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Article: The Role of Age in Tax Planning.(Statistical Data Included)
- Article from:
- The National Public Accountant
- Article date:
- February 1, 2000
- Author:
CopyrightCOPYRIGHT 2000 National Society of Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Introduction
The Internal Revenue Code contains numerous income tax provisions where the taxpayer's age is important. When a baby is born so is a new taxpayer whose taxable year starts on his/her birthday. As the baby grows up, more age-related tax provisions may apply. Even seemingly related provisions may contain different ages, in part because different Congresses passed the laws. Thus, the "Child Care Credit" applies to children under age 13, the "Kiddie Tax" to children under 14, the "Child Tax Credit" to children under 17, and the "Earned Income Credit" and the Dependency Exemption to children under 19 (24 if a student)! Eventually, the taxpayer dies, ...
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Article: Notice 2001-24
United States. Internal Revenue Bulletin;
March 19, 2001 ;
700+ words
... ... differential earnings amount" for any taxable year is the amount equal to the product ... s average equity base for the taxable year multiplied by (b) the "differential earnings rate" for that taxable year. The "differential earnings rate ...
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