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Taxes

Constructive ownership

This indirect ownership is known as beneficial ownership

When it comes to finances, it's important to understand the concept of beneficial ownership. This refers to the situation where an individual may be deemed to have ownership of property or stock, despite not directly holding it. In other words, the ownership is indirect. This can have significant implications for taxpayers, and it's crucial to have a solid understanding of this term. Let's delve into it further.

Source rule

A crucial factor in understanding the taxation of income is the concept of source, as defined in a country's national law or a tax treaty. This provision determines the orig...

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Taxable year

The tax liability of an individual or entity is determined over a period of time, commonly known as the "tax year". This period typically spans 12 months and is used to calc...

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Depletion

A deductible expense is a term used to describe the reduction in value of a natural resource as a result of its extraction. This means that when a natural resource is taken ...

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Tax law, sources of

Tax laws are crucial for understanding the financial landscape. These laws are classified into domestic and international sources. Primary legislation, such as acts or law...

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