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in our disclaimer.
Cache Is NOT at posted coords - in the middle of Reeds Lake - although that could be taxing to find. The cache was a 30 Cal Ammo can but was replaced with a smaller container when it was returned to me by the lawn guys - .
Congrats to Keenan Crew and JBExpress of the FTF!
Do not hesitate to contact me if you have questions on this puzzle - I will gladly assist.
Also Circular 230 requires that I disclose:
This geocache description and any tax advice contained in this communication (including attachments) was not intended or written to be used to avoid any penalty imposed by a taxing authority, nor may the recipient/user of this communication use this tax advice for that purpose.
This is my second puzzle and like the first it should be pretty straight forward but there is a little twist. Just remember who we originally fought about taxes.
The United States is a federal republic with autonomous state and local governments. Taxes are imposed in the United States at each of these levels. These include taxes on income, property, sales, imports, payroll, estates and gifts, as well as various fees.
Taxes are imposed on net income of individuals and corporations by the federal, most state, and some local governments. Residents are taxed on worldwide income and allowed a credit for foreign taxes. Income subject to tax is determined under tax rules, not accounting principles, and includes almost all income from whatever source. Most business expenses reduce taxable income, though limits apply to a few expenses. Individuals are permitted to reduce taxable income by personal allowances and certain nonbusiness expenses, including home mortgage interest, state and local taxes, charitable contributions, and medical and certain other expenses incurred above certain percentages of income. State rules for determining taxable income often differ from federal rules. Federal tax rates vary from 15% to 35% of taxable income. State and local tax rates vary by jurisdiction, and many are graduated. State taxes are generally treated as a deductible expense for federal tax computation. Certain alternative taxes may apply.
Payroll taxes are imposed by the federal and all state governments. These include Social Security and Medicare taxes imposed on both employers and employees, at a combined rate of 15.3% (13.3% for 2011). Social Security tax applies only to the first $106,800 of wages in 2009 through 2011. Employers also must withhold income taxes on wages. An unemployment tax and certain other levies apply.
Property taxes are imposed by most local governments and many special purpose authorities based on the fair market value of property. School and other authorities are often separately governed, and impose separate taxes. Property tax is generally imposed only on realty, though some jurisdictions tax some forms of business property. Property tax rules and rates vary widely.
Sales taxes are imposed on the price at retail sale of many goods and some services by most states and some localities. Sales tax rates vary widely among jurisdictions, from 0% to 16%, and may vary within a jurisdiction based on the particular goods or services taxed. Sales tax is collected by the seller at the time of sale, or remitted as use tax by buyers of taxable items who did not pay sales tax.
The United States imposes tariffs or customs duties on the import of many types of goods from many jurisdictions. This tax must be paid before the goods can be legally imported. Rates of duty vary from 0% to more than 20%, based on the particular goods and country of origin.
I think it is ironic that the original thing our founding fathers fought the BRITISH about was taxes. Here is the Wikipedia ® info on this. Just remember our countries BRITISH roots
"No taxation without representation" is a slogan originating during the 1750s and 1760s that summarized a primary grievance of the BRITISH colonists in the Thirteen Colonies, which was one of the major causes of the American Revolution. In short, many in those colonies believed the lack of direct representation in the distant BRITISH Parliament was an illegal denial of their rights as Englishmen, and therefore laws taxing the colonists (one of the types of laws that affects the majority of individuals directly), and other laws applying only to the colonies, were unconstitutional. However, during the time of the American Revolution, only one in twenty British citizens had representation in parliament, none of whom were part of the colonies. In recent times, it has been used by several other groups in several different countries over similar disputes, including currently in some parts of the United States
By the way, if you go to the US Government Printing Office ( www.gpo.gov ), you can order a complete set of Title 26 of the US Code of Federal Regulations (that's the part written by the IRS), all twenty volumes of it, at the bargain price of $974, shipping included.
According to the US Government Printing Office, it's 13,458 pages in total. The full text of Title 26 of the United States Code (the part written by Congress--available for an additional $179) is a mere 3,387 printed pages, bringing the adjusted gross page count to 16,845.
