Simple English definitions for legal terms
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Term: TAX SITUS
Definition: Tax situs refers to the place or jurisdiction that has a strong connection with assets that are being taxed. This means that the state or country where the assets are located or where they were earned may have the right to tax them.
Definition: Tax situs refers to a state or jurisdiction that has a significant connection with assets that are subject to taxation.
Examples:
These examples illustrate how tax situs works. Even if you don't live in a state or jurisdiction, if you own property or operate a business there, that state or jurisdiction has the right to tax those assets. This is important to understand if you own property or operate a business in multiple states, as you may be subject to taxes in each of those states.