or mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recoupment (music Industry)
''For recoupment in terms of U.S. tax law, see equitable recoupment.'' Recoupment, in the music industry, is when a record label "Big Three" music labels A record label or record company is a brand or trademark of Sound recording and reproduction, music recordings and music videos, or the company that owns it. Sometimes, a record label is also a Music publisher, ... pays for a musical artist's expenses, such as for recording and marketing, and later deducts an equal amount from the artist's royalties, which are between 15 and 20 percent of sales revenue. The practice is common, and most new artists have little choice but to accept it since they lack the negotiating power to obtain a better contract. Examples Suppose that a music label gives a band a $250,000 advance to record an album. The label agrees to do so in return for 90% of the sales. In addition, the label will specify certain standards for production of the album, for example, which studios the band will en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defense (legal)
In a civil proceeding or criminal prosecution under the common law or under statute, a defendant may raise a defense (or defence) in an effort to avert civil legal liability, liability or criminal conviction. A defense is put forward by a party to defeat a suit or action brought against the party, and may be based on legal grounds or on factual claims. Besides contesting the accuracy of an allegation made against the defendant in the proceeding, the defendant may also make allegations against the prosecutor or plaintiff or raise a defense, arguing that, even if the allegations against the defendant are true, the defendant is nevertheless not liable. Acceptance of a defense by the court completely exonerates the defendant and not merely Mitigation, mitigates the liability. The defense phase of a trial occurs after the prosecution phase, that is, after the prosecution "rests". Other parts of the defense include the opening and closing arguments and the cross-examination during ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In The United States
The United States has separate Federal government of the United States, federal, U.S. state, state, and Local government in the United States, local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, Capital gains tax in the United States, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP. Income tax in the United States, U.S. tax and transfer policies are Progressive tax, progressive and therefore reduce effective income inequality in the United States, income inequality, as rates of tax generally increase as taxable income increases. As a group, the lowest earning workers, especially those with dependents, pay no income taxes and may actually receive a small subsidy from the federal government (from child credits and the Earned Income Tax Credit). Taxes fall m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Credit
A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases. Another way to think of a tax credit is as a rebate. Refundable vs. non-refundable A refundable tax credit is one which, if the credit exceeds the taxes due, the government pays back to the taxpayer the difference. In other words, it makes possible a negative tax liability. For example, if a taxpayer has an initial tax liability of $100 and applies a $300 tax credit, then the taxpayer ends with a liability of –$200 and the government refunds to the taxpayer that $200. With a non-refundable tax credit, if the credit exceeds the taxes due then the taxpayer pays nothing but does not receive the difference. In this case, the taxpayer from the example would end with a tax liability of $0 (i.e. they could ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Assessment
Tax assessment, or assessment, is the job of determining the value, and sometimes determining the use, of property, usually to calculate a property tax. This is usually done by an office called the assessor or tax assessor. Governments need to collect taxes to function. Federal, state, and local governments impose tax assessments against real property, personal property, and income. The word tax assessment is used in different ways, but often refers to a tax liability owed by a taxpayer. In the case of property, a tax assessment is an evaluation or an estimate of value that is typically performed by a tax assessor. The assessment leads to an "assessed value," which is a base number used in the calculation of the property tax. There is a relationship between the assessed value and the tax liability. The higher the assessment, the higher the tax bill. In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas, the market value is mul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statute Of Limitations
A statute of limitations, known in civil law systems as a prescriptive period, is a law passed by a legislative body to set the maximum time after an event within which legal proceedings may be initiated. ("Time for commencing proceedings") In most jurisdictions, such periods exist for both criminal law and civil law such as contract law and property law, though often under different names and with varying details. When the time which is specified in a statute of limitations runs out, a claim might no longer be filed or, if it is filed, it may be subject to dismissal if the defense against that claim is raised that the claim is time-barred as having been filed after the statutory limitations period. When a statute of limitations expires in a criminal case, the courts no longer have jurisdiction. In many jurisdictions with statutes of limitation there is no time limit for dealing with particularly serious crimes. In civil law systems, such provisions are typically part of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Law
Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments (as in the case of the US) use a body of rules and procedures (laws) to assess and collect taxes in a legal context. The rates and merits of the various taxes, imposed by the authorities, are attained via the political process inherent in these bodies of power, and not directly attributable to the actual domain of tax law itself. Tax law is part of public law. It covers the application of existing tax laws on individuals, entities and corporations, in areas where tax revenue is derived or levied, e.g. income tax, estate tax, business tax, employment/payroll tax, property tax, gift tax and exports/imports tax. There have been some arguments that Consumer Law, consumer law is a better way to engage in large-scale redistribution than tax law because it does not necessitate legislation and can be more efficient, given the complexities of tax l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wisconsin Department Of Revenue
The Wisconsin Department of Revenue (DOR) is an agency of the Wisconsin state government responsible for the administration of all tax laws, as well as valuing property and overseeing the wholesale distribution of alcoholic beverages and enforcement of liquor laws. The Department also administers the state's unclaimed property program and the state lottery. The department headquarters are located at the State Revenue Building in south central Madison, Wisconsin. The current Secretary of the Wisconsin Department of Revenue is David Casey. He was appointed by Governor Tony Evers in April 2024. History In the late 19th century, as the economy was shifting, Wisconsin's farmers began to raise concerns that the property-based tax system placed a disproportionate burden on them while many newer industries and corporations were able to escape taxation by hiding their property in other financial instruments. Milwaukee attorney Kossuth Kent Kennan, then a tax attorney working for th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Set-off (law)
In law, set-off or netting is a legal technique applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. The net claim is known as a net position. In other words, a set-off is the right of a debtor to balance mutual debts with a creditor. Any balance remaining due either of the parties is still owed, but the mutual debts have been set off. The power of net positions lies in reducing credit exposure, and also offers regulatory capital requirement and settlement advantages, which contribute to market stability. Difference between set-off and netting Whilst netting and set-off are often used interchangeably, a legal distinction is made between ''netting'', which describes the procedure for and outcome of implem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carlsbad, New Mexico
Carlsbad ( ) is a city in and the county seat of Eddy County, New Mexico, United States. As of the 2020 census, the city population was 32,238. Carlsbad is centered at the intersection of U.S. Routes 62/ 180 and 285, and is the principal city of the Carlsbad-Artesia Micropolitan Statistical Area, which has a total population of 62,314. Located in the southeastern part of New Mexico, Carlsbad straddles the Pecos River and sits at the eastern edge of the Guadalupe Mountains. Carlsbad is a hub for potash mining, petroleum production, and tourism. Carlsbad Caverns National Park is located southwest of the city, and Guadalupe Mountains National Park lies southwest across the Texas border. The Lincoln National Forest is to the northwest of town. History The development of southeastern New Mexico in the late 19th century was fueled by the arrival of colonies of immigrants from England, Switzerland, France, and Italy. Located along the banks of the Pecos River, Carlsbad was or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corinne B
__NOTOC__ Corinne may refer to: Places * Corinne, Saskatchewan, Canada, an unincorporated community * Corinne, Oklahoma, United States, an unincorporated community * Corinne, Utah, United States, a town * Corinne, West Virginia, United States, a census-designated place People and fictional characters * Corinne (name), a given name, including a list of people and fictional characters with the name * Tee Corinne (1943–2006), American photographer, author, and editor * Corinne Kimball, a performer best known as ''Corinne''. Other uses * Corinne (horse), a 19th-century British Thoroughbred racehorse * ''Corinne'', an 1807 novel by Germaine de Staël See also * Corrine (other) * Corrinne, given name * Chorine, a female chorus girl * Corine (other) * Coreen Coreen is a locality in the Riverina region of New South Wales, Australia. The locality is about south west of the state capital, Sydney and north of Melbourne Melbourne ( , ; Boonwurrung language, B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Tax Law
The United States has separate Federal government of the United States, federal, U.S. state, state, and Local government in the United States, local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, Capital gains tax in the United States, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP. Income tax in the United States, U.S. tax and transfer policies are Progressive tax, progressive and therefore reduce effective income inequality in the United States, income inequality, as rates of tax generally increase as taxable income increases. As a group, the lowest earning workers, especially those with dependents, pay no income taxes and may actually receive a small subsidy from the federal government (from child credits and the Earned Income Tax Credit). Taxes fall m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
