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- Title
LEGAL PROBLEMS IN TAXING INCOME FROM GOVERNMENTAL SECURITIES.
- Authors
ROUZER, ELMER E.
- Abstract
The article analyzes the several legal problems associated with the imposition of tax on interest from governmental securities in the U.S. and the remedies for the problems. It is stated that, the doctrine of intergovernmental immunities creates a legal hurdle in the process of imposing tax on the interest, as the immunities forbids the taxation of one government by the other where the imposition of the tax would tend to interfere with a governmental function of the former. However, as stated, the 16th Amendment of the Constitution of the U.S. might remove the immunity as it gives the U.S. Congress the power to tax income from whatever source derived without the necessity of apportionment.
- Subjects
UNITED States; TAXATION of United States bonds; INTEREST rates; UNITED States. Congress; UNITED States. Constitution. 16th Amendment; TAX exemption; GOVERNMENT revenue; GOVERNMENT securities; INTERNAL revenue; TAX deductions; TAXATION
- Publication
Law & Contemporary Problems, 1940, Vol 7, Issue 2, p235
- ISSN
0023-9186
- Publication type
Article
- DOI
10.2307/1189619