Category Archives: T

Tenancy By the Entirety

Tenancy By the Entirety

Tenancy By the Entirety means:
a form of joint ownership for real estate that exists only between husband and wife with equal rights of possession and enjoyment during their joint lives and with the right of survivorship; that is, when one dies, the property goes to the surviving tenant. Tenancy by the entirety is recognized in some states. Former IRC (check if this IRC provision is current here) §2040.

Example of Tenancy By the Entirety:

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A married couple owns property as tenants by the entirety. Neither spouse can convey his or her part of the property during the lives of the couple unless the other consents, a feature that is different from joint tenancy. Divorced spouses are tenants in common; see also tenancy in common.

Description and Definition of Tenancy by the Entirety

A joint tenancy in real property in the name of both husband and wife. If one owner dies the other takes the entire estate.

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Tax-sheltered Annuity

Tax-sheltered Annuity

Tax-sheltered Annuity means:
a retirement plan invested in annuities or a mutual fund custodial account for employees of a public school system or an exempt educational, charitable, or religious organization. The employee's rights must be nonforfeitable, and the retirement plan must follow the qualified plan nondiscrimination and compensation rules. Employer contributions to a tax-sheltered annuity are excludable from an employee's income to an extent based on a percentage of annual compensation and years of service. Former IRC (check if this IRC provision is current here) §403(a).

Description and Definition of Tax Sheltered Annuity

A retirement annuity offered to employees of tax-exempt organizations and educational systems. Also known as a Section 403(b) plan. Generally, the plan is funded by employee salary reduction contributions and it's earnings are tax deferred until withdrawal.

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Trade

Trade

Trade means:
a business, profession, or occupation; but also may be a commerce transaction. A trade often implies (or may imply) a skilled handicraft, which is pursued on a continuing basis, such as carpentry. Trade or business expenses are deductible, in contrast to nondeductible personal expenses or to investment expenses, which have limited deductibility.

TRADE INTANGIBLE in the U.S. and other Developed Countries International Tax Meaning

A commercial intangible other than a marketing intangible.

Description and Definition of General Agreement on Tariffs and Trade (GATT)

GATT is an international agreement designed to stimulate trade. It encourages lowering tariffs and abolishing restrictive import quotas.

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Tax Credits

Tax Credits

Description and Definition of Tax Credits

Money that tax payers can deduct directly from their taxes. Your taxes are reduced by the amount of your credit. You can get tax credits for purposes such as child care expenses and the earned income credit for low-income taxpayers.

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Targeted Group

Targeted Group

Description and Definition of Targeted Group

Groups of individuals that have been designated as having a high unemployment rate. Employers receive tax incentives to hire these workers under the Workforce Program. These groups include certain economically disadvantaged people, convicts, and government assistance recipients.

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