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Linc
Advanced Member
Canada
111 Posts |
 Posted - 15 May 2005 : 13:22:50
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Suppose you trade property of value $X for some other property of exactly equal value $X. Is that transaction taxable?
In some places, it is not.
In such places, how does one convert labor into property? Is the conversion of labor into property always considered income?
What is income?
What is commerce?
YHWH bless you. |
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David Merrill
Advanced Member
USA
1147 Posts |
Posted - 15 May 2005 : 18:20:31
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| I have heard that if you declare no value on a vehicle during tax registration, the taxation is stumped. Anyone? |
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Walter
Advanced Member
USA
144 Posts |
Posted - 15 May 2005 : 21:33:49
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quote:
Originally posted by Linc
...
What is income?
fwiw.
INCOME. - Black's 3rd, pg. 944.
The return in money from one's business, labor, or capital invested; gains, profit, or private revenue. Braun's Appeal, 105 Pa. 415; Peole v. Davenport, 30 Hun (N. Y.) 177; In re Slocum, 169 N. Y. 153, 62 N. E. 130; Waring v. Savannah, 60 Ga. 99.
"Income" is the gain which proceeds from labor, business, or property; commercial revenue, or receipts of any kind, including wages or salaries, the proceeds of agriculture or commerce, the rent of houses, or the return on investments; or the amount of money coming to a person or corporation within a specified time, whether as payment for services, interest, or profit from investment, its usual synonyms being "gain," "profit," "revenue." Trefey v. Putnam, 116 N. E. 904, 907, 227 Mass. 522, L. R. A. 1917F, 806. Something derived from property, labor, skill, ingenuity, or sound judgment, or from two or more in combination, or from some other productive source. Stony Brook R. Corporation v. Boston & M. R. R., 260 Mass. 379, 157 N. E. 607, 610, 53 A. L. R. 700. An increase of wealth, out of which money may be taken to satisfy the the impositions laid thereon. Brown v. Long, 242 Mass. 242, 136 N. E. 188, 189.
"Income" is gain derived from capital, from labor, or from both combined; something of exchangeable value, proceeding from the property, severed from the capital, however invested or employed, and received or drawn by the recipient for his separate use, benefit, and disposal. Eisner v. Macomber 40 S. Ct. 189, 252 U. S. 189, 64 L. Ed. 521, 9 A. L. R. 1570; Goodrich v. Edwards, 41 S. CT. 390, 255 U. S. 527, 65 L. Ed. 758; Noel v. Parrott (C. C. A.) 15 F.(2d) 669, 672. Money or that which is convertible into money. State v. Wisconsin Tax Commission, 187 Wis. 539, 204 N. W. 481, 482.
"Income" means that which comes in or is received from any business or investment of capital, without reference to the outgoing wxpenditures; while "profits" generally means the gain which is made upon any business or investment when both receipts and payments are taken into account. "Income," when applied to the affairs of individuals, expresses the same idea that "revenue" does when applied to the affairs of a state or nation. People v. Niagara county, 4 Hill. (N. Y.) 20; Bates v. Porter, 74 Cal. 224, 15 P. 732.
"Income" us used in common parlance and in law in contradistinction to "capital." 31 C. J. 397. Income, when not derived from personal exertion, is something produced by capital without impairing such capital, the property being left intact, and nothing can be called income which takes away from the property itself. Sargent Land Co. v. Von Baumbach (D. C.) 207 F. 423, 430. Income is something which has grown out of or issued from capital, leaving the capital unimpaired and intact. Gavit v. Irwin (D. C.) 275 F. 643, 645.
INCOME TAX. - Black's 3rd, pg. 944.
A tax on the yearly profits arising from property, professions, trades, and offices. 2 Steph. Comm. 573. Levi v. Louisville, 97 Ky. 394, 30 S. W. 973, 28 L. R. A. 480; Parker v. Insurance Co., 42 La. Ann. 428, 7 So. 599. An income tax is not levied upon property, funds, or profits, but upon the right of an individual or corporation to receive income or profits. Paine v. City of Oshkosh, 190 Wis. 69, 208 N. W. 790, 791. Under various constitutional and statutory provisions, a tax on incomes is sometimes said to be an excise tax and not a tax on property, Hattiesburg Grocery Co., v. Robertson, 126 Miss. 34, 88 So. 4, 5, 24 A. L. R. 748, nor on business, but a tax on proceeds arising therefrom, Young v. Illinois Athletic Club, 310 Ill. 75, 141 N. E. 369, 371, 30 A. L. R. 985. But in other cases an income tax is said to be a property and not a personal or excise tax; In re Ponzi (D. C.) 6 F.(2d) 324, 326; Commonwealth v. P. Horillard Co., 129 Va. 74, 105 S. E. 683, 684; Kennedy v. Commissioner of Corporations and Taxation, 256 Mass. 426, 152 N. E. 747, 748 (but see In re Opinion of the Justices, 77 N. H. 611, 93 A. 311, 313). An "excise tax" is an indirect charge for the privilege of following an occupation or trade, or carrying on a business; while an "income tax" is a direct tax imposed upon income, and is as directly imposed as is a tax on lnad. United States v. Philadelphia, B. & W. R. Co. (D. C.) 262 F. 188, 190. |
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Difference between Income, Property, and Commerce?
