Taxable Year - Law Dictionary Search Results
taxable year
Matched in: Term taxable year
tax year
Matched in: Term tax year
expense
made in furtherance of one's business esp. as part of the cost of operating a business in the taxable year in which the expense is incurred compare capital expense and personal expense in this entry NOTE: Business expenses … helpful and appropriate for the operation of a particular business or trade and that is made during the taxable year called also ordinary and necessary business expense NOTE: Ordinary and necessary expenses are tax deductible. per·son·al expense :
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Charging event and taxable event
Matched in: Term Charging event and taxable event
Aggregate value of taxable service
Matched in: Term Aggregate value of taxable service
tax benefit rule
tax rule requiring that if an amount (as of a loss) used as a deduction in a prior taxable year is recovered in a later year it must be included in the gross income for the later year
Rate applicable to the total income of the company
applied. The clause referred to the specific or definite rate which was determined to be applicable to the taxable income of the company for that specific year and not to the rate prescribed by the Act for
head of household
who is not a surviving spouse and who maintains a household which for more than one-half of the taxable year is the principal abode of a person who qualifies as a dependent under section 2(b) of the Internal
capital expenditure
capital expenditure : an amount paid out that creates a long-term benefit (as one lasting beyond the taxable year) ;esp : costs that are incurred in the acquisition or improvement of property (as capital assets) or that
gift
which the value of property so transferred exceeds the consideration paid is included in the total amount of taxable gifts made during a calendar year.
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