scholarly journals Income Tax Disputes Involving Loss Years: Pitfalls, Foibles, and Possible Reforms

2019 ◽  
pp. 499-531
Author(s):  
Michael H. Lubetsky
Keyword(s):  
Income Tax ◽  
Timely Manner ◽  
Tax Court ◽  
Tax Loss

Tax disputes involving losses can be challenging to resolve owing to two longstanding principles, commonly known as "the nil assessment rule" and "the <i>New St James</i> principle." The nil assessment rule bars taxpayers from objecting to assessments that result in no tax being payable--including both loss years and profitable years where income is completely offset by carryovers. The <i>New St James</i> principle provides, essentially, that loss years or years with no tax payable never become statute-barred. Because the nil assessment rule and the <i>New St James</i> principle can prevent the resolution of disputes over tax loss balances in a timely manner, Parliament amended the Income Tax Act in 1977 so as to allow, in certain situations, for the issuance by the minister of national revenue of a notice of determination of losses (NODL) for a given taxation year. Once issued, a NODL can be objected to or appealed in basically the same manner as an assessment and, subject to any objection or appeal, becomes binding upon the minister and the taxpayer. However, the existence of a parallel but distinct system for resolving loss disputes leaves gaps that result in a range of procedural traps for taxpayers. Taxpayers caught in these traps can potentially end up losing their rights to object to or appeal disputed income adjustments, reviving statute-barred issues, or being required to pay arrears interest on extinguished tax debts. This article explores some of these traps, showing how they arise and what a taxpayer might do to avoid being caught by them. It also discusses whether the time has come to reform the nil assessment rule and/or the <i>New St James</i> principle so as to allow disputes involving losses to be resolved more readily by the Tax Court of Canada, and proposes several possible reforms.

scholarly journals Microscopic Analysis of Bacterial Inoculum Effect Using Micropatterned Biochip

Antibiotics ◽  
2021 ◽  
Vol 10 (3) ◽  
pp. 300
Author(s):  
Jung Ho Hwang ◽  
Sang Young Lee ◽  
Jungil Choi
Keyword(s):  
Susceptibility Testing ◽  
Inhibitory Concentration ◽  
Microscopic Analysis ◽  
Microfluidic System ◽  
Timely Manner ◽  
Testing Conditions ◽  
Bacterial Inoculum ◽  
Clinical Environments ◽  
Inoculum Effect

Antimicrobial resistance has become a major problem in public health and clinical environments. Against this background, antibiotic susceptibility testing (AST) has become necessary to cure diseases in an appropriate and timely manner as it indicates the necessary concentration of antibiotics. Recently, microfluidic based rapid AST methods using microscopic analysis have been shown to reduce the time needed for the determination of the proper antibiotics. However, owing to the inoculum effect, the accurate measurement of the minimal inhibitory concentration (MIC) is difficult. We tested four standard bacteria: Staphylococcus aureus, Pseudomonas aeruginosa, Escherichia coli, and Enterococcus faecalis, against five different antibiotics: piperacillin, cefotaxime, amikacin, levofloxacin, and ampicillin. The results showed that overall, the microfluidic system has a similar inoculum effect compared to the conventional AST method. However, due to the different testing conditions and determination protocols of the growth of the microfluidic based rapid AST, a few results are not identical to the conventional methods using optical density. This result suggests that microfluidic based rapid AST methods require further research on the inoculum effect for practical use in hospitals and can then be used for effective antibiotic prescriptions.

The Effect of Tax Reform on the Dairy Farmer

1973 ◽  
Vol 2 (2) ◽  
pp. 80-88
Author(s):  
E.L. LaDue ◽  
W.R. Bryant
Keyword(s):  
Low Income ◽  
Income Tax ◽  
Tax Reform ◽  
Capital Gains ◽  
Dairy Farmer ◽  
Competitive Disadvantage ◽  
Tax Loss ◽  
Tax Accounting

Recent Congressional testimony has focused on the desirability of eliminating certain income tax “preferences” that are important in agriculture. Specifically, separate proposals have urged that capital gains treatment pertaining to livestock, vineyards and orchards be eliminated and that the cash method of tax accounting no longer be permitted. The justification for these proposals is based on the continued activity of wealthy individuals in tax loss or tax sheltered farming, despite provisions of the Tax Reform Act of 1969 to limit such ventures. Furthermore, it is argued that these tax preferences result in a greater subsidy to the high tax bracket individual than low tax bracket individual and thus place low income bonafide farmers at a competitive disadvantage which could force them out of business.

