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
- Billionaire Ken Fisher?s Top Dividend Stocks
- Investors Ignore the Benefits of the Lands End Spinoff. Here's Why You Shouldn't
- Will China?s Gamers Play Candy Crush Saga, and Boost King Digital Stock in the Process?
- What Nike's Discontinuation of FuelBand Means for the Future of Wearables
- 3 Potential Fannie Mae and Freddie Mac Multibaggers
- April 15 and Beyond: Take Control of Your Financial Future