Taxpayer - Law Dictionary Search Results
Home Dictionary Name: taxpayertaxpayer
taxpayer : a person (as an individual or corporation) that pays or is liable for a tax tax·pay·ing adj ...
letter
letter 1 : a direct written statement addressed to an individual or organization ;broadly : an official communication see also counterletter determination letter : a letter from an administrative agency (as the Internal Revenue Service) usually in response to a request in which a determination, decision, or ruling (as whether an organization qualifies as charitable) is made information letter : a letter from an administrative agency usually in response to a request that provides information and esp. that simply calls attention to an interpretation or principle of law letter of intent : a letter in which the intention to enter into a formal agreement (as a contract) or to take some specified action is stated letter ro·ga·to·ry [-rō-gə-tȯr-ē] [probably partial translation of Medieval Latin littera rogatoria letter of request] : a formal written request by a court to a court in a foreign jurisdiction to summon and examine a witness in accordance...
exemption
exemption 1 : the act of exempting or state of being exempt 2 : one that exempts or is exempted: as a : an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also Internal Revenue Code in the Important Laws section compare deduction, exclusion, tax credit de·pen·den·cy exemption [də-pen-dən-sē-] : an exemption that is allowed for each dependent who qualifies under the tax laws (as sections 151 and 152 of the Internal Revenue Code) NOTE: Under the federal income tax laws, the dependency exemption is allowed for each dependent whose gross income is less than the exemption or who is a child of the taxpayer and is under 19 or a student under 24. per·son·al exemption : an exemption that is allowed for the taxpayer or for the taxpayer and spouse if filing a joint return b : the right created by federal and state laws to exempt specified types of property from a bankruptcy estate [pre...
at-risk rule
at-risk rule : any of several rules enacted by the Tax Reform Act of 1976 that restrict the deduction from income a taxpayer may take for a loss to the amount for which the taxpayer is personally liable ...
basis
basis pl: ba·ses [-sēz] 1 : something (as a principle or reason) on which something else is established [the court could not imagine any conceivable for the statute] see also rational basis 2 : a basic principle or method ;esp : the principle or method by which taxable income is calculated NOTE: The Internal Revenue Code has set some limits on which method a taxpayer may use for figuring taxable income. For example, a corporation with gross receipts under $5,000,000 may be a cash-basis taxpayer. ac·cru·al basis : a method of accounting in which income and expenses are recorded in the period when they are earned or incurred regardless of when the payment is received or made called also accrual method cash basis : a method of accounting in which income and expenses are recorded in the period when payment is received or made called also cash method 3 : the value (as cost or fair market value) of an asset used in calculating capital gains or losses for inc...
dependent
dependent 1 : determined or conditioned by another : contingent 2 a : relying on another for esp. financial support b : lacking the necessary means of support or protection and in need of aid from others (as a public agency) [have the child declared and taken away from his or her parents "L. H. Tribe"] 3 : subject to another's jurisdiction [the United States and its territories] n : a person who is dependent ;esp : a close relative or member of a taxpayer's household who receives over half of his or her support from the taxpayer and is a U.S. citizen, national, or resident, or a resident of a bordering country (as Mexico) see also dependency exemption at exemption ...
foster child
foster child A child other than a natural or adopted child who lived with the taxpayer for the entire year and whom the taxpayer treated as his or her own child. ...
private letter ruling
private letter ruling : a letter from the Internal Revenue Service to an individual taxpayer setting out the agency's interpretation of the tax rules relating to a specific situation or transaction proposed by the taxpayer ...
adjustment to income
adjustment to income An expense that can be deducted even if the taxpayer does not itemize deductions. ...
assignment
assignment 1 : the act of assigning 2 a : a position, post, or office to which one is assigned b : a task assigned 3 : a present transfer of property or rights absolute assignment : an assignment in which the transfer is complete and leaves the assignor with no interest in the property or right transferred assignment for the benefit of creditors : assignment of property by a debtor to an assignee to be held in trust and used to pay off the debtor's debts assignment of income : an assignment by one taxpayer to another of income for the purpose of avoiding taxes assignment of lease : an assignment by a tenant of all of his or her remaining rights in a property under a lease compare sublease effective assignment : an assignment by which the assignor's interest in the property or right being assigned is terminated and transferred to the assignee equitable assignment : an assignment (as of property in which one has a future interest) that is not valid at law but that would be u...
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