<span>The United States Revenue Act of 1926, 44 Stat. 9, reduced inheritance and personal income taxes, cancelled many excise imposts, eliminated the gift tax and ended public access to federal income tax returns.</span>
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Private property refers to a kind of system that allocates particular objects like pieces of land to particular individuals to use and manage as they please, to the exclusion of others and to the exclusion of any detailed control by society. In legal terms it's usually a designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity; and from collective (or cooperative) property, which is owned by a group of non-governmental entities Certain political philosophies like socialism and anarchism make a clear distinction between private and personal property while others blend the two together. Private property is a legal concept defined and enforced by a country's political system
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