A detailed examination of commuter taxes, their applications, implications, historical context, and more.
A company car is a vehicle owned by a business but made available for use by its employees. This page provides a comprehensive overview of company cars, their types, benefits, tax implications, and more.
The Completed-Contract Method is an accounting approach where net profit on a long-term contract is reported only upon the completion of the contract.
An in-depth exploration of complex trusts, their creation, taxation, and applicability, with examples and historical context.
Comprehensive guide on consolidated tax returns, detailing how affiliated groups of companies combine their tax reports. Includes eligibility criteria, benefits, examples, and legal considerations.
An in-depth examination of constructive dividends, where transactions between closely held corporations and shareholders are recharacterized.
Comprehensive guide to understanding the concept of Contract Price in Installment Sales for tax purposes, including its definition, calculation, historical context, and significance.
Date of Gift refers to the specific date on which the donor's dominion and control over a property ceases, marking the point of transfer for tax and legal purposes.
An in-depth exploration of what constitutes a dealer in the context of securities, real estate, and other forms of commerce.
An in-depth exploration of death taxes, often referring to state inheritance taxes, and related concepts such as estate tax and unified estate and gift tax.
A comprehensive guide to understanding deferred gain, a financial term indicating any gain not subject to tax in the year realized but postponed until a later year.
In-depth explanation of Depreciable Basis, vital for asset management and taxation purposes.
Explore the concept of depreciation allowance, its implications in business, how it permits annual deductions for wear and tear, and the overall diminution of property value.
Depreciation recapture refers to the process whereby gains from the sale of depreciated property are taxed as ordinary income specifically linked to the depreciation previously deducted.
Understanding the concept of depreciation recapture, which involves taxing at ordinary rates part of the gain on a sale that represents prior depreciation allowances.
An in-depth look at the Direct Charge-Off Method, a key accounting practice for writing off specific bad debts.
Detailed explanation of distributive share in the context of partnerships, including allocation of income, gain, loss, deduction, or credit according to the partnership agreement with relevant exceptions.
A Dividend Reinvestment Plan (DRP) allows shareholders to reinvest their dividends automatically into additional shares of the company's stock, increasing the taxpayer's basis in the shares and necessitating meticulous record-keeping for tax purposes.
A detailed overview of the Dividends-Paid Deduction, its applicability in computing the accumulated earnings tax and the personal holding company tax.
A detailed overview of divisive reorganization, including split-up, split-off, and spin-off, and their tax implications.
A Document Locator Number (DLN) is a unique identification number stamped on tax returns, checks, and various documents that enables the IRS to efficiently locate and process specific documents.
Domicile refers to the permanent home or principal establishment of an individual or business, serving as the legal address for various purposes, including taxation.
An in-depth examination of the concept of Effective Tax Rate, how it is calculated, its significance, and its comparison to other tax rates.
Understanding End-of-Year (EOY) in financial reporting, taxation, and other contexts.
An Enrolled Agent (EA) is a tax professional who can represent taxpayers before the IRS. EAs must pass a rigorous examination or possess significant IRS service experience.
Equal and Uniform Taxation is the principle that all persons of the same class must be treated equally, applying the same rate and value to property being taxed. It ensures fairness and equity in taxation.
An in-depth examination of the estimated useful life of assets and its implications for depreciation and tax recovery periods.
Excess (Accelerated) Depreciation refers to the accumulated difference between accelerated depreciation claimed for tax purposes and what straight-line depreciation would have been. This excess is often recaptured and taxed as ordinary income upon a sale.
A detailed overview of the Excess Profits Tax, its purpose, historical context, types, and implications.
Exclusion refers to elements not covered by an insurance policy, and in taxation, it indicates amounts excluded from gross income under specific provisions of the Internal Revenue Code.
Certain organizations, such as churches, government entities, and community chests, are exempt from taxation. They must apply for exempt status and file information returns despite no tax liabilities.
Comprehensive exploration of farms, their types, importance in agriculture and federal tax considerations.
An exploration of the term 'fiscal', encompassing its definitions, applications, historical context, and related terms in public finance and treasury management.
A comprehensive guide to understanding fiscal policy, including its definition, types, historical context, and impact on the economy.
