Tax Law

tax law. 1. INTERNAL REVENUE CODE. 2. The area of legal study dealing with taxation.

taxation. The imposition or assessment of a tax; the means by which the state obtains the revenue required for its activities. double taxation. 1. The imposition of two taxes on the same property during the same period and for the same taxing purpose. 2. The imposition of two taxes on one corporate profit; esp., the structure of taxation employed by Subchapter C of the Internal Revenue Code, under which corporate profits are taxed twice, once to the corporation when earned and once to the shareholders when the earnings are distributed as dividends. 3. Int'l law. The imposition of comparable taxes in two or more states on the same taxpayer for the same subject matter or identical goods. equal and uniform taxation. A tax system in which no person or class of persons in the taxing district -- whether it be a state, city, or county -- is taxed at a different rate from others in the same district on the same value or thing. pass-through taxation. The taxation of an entity's owners for the entity's income without taxing the entity itself. * Partnerships and S corporations are taxed under this method. -- Also termed conduit taxation.