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LSDefine

Simple English definitions for legal terms

income-shifting

Read a random definition: jure imperii

A quick definition of income-shifting:

Income-shifting is when someone moves their money to someone else who has a lower tax rate, like a child, to pay less taxes. This is sometimes done by creating a special type of trust called a Clifford trust. Taxes are money that the government collects from people, businesses, and things like property to pay for things that everyone needs. Sometimes taxes are paid in money, but not always. Accrued tax is when someone owes taxes but hasn't paid them yet. The accumulated-earnings tax is a penalty for companies that keep their profits instead of giving them to shareholders as dividends. An admission tax is a fee you pay to get into a special event.

A more thorough explanation:

Definition: Income-shifting is the practice of transferring income to a taxpayer in a lower tax bracket, such as a child, to reduce tax liability. This is often done by forming a Clifford trust.

Example: A parent transfers ownership of a rental property to their child who is in a lower tax bracket. The child then receives the rental income and pays a lower tax rate on it than the parent would have.

This example illustrates income-shifting because the parent is transferring ownership of the rental property to their child to reduce their tax liability. The child is in a lower tax bracket and will pay a lower tax rate on the rental income than the parent would have.

Definition: Tax is a monetary charge imposed by the government on persons, entities, transactions, or property to yield public revenue. It includes duties, imposts, and excises.

Example: Sales tax is a tax imposed on the purchase of goods and services. When you buy a new phone, you pay a percentage of the purchase price as sales tax.

This example illustrates tax because the government imposes a charge on the purchase of goods and services, which is paid by the consumer as sales tax. The revenue generated from sales tax is used to fund public services and programs.

income property | income stock

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to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
i think it just indicates a change in status like under review or stages of review
my stanford address went long as soon as it was marked complete lmao
soapy
10:25
I saw some Reddit adcom say that they can see any time we refresh the status checker; I wonder if it's a red flag if an applicant's checked it like 50 times in a day?
soapy
10:25
Also, can we send another LoR to a school that we've already applied to?
soapy
10:26
Or another essay?
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