The number of words has been left as an exercise for the student.
Here are just some parts that may be of interest to you. You may be Negative before you begin.
Denial of certain losses
TITLE 26,Subtitle A,CHAPTER 1,Subchapter A,PART VI,
STATUTE
(a) Denial of farm loss
(1) In general
For purposes of computing the amount of the alternative minimum taxable income for any taxable year of a taxpayer other than a corporation -
(A) Disallowance of farm loss
No loss of the taxpayer for such taxable year from any tax shelter farm activity shall be allowed.
(B) Deduction in succeeding taxable year
Any loss from a tax shelter farm activity disallowed under subparagraph (A) shall be treated as a deduction allocable to such activity in the 1st succeeding taxable year.
(2) Tax shelter farm activity
For purposes of this subsection, the term "tax shelter farm activity" means -
(A) any farming syndicate as defined in section 464(c), and
(B) any other activity consisting of farming which is a passive activity (within the meaning of section 469(c)).
(3) Application to personal service corporations
For purposes of paragraph (1), a personal service corporation (within the meaning of section 469(j)(2)) shall be treated as a taxpayer other than a corporation.
(4) Determination of loss
In determining the amount of the loss from any tax shelter farm activity, the adjustments of other sections shall apply.
(b) Disallowance of passive activity loss
In computing the alternative minimum taxable income of the taxpayer for any taxable year, section 469 shall apply, except that in applying section 469 -
(1) the adjustments of other sections shall apply,
(2) the provisions of section 469(m) (relating to phase-in of disallowance) shall not apply, and
(3) in lieu of applying section 469(j)(7), the passive activity loss of a taxpayer shall be computed without regard to qualified housing interest.
(c) Special rules
For purposes of this section -
(1) Special rule for insolvent taxpayers
(A) In general
The amount of losses to which subsection (a) or (b) applies shall be reduced by the amount (if any) by which the taxpayer is insolvent as of the close of the taxable year.
(B) Insolvent
For purposes of this paragraph, the term "insolvent" means the excess of liabilities over the fair market value of assets.
(2) Loss allowed for year of disposition of farm shelter activity
If the taxpayer disposes of his entire interest in any tax shelter farm activity during any taxable year, the amount of the loss attributable to such activity (determined after carryovers under subsection (a)(1)(B)) shall (to the extent otherwise allowable) be allowed for such taxable year in computing alternative minimum taxable income and not treated as a loss from a tax shelter farm activity.
Items of tax preference
TITLE 26,Subtitle A,CHAPTER 1,Subchapter A,PART VI,
STATUTE
(a) General rule
For purposes of this part, the items of tax preference determined under this section are -
(1) Depletion
With respect to each property (as defined in section 614), the excess of the deduction for depletion allowable under section 611 for the taxable year over the adjusted basis of the property at the end of the taxable year (determined without regard to the depletion deduction for the taxable year). Effective with respect to taxable years beginning after December 31, 1992, this paragraph shall not apply to any deduction for depletion computed in accordance with section 613A(c).
(2) Intangible drilling costs
(A) In general
With respect to all oil, gas, and geothermal properties of the taxpayer, the amount (if any) by which the amount of the excess intangible drilling costs arising in the taxable year is greater than 65 percent of the net income of the taxpayer from oil, gas, and geothermal properties for the taxable year.
(B) Excess intangible drilling costs
For purposes of subparagraph (A), the amount of the excess intangible drilling costs arising in the taxable year is the excess of -
(i) the intangible drilling and development costs paid or incurred in connection with oil, gas, and geothermal wells (other than costs incurred in drilling a nonproductive well) allowable under section 263(c) or 291(b) for the taxable year, over
(ii) the amount which would have been allowable for the taxable year if such costs had been capitalized and straight line recovery of intangibles (as defined in subsection (b)) had been used with respect to such costs.