The Impact of Income Tax Withholding Position and Stock Position on the Sale of Stock

2005 ◽  
Vol 27 (1) ◽  
pp. 1-23 ◽  
Author(s):  
Diana Falsetta ◽  
Richard A. White
Keyword(s):  
Decision Process ◽  
Income Tax ◽  
Primary Factor ◽  
Disposition Effect ◽  
Tax Loss ◽  
The Impact ◽  
Baseline Experiment

The objective of this study is to investigate the effect that stock position (gain or loss) and income tax withholding position (tax payment or tax refund) have on the sale of stock at the end of the year. Prior investigations of stock position have shown that individuals are more likely to sell gain stocks and hold loss stocks (e.g., the disposition effect). However, studies also have found this pattern of behavior to reverse at year-end in an effort to reduce tax liabilities. We conduct two experiments (baseline and primary) to compare the sell or hold decision of participants with either a gain or loss stock. Results of the baseline experiment confirm the disposition effect. However, when participants become more sensitive to tax considerations, the results of the primary experiment support the tax-loss selling hypothesis. That is, participants tend to sell loss stocks and hold gain stocks. These results, while consistent with the tax-loss selling hypothesis, are contrary to the disposition effect, indicating that these effects are strongest when tax considerations are not a primary factor in the decision process. Furthermore, contrary to expectations, participants are not influenced by income tax withholding position. Their propensity to sell loss stocks relative to gain stocks at year-end is the same whether they are faced with a tax payment or a tax refund.

The Tests for the Determination of the Scope of Taxes: The Territorial Location of the Object and the Personal Link of the Taxpayer to the Country

1969 ◽  
Vol 4 (3) ◽  
pp. 392-416
Author(s):  
Aryeh Lapidoth
Keyword(s):  
Income Tax ◽  
Tax System ◽  
Income Approach ◽  
Similar Term

The scope of income tax is generally determined in the light of two criteria: the personal link of the taxpayer to the country and the link between the income and the territory of the country imposing the tax. The imposition of tax on the basis of the second of these criteria is known as “the source of the income” approach.A similar term, the doctrine of “source”, was used in the British income tax system to denote a different theory. That theory was based on the idea that all income must have a “source” and that no one ought to be taxed in a given year unless it can be shown that he had a source from which income could be derived during that year. It should be noted, however, that notwithstanding the linguistic resemblance between the terms used for the two theories, in fact they deal with different matters. Hence, though perhaps historically related, the two concepts should not be confused.

scholarly journals Tax Loss Amortization of Companies in Slovakia

2020 ◽  
Vol 13 (10) ◽  
pp. 241
Author(s):  
Anna Bánociová ◽  
Slavomíra Ťahlová
Keyword(s):  
European Union ◽  
Income Tax ◽  
Time Horizon ◽  
Descriptive Statistics ◽  
Corporate Income Tax ◽  
The European Union ◽  
Review Of Literature ◽  
Tax Loss ◽  
The Relationship

The purpose of this article is to research how companies optimize income tax with the ambition to maintain the achieved sales and profits at the highest possible level. Its purpose is to find out whether companies in Slovakia compensate for higher tax liability by tax loss amortization to reduce their income tax payable. Based on the review of literature from the field of legislation concerning the tax loss amortization by using the descriptive statistics of selected corporate and tax indicators, the companies are monitored in order to capture their behavior in paying income tax. The methods of deduction and synthesis are used in this article. The observed corporate and tax indicators are focusing on the relationship between the tax liability arising from corporate income tax, amortized tax losses, and the amount of tax payable in Slovakia in the period from 2015 to 2018. Tax loss can be considered as a tool for tax optimization, which is used by companies in all countries of the European Union, while the scope of its applicability is often limited by a time horizon. The amortization of tax losses has an impact on the amount of tax levied and the subsequent income tax payable, while the possibility to use this tool of tax optimization is influenced by the changing legislation in the period under review.

Determination of a tissue-level failure evaluation standard for rat femoral cortical bone utilizing a hybrid computational–experimental method

2017 ◽  
Vol 232 (1) ◽  
pp. 80-89 ◽  
Author(s):  
Ruoxun Fan ◽  
Jie Liu ◽  
Zhengbin Jia ◽  
Ying Deng ◽  
Jun Liu
Keyword(s):  
Experimental Method ◽  
Bone Tissue ◽  
Bone Structure ◽  
Tissue Level ◽  
Anatomical Site ◽  
Timely Manner ◽  
Evaluation Standard ◽  
Applied Loading ◽  
Failure Evaluation

