Category: G

  • Gross Dividends

    Description and Definition of Gross Dividends The total of all dividends you received. Your gross dividends are the sum of any ordinary dividends, capital gains distributions, and nontaxable distributions you received during the tax year. Ordinarily "Gross Dividends" are paid by […]

  • Golden Parachute Arrangement

    Golden Parachute Arrangement means:a lucrative contract given to top executives of a company It provides lavish benefits in case the company is taken over by another firm, resulting in the loss of an executive's job. A golden parachute may include generous severance pay, stock […]

  • General Partner

    General Partner means, in a partnership, a partner whose liability is not limited. All partners in an ordinary partnership are general partners. A limited partnership must have at least one general partner and at least one limited partner. As a general rule, partners include on their personal […]

  • Goodwill

    Goodwill means:an intangible but recognized business asset that is the result of such features as the production or sale of reputable brand-name products, a good relationship with customers and suppliers, and a respected standing of the business in its community. Goodwill possesses an […]

  • Gross Profit

    Description and Definition of Gross Profit The amount by which net sales exceed the cost of goods sold. Resources See Also Further Reading Gross Profit in the West's Tax Law Dictionary Gross Profit in "A Dictionary of Taxation"

  • Gross Receipts

    Gross Receipts may have one of the following meanings, depending the context of the term: 1. The total sales of a business in a year, before deductions for returns and allowances or trade discounts, constitute the gross receipts. 2. For purposes of the built-in gain tax, the gross receipts of […]

  • Gross Income Test

    Description and Definition of Gross Income Test In order for you to claim a dependency exemption your dependent must meet this and four other tests. To meet this test your dependent must have less than $2,700 in total income during the tax year. If this person is your child under 19 years old, […]

  • General Information

    General Tax Information Tax Research Resources Tax Research Resources General Information Tax Rate Schedules Amended Returns Backup Withholding Checklist of Common Errors When Preparing Your Tax Return Common Tax Scams Coverdell Education Savings Accounts Disclosure Authorizations Extensions of Time to File Your Tax Return Frequently Asked Tax Questions Highlights of Tax Changes Penalty for Underpayment…

  • General Counsel Memoranda

    General Counsel Memoranda General Counsel Memoranda are documents prepared by the Office of the Chief Counsel that “contain the reasons behind the adoption of revenue rulings, private letter rulings, and technical advice memoranda” and have “important precedential value in determining future tax questions.” Taxation With Representation Fund v. IRS, 485 F.Supp. 263 at 266 (D.D.C.…

  • Grantor-retained Annuity Trust

    About Grantor-retained Annuity Trust: Grantor-retained Annuity Trust (GRAT) is a trust in which the grantor retains a qualified annuity interest. A GRAT provides for a guaranteed fixed income payment based on the value of the assets at the time they are initially transferred to an irrevocable trust….