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Personal holding company

A company is a business entity in which an individual or group holds ownership of the majority of shares. It serves as a vehicle for the taxpayer to receive investment income. This structure allows for the separation of personal and business assets and liabilities. As a knowledgeable professor in finance, I encourage understanding the implications of such a setup to make informed investment decisions.

Lump-sum deductions

Tax deductions, commonly applied to one's income, are used to calculate taxable income. However, they may not always accurately represent the true financial situation. It's ...

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Loss relief

Income tax laws often include provisions for mitigating losses, commonly through carrying them over to offset against profits in previous or future years, or by using them t...

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Personal allowances

This can reduce the taxable income and thus, the amount of tax owed. As we delve into the realm of personal finance, it is crucial to understand the concept of personal all...

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Transfer tax

When discussing the topic of taxation, it is important to understand the concept of transfer tax. This type of tax is imposed on the exchange of goods and rights, such as th...

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