Written by attorneys · grounded in primary & secondary sources — see below
An amount of money or other economic benefit received periodically from employment, business activities, investments, royalties, or similar sources. The characterization of a monetary exaction as a tax for constitutional purposes turns on its practical operation and effect rather than its statutory label.
Ilana Isaacs declined to purchase health insurance as required by federal law. She paid the resulting yearly charge when filing her federal return. The charge varied with her household income and filing status and was collected through the IRS. Because the exaction operated like a tax and raised revenue, it was sustained under the taxing power.
Isabella Ingram began receiving salary payments after the determination date in her marriage to Imran Iyer. The payments were earned during the marriage and were attributable to her personal efforts. Under the applicable statute the salary constituted marital property in which each spouse held an undivided one-half interest.
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Ironclad Industries held a senior mortgage on an office building that also encumbered the rents. When the mortgagor defaulted, Ironclad joined other mortgagees in requesting a single receiver. The parties agreed on the disposition of rental income, and that agreement controlled the receiver's handling of the funds.
Isaiah Ishikawa owed child support under an interstate order. The enforcing tribunal directed his employer to withhold a portion of his wages. The withheld amounts were forwarded to the obligee to satisfy the support obligation.
Icarus Aviation borrowed funds to expand its fleet. To secure the loan the corporation pledged a security interest in its future operating income. The pledge was authorized by the corporation's statutory powers to incur liabilities and secure obligations with its income.
Idris Ives and Isabella Ingram sought dissolution of their marriage. The court considered each spouse's amount and sources of income when equitably apportioning their property. The apportionment was made without regard to marital misconduct and took account of the duration of the marriage and the parties' future earning capacity.
A court examines the exaction's practical operation and effect rather than the label Congress chose. Key factors include whether the charge is collected by the IRS with income tax returns, varies with income or filing status, and is expected to raise substantial revenue.
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Income earned or accrued by a spouse during marriage and after the determination date is marital property. Each spouse holds a present undivided one-half interest in that marital property.
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The court considers the amount and sources of income of each party along with the duration of the marriage, vocational skills, employability, and opportunity for future acquisition of capital assets and income.
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A corporation may secure its obligations by mortgage or pledge of any of its property, franchises, or income under its statutory powers to incur liabilities and borrow money.
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…it did not seek judicial review of the final designation decision. On January 22, 1968, appellant Penn Central, to increase its income, entered into a renewable 50-year lease and sublease agreement with appellant UGP Properties, Inc. (UGP), a wholly owned subsidiary of Union General Properties, Ltd., a United Kingdom…