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	Form 5471 is Information Return of U.S. Persons With Respect to Certain Foreign Corporations Report information with respect to certain foreign corporations. A domestic partnership may have to file Form 5471 if it: Controls a foreign corporation; or Acquires, disposes of, or owns 5% or more in value of the outstanding stock of a foreign corporation; or Owns stock in a corporation that is a controlled foreign corporation for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and it owned that stock on the last day of that year.

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 Texas Total Internal Revenue collections [2] 152,691,189 Corporation income tax [3] 17,127,574 Total [4,5] 118,410,514 Income tax not withheld and SECA tax [4,5] 20,292,504 Income tax withheld and FICA tax [4] 96,931,332 Railroad retirement tax 672,956 Unemployment insurance tax 513,722 Estate Tax 1,109,558 Gift Tax 104,214 Excise Taxes[2] 15,939,329 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 Houston 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 Houston 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 Houston Taxation Lawyer Now!

Houston 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

Houston External Sites         Hutchison Capitol Comment - Texans Split on Internet Ta That is a problem for states like Texas that have no state income tax. "Others believe that subjecting Internet sales to a retail tax should not Hutchison Capitol Comment - Texas Taxpayers Finally Get The restoration of the sales tax deduction will not force Texas taxpayers to keep a shoebox filled with a year’s worth of sales receipts, unless they