Financial Glossary: Tax Court


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Tax Court

Tax Court

A court of law whose sole jurisdiction is to decide litigation involving federal income, death, and other taxes.

A specialized federal or state court that decides cases involving Tax-related controversies . All state governments and the federal government provide a means of adjudicating cases dealing with taxation. Tax courts deal solely with Tax disputes, which may involve the Valuation of real property, the amount of Tax the state or federal revenue agency seeks to collect, or the Tax status of a pension plan or a charitable organization. The Tax Court has jurisdiction to re determine excise taxes and penalties imposed on private foundations.

The Tax Court also has jurisdiction to make declaratory judgments relating to the qualification of retirement plans, including pension, profit sharing, stock bonus, annuity, and Bond purchase plans; the Tax-exempt status of a charitable organization, qualified charitable donee, private Foundation, or private operating Foundation; and the status of Interest on certain government obligations.

Posted by IQPC Worldwide Pte

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