Net Tax - Law Dictionary Search Results
Net income
Matched in: Term Net income
Main Pot
a step in calculating tax liability under Internal Revenue Code section 1231 in which all qualified transactions are netted to determine if the result is a loss or gain called also Big Pot Hodge Podge hotchpot; compare
Earned surplus
Earned surplus, it represents a specific account into which are added the net profits of the year and appropriations are made out of it and the balance is regarded as 'earned … accounting year, CIT v. Standard Vacuum Oil Company, AIR 1966 SC 1393: (1966) 2 SCR 367. [Business Profits Tax Act, 1947, Sch. II, R. (2) and (3)]
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Statutory trusts
land held upon 'statutory trusts' shall be held upon trust for sale and to stand possessed of the net proceeds of sale after payment of costs and net rents and profits until sale subject to rates, taxes, … net proceeds of sale after payment of costs and net rents and profits until sale subject to rates, taxes, and cost of insurance, repairs, and other outgoings, upon trust for the persons entitled under the settlement, including
Rate
and held that the word ''rate' was used with respect to a tax which was levied on the net annual value or rateable value of lands and buildings and not on their capital value, but capital value
Debt owed
meaning of s. 2(m) of the Act and that the deduction claimed should be allowed while computing the net wealth of the assessee, Ahmed Ibrahim Sahigra Dhoraji v. Commissioner of Wealth Tax, (1981) 3 SCC 77: AIR
lease
other valuable deposits from it under prescribed conditions (as of time, price, or royalties) called also mining lease net lease : a lease requiring the lessee to assume all operation expenses (as for maintenance, insurance, and taxes) … net lease : a lease requiring the lessee to assume all operation expenses (as for maintenance, insurance, and taxes) in addition to the payment of rent operating lease : a lease of property and esp. equipment for
income tax
Matched in: Term income tax
listing
sale of a property shared between the selling agent and the agent that initiates the listing of it net listing : a listing under which the agent that sells a property retains as compensation the amount of … only one agent may sell the property but without the right to a commission if the owner sells it directly NOTE: An agent is usually still entitled to a commission if the owner sells directly to a
goodwill
excess of the purchase price of a business above the value assigned for tax purposes to its other net assets NOTE: The Internal Revenue Code requires the purchaser of a business to allocate the purchase price among
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