(C) Net income from oil, gas, and geothermal properties
For purposes of subparagraph (A), the amount of the net income of the taxpayer from oil, gas, and geothermal properties for the taxable year is the excess of -
(i) the aggregate amount of gross income (within the meaning of section 613(a)) from all oil, gas, and geothermal properties of the taxpayer received or accrued by the taxpayer during the taxable year, over
(ii) the amount of any deductions allocable to such properties reduced by the excess described in subparagraph (B) for such taxable year.
(D) Paragraph applied separately with respect to geothermal
properties and oil and gas properties
This paragraph shall be applied separately with respect to -
(i) all oil and gas properties which are not described in clause (ii), and
(ii) all properties which are geothermal deposits (as defined in section 613(e)(2)).
(E) Exception for independent producers
In the case of any oil or gas well -
(i) In general
In the case of any taxable year beginning after December 31, 1992, this paragraph shall not apply to any taxpayer which is not an integrated oil company (as defined in section 291(b)(4)).
(ii) Limitation on benefit
The reduction in alternative minimum taxable income by reason of clause (i) for any taxable year shall not exceed 40 percent (30 percent in case of taxable years beginning in 1993) of the alternative minimum taxable income for such year determined without regard to clause (i) and the alternative tax net operating loss deduction under other sections. [(3) Repealed. Pub. L. 100-647, title I, Sec. 1007(b)(14)(B), Nov. 10, 1988, 102 Stat. 3430] [(4) Repealed. Pub. L. 104-188, title I, Sec. 1616(b)(3), Aug. 20, 1996, 110 Stat. 1856]
(5) Tax-exempt interest
(A) In general
Interest on specified private activity bonds reduced by any deduction (not allowable in computing the regular tax) which would have been allowable if such interest were includible in gross income.
(B) Treatment of exempt-interest dividends
Under regulations prescribed by the Secretary, any exempt-interest dividend (as defined in section 852(b)(5)(A)) shall be treated as interest on a specified private activity bond to the extent of its proportionate share of the interest on such bonds received by the company paying such dividend.
(C) Specified private activity bonds
(i) In general
For purposes of this part, the term "specified private activity bond" means any private activity bond (as defined in section 141) which is issued after August 7, 1986, and the interest on which is not includible in gross income under section 103.
(ii) Exception for qualified 501(c)(3) bonds
For purposes of clause (i), the term "private activity bond" shall not include any qualified 501(c)(3) bond (as defined in section 145).
(iii) Exception for refundings
For purposes of clause (i), the term "private activity bond" shall not include any refunding bond (whether a current or advance refunding) if the refunded bond (or in the case of a series of refundings, the original bond) was issued before August 8, 1986.
(iv) Certain bonds issued before September 1, 1986
For purposes of this subparagraph, a bond issued before September 1, 1986, shall be treated as issued before August 8, 1986, unless such bond would be a private activity bond if -
(I) paragraphs (1) and (2) of section 141(b) were applied by substituting "25 percent" for "10 percent" each place it appears,
(II) paragraphs (3), (4), and (5) of section 141(b) did not apply, and
(III) subparagraph (B) of section 141(c)(1) did not apply.
(6) Accelerated depreciation or amortization on certain property
placed in service before January 1, 1987
The amounts which would be treated as items of tax preference with respect to the taxpayer under paragraphs (2), (3), (4), and (12) of this subsection (as in effect on the day before the date of the enactment of the Tax Reform Act of 1986). The preceding sentence shall not apply to any property to which other sections apply.
(7) Exclusion for gains on sale of certain small business stock
An amount equal to 7 percent of the amount excluded from gross income for the taxable year under section 1202.
(b) Straight line recovery of intangibles defined
For purposes of paragraph (2) of subsection (a) -
(1) In general
The term "straight line recovery of intangibles", when used with respect to intangible drilling and development costs for any well, means (except in the case of an election under paragraph (2)) ratable amortization of such costs over the 120-month period beginning with the month in which production from such well begins.
(2) Election
If the taxpayer elects with respect to the intangible drilling and development costs for any well, the term "straight line recovery of intangibles" means any method which would be permitted for purposes of determining cost depletion with respect to such well and which is selected by the taxpayer for purposes of subsection (a)(2).
