Analysis of Section 19 of H. R. 10650, Withholding on Dividends and Interest: Prepared for the Use of the Committee on Finance, United States Senate, by the Staff (Classic Reprint) - Couverture souple

Taxation, United States Congress Joint Committee On Internal Revenue

Couverture souple

ISBN 10 : 1330313607 ISBN 13 : 9781330313602

Editeur : Forgotten Books, 2018

Synopsis

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A propos du livre

Présentation de l'éditeur

Explanation of House Bill The House bill provides that payors of interest, dividends, and patronage dividends are to withhold one-fifth or 20 percent of the payment they would otherwise make to the interest, dividend, or patronage dividend recipient, with certain exceptions. This withheld amount is to be paid over to the Government by the payor (sec. 3481) by the last day of the first month after the end of each quarter of the payors taxable year (A pril 30, Juh 31, October 31, and January 31 for calendar year taxpayers). The recipient of the interest, dividend, or patronage dividend payment when he files his own income tax retm-n can claim credit for the payment made by the payor on his behalf. This withholding system does not require the attachment of any receipt by the recipient of the payment to his tax return (sec. 3489 provides a presumption that amounts have been withheld). It also does not require the pa3or to send the income recipient any receipt. I nstead, it is presumed that, initially at least, payors will indicate in some communication to the recipient of the payment that the pajnent is net, that is, reduced by one-fifth for the amount withheld for the Government. It is contemplated that the recipient of the payment on his tax return first will report the net interest, dividend, or patronage dividend payment received. He will then be requested to add to this amount one-fourth of the amount received, representing the amount withheld. This is what is referred to as grossing up the interest or dividend payment. Thus, for example, if an individual were entitled to $100 of dividends before withholding, one-fifth of this amount, or $20 would be withheld by the payor and remitted to the Government. The remaining $80 would be the net dividend payment received by the recipient. This is the amount he would initially report on his income tax return. He wou
(Typographical errors above are due to OCR software and don't occur in the book.)

Détails de l'édition

• Éditeur: Forgotten Books
• Date d'édition: 2018
• Langue: anglais
• ISBN 10: 1330313607
• ISBN 13: 9781330313602
• Reliure: Broché
• Nombre de pages: 31
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