Archive for the ‘I’ Category
Inheritance Tax
An inheritance tax (also known as an estate tax) is a tax levied on a person who inherits money or property, or a tax on the estate (total value of the money and property), of a person who has died. In international tax law, there is a distinction between an estate tax and an inheritance tax: an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the beneficiaries of the estate. However, this distinction is not always respected in the language of tax laws. For example, the “inheritance tax” in the United Kingdom is a tax on the assets of the deceased, and is therefore, strictly speaking, an estate tax.
iPad
The iPad (pronounced /ˈaɪpæd/ eye-pad) is a line of tablet computers designed, developed and marketed by Apple Inc., primarily as a platform for audio-visual media including books, periodicals, movies, music, games, and web content. Its size and weight fall between those of contemporary smartphones and laptop computers. The iPad runs the same operating system as the iPod Touch and iPhone—and can run its own applications as well as iPhone applications. Without modification, the iPad will only run programs approved by Apple and distributed via the Apple App Store (with the exception of programs that run inside the iPad’s web browser).
iPod Touch
The iPod Touch (stylized and marketed as lowercase iPod touch; also colloquially referred to as the iTouch, by analogy to the iPhone) is a portable media player, personal digital assistant, handheld game console, and Wi-Fi mobile device designed and marketed by Apple. The iPod Touch adds the multi-touch graphical user interface to the iPod line. It is the first iPod with wireless access to the iTunes Store, and also has access to Apple’s App Store, enabling content to be purchased and downloaded directly on the device. As of March 2011, Apple has sold over 60 million iPod Touch units.
iPhone
The iPhone (pronounced /ˈaɪfoʊn/ eye-fohn) is a line of Internet and multimedia-enabled smartphones marketed by Apple. The first iPhone was unveiled by Apple’s former CEO Steve Jobs on January 9, 2007, and released on June 29, 2007. The 5th generation iPhone, the iPhone 4S, was announced on October 4, 2011, and released on October 14, 2011, two days after the release of iOS 5.0, the Apple operating system for handheld devices.
iPod
iPod is a line of portable media players created and marketed by Apple Inc.. The product line-up currently consists of the hard drive-based iPod Classic, the touchscreen iPod Touch, the compact iPod Nano, and the ultra-compact iPod Shuffle. iPod Classic models store media on an internal hard drive, while all other models use flash memory to enable their smaller size (the discontinued Mini used a Microdrive miniature hard drive). As with many other digital music players, iPods can also serve as external data storage devices. Storage capacity varies by model, ranging from 2 GB for the iPod Shuffle to 160 GB for the iPod Classic. The iPod line was announced by Apple on October 23, 2001, and released on November 10, 2001. All of the models have been redesigned multiple times since their introduction. The most recent iPod redesigns were introduced on September 1, 2010.
iTunes
iTunes is a media player computer program, used for playing, downloading, and organizing digital music and video files on desktop computers. It can also manage contents on iPod, iPhone, iPod Touch and iPad.
iTunes Store
The iTunes Store is a software-based online digital media store operated by Apple. Opening as the iTunes Music Store on April 28, 2003, with over 200,000 items to purchase, it is, as of April 2008, the number-one music vendor in the United States. On February 24, 2010, the store served its 10 billionth song download; this milestone was reached in just under seven years of being online. As of October 4, 2011, the store served its 16 billionth song.
Income Tax
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs). Various systems define income differently, and often allow notional reductions of income (such as a reduction based on number of children supported).
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