The rate at which income at a particular level is taxed. The U.S. Tax Court is one of three trial courts of original jurisdiction that decide litigation involving federal income, death, and gift taxes. Tax Credit for the Elderly or the Disabled Eligible taxpayers 65 years old and older, and those under 65 retired on a permanent and total disability, may claim the credit. The amount of the credit, if any, is computed on Schedule R, Form 1040, or Schedule 3, Form 1040A. Tax-Exempt Income Income that by law is not subject to income tax. Tax-Free Exchanges Transfers of property specifically exempt from federal income tax consequences in the current year.
Examples are a transfer of property to a controlled corporation and a like-kind exchange.
The business location, post, or station of the taxpayer. If an employee is temporarily reassigned to a new post for a period of one year or less, the taxpayer's tax home is his personal residence and the travel expenses are deductible. Tax Preference Items Tax items that may result in the imposition of the alternative minimum tax. Tax Rate Schedules Tax rate schedules are used by certain taxpayers. Temporary Assignment A work assignment away from the taxpayer's tax home, the termination of which can be foreseen at the time the job begins, within a reasonably short period.