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	Did You Know?
	Form 8308 is Report of a Sale or Exchange of Certain Partnership Interests Report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items.

Tax Law is divided into both Federal Tax and State Tax, and involves the taxation of income and property acquired through personal and professional efforts. In addition to income tax, there is sales tax, gift tax, inheritance tax, capital gains tax, property tax, and a myriad of other areas of tax.

	Tax collections shown for various States
	Amounts include adjustments to prior years made in Fiscal Year 2004. This could produce negative amounts of collections shown in the table.However, in a given fiscal year, refunds relating to prior fiscal years may be issued and subsequently recorded, and, therefore, the total refund amount may exceed the collection amount [Money amounts are in thousands of dollars.] in Virginia Total Internal Revenue collections [2] 47,016,582 Corporation income tax [3] 4,895,573 Total [4,5] 41,381,186 Income tax not withheld and SECA tax [4,5] 7,361,496 Income tax withheld and FICA tax [4] 33,318,228 Railroad retirement tax 540,894 Unemployment insurance tax 160,567 Estate Tax 603,694 Gift Tax 24,876 Excise Taxes[2] 111,253 Source: Data 2004, Chief Financial Officer, Revenue Financial Management

Federal Income tax became law in 1913 when the Sixteenth Amendment to the U.S. Constitution was ratified. While some states do not have an income tax, all residents and citizens of the United States are subject to federal income tax. The more assets an individual owns, unfortunately, the more complicated the tax law becomes.

Congress writes the tax laws, which become part of the tax code. The Internal Revenue Service (IRS) is charged with interpreting the tax code. The IRS is a branch of the U.S. Treasury Department, with headquarters in Washington, D.C., and is ruled by a commissioner appointed by the President. Regional commissioners and district directors, also political appointees, oversee IRS operations.

Our Virginia Taxation Lawyers are willing to work for you. They can explain in detail the complex state and federal tax laws that affect you and your case. If you expect a high standard of quality from your legal representatives, then our Virginia Taxation Lawyers are the lawyers for you.

Taxation and Tax Law related topics:

• Income Tax Cases
• Recent Estate & Gift Tax Cases
• Recent Income Tax Cases
• State Statutes Dealing with Taxation
• Corporate Taxation
• International Taxation

Contact our Virginia Taxation Lawyer Now!

Virginia Audio & Video         Senate Republicans Seek End to Estate Tax AUDIO, RM, 44Kbps, 7:08, 7/28/2005 The Senate is expected to vote this week on a proposal to repeal the estate tax. The tax has been in place for nearly a century. But times have changed and estate tax opponents are predicting victory Source: NPR

Virginia External Sites         Virginia Department of Taxation | VA TAX The web address to the Department of Taxation's web site has been changed to www.tax.virginia.gov. ... please click this link to proceed: www.tax Virginia Department of Taxation Virginia Department of Taxation provides state income and business tax forms and information.