In the case of a bank account, an investment account, a savings account, etc. the account holder is responsible for paying income taxes on interest paid or other profits. In the case of a credit account such as a credit card, or a store account, the account holder is responsible for paying the bill.
Related Fool Articles
Recent Mentions on Fool.com
- Small Sums, Lifetime Assets: The Gift of a Retirement Account
- Will Google Chromebook Get a Boost from Nvidia's Powerful Mobile Chip?
- When Gambling Is Good for You
- Olive Garden is More Desperate For Your Business Than You Think
- Why Halcon Resources' Stock Has Surged 27% in 2014
- 8 Ways to Sidestep the Chase No-Cash-Deposits Policy