Dividend carryover
TITLE 26,Subtitle A,CHAPTER 1,Subchapter G,PART IV,
STATUTE
(a) General rule
For purposes of computing the dividends paid deduction under sections, in the case of a personal holding company the dividend carryover for any taxable year shall be the dividend carryover to such taxable year, computed as provided in subsection (b), from the two preceding taxable years.
(b) Computation of dividend carryover
The dividend carryover to the taxable year shall be determined as follows:
(1) For each of the 2 preceding taxable years there shall be determined the taxable income computed with the adjustments provided in other sections (whether or not the taxpayer was a personal holding company for either of such preceding taxable years), and there shall also be determined for each such year the deduction for dividends paid during such year as provided in other sections (but determined without regard to the dividend carryover to such year).
(2) There shall be determined for each such taxable year whether there is an excess of such taxable income over such deduction for dividends paid or an excess of such deduction for dividends paid over such taxable income, and the amount of each such excess.
(3) If there is an excess of such deductions for dividends paid over such taxable income for the first preceding taxable year, such excess shall be allowed as a dividend carryover to the taxable year.
(4) If there is an excess of such deduction for dividends paid over such taxable income for the second preceding taxable year, such excess shall be reduced by the amount determined in paragraph (5), and the remainder of such excess shall be allowed as a dividend carryover to the taxable year.
(5) The amount of the reduction specified in paragraph (4) shall be the amount of the excess of the taxable income, if any, for the first preceding taxable year over such deduction for dividends paid, if any, for the first preceding taxable year.
GENERAL PROVISIONS RELATING TO OCCUPATIONAL TAXES
TITLE 26,Subtitle D.
Sec.
4901. Payment of tax.
4902. Liability of partners.
4903. Liability in case of business in more than one
location.
4904. Liability in case of different businesses of same
ownership and location.
4905. Liability in case of death or change of location.
4906. Application of State laws.
4907. Federal agencies or instrumentalities.
PRESIDENTIAL ELECTION CAMPAIGN FUND
TITLE 26,Subtitle H,
Sec.
9001. Short title.
9002. Definitions.
9003. Condition for eligibility for payments.
9004. Entitlement of eligible candidates to payments.
9005. Certification by Commission.
9006. Payments to eligible candidates.
9007. Examinations and audits; repayments.
9008. Payments for presidential nominating conventions.
9009. Reports to Congress; regulations.
9010. Participation by Commission in judicial proceedings.
9011. Judicial review.
9012. Criminal penalties.
9013. Effective date of chapter.
ENVIRONMENTAL TAXES
TITLE 26,Subtitle D,
Subchapter Sec.1
A. Tax on petroleum 4611
B. Tax on certain chemicals 4661
C. Tax on certain imported substances 4671
D. Ozone-depleting chemicals, etc. 4681
PRIOR PROVISIONS
A prior, consisting of sections 4521 to 4603 and
relating to import taxes, was repealed by Pub. L. 87-456, title
III, Sec. 302(d), May 24, 1962, 76 Stat. 77, and Pub. L. 94-455,
title XIX, Sec. 1904(a)(15), Oct. 4, 1976, 90 Stat. 1814.
AMENDMENTS
1989 - Pub. L. 101-239, title VII, Sec. 7506(b), Dec. 19, 1989,
103 Stat. 2369, added item for subchapter D.
1986 - Pub. L. 99-499, title V, Sec. 515(b), Oct. 17, 1986, 100
Stat. 1769, added item for subchapter C.
Pub. L. 99-499, title V, Sec. 514(a)(2), Oct. 17, 1986, 100 Stat.
1767, struck out item for subchapter C.
1980 - Pub. L. 96-510, title II, Sec. 231(b), Dec. 11, 1980, 94
Stat. 2804, added item for subchapter C.
Pub. L. 96-510, title II, Sec. 211(a), Dec. 11, 1980, 94 Stat.
2797, added chapter 38 and analysis of subchapters consisting of
items A and B.
When you get all the way through this some people say it makes "Zero" sense - you may want to factor that on the end......
Additional Hints
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