Macro-level failure in bone structure could be diagnosed by pain or physical examination. However, diagnosing tissue-level failure in a timely manner is challenging due to the difficulty in observing the interior mechanical environment of bone tissue. Because most fractures begin with tissue-level failure in bone tissue caused by continually applied loading, people attempt to monitor the tissue-level failure of bone and provide corresponding measures to prevent fracture. Many tissue-level mechanical parameters of bone could be predicted or measured; however, the value of the parameter may vary among different specimens belonging to a kind of bone structure even at the same age and anatomical site. These variations cause difficulty in representing tissue-level bone failure. Therefore, determining an appropriate tissue-level failure evaluation standard is necessary to represent tissue-level bone failure. In this study, the yield and failure processes of rat femoral cortical bones were primarily simulated through a hybrid computational–experimental method. Subsequently, the tissue-level strains and the ratio between tissue-level failure and yield strains in cortical bones were predicted. The results indicated that certain differences existed in tissue-level strains; however, slight variations in the ratio were observed among different cortical bones. Therefore, the ratio between tissue-level failure and yield strains for a kind of bone structure could be determined. This ratio may then be regarded as an appropriate tissue-level failure evaluation standard to represent the mechanical status of bone tissue.

scholarly journals Analisis Peraturan Pemerintah Nomor 23 Tahun 2018: Sudut Pandang Pelaku UMKM

2019 ◽  
Vol 20 (1) ◽  
pp. 99
Author(s):  
Prima Bayu Prakosa ◽  
Amir Hidayatulloh
Keyword(s):  
Income Tax ◽  
Government Regulation ◽  
Financial Statements ◽  
Government Policies ◽  
The Internet ◽  
Legal Certainty ◽  
Tax Base ◽  
Tax Enforcement ◽  
Study Base

This research was conducted to determine the effectiveness of final tax enforcement for MSME entrepreneurs in terms of tax collection principles and to find out the obstacles faxed by MSME entrepreneurs in implementing the final tax. This research is a qualitative study. The analysis of the determination of final income tax base on government regulation number 23 in 2018 provides an explanation of the phenomenon of imposing final tax on MSME. Data collection techniques used were interviews, which given to nine Batik MSME in the special regional of Yogyakarta. The next activity is analyzing by linking the real conditions with particular review that used as a review that is used as reference and guide in conducting a study. Base on the analysis, it was found that the majority of taxpayer (nine batik MSME) said that MSME left injustice, lack of legal certainty, lack of efficiency, and lack of pleasure in paying taxes. Obstacles in implementing government regulation number 23 in 2018 include the existence of government policies related to taxation when in a state of loss makes MSME difficult, the payment system that e-billing makes it is difficult for some MSME because the resource person does not master the internet and computerization, legal certainly is unclear and the existence of problem related to financial statements that have not been properly arranged.

scholarly journals Just and Equitable Considerations for Applications for the Extentions of Notices of Objection

1969 ◽  
pp. 762
Author(s):  
Gordon D. Dixon
Keyword(s):  
Income Tax ◽  
Tax Law ◽  
Income Tax Law ◽  
Tax Court ◽  
Do So

The author analyzes the provisions in Canadian income tax law which provide discretion to the Tax Court to grant an extension of time, beyond the strict statutory period, for the filing of an objection to an assessment or a reassessment if the circumstances of the case are such that it would be just and equitable to do so, assuming that certain conditions precedent have been met. The author discusses two approaches available to the courts in determining whether the circumstances of a particular case are such as to make the granting of an extension "just and equitable": the constrained vision, which concentrates on the form of the process, or the unconstrained vision, which concentrates on the substance of the result. The author concludes that Canadian courts have followed a constrained vision in determining whether an extension of time is just and equitable in a given set of circumstances.

scholarly journals MICRO, SMALL, AND MEDIUM ENTERPRISES TAXPAYER PERCEPTION ON THE DETERMINATION OF FINAL INCOME TAX POLICY ACCORDING TO GOVERNMENT REGULATION NUMBER 23 YEAR OF 2018

2019 ◽  
pp. 174-182
Author(s):  
Lina Said
Keyword(s):  
Income Tax ◽  
Government Regulation ◽  
Small And Medium Enterprises ◽  
Descriptive Analysis ◽  
Tax Rates ◽  
Income Tax Policy ◽  
The Government ◽  
Knitting Industry ◽  
Medium Enterprises

The Government has issued a new provision on Income Tax on Micro, Small, and Medium Enterprises (MSMEs), namely Government Regulation Number 23 the Year of 2018 about Income Tax Of Businesses Received or Obtained by Taxpayers Who Have Certain Gross Circulation, effective from 1st July 2018. The Government Regulation revokes Government Regulation Number 46 the year 2013 which has been effective for five years since its enactment on 1st July 2013. This new regulation is considered very important, especially for MSMEs because it regulates the reduction in final income tax rates for MSMEs with a turnover of maximum Rp. 4.8 billion per year, to 0,5% originally 1% (Government Regulation No.46/2013). The method used is descriptive analysis with a quantitative approach using questionnaires with respondents are MSMEs taxpayers in the knitting industry. The results of the research show that in general, knitting industry MSMEs do not know and understand about the implementation of Government Regulation Number 23 the Year of 2018. Taxpayer's perception of fairness is at 3.04, Certainty at 3.14, Convenience 3.20, and Economy/Efficiency 3.50.

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