A comprehensive look at the Fiscal Tax Year, including its definitions, variations, and implications in accounting and taxation.
An in-depth exploration of Fiscalist economists who advocate for the use of government taxation and spending to influence economic performance, in contrast to Monetarists who emphasize monetary policy.
A comprehensive guide to understanding fixtures, their legal implications, tax considerations, and examples.
An extensive overview of fringe benefits including definitions, types, examples, and their implications.
A comprehensive explanation of the term 'Full Faith and Credit,' which refers to the complete taxing and borrowing authority pledged for the payment and repayment of government bonds.
The Federal Unemployment Tax Act (FUTA) imposes a federal employer tax used to help fund state workforce agencies and unemployment benefits.
Comprehensive overview of the role and responsibilities of a General Partner in various partnership structures, including their liability, tax implications, and comparisons with other types of partners.
A General Partnership involves multiple partners liable beyond their investments, allowing them to bind the entire partnership. It is not a taxable entity as its income and losses pass through to the partners.
An in-depth exploration of General Power of Appointment, including the ability to dispose of property, tax implications, historical context, and related terms.
A comprehensive guide to gift tax exclusion, detailing the annual exclusion limits, their historical context, applicability, examples, and important considerations.
A Grantor Trust is a type of trust where the grantor retains certain powers or interests, resulting in the income of the trust being taxed to the grantor.
Comprehensive explanation of ground rent, taxation aspects, and its treatment in various scenarios.
A comprehensive analysis of imposition, covering its dual meanings of excessive demands and the levying of taxes or fines, with examples and context.
The Incidence of Tax refers to the distribution of the burden of paying a tax. For instance, smokers bear the incidence of tobacco taxes.
An in-depth analysis of Incident of Ownership, its implications on property control, and its significance in estate and tax planning.
A comprehensive guide on Income Tax Liens, their implications, and the process involved.
In the context of taxation, an individual often refers to a single taxpayer who files their taxes separately from any spouse or dependents.
An installment sale involves the agreement that purchased goods or services will be paid for in fractional amounts over a specified period of time, commonly applied in real estate transactions.
Comprehensive explanation of Intangible Drilling and Development Costs, their components, significance in the oil and gas industry, and comparison with Tangible Drilling Costs.
A comprehensive guide to understanding personal interest expense, its types, implications, and examples.
The economic accrual of interest involves the calculation and understanding of interest cost for an indebtedness over a given period. This detailed entry covers the compounding process, methods of calculation, and its applications in financial accounting and tax deductions.
Detailed explanation of the Internal Revenue Code of 1986, including its components, purpose, amendments, and interpretations through legislation and court rulings.
The Internal Revenue Service (IRS) is the revenue service of the United States federal government responsible for collecting taxes and enforcing tax laws.
An in-depth look at the concept of levy, from taxation to legal enforcement, and its historical context and modern implications.
Comprehensive definition and explanation of Like-Kind Property, covering tax-free exchanges under Section 1031, including examples, historical context, and related terms.
A comprehensive explanation of Limited Partnership, its structure, participants, and implications.
Comprehensive definition of Long-term Capital Gain (Loss) including tax implications, examples, and special considerations.
Comprehensive guide to Marginal Tax Rates, including how they are applied, examples, historical context, and related terms.
An in-depth guide to understanding Master Limited Partnerships (MLPs), including their structure, benefits, taxation, and investment considerations.
An in-depth overview of Medicare Tax, its calculations, applicability, and obligations for both employees and self-employed individuals under the Federal Insurance Contributions Act.
A taxation convention used in depreciating residential and non-residential real property, where the property is considered placed in service or disposed of at the midpoint of the calendar month.
MIL, also known as MILL, is a term used to express tax rates on a per-dollar basis. For example, a tax rate of 60 mills means that taxes are 6 cents per dollar of assessed valuation.
The Modified Accelerated Cost Recovery System (MACRS) is a method of depreciation introduced in 1986 to replace the Accelerated Cost Recovery System (ACRS). It provides for asset depreciation over prescribed periods using different methods such as the declining-balance for personal property and straight-line for real property.
