Taxable Distribution - Law Dictionary Search Results
taxable distribution
Matched in: Term taxable distribution
generation-skipping transfer
than one generation below that of the transferor and that can be characterized as a taxable termination, a taxable distribution, or a direct skip see also direct skip generation-skipping trust at trust, skip person, taxable distribution, taxable termination … termination, a taxable distribution, or a direct skip see also direct skip generation-skipping trust at trust, skip person, taxable distribution, taxable termination NOTE: A transfer from a grandparent to a grandchild qualifies as a generation-skipping transfer, as does
taxable termination
Matched in: Term taxable termination
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direct skip
in which all interest is held by such persons and that is subject to generation-skipping transfer taxes compare taxable distribution, taxable termination
accumulated earnings tax
accumulated earnings tax : a tax levied on the taxable income of a corporation that is accumulated by the corporation rather than distributed to shareholders and that is … a tax levied on the taxable income of a corporation that is accumulated by the corporation rather than distributed to shareholders and that is not retained for the reasonable needs of the business
trust
credit shelter trust shelter trust NOTE: The purpose of a bypass trust is to reduce the surviving spouse's taxable estate. Such trusts do not qualify for the marital deduction. charitable lead trust [-lēd-] : a trust in … or trustee has duties to perform (as securing the property, ascertaining the objects of the trust, or making distributions) express trust : a trust intentionally created by the settlor ;specif : a trust created by a positive
conversion
destruction, seizure, requisition, or condemnation of the original property NOTE: For income tax purposes, involuntary conversions are generally taxable, and the gain or loss is computed by offsetting the basis of the property against the compensation received … In the case of a will in which a property owner authorizes the sale of real property and distribution of the proceeds, the property transforms into personalty by equitable conversion upon the owner's death. involuntary conversion :
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