Situs of Taxation

Situs of Taxation literally means Place of Taxation.

  1. Poll Tax – residence of the persons.
  2. Real Property Tax – State where the property is located whether the owner resides or not.
  3. Tax on Tangible Properties – State where it is physically located although the owner resides in another jurisdiction.
  4. Tax on Intangible Property – Domicile of the owner.
  5. Income Tax – State where the  taxpayer is a citizen and resident or the place where the income is derived.
  6. Business, occupation and transaction tax – place where the business is done, or occupation is engaged in or transaction took place.
  7. Gratuitous transfer of property – State where the transferor is a citizen or resident where property is located.

Remedies against multiplicity of Situs;

  1. Provisions for exemptions.
  2. Allowance of deduction or tax credit for foreign taxes.
  3. Treaties with other states.

About Jonathan Ruiz CPA

Entrepreneur, CPA Mentor, Stock market Newbie Mentor, Influential Author and Master's Degree in International Business graduate in Hult International Business School, UK. A father of two lovely daughters.
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