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Capital allowances is the practice of allowing tax payers to get tax relief on capital expenditure by allowing it to be deducted against their annual taxable income. . Generally, expenditure qualifying for capital allowances will be incurred on specified capital assets, with the deduction available normally spread over ma
AMG Capital Management, LLC v. Federal Trade Commission , 593 U.S. ___ (2021), was a U.S. Supreme Court case dealing with the ability of the Federal Trade Commission (FTC) to seek monetary relief for restitution or disgorgement from those that it found in violation of trade practices.
Trump v. Mazars USA, LLP, 591 U.S. ___ (2020) was a landmark US Supreme Court case involving subpoenas issued by committees of the US House of Representatives to obtain the tax returns of President Donald Trump, who had litigated against his personal accounting firm to prevent this disclosure, although the committees had been cleared by the United States Court of Appeals for the District of ...
The broad definition of the term “capital asset” explicitly makes irrelevant any consideration of the property's connection with the taxpayer's business. The motive behind the purchase of the asset is not mentioned as a factor in § 1221. Congress does not direct the Court to read § 1221 liberally. Congress intended the specific exceptions ...
Business expenses include all manner of costs for the benefit of the activity. An allowance (as a capital allowance or depreciation deduction) is nearly always allowed for recovery of costs of assets used in the activity. Rules on capital allowances vary widely, and often permit recovery of costs more quickly than ratably over the life of the ...
A federal appeals court ruled that the Justice Department can release a report on Donald Trump’s efforts to overturn his 2020 election loss, but kept in place a judge's order requiring a three ...
In a congressional hearing on July 10, 2024, Representative Dan Goldman summarized the court's ruling, saying to EPA Administrator Michael S. Regan, "The Loper Bright ruling, as you know, said that the courts should not defer to agency rulemaking if a statute is ambiguous. And instead the courts get to determine whether or not what the statute ...
By Nate Raymond (Reuters) -A U.S. appeals court has halted enforcement of an anti-money laundering law that requires corporate entities to disclose the identities of their real beneficial owners ...