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Simple English definitions for legal terms
documentary-stamp transfer tax
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A quick definition of documentary-stamp transfer tax:
A documentary-stamp transfer tax is a type of tax that the government charges on certain transactions or property transfers. It is a way for the government to collect money to fund public needs. Taxes can be paid in different forms, not just money. An accrued tax is a tax that has been incurred but not yet paid. An accumulated-earnings tax is a penalty tax imposed on a corporation that has retained its earnings to avoid income-tax liability. An admission tax is a tax that is part of the price of being admitted to a particular event.
A more thorough explanation:
A documentary-stamp transfer tax is a type of tax that is imposed by the government on certain transactions involving the transfer of property. This tax is usually paid by the buyer or seller of the property and is based on the value of the property being transferred.
- When you buy a house, you may be required to pay a documentary-stamp transfer tax to the government.
- If you sell a car to someone, you may need to pay a documentary-stamp transfer tax on the sale.
These examples illustrate how a documentary-stamp transfer tax is a charge imposed by the government on certain transactions involving the transfer of property. The tax is based on the value of the property being transferred and is usually paid by the buyer or seller of the property.