An in-depth look at Modified Adjusted Gross Income (MAGI), how it differs from Adjusted Gross Income (AGI), and its significance in tax calculations.
Comprehensive insight into Mortgage Relief, the process of acquiring freedom from mortgage debt, related tax implications, and significant considerations.
The Multistate Tax Commission (MTC) is an organization aimed at maintaining uniform tax policies and ensuring fair interstate taxation in the United States.
A detailed exploration of mutual funds, including their structure, benefits, types, tax implications, and historical context.
A comprehensive guide on net income, its calculation, significance in business and tax contexts, and related terms.
An in-depth exploration of Net Operating Loss (NOL), its definitions, applications, and implications in the context of individual taxpayers and corporations, including limitations, examples, historical context, and related terms.
Understanding the concept, application, and regulations surrounding the Net Operating Loss Deduction in the context of tax filings.
An in-depth exploration of Nonbusiness Income, its taxation implications, types, and related considerations in multistate corporations.
An in-depth exploration of Ordinary Income, its types, special considerations, examples, tax implications, and comparison with Capital Gains.
An in-depth exploration of various ownership forms of real estate, covering aspects like tax implications, liability, and survivorship.
A detailed exploration of pass-through entities, including partnerships, S corporations, limited liability companies, and their tax implications.
A detailed exploration of the term 'Patron,' encompassing its general meaning, usage in taxation regarding cooperatives, and broader implications.
A comprehensive guide to understanding personal exemptions and their role in determining taxable income, including definitions, examples, historical context, and frequently asked questions.
In-depth understanding of Personal Residence, its implications, and legal significance in various domains such as taxation, voting, and more.
The term 'Placed in Service' refers to the date when property is in a state of readiness and is available for a specific use, typically within the contexts of finance, accounting, and taxation.
The poll tax is a nominal lump-sum tax imposed on individuals as a requirement for voting in public elections. Historically used to discourage low-income citizens from voting, it has been ruled unconstitutional in the United States.
An in-depth explanation of Portfolio Income in taxation, including interest, dividends, royalties, and gains and losses from investments, and how it compares to passive and active income.
Detailed explanation of tax preference items, their types, historical context, and impact on tax calculations.
Comprehensive coverage of prepaid expenses, including their definition, types, tax considerations, and examples with historical and current context.
Comprehensive overview of the Profit Motive, its significance in business, tax implications, historical context, and related concepts.
A comprehensive overview of progressive tax systems, their function, implementation, and impact on different economic classes.
An in-depth look at property tax, including its definition, types, calculations, historical context, and role in financing local governments and schools.
Proportional Taxation refers to a tax system where the tax rate remains consistent regardless of the taxpayer's income level. Unlike progressive or regressive taxation systems, proportional taxes ensure that all taxpayers are taxed at the same rate.
A proprietorship is an unincorporated business owned by a single individual, where the proprietor has a right to all profits but also possesses responsibility for all the firm's liabilities. Income is reported on Schedule C of the owner's Form 1040 and is subject to self-employment tax.
An in-depth look at proprietorship income, emphasizing the tax implications for income earned in businesses that are sole proprietorships, which are owned by a single individual and are not incorporated.
Punitive damages are a form of monetary compensation awarded in legal cases involving malicious and willful misconduct. They are meant to punish the wrongdoer and provide reparation to the injured party, though they are typically taxable unless related to physical injury or sickness.
An investment vehicle created under the Small Business Job Protection Act of 1996 that allows individuals to make tax-deductible contributions to accounts that accumulate tax-free income if used to cover a beneficiary's qualified educational expenses.
Understanding the term 'Ratable' in various contexts including taxation, bankruptcy, and its general meaning related to proportionality and estimations.
A detailed view of the sale or exchange of reportable real estate, including monetary, indebtedness, or property considerations, and taxation nuances.
Comprehensive look at the process of reassessment, spanning general review processes and specific applications in real estate to update property value estimates for tax purposes.
Comprehensive explanation of Refund, including its implications in finance, taxation, and the process involved.
A comprehensive guide to understanding Regulated Investment Companies (RICs), including their definitions, types, special considerations, examples, historical context, and applicability.
An overview of reimbursement, its types, implications, and related concepts such as accountable and non-accountable plans.
