Legal Dictionary

Category: Tax Law

  • General Partner

    A partner who has unlimited liability for the obligations of the partnership….

  • Executor

    One appointed by a testator to carry out the directions and bequests in his will and to dispose of the property according to his testamentary provisions after his decease. A woman thus appointed is called an executrix , although the term executor may apply to a woman if that is the […]

  • Fiscal Year

    Year by or for which accounts are reckoned, or year between one annual time of settlement or balancing of accounts and another. Allentown Wholesale Grocery Co. v Com., 291 A.2d336, 5 B. Cmwlth. 426.

  • Fiscal Year

    Year by or for which accounts are reckoned, or year between one annual time of settlement or balancing of accounts and another. Allentown Wholesale Grocery Co. v Com., 291 A.2d336, 5 B. Cmwlth. 426.

  • Adjustment

    English Legal System: AdjustmentIn the context of the English law, A Dictionary of Law provides the following legal concept of Adjustment : 1. The determination of the amount due under a policy of insurance. 2. The working out by an average adjuster of the rights and liabilities arising in a […]

  • Accrued Depreciation

    A loss which is not restored by current maintenance and which is due to all factors involved causing ultimate retirement of the property, including wear, tear and decay. Iowa-Ill. Gas & Elec. Co. v Iowa City, 124 N. W.2d840,255 Iowa 1341.

  • 529 Plan

    Meaning of 529 Plan in the United States Tax SystemSee 529 PlanPopular U.S. Tax WordsFederal Income Tax Law T…

  • Capital Gain

    A term of art within the internal revenue code. As opposed to ordinary income, capital gain receives more favorable tax treatment. Only items representing capital interest may be treated as capital gain. Miller v C.I.R. (C.A.5)37I F.2d255.

  • At-Risk Rules

    United States Tax Concept of At-Risk Rules The At-Risk Rules limit your loss deductions to the actual amount you are at risk for, including promissory notes on which you are personally liable. There is an exception for real estate which treats certain non-recourse commercial loans as amounts […]

  • At-Risk Rules

    United States Tax Concept of At-Risk Rules The At-Risk Rules limit your loss deductions to the actual amount you are at risk for, including promissory notes on which you are personally liable. There is an exception for real estate which treats certain non-recourse commercial loans as amounts […]

  • Balance

    Legal Definition and Related Resources of Balance Meaning of Balance The term is often used in the sense of residue or remainder , and in a general sense, may be defined as what remains or is left over. See commercial discount Co. v Holland, 289 […]

  • Capital

    Hello Hello Legal Definition and Related Resources of Capital Meaning of Capital As an adjective, means chief , principal , or of pertaining to the death penalty , punishable with death. As a noun, in commercial parlance, means the fund or the […]

  • Scholarship

    United States Tax Concept of Scholarship Monies granted by an organization to a student for tuition and other educational expenses. Grants to degree candidates receive tax free treatment if awarded after August 16, 1986, and used for tuition and course related expenses. Room and board expenses […]

  • Blind

    Legal Definition and Related Resources of Blind Meaning of Blind Synonyms of Blind (Concealed), adjective buried camouflaged covered covert dim disguised hidden imperceptible inconspicuous […]

  • Capital Asset

    United States Tax Concept of Capital Asset An asset that an individual owns for investment purposes, such as stocks, bonds, or coin collections. Capital assets are subject to capital gain or capital loss tax treatment. Assets used in a business, and inventory, are